Indian solar companies’ stocks fell sharply on Wednesday after the United States announced new duties on imports from India, Indonesia, and Laos. This is part of a long history of tariffs on low-priced imports from Asia.
The share of some major Indian solar panel and cell makers, including Waree Energies and Premier Energies, dropped by around 15%. Vikram Solar’s stock fell nearly 8% in early trading but recovered slightly later.
Exports make up 16% of Vikram Solar’s incoming orders, while Waaree Energies heavily depends on the US for 65% of its orders. Premier Energies primarily focuses on the domestic market.
The new duties range from 80% to 143.3% on Indian exports, which could affect profits, as international sales generally have higher profit margins than local sales. Analysts from Jefferies stated that, though the duties are more serious than expected, the overall impact on solar manufacturers in these countries may be limited. They pointed out that producers had been preparing for US tariffs on solar cells and modules from Southeast Asia and India since the investigation started in August 2025.
Waaree Energies believes the new duties will not significantly impact it, as it expects to enhance its US manufacturing capacity from 2.6 GW to 4.2 GW by the end of this financial year and has a diverse supply chain, including major plans for a factory in Oman.
Analyst added that Indian manufacturers have plenty of time to build much stronger sales strategies and business models. At the moment, US exports constitute only 5% to 7% of total Indian production.
