Solar stocks 2026: US duties hit Waaree, peers

Market trigger: US trade action on solar imports

Indian solar manufacturing stocks saw sharp moves after the US Commerce Department announced preliminary duties on solar cells and panels imported from India and other countries. In one update cited by Reuters, US trade officials found that companies operating in Indonesia, India and Laos dumped cheap goods in the US market. A fact sheet posted on the Commerce Department website indicated preliminary dumping margins of 123.04% for imports from India. That compared with 35.17% for imports from Indonesia and 22.46% for imports from Laos.

Separately, the market also reacted to a preliminary countervailing duty (CVD) of about 126% on solar cell and panel imports from India, linked to concerns around alleged government subsidies. Reports described this as the first of two determinations in an ongoing trade case. A separate decision on alleged dumping was expected next month.

Stocks in focus: Waaree, Premier Energies, Vikram Solar

In Friday’s trade following the antidumping headline, shares of Waaree Energies Ltd and Vikram Solar Ltd fell up to 5%. Premier Energies also slipped in early trade but later recovered.

In another volatile session around the CVD clarification, Waaree Energies saw heavier intraday damage. The stock was reported down 10.6% at ₹2,701.9 around 10:30 am after hitting the lower circuit earlier in the day. By the close in that session, Waaree Energies ended down 10.5% at ₹2,705. Premier Energies ended 5.9% lower at ₹731.5, while Vikram Solar declined 5.7%.

Price prints across reports underlined how quickly solar counters can swing on global policy headlines, especially when the market is unsure whether duties apply to cells, modules, or both.

What the duty numbers said

The Reuters-linked fact sheet highlighted a preliminary dumping margin of 123.04% for imports from India. In the same report, India’s margin was far higher than Indonesia’s 35.17% and Laos’ 22.46%. Alongside this, the countervailing duty number of about 126% became the headline figure that triggered the sharpest initial selling.

Another report also referenced initial duty ranges for other countries, citing duties from 86% to 143% for Indonesia and 81% for Laos. Across these updates, the common market takeaway was that the US action could raise the landed cost of certain categories of solar imports.

The key clarification that eased panic selling

Waaree Energies said the countervailing duties apply only to India-manufactured solar cells, not to solar panels assembled in India using imported cells. This distinction mattered because several Indian manufacturers import solar cells from countries where duties are relatively lower, assemble panels in India, and export them.

According to data shared by the company:

• Only around 4% of US solar imports were panels made using India-manufactured solar cells
• The estimated export impact from India is roughly 600 to 1,000 megawatts
• Waaree Energies does not export panels made using India-made solar cells
• The company also stated it has no plans to export such panels
• The company cited sufficient domestic demand

This clarification helped some stocks pare losses from session lows, but it did not eliminate caution around export-linked earnings and future order flows.

Where the broader solar pack traded

The selling was not limited to the largest names. In the session where major stocks ended sharply lower, Solex Energy fell 7.7% and Websol Energy System slipped 6.6%. Saatvik Green Energy ended nearly 4% lower, while Waaree Renewable Technologies declined about 3%. Borosil Renewables rose over 2%, showing that stock-specific positioning and product mix shaped outcomes.

In another snapshot of intraday pressure, Solex Energy was reported down over 6%, Vikram Solar declined about 4.5%, and Waaree Renewable Technologies dropped nearly 4%. The divergence reinforced that investors were trying to separate companies with higher US exposure from those driven more by domestic demand.

Export exposure: why some counters moved more

Market commentary linked the sharper moves to the US becoming an important export destination for Indian solar manufacturers. One comment noted that exports to the US surged to about $192.6 million in 2024, nearly nine times the level seen in 2022.

On company-level exposure, reports pointed to Waaree being more exposed, with close to one-third of its Q3 revenue coming from overseas markets. For Vikram Solar, one comment cited around 20% of its order book linked to exports. Another report referenced Waaree export exposure at nearly 29% and Vikram Solar export exposure at around 16%, while also stating Premier Energies has negligible to no export exposure. Across these versions, the consistent theme was that export dependence influenced the intensity of the sell-off.

Q4 results season: expectations for Waaree and Premier

The duties arrived just ahead of the March quarter results season. Waaree Energies is scheduled to declare its March quarter results on Wednesday, April 29, 2026.

Brokerage commentary cited in the text expected Waaree Energies to outshine Premier Energies in Q4 growth, while retaining a ‘Buy’ on both stocks. For Waaree, one estimate pegged Q4 profit at ₹1,134 crore, up 82.3% year-on-year. The same commentary linked expected revenue growth drivers to scale-up of recently commissioned module facilities, improved utilisation of its 5.4 GW cell facility, contribution from a new inverter and transformer business, and a $1 cents per wp increase in module pricing due to higher Chinese cell prices.

For Premier Energies, expectations included a 73.61% year-on-year increase in profit to ₹482.30 crore on a 54.5% year-on-year rise in sales to ₹2,503.80 crore. Revenue growth for the solar module manufacturer was expected at 54% year-on-year, led by a ramp-up in production at its 1.2 GW cell facility.

Key facts and price points

Market impact: what changed for investors

The immediate market impact was volatility and a repricing of perceived export risk. Solar stocks sold off hard on the headline number, then partially stabilised as details emerged about whether duties apply to India-made cells or to modules assembled in India with imported cells. The clarification reduced fears of a blanket impact, but investors still grappled with uncertainty until the next US determination expected next month.

The episode also highlighted how company-specific supply chains matter. If a firm exports modules assembled in India using imported cells, the direct duty impact can differ from a firm exporting products tied to India-origin cells. At the same time, even companies with lower export dependence were pulled into the decline through sector spillover, as seen in commentary about Premier Energies.

Analysis: why the story matters beyond one trading session

The US trade action matters because it intersects with a period when Indian solar manufacturers are scaling capacity and reporting quarterly numbers. With multiple duty mechanisms being discussed in parallel, including countervailing duties and separate dumping determinations, markets can react before operational details are fully understood.

The data points cited by Waaree, including the claim that only around 4% of US solar imports were panels made using India-manufactured solar cells, suggest the addressable impact may be narrower than the initial sell-off implied. Still, the market’s reaction showed sensitivity to any policy move that could disrupt pricing, margins, or order flow in an export market that has grown rapidly in recent years.

Conclusion: focus shifts to the next US decision and Q4 prints

Solar stocks in India moved sharply as the US announced preliminary duties and investors recalibrated export risk. Waaree’s clarification on cell origin versus module assembly helped trim intraday panic, but the sector remains sensitive to the next US determination expected next month. In the near term, attention is also on March quarter results, including Waaree Energies’ scheduled announcement on April 29, 2026, and how companies describe demand, pricing, and export exposure.