Shares of Indian solar companies like Waaree Energies Ltd, Premier Energies Ltd, and Vikram Solar Ltd fell sharply on Wednesday. This happened after the United States proposed preliminary duties of almost 126% on solar imports from India.
On February 24, 2026, the US Department of Commerce, through the International Trade Administration (ITA), announced “preliminary affirmative determinations” in countervailing duty (CVD) investigations on Indian solar imports. These duties are meant to counter alleged government subsidies given to Indian solar manufacturers.
The announcement caused fear among investors, leading to heavy selling of solar stocks. Analysts warned that these duties could hurt exports and reduce profit margins for companies that sell a lot to the US.
Ravi Singh, Chief Research Officer at Mastertrust, said, “Shares of Waaree Energies, Premier Energies, and Vikram Solar fell after the US announced duties. Investors are worried about losing an important export market. Indian solar exports to the US grew rapidly in the last two years, reaching $792.6 million in 2024 — almost nine times the 2022 figure.”
Singh added that Waaree Energies could be the most affected because nearly one-third of its Q3 revenue comes from overseas markets. Vikram Solar also has significant exposure, with around 20% of its orders linked to exports. Premier Energies depends less on exports, so the impact on it may be smaller.
He also said that if the US duties stay, companies could face lower profit margins and fewer future orders. In the short term, stock prices may stay volatile because of uncertainty. However, strong domestic demand for solar energy in India could provide some support.
The US duties show the challenges Indian solar companies face as they expand into international markets. They need to balance export opportunities with possible trade barriers. Investors and industry watchers will closely watch how the situation develops in the coming months.