Waaree Energies crashes 14%, Vikram Solar slides over 7.5% as 126% solar import duties by US spook investors; key details

Waaree Energies tumbled as much as 14.2% to ₹2,591.1 on the NSE. Premier Energies shares were also down 10% at ₹699.35 apiece on the NSE. However, the stock saw recovery later.

Vikram Solar shares plummeted over 7.5% lower to ₹171 apiece on the NSE in the early trade.

According to news reports, while Waaree Energies and Vikram Solar have meaningful export exposure to the US market, Premier Energies’ share is negligible. As a result, the decline in Premier Energies’ stock appears to be largely driven by spillover sentiment rather than direct business impact.

The rates are based on a determination of foreign subsidies that the US says allowed exporters from the countries to undercut products from domestic solar producers.

The report added that while the duties aim to benefit domestic manufacturers, they heighten uncertainty for an industry not favoured by US President Donald Trump and threaten to increase costs for producers as well as for consumers.

These duties are distinct from the sweeping global tariffs previously announced by Donald Trump, which were struck down by the US Supreme Court last week.

In response, Trump introduced fresh 10% tariffs, warning that they could be increased to 15%. Earlier this month, the US president had also finalised a bilateral trade agreement with India aimed at easing economic tensions between the two nations.

According to BloombergNEF, India, Indonesia, and Laos together accounted for 57% of solar module imports into the US during the first half of 2025. Developers had increasingly turned to these markets after Washington imposed steep duties on four Southeast Asian countries that had previously supplied the bulk of US imports.

Data from the US Commerce Department show that solar imports from India were valued at $792.6 million in 2024 — more than nine times the level recorded in 2022.

About Waaree Energies

Waaree Energies is primarily engaged in the business of manufacturing solar photovoltaic modules and solar cells, setting up solar projects, and selling electricity.

The company’s operating segments include solar photovoltaic modules, power generation, and engineering, procurement, and construction (EPC) contracts. Its manufacturing plants are located in Tumb, Nandigram, Chikhli, and Surat, Gujarat State, India. Its by-products include PV modules, inverters, solar kits, BESS, and electrolyser stacks.

The PV modules include HJT modules, N-type modules, mono PERC modules, flexible modules, and special modules. Its applications include rooftop solar, flexible solar, small modules, special modules, energy storage, and green hydrogen. The company's solutions include EPC, energy storage, and green hydrogen (alkaline electrolyser turnkey).

About Vikram Solar

Vikram Solar Limited (formerly known as Vikram Solar Private Limited) is one of India’s largest module manufacturers, in terms of operational capacity, producing solar photovoltaic (PV) modules (as of March 31, 2025), and is also an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services.

About Premier Energies

Premier Energies is an integrated solar cell and module manufacturing company. The company’s business operations include solar power generation and the manufacturing of solar photovoltaic cells and solar products.

The company is also involved in the execution of engineering, procurement, and construction (EPC) projects, independent power production, operations, and maintenance (O&M) services with respect to EPC projects executed by the company, and the sale of other solar-related products.

Its EPC division provides services for ground-mounted and rooftop solar power projects and has executed over 266.26-megawatt (MW) ground-mounted and 22.86 MW rooftop solar power projects.

Its O&M division offers services for ground-mounted and rooftop solar power projects and has executed over 178.38 MW of ground-mounted and rooftop solar power projects. The company offers solar products, such as solar water pumps, lanterns, lighting systems, and solar electric vehicles.