Waaree Energies shares trade higher on Thursday, February 26; what Nomura said on 126% duty by the US

When last seen, the stock was trading over 1% higher at ₹2,737.80 on the NSE.

On Wednesday, at the close, Waaree Energies' share price stood at ₹2,705 on the NSE, down 10.53%. Premier Energies ended nearly 6% lower at ₹731.50, while Vikram Solar ended 5.66% lower at ₹174.90. Besides, Emmvee Photovoltaic Power shares ended at ₹207.50 apiece on the NSE, down 2.7%.

The stocks came under sharp selling pressure after the US announced a preliminary countervailing duty of 125.87% on imports of certain Indian solar goods, alleging that these products are unfairly subsidised.

The new levy will add to the 10% overall tariffs announced by the Donald Trump administration on all countries from February 24.

What will be the impact?

Companies such as Vikram Solar, Waaree Energies, and Premier Energies said the US decision to impose countervailing duties on certain solar goods from India will have a limited impact on them.

Abhishek Pareek, Group Head, Finance, Waaree Energies, said, "At this stage, the company does not anticipate any material adverse impact on its ability to service its US order book."

The company said in the first nine months of FY26, it has continued to ramp up its shipments to the US even though the steep 50% duty was in force.

What Nomura highlighted

Analysts at Nomura note the United States has imposed a 126% countervailing duty (CVD) on solar imports from India to offset alleged benefits arising from government subsidies.

The leading financial services firm noted that Indian solar companies with manufacturing presence in the US and those sourcing solar cells from non-Chinese suppliers are likely to face a relatively lower impact from the move.

Among key players, Waaree Energies (WEL) is seen as better positioned due to its diversified supply chain. The company’s management expects a limited impact from the CVD, Nomura highlighted.

Waaree also has price pass-through clauses embedded in its contracts, which are expected to shield margins from potential erosion arising out of the higher duties.

At the same time, the company is expanding its footprint in the US market. Its module manufacturing capacity in the US is expected to increase to 4.2 GW by the first half of the calendar year 2026, compared with the current capacity of 2.6 GW, the financial services noted.

Nomura added that the evolving trade landscape will likely favour companies with localised manufacturing capabilities and diversified sourcing strategies.