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Waaree Energies, Premier shares fall up to 15% after US sets initial Indian solar import duty at 126%Waaree Energies has capacities in the US market. During the December quarter earnings call, the management had said that the US is an important market for the company, and they are not only manufacturing there, but also doubling down on their investments.By Hormaz Fatakia   February 25, 2026, 9:48:14 AM IST (Updated)3 Min ReadShares of Waaree Energies Ltd., Premier Energies Ltd., and Vikram Solar Ltd. fell up to 15% on Wednesday, February 25, after the Trump administration set preliminary duties of 126% on solar imports from India, according to documents seen by CNBC-TV18.

Shares of Waaree Energies fell as much as 15% and are now trading with losses of around 12%. Premier Energies, which also fell as much as 13%, is looking to recover from the day's low, currently trading 7% lower as the company has negligible export exposure. Vikram Solar's shares are also down as much as 5%.

Initial duties have also been set between 86% to 143% for imports from Indonesia and at 81% for imports from Laos. According to the US Commerce Department, the rates have been determined based on foreign subsidies that allowed exporters to undercut domestic solar producers.

These duties will be different from the reciprocal tariffs imposed by the Trump administration that were struck down by the US Supreme Court last week. In response, Trump first issued a 10% universal tariff declaration before raising it to 15% over the weekend. The 10% tariff took effect from last night local time.

According to the US Commerce Department, the solar imports from India in 2024 were worth $792.6 million, over 9 times the value in 2022.

The relatively high duty rates will make the US market largely unavailable for Indian solar panel manufactures, Citi analyst Vikram Bagri wrote in an research note Tuesday.

Waaree Energies has capacities in the US market. During the December quarter earnings call, the management had said that the US is an important market for the company, and they are not only manufacturing there, but also doubling down on their investments. The company recently acquired Meyer Burger and is also on the lookout for organic and inorganic growth opportunities.

At the end of the third quarter, Waaree Energies' order book stood at ₹60,000 crore. The company also stated that it is confident of surpassing its original Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) guidance of ₹5,500 crore to ₹6,000 crore for financial year 2026.

32.6% of Waaree Energies' revenue in the December quarter came from the overseas market.

While Premier Energies does not have any significant exposure to the US market, 20% of Vikram Solar's order book comes from exports.

Back in April last year, shares of both Premier and Waaree Energies had rallied after the US imposed anti-dumping duty on imports of solar equipment from four Southeast Asian countries, but had excluded India.

Shares of Waaree Energies are down 14.7% at ₹2,579.2, while those of Premier Energies are also down 13% at ₹677.65. Vikram Solar's shares are down 6.3% at ₹173.68.

(With Inputs From Agencies)Continue ReadingFirst Published: Feb 25, 2026 6:39 AM ISTTagsPremier Energiesshare market todaySolar CellsWaaree Energies