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Waaree Energies says 126% US Solar duty will not apply to the company; Stock recoversWaaree 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, 2:09:43 PM IST (Updated)3 Min ReadShares of Waaree Energies Ltd. are looking to recover from the lows of the day after the company issued a clarification in an analyst call with regards to the countervailing duty imposed by the US on Solar imports from India.

"This 126% is for any modules which will be using India-based cells, which again must have all non-Chinese sources and in our case, we don't use those cells. So this 126% is not applicable for us at the given moment and our supply chains are tied up at around 10% jurisdiction," Sonal Shrivastava of Waaree Energies said on the call.

In response, the stock, which was down as much as 15% in early trading, is now down 9%.

The management also said that they will look for low US tariff nations for sourcing and that their current order book is protected from the latest US duties.

Earlier in the day, the US announced an initial solar import duty of 126% from India. Initial duties were also 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 currently trading 9.6% lower at ₹2,732.1. Shares of Premier Energies are trading 5% lower, having recovered 10% from the lows of the session. Premier Energies has no exposure to the US market.

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