126% Tariff on Solar Imports: Here’s What Waaree, Premier Energies, and Emmvee Say About the Impact

Synopsis: Indian solar stocks, including Waaree Energies, Premier Energies, and Emmvee, fell after the U.S. imposed 126% preliminary duties. Companies clarified that the tariffs have limited or no impact due to domestic focus or U.S. manufacturing, and the Brokerages maintain positive outlooks, citing low export exposure and expansion plans.

The shares of Indian solar companies were in the spotlight as the U.S. imposed preliminary duties of 126 percent on solar imports. In today’s trade, the shares of these companies are in focus following clarifications of preliminary duties on solar imports from India and the brokerage viewpoint.

A glimpse of the reason for yesterday’s fall

The shares dropped yesterday as the Trump administration announced preliminary duties of 126% on solar imports from India, citing “unfairly subsidized manufacturing.”

Waaree Energies, Vikram Solar, and Premier Energies have varying degrees of export exposure, with Waaree at nearly 29%, Vikram at around 16%, and Premier with less than 1%. Waaree Energies currently has a capacity of 1.6 GW in the USA and plans to expand it to 2.6 GW by FY 27, which will eliminate the import duty as it is locally produced and will cater to most of the demand in the USA for the time being, until things get sorted.

Meanwhile, the US Commerce Department has imposed initial duties ranging from 81% to 143% on solar imports from Indonesia and Laos, citing foreign subsidies that allowed these exporters to undercut domestic producers. 

While these measures aim to protect US manufacturers, they increase uncertainty for an industry already not favored by President Donald Trump and risk raising costs for both producers and consumers. These duties are separate from previously announced global tariffs that were recently struck down by the US Supreme Court, prompting Trump to introduce fresh 10% tariffs, potentially rising to 15%.

Clarifications By the Company’s

Waaree Energies clarified that recent reports about U.S. tariff changes affecting solar stocks are general industry news and not specific to the company. The company confirmed it has no undisclosed price-sensitive information and no legal or regulatory actions are pending. Share price movements are purely market-driven, and Waaree continues to comply with all stock exchange disclosure regulations.

Premier Energies Limited clarifies that there are no specific negotiations or undisclosed events with US authorities, and the Company is not aware of any unpublished price-sensitive information. The news pertains to general industry developments, and the Company does not anticipate any material impact on its operations or financial position. All material information is disclosed promptly to stock exchanges, and the recent share price movement appears to be market-driven.

Emmvee Photovoltaic Power Limited has clarified that the recent US countervailing duties on solar imports from India do not affect its business. The company’s solar cell and module manufacturing mainly serves the domestic market, keeping it insulated from such international trade developments. Emmvee continues to focus on expanding high-efficiency solar production to meet India’s growing renewable energy demand.

Brokerage Viewpoint

Brokerages have downplayed the potential impact of recent developments on earnings and continue to maintain largely positive outlooks on frontline renewable energy companies such as Waaree Energies and Premier Energies.

• Nomura on Waaree Energies: Nomura noted that the impact of US duties would be limited for companies with local US manufacturing and modules using non-Indian cells. It reiterated its buy call with a target price of Rs. 2,709, emphasizing Waaree’s plan to expand US capacity to 4.2 GW by the first half of 2026.
• Motilal Oswal on Waaree Energies: Motilal Oswal Financial Services also maintained a buy rating, with an upgraded target price of Rs. 3,514. The brokerage pointed out that Waaree’s US-bound modules do not use India-made cells, which limits direct exposure to countervailing duties.
• Nuvama Institutional Equities on Waaree Energies: Nuvama retained its buy rating with a target price of Rs. 3,867, highlighting Waaree Energies’ expanding renewable energy platform, its diversification into green hydrogen and electrolyser orders, and a more balanced long-term revenue mix.
• Nomura & Motilal on Premier: Market sentiment on the stock remained cautious to positive. Nomura maintained a neutral rating with a target price of Rs 729, while Motilal Oswal reaffirmed its buy recommendation, setting a target of Rs 1,000. The brokerage highlighted Premier Energies’ low reliance on exports and minimal exposure to US tariffs as key positives.

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