US Imposes 123% Duty On Indian Solar Imports; Waaree Energies Falls 4%, Vikram Solar Slips 2%, Premier Energies Gains

Indian solar stocks came under pressure on 24 April 2026 after the U.S. announced fresh trade measures targeting imports from Asia. Shares of Waaree Energies, Premier Energies and Vikram Solar reacted to the development, reflecting concerns over export exposure.

Waaree Energies shares were trading at ₹3,289.90 at 11:48 am IST, down about 3.61% for the day. Vikram Solar shares slipped around 2.24% to ₹222.70. In contrast, Premier Energies shares showed some resilience, trading at ₹1,010, up 0.93%.

The move follows the U.S. Commerce Department’s decision to impose preliminary anti-dumping duties on solar cells and panels imported from India, Indonesia and Laos.

What Has The US Announced On Solar Imports?

The U.S. Commerce Department has proposed steep preliminary duties after concluding that companies from these countries were selling solar equipment at unfairly low prices in the American market.

The dumping margins are significant. For India, the proposed duty stands at 123.04%. Imports from Indonesia and Laos face lower rates of 35.17% and 22.46%.

Together, these three countries accounted for solar imports worth about $4.5 billion into the U.S. last year, making up nearly two-thirds of total imports.

The decision follows a petition filed by a group of U.S. manufacturers, including First Solar and firms linked to Hanwha’s Qcells unit. The case argued that imported panels were undercutting domestic producers.

Final rulings are expected in the coming months, with decisions for India and Indonesia likely around 13 July and for Laos by 9 September.

What Caused Different Reactions In Solar Stocks?

Investors took into account Waaree Energies' and Vikram Solar's exposure to export markets, especially the U.S.

Premier Energies shares, however, moved higher. The stock is seeing support from expectations of strong earnings. The company is likely to report a 73.61% year-on-year rise in profit to ₹482.30 crore, while revenue is estimated to grow 54.5% to ₹2,503.80 crore.

The growth is linked to higher production. The company has been scaling up capacity, including its 1.2 GW cell facility.

Stock movement, however, has not been uniform. Company-specific factors, especially earnings visibility, appear to be shaping how stocks react, along with global developments.

Also Read - PlaySimple Games Files For ₹3,150 Crore IPO

What Could This Mean For Indian Solar Players?

The development introduces fresh uncertainty for exporters.

Higher duties can affect competitiveness in the U.S., which has been an important market. This could have an impact on orders as well as pricing in the near term.

The decision, however, is not final yet. The actual impact will depend on the final duty rates and timelines.

Trade activity in the solar system is not new on a larger scale. Countries have done this before to push local manufacturing.

Indian businesses may need to tweak their plans. They might have to look at new markets. Build a stronger base at home. Keep a close check on costs going ahead.

Sources:

Moneycontrol

Reuters

Business Today