Waaree Energies Share Price Drop 10.44% on US Preliminary 126% Duty on Indian Solar Imports 

Waaree Energies Ltd shares fell 10.44% to ₹2,707.10 in early trade on February 25, compared with the previous close of ₹3,023.50, as per exchange data at 10:26 am IST. The decline followed reports that the US administration has set preliminary duties of 126% on solar imports from India, citing alleged unfair subsidisation of manufacturing. 

The stock opened at ₹2,819.00 and slipped to an intraday low of ₹2,570.00 so far, reflecting sharp selling pressure in the morning session. 

US Duty Announcement Impacts Sector Sentiment 

The weakness came after reports indicated that the US has imposed preliminary countervailing duties of 126% on solar imports from India. The move is part of a trade action alleging that Indian manufacturers benefited from unfair subsidies. 

For export-focused solar manufacturers, the US remains a key market. Any imposition of duties may affect shipment economics and pricing competitiveness, particularly for companies with exposure to US module demand. The stock had closed at ₹3,023.50 in the previous session before reacting to the development in early Wednesday trade. 

Commerce Department Issues Initial Ruling in Solar Subsidy Case 

According to a fact sheet issued by the US Commerce Department, subsidy rates were set at 125.87 percent for India, 104.38 percent for Indonesia and 80.67 percent for Laos. The action follows a petition filed last year by the Alliance for American Solar Manufacturing and Trade, which includes Hanwha Qcells, First Solar and Mission Solar, seeking relief from what it described as unfairly subsidised imports. 

The current ruling marks the first of two determinations in the case. The Commerce Department is due to issue a separate decision next month on whether exporters from the three countries sold products in the US market at prices below their production costs, a finding that could lead to additional anti-dumping duties. 

Imports from India, Indonesia and Laos were valued at about $4.5 billion last year, accounting for nearly two-thirds of total US solar imports in 2025, according to trade data cited by the department. 

US Expansion and Strong Order Book in Focus 

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. 

Stock Performance Snapshot 

As of 10:26 am IST on February 25, Waaree Energies Ltd was trading at ₹2,707.10, down 10.44% from the previous close of ₹3,023.50. The stock touched a high of ₹2,821.10 and a low of ₹2,570.00 so far in the session. 

The company’s market capitalisation stood at ₹77.89 crore. Its price-to-earnings (P/E) ratio was 23.91, while the 52-week high and low were ₹3,865.00 and ₹1,863.00, respectively, as per exchange data. 

What this Means for Investors 

Preliminary duties of this scale may weigh on export realisations if sustained, particularly for companies with US-linked order books. Investors are likely assessing the potential impact on revenue visibility and margin profiles, depending on the final duty structure and any legal recourse. 

At the same time, any official clarification, mitigation measures, or diversification of export markets may influence the stock’s near-term trajectory. Regulatory updates and company disclosures will remain key triggers. 

Waaree Energies Ltd shares declined sharply in early trade on February 25 after reports of a 126% preliminary US duty on Indian solar imports. The stock reacted with a double-digit fall from its previous close, reflecting concerns over potential export headwinds. Further clarity through regulatory disclosures and official updates is likely to guide the next move, while exchange data indicates heightened intraday volatility so far. 

Source: 

https://www.nseindia.com/get-quote/equity/WAAREEENER/Waaree-Energies-Limited