Waaree Energies Share Price Plunges 14.2% Followed By Others: Solar Stocks Shocked by US Duties
The Indian stock market experienced significant shocks as solar energy stocks suffered their steepest declines on Wednesday, February 25, 2026. The Trump administration imposed 126% preliminary duties on Indian solar imports, claiming that India engaged in unfair manufacturing practices, creating uncertainty for investors. Waaree Energies led the bloodbath, plummeting 14.2% to ₹2,591.1 on NSE, while Premier Energies fell 10% to ₹699.35, and Vikram Solar slumped over 7.5% to ₹171.
The panic intensified because Waaree and Vikram Solar faced direct losses from their US export operations, while Premier Energies suffered indirect losses due to minimal international business exposure. Market sentiment turned sharply negative, spreading fear among traders who feared further shocks from ongoing geopolitical tensions and tariff disputes. The sudden plunge highlights the vulnerability of Indian solar exporters to international policy changes. Analysts expect investor caution to persist until the sector gains clearer direction.
- US imposes 126% preliminary duties on Indian solar imports
- Waaree Energies drops 14.2% to ₹2,591.1
- Premier Energies falls 10% to ₹699.35
- Vikram Solar declines 7.5% to ₹171
- Panic spreads across solar energy sector
- Export-exposed companies bear the brunt
- Sentiment-driven losses hit non-exporters too
Waaree Energies tumbled 14.2% to ₹2,591.1 on NSE.
Premier Energies fell 10% to ₹699.35.
Vikram Solar dropped over 7.5% to ₹171.
Premier Energies’ decline is largely sentiment-driven due to negligible US exposure, while Waaree and Vikram Solar have meaningful export exposure.
Waaree Energies Bears The Brunt Of US Solar Tariffs
The US solar duties are sending shockwaves across Indian solar exporters, and Waaree Energies is taking the brunt with approximately 29 % of its earnings connected to US sales. Vikram Solar isn’t far behind at approximately 16 %, while Premier Energies escapes mostly unscathed with no US exposure. The US government has implemented these high tariffs-ranging from 86 % to 143 % for Indonesia and 81 % for Laos-to protect American manufacturers, but they have created international production disruptions. Traders are nervously watching as policy moves hit revenue streams directly, making Waaree Energies the headline name in this solar storm. Investor caution is now the order of the day.
US Solar Duties: Impact on Indian Exports
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India, Indonesia, and Laos accounted for 57% of US solar imports in the first half of 2025.
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Solar imports from India reached $792.6 million in 2024, over 9 times the 2022 levels.
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The current duties are separate from previous global tariffs that were overturned by the US Supreme Court.
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US President Trump has introduced fresh 10% tariffs, with the possibility of increasing them to 15%.
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These new tariffs come despite a recent bilateral trade agreement between India and the US.
Overview of Leading Indian Solar Companies – Waaree Energies, Vikram Solar, and Premier Energies
| Company | Key Details | Plants / Operations | Products / Services | Applications / Projects |
|---|---|---|---|---|
| Waaree Energies | Manufactures solar PV modules & cells, sells electricity, executes EPC projects | Tumb, Nandigram, Chikhli, Surat (Gujarat) | HJT, N-type, mono PERC modules, flexible & special modules, inverters, solar kits, BESS, electrolyser stacks | Rooftop solar, flexible solar, energy storage, green hydrogen |
| Vikram Solar | One of India’s largest solar PV module manufacturers, integrated solutions provider | – | EPC services, O&M for solar projects, solar PV modules | Solar power generation, project operations & maintenance |
| Premier Energies | Integrated solar cell & module manufacturer | – | EPC projects, O&M services, power generation | EPC: 266.26 MW ground-mounted, 22.86 MW rooftop; O&M: 178.38 MW; solar water pumps, lanterns, lighting systems, solar EVs |
(With Inputs)
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