25 Feb , 2026 By : Debdeep Gupta
Shares of Indian solar companies pared losses from early lows in late-morning trade on Wednesday after Waaree Energies clarified that the US countervailing duties apply only to India-made solar cells, not to panels assembled in India using imported cells. However, despite the pullback from session lows, frontline stocks such as Waaree Energies and Premier Energies were still trading with sharp cuts of 5-10 percent, reflecting lingering caution around the US trade action.
Waaree Energies stock was trading down about 10.6 percent at Rs 2,701.9 around 10:30 am, sharply off its session low after hitting the lower circuit earlier in the day. Premier Energies shares trimmed losses to about 4.9 percent, while broader solar stocks showed mixed moves.
In an interview with Zee Business, Waaree Energies Chairman and Managing Director Hitesh Doshi said the US had imposed duties based on the country of origin of solar cells, not the country where solar panels are assembled. He said most Indian manufacturers import solar cells from countries where import duties are relatively low and then manufacture panels in India for export, limiting the impact of the US decision.
Doshi added that data show only about 4 percent of US solar imports were panels made using India-manufactured solar cells, implying an impact of roughly 600–1,000 megawatts of exports from India. He said Waaree Energies does not export panels made using India-made solar cells and has no plans to do so, citing sufficient domestic demand.
Among other solar stocks, Borosil Renewables rose 2.6 percent, while Sterling and Wilson Renewable Energy and Servotech Renewable Power System were marginally higher. On the downside, Solex Energy fell over 6 percent, Vikram Solar declined about 4.5 percent, and Waaree Renewable Technologies was down nearly 4 percent.
The US Commerce Department has imposed preliminary countervailing duties of about 126 percent on solar cell and panel imports from India, citing unfair government subsidies. The ruling marks the first of two determinations in the trade case, with a separate decision on alleged dumping due next month.
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