Synopsis:
As U.S. tariffs fuel global trade tensions, several Indian companies with low export exposure especially to the U.S. remain resilient, driven by strong domestic demand, healthy financials, and limited impact from global trade disruptions.
As the U.S. moves forward with heightened tariffs targeting several foreign goods, Indian investors are reevaluating their portfolio exposure. However, not all stocks are equally vulnerable to trade headwinds. Companies with minimal reliance on exports, especially to the U.S., remain well-positioned. Below are five fundamentally strong businesses that continue to grow without being tied down by global tariff tensions.
1. Waaree Energies Ltd (Rs. 3,213)
Founded in 1990, Waaree Energies is one of India’s top solar PV module manufacturers. With a production capacity of 15 GW and five state-of-the-art manufacturing plants across India, they also offer EPC and O&M services for ground-mount, rooftop, and floating solar projects.
The company has a market capitalization of Rs. 92,233 Crore and exports only 17–20 percent of its revenue to the U.S., and its Texas based manufacturing facility offers a natural hedge against tariffs by enabling local production when necessary.
Waaree reported a net profit of Rs. 1,928 crore in FY25, supported by a strong order book worth Rs. 47,000 crore. Its low debt-to-equity ratio of 0.13 suggests strong capital discipline, while its return ratios remain outstanding, ROCE at 35.1 percent, ROE at 27.6 percent, and ROA at 12.4 percent. The company’s P/E ratio stands at 47.8.
This solid financial performance underscores Waaree’s ability to scale operations efficiently while maintaining profitability. With consistent demand for solar solutions, both in India and globally, the company’s robust balance sheet and healthy margins provide a strong foundation for sustained growth.
2. Hindustan Aeronautics Ltd (Rs. 4,895)
With a market capitalization of Rs. 3,27,368 Crore, HAL is India’s premier aerospace and defense public sector enterprise. It designs, manufactures, and maintains aircraft, helicopters, and their components. With a long-standing relationship with the Indian government, HAL’s work primarily involves supplying to the Indian defense forces, making it one of the most strategic assets in the country’s industrial landscape.
HAL’s exports are primarily to defense and aerospace clients, and not linked to civilian goods subject to U.S. tariffs. Additionally, most of its revenues come from domestic defense contracts, keeping it largely immune to U.S. trade actions.
For FY25, HAL posted a net profit of Rs. 8,364 crore. The company’s return on capital employed stood at 33.9 percent, while return on equity was 26.1 percent. It remains debt-free, with an ROA of 8.93 percent and a P/E ratio of 38.9. HAL also commands an impressive order book of Rs. 1,89,300 crore, showcasing the long-term visibility of its revenue streams.
3. Adani Power Ltd (Rs. 608)
Adani Power is India’s largest private thermal power producer. Having a market capitalization of Rs. 2,34,521 Crore, It operates several thermal power plants across the country and sells power via a mix of long term power purchase agreements, short term contracts, and merchant sales. The company is part of the broader Adani Group, known for its significant infrastructure footprint.
Adani Power’s operations and revenue streams are entirely domestic. The company does not export power or rely on the U.S. for business, so recent tariff moves have no bearing on its performance.
Adani Power generated a net profit of Rs.12,750 crore in FY25. It reported a return on capital employed of 22.5 percent and a return on equity of 25.7 percent. The company’s return on assets stood at 12.5 percent. It has a moderate debt-to-equity ratio of 0.70, and a P/E ratio of 18.4.
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4. Varun Beverages Ltd (Rs. 470.50)
Varun Beverages is the second-largest franchise bottler of PepsiCo products outside the United States. With a market capitalization of Rs.1,59,119 Crore, it manufactures, bottles, and distributes PepsiCo’s portfolio of carbonated soft drinks, juices, and packaged water across more than 10 countries, including India. Its brands include Pepsi, 7Up, Mirinda, Mountain Dew, and Tropicana.
Beyond beverages, the company is also making strides in the snacks segment. Varun Beverages is involved in the manufacturing of Cheetos (currently underway) and the distribution of Frito-Lay snacks, Doritos, and Cheetos in Morocco. It is also setting up manufacturing and distribution of Simba Munchiez in Zambia and Zimbabwe, alongside co-manufacturing Kurkure Puffcorn in India. This diversification strengthens its PepsiCo franchise, tapping into growing snacking trends alongside beverages.
Varun Beverages manufactures and distributes its beverages locally under PepsiCo’s global franchise model. Since the company doesn’t rely on exports to the U.S., its revenue remains largely unaffected by any trade disruptions or tariff changes coming from that market.
Varun Beverages has a strong global presence, holding franchise rights across 10 countries and distribution rights in 4 more. In FY24, most of its business around 83 percent came from the Indian subcontinent, including India, Sri Lanka, and Nepal. The remaining 17 percent came from its African operations in Morocco, Zambia, and Zimbabwe.
Varun Beverages recorded strong return metrics in FY25, with ROCE at 24.8 percent, ROE at 22.5 percent, and ROA at 14 percent. Its debt-to-equity ratio remains conservative at 0.17, and its P/E ratio is 54.8.
5. ITD Cementation India Ltd (Rs. 861)
ITD Cementation is a major EPC (engineering, procurement, and construction) firm in India with a market capitalization of Rs. 14,791 Crore, specializing in large-scale infrastructure and civil engineering projects. It is known for delivering projects in marine infrastructure, urban development, and industrial construction.
All of ITD’s operations are based in India and executed under domestic contracts, often government-funded. This insulates the company from any international tariff-related volatility.
ITD Cementation is currently handling two large international projects, one in Sri Lanka and another in Bangladesh. The Bangladesh project, valued at around Rs. 1,500 crore, is progressing steadily, with Rs. 400 crore worth of work already completed. The company is also actively looking to expand into the Middle East with new opportunities.
As of March 2025, the company maintained an order book of Rs. 18,300 crore. Its ROCE stood at 28.2 percent, while ROE was 22.4 percent. The company’s return on assets was 6.01 percent, and its debt-to-equity ratio was 0.52, reflecting prudent debt usage. The stock trades at a P/E of 40.2.
Written by – Manan Gangwar
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