Synopsis:
The shares of Indian Solar makers are in focus after US Solar manufacturers have filed new petitions to impose anti-dumping duties on cheap imports from China.
The shares of Waaree Energies and Premier Energies took a hit on Friday after the US Solar trade union filed a petition alleging illegal practices by Chinese-owned companies operating in India, Laos, and Indonesia. Both Waaree Energies and Premier Energies reacted negatively to the news, plunging by 1 percent and 0.8 percent, respectively.
A coalition of American solar manufacturers, known as The Alliance for American Solar Manufacturing and Trade, which includes names like First Solar Inc., Mission Solar Energy, and Qcells, has raised concerns about unfair trade practices by companies based in India, Indonesia, and Laos.
Their petition alleges that mainly Chinese-owned businesses are flooding the U.S. market with low-cost solar products produced in these countries, effectively sidestepping previous restrictions.
The U.S. had already slapped hefty anti-dumping duties on solar equipment coming from Malaysia, Thailand, Vietnam, and Cambodia. In response, Chinese companies have shifted their production to other Asian nations.
Consequently, Indonesia and Laos together made up 44 percent of the U.S.’s solar cell and module imports in May 2025, a significant jump from just 1.9 percent a year earlier. Additionally, Indian solar exports to the U.S. have been on the rise since mid-2022, according to data from BloombergNEF, putting Indian manufacturers under the radar.
Both Waaree Energies and Premier Energies found themselves in the spotlight after the passing of former U.S. President Donald Trump’s “One Big Beautiful Bill,” which many viewed as a hurdle for global renewable energy players. However, Waaree Energies clarified in a statement previously that their focus is primarily on the industrial sector, while the recent U.S. actions are more aimed at residential solar products.
A note from Jefferies highlights that Waaree’s international business is significantly dependent on the U.S. market, making up about 57 percent of its total order book. The company’s management anticipates that the overseas segment will contribute between 17 percent and 22 percent to its total revenue in the financial year 2026. Waaree also has plans to double its manufacturing capacity in the U.S. to 3.2 GW by 2026.
Conclusion
Rising trade tensions between the US and other countries are creating challenges for Indian solar exporters like Waaree and Premier Energies. Although Waaree is feeling optimistic thanks to its strong industrial focus, its significant reliance on the US market means that any negative decisions could hinder its future growth. Investors should keep a close eye on how this situation unfolds.
Written by Satyajeet Mukherjee
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