Solar Stocks Recover After U.S. Imposes 126% Preliminary Countervailing Duty

At 9:53 am on February 26, shares of Waaree Energies were up 0.5% at ₹2,722 after declining more than 10% in the previous session, as per stock exchange data. Premier Energies rose marginally to ₹731.7.

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Other solar-linked stocks also traded higher. Borosil Renewables, Solex Energy, Sterling and Wilson Renewable Energy, Servotech Renewable Power System, and Websol Energy System gained 1–3%. Vikram Solar traded marginally lower.

U.S. Commerce Department Decision

The previous session’s decline followed a decision by the U.S. Department of Commerce to impose preliminary countervailing duties of about 126% on certain solar modules, according to official findings. The duty applies to modules manufactured using India-made solar cells.

The clarification that the levy applies specifically to modules using domestically manufactured cells, and not to panels assembled in India using imported cells, was cited in market updates. Companies with manufacturing facilities in the U.S. or those sourcing cells from outside India are not covered under the specified category, according to the department’s preliminary determination.

Company-Specific Disclosures

Waaree Energies has disclosed plans to expand its U.S. manufacturing capacity to 4.2 gigawatts by the first half of calendar year 2026. The company has also stated in earlier filings that its U.S.-bound modules do not use India-made cells.

Premier Energies has disclosed in its public communications that exports account for a limited portion of its overall revenue mix.

The next stage of the U.S. trade review process is scheduled for the following month, when a separate determination on alleged dumping is expected, as per the U.S. Commerce Department timeline.

The stabilisation in solar stocks on February 26 followed clarification of the scope of the preliminary countervailing duty, with share prices reflecting company-specific exposure to the U.S. market and manufacturing footprint disclosures.