Utilities: US DOC announces preliminary CVD of 126% on solar imports from India
AHMEDABAD, 26 FEBRUARY: On 24th Feb’26, the US Department of Commerce announced a preliminary countervailing duty (CVD) of 126% on solar imports from India and set an initial CVD ranging 86%-143% on imports from Indonesia and 81% on shipments from Laos. However, the applicability of the 126% duty is contingent upon the country of origin of the solar cells used in modules supplied to the US. In effect, the 126% tariff should be applicable only if solar modules supplied to the US use solar cells manufactured in India.
- Waaree Energies (WEL), which earns roughly a third of its revenue from the US, does not use solar cells manufactured in India for its US supplies; therefore, the preliminary 126% CVD is unlikely to have a material impact on WEL’s earnings. Premier Energies (PEL) has limited exposure to exports, as roughly just 1% of its revenue comes from overseas markets. Accordingly, PEL remains insulated from these developments.
From a broader industry perspective, India’s cell manufacturing capacity is ~27GW under ALMM-II (vs. module manufacturing capacity of 162GW as per ALMM-I) and is still in the ramp-up phase. It is primarily oriented toward meeting rising domestic demand. The current cell capacity trajectory suggests limited surplus availability to meaningfully support exports, at least until FY28.
Research covered
| Cos/Sector | Key Highlights? |
| Utilities | US DOC announces preliminary CVD of 126% on solar imports from India |
| Economy: Macro-Cap | India growth projection – 3QFY26: Merry, Merrier, Merriest at 8%+ |
| Laurus Labs | Positioned to capitalize on CDMO’s commercial ramp-up cycle |
| CreditAccess Grameen | From repair to re-acceleration: RoE recovery in motion |
| Automobiles | Strong retail demand to help sustain wholesales momentum |
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