Solar stocks tumble: Waaree, Premier Energies, Vikram Solar slide on US import duty move; analysts cautious

Shares of Waaree Energies Ltd, Premier Energies Ltd, Vikram Solar Ltd and other solar energy firms fell sharply in Wednesday's session after the United States government proposed preliminary duties of nearly 126 per cent on solar imports from India.

According to data from the International Trade Administration (ITA), the US Department of Commerce, on February 24, 2026, announced its "preliminary affirmative determinations" in countervailing duty (CVD) investigations related to solar imports from India.

The development led to selling pressure in solar stocks, with some analysts flagging possible risks to exports and margins.

Ravi Singh, Chief Research Officer at Mastertrust, said, "Shares of Waaree Energies, Premier Energies and Vikram Solar came under pressure after the US announced preliminary duties on solar imports from India. The reaction was largely driven by fear of losing a key export market. Over the last two years, Indian solar exports to the US had grown sharply, touching $792.6 million in 2024 -- almost nine times the 2022 figure."

He added, "Waaree Energies is seen as the most vulnerable because roughly one-third of its Q3 revenue came from overseas markets. Vikram Solar also has meaningful exposure, with about 20 per cent of its order book linked to exports. If these duties stay, margins and future orders could take a hit. Premier Energies, however, has relatively lower export dependence, which may limit the impact. In the near term, uncertainty may keep the stocks volatile, but strong domestic solar demand could provide some support."

Kranthi Bathini, Equity Strategist at WealthMills Securities, said, "The move to impose preliminary duties on solar imports is negative for these companies. However, India is also developing a strong domestic market. That said, valuations appear stretched at current levels. Investors with a high-risk appetite may consider accumulating these stocks from a medium- to long-term perspective."

From a technical standpoint, Bonanza's Drumil Vithlani said, "Waaree Energies is currently in a short-term downtrend after failing to hold above its key moving averages. The price has slipped below the major EMAs cluster and is now testing lower support around Rs 2,650–2,700. A breakdown below this zone could open the path toward Rs 2,500 levels. Volume on recent declines suggests distribution pressure. For a bullish reversal, the stock must reclaim Rs 2,900–3,000 with strong volume. Until then, the technical outlook remains cautious to bearish, with traders watching support levels closely for either breakdown or a relief bounce."

On Premier Energies, Vithlani noted, "The stock is in a clear medium-term downtrend, with price trading below the 20/50/100/200-day EMAs, indicating persistent bearish structure. The stock has declined sharply from the Rs 1,000-plus zone and is now attempting a base formation around Rs 720–760. Immediate resistance is seen near Rs 780–820 (cluster of short-term EMAs), while strong support lies around Rs 700–720. A decisive close above Rs 820 could trigger short covering, whereas a break below Rs 700 may resume the downtrend."

Meanwhile, other companies including Websol Energy System Ltd and Waaree Renewable Technologies Ltd also witnessed sharp declines.