US Solar Duties Put Waaree, Premier, Vikram in Focus

The United States has issued final anti-dumping (AD) and countervailing duty (CVD) orders on imports of crystalline silicon photovoltaic (PV) cells from India, Indonesia and Laos, effective November 9, 2026. The move follows a US International Trade Commission (USITC) determination that imports from these countries had materially injured the American solar industry. For Indian solar manufacturers, the final duty structure represents a significant trade barrier. The US Department of Commerce determined a weighted-average anti-dumping margin of 123.04% for Indian producers, alongside a countervailing duty rate of 126.09%. The AD order also specifies a cash-deposit rate of 107.17% after adjustment for subsidy offsets. Premier Energies Photovoltaic Private Limited is explicitly named in the anti-dumping rate schedule. WAAREEENER and Vikram Solar are not individually named in the published Indian rate tables; the applicable 'All Others' rates may cover their shipments if the products and exporter/producer arrangements fall within the investigation's scope. Importantly, the orders cover crystalline silicon solar cells, whether or not assembled into modules, originating from India. Therefore, the impact on each company will depend on the origin of the cells, its sourcing strategy, manufacturing locations and exposure to the US market. The duties should not automatically be interpreted as applying to every solar module sold by these companies. Investors will monitor the potential impact on export competitiveness, existing US orders, supply-chain diversification and plans to expand manufacturing outside India. The ability of solar manufacturers to maintain US market access while redirecting production towards other markets will remain an important factor to watch. Disclosure: I do not hold any position or financial interest in the mentioned stocks.