Stcoks to benefit

China’s Ministry of Finance has announced it will remove VAT export rebates on 249 products (including solar cells) from April 1, 2026, and cut VAT export rebates on certain battery-related goods to 6% from 9% (April–Dec 2026), with a full rollback from Jan 1, 2027.

In India, the clearest “structural positive” read-through is for PVC and plastic pipes, because the move targets suspension-grade PVC (S-PVC) rebates as well, which could reduce the pricing advantage of Chinese exports over time. Brokerage houses have flagged Supreme Industries as a preferred pick, with a constructive view on Astral as larger branded players may gain share if competitive intensity eases and pricing becomes more rational, even though near-term “front-loading” of exports could keep prices volatile initially.
Names in the pipe/value chain to watch: Supreme Industries, Astral, Prince Pipes & Fittings.

A second-order beneficiary bucket is domestic PVC resin makers, because tighter exports from China can support regional PVC pricing (helpful for resin realisations, while pipe makers typically need pass-through discipline). Listed plays with PVC exposure include Finolex Industries (PVC resin and pipes), Chemplast Sanmar (PVC paste resin and other specialty chemicals) and DCW (PVC resin).

For solar, the impact is mixed but potentially supportive for Indian module makers if China’s export economics harden (higher net export pricing), though it can raise costs for developers/EPCs in the near term. Domestic manufacturers to track include Waaree Energies, Premier Energies, Websol Energy Systems, and also integrated players with manufacturing exposure such as Tata Power.