Waaree Eng gets 'Trumped'

Waaree Energies came under sharp pressure and was among the key drags within the solar pack in late-morning trade today, as investors reacted to adverse US trade-policy headlines for Indian solar exports.

The stock was trading at Rs. 2,685, down 11.25% (or Rs. 340.20) from the previous close of Rs. 3,025.20, after moving in a Rs. 2,571.45 to 2,820.55 range; VWAP stood near Rs. 2,671.04. Volumes were elevated at about 6.35 lakh shares with turnover of roughly Rs. 169.68 crore, taking the company’s market capitalisation to around Rs. 77,231.58 crore.

The weakness was driven by reports that the US Commerce Department has set preliminary tariffs of 126% on solar imports from India, rattling sentiment across export-linked solar manufacturers. Solar counters such as Waaree Energies, Premier Energies and Vikram Solar saw broad-based selling, with declines of up to 15% during the session, as the headline raises the landed cost of Indian solar shipments into the US and creates uncertainty around near-term order flows, pricing and contract viability for US-facing business.

The move also comes amid reports that the US has proposed provisional tariffs for other exporting regions as well, Indonesia (86% to 143%) and Laos (81%), with the stated rationale tied to alleged foreign subsidies that enable underpricing versus US manufacturers. Separately, reports noted these solar-specific duties are distinct from previously discussed reciprocal tariff measures, underscoring that this action is targeted at the solar value chain rather than being a broader, economy-wide levy.

What the market is effectively discounting is not just the headline tariff rate but the second-order effects, potential shipment delays, renegotiation of commercial terms, demand deferrals while customers reassess sourcing economics, and the possibility of tighter scrutiny on supply chains and documentation. The sensitivity is amplified by the scale-up of India’s solar exports to the US in recent years; reports cited US solar imports from India at $792.6 million in 2024, more than nine times the level seen in 2022, making policy shifts a meaningful swing factor for export expectations.