Solar stocks are back in the spotlight after the US Commerce Department proposed steep preliminary antidumping duties on imports from India, Indonesia and Laos — a move that could reshape trade flows into one of the world's fastest-growing solar markets. India faces the sharpest hit, with proposed duties of over 123%, significantly higher than peers. The decision follows allegations that companies from these countries were selling solar equipment in the US at unfairly low prices, undercutting domestic manufacturers.
Despite the headline risk, Waaree Energies CMD Hitesh Doshi struck a notably calm tone, insisting the development won't dent the company's US business. “The duty isn't on the panel as such, but on the solar cells used inside it,” Doshi explained. “So, the country of origin of the cell determines the duty.”
That distinction is critical. Waaree, he said, has for years sourced solar cells from countries with lower applicable duties, assembled panels in India, and exported them to the US — effectively optimising costs based on shifting tariff structures.
Put simply, if a panel uses cells sourced from a country with, say, a 10% duty, that's the rate applied — regardless of where the panel is assembled. On the other hand, using Indian-made cells would attract the much steeper duty now proposed. Waaree's strategy hasn't relied on domestic cells for exports. “For the last decade, we haven't used India-made solar cells for US-bound panels,” Doshi said, adding that this approach remains unchanged.
The reassurance comes at a time when the company has meaningful exposure to the US — both through exports and a growing local footprint. Waaree already operates two manufacturing facilities in the US, which further cushions it against policy swings. Even if duties remain elevated post the final ruling, Doshi maintains it's “business as usual” for the company's export operations.
The broader concern is whether Indian manufacturers could see demand disruptions or excess supply spill into the domestic market. Doshi dismissed those fears as well, pointing to strong order visibility and limited reliance on India-made cells for exports. He also flagged that India's share in the investigated import basket was relatively small — under 4% during the review period — suggesting room for negotiation during the next phase of hearings.
The US is expected to take a final call on these duties in the coming months. For now, the sector remains in wait-and-watch mode.
ALSO READ: US Announces Preliminary Antidumping Duties On Solar Imports From India, Indonesia, Laos
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
