According to the report, the Alliance for American Solar Manufacturing and Trade has petitioned for an antidumping investigation into solar module imports from India, Indonesia, and Laos, citing dumping margins as high as 213.96% for Indian manufacturers. Kotak noted that this could significantly disrupt exports from India to the US market.
Within its coverage universe, Kotak stated: “We see Waaree, with 57% of its order book exposed to the US, being impacted. Premier Energies, which is more domestically focused, is less at risk.”
On the outlook for both companies, Kotak said it is retaining its FY2026–28 estimates for Waaree and Premier, as the investigation is still at a preliminary stage. The brokerage maintained a ‘Sell’ rating on both companies, assigning a fair value of Rs 2,600 for Waaree and Rs 900 for Premier.
The report further noted that, after the recent passage of the Big Beautiful Bill and the imposition of AD/CVD duties on ASEAN countries, expectations of a revival in Indian solar exports “may now be disrupted.”
Kotak added that Waaree Energies is likely to be the most impacted, given that 20% of its revenue and 57% of its order book are driven by the US market. It also cautioned that any near-term boost in demand from US tax credits could be affected, although local US manufacturing capacity may offer some cushion to the anticipated dip in Indian exports.As the investigation remains in its early stages, Kotak noted that the impact on Indian module exports will remain under watch. It also flagged Adani Enterprises and Vikram Solar as other key Indian exporters potentially affected by this development.Also read: Early Q1 results show a slowdown in revenue and profit growth for Indian companies
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