Emmvee Photovoltaic, others see little to no impact from US solar import duties

Emmvee Photovoltaic Power Ltd on Wednesday, February 25, said recent US countervailing duties on solar imports from India will have no impact on its business operations.

In a statement, the company said its integrated solar cell and module manufacturing is primarily aligned to domestic demand. With a strong focus on the Indian market and domestic consumption of its cell output, Emmvee said it remains insulated from external trade developments of this nature.

India continues to offer significant growth opportunities in renewable energy, and the company remains focused on scaling high-efficiency manufacturing to serve the expanding domestic market, as per the company's exchange filing.

Industry players echoed similar views, highlighting limited export exposure to the US.

Vinay Rustagi, Chief Business Officer at Premier Energies, said the company had evaluated export opportunities in markets such as Europe and the US but chose to prioritise domestic demand amid policy uncertainty overseas.

“We decided a long time ago that it is best to base our entire business case on the Indian market,” he said, adding that the company currently has no meaningful exposure to exports.

Addressing concerns over rising domestic competition due to reduced exports to the US, Rustagi noted that the impact should remain limited as exports form a small share of India’s total solar module production. He said shipments to the US declined sharply in 2025 and accounted for less than 10% of India’s overall module output. “We don’t see any material impact out of this announcement,” he added.

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Vikram Solar Chairman and Managing Director Gyanesh Chaudhary also clarified that the company has “absolutely nil” exposure to the recently announced 126% US tariff on certain Indian solar products. He explained that the duty applies specifically to solar cells, not fully assembled solar panels, offering a route for Indian manufacturers to continue serving the US market.

Similarly, Waaree Energies said the 126% tariff would apply to modules using India-based cells meeting specific sourcing criteria, and that it does not currently use such cells for its US supplies. The company added that its supply chains are diversified, limiting jurisdictional exposure.

The move follows action by the United States Department of Commerce, which imposed countervailing duties on solar cells and panels imported from India, Indonesia and Laos, citing government subsidies that it said give Asian manufacturers an unfair pricing advantage over American producers. The decision forms part of broader efforts by the US to bolster domestic solar manufacturing and curb reliance on low-cost imports linked to Chinese supply chains.

Shares of Emmvee Photovoltaic Power Ltd  ended lower on Wednesday, February 25, by 2.70% at ₹207.50 on the NSE.

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