New Delhi: Despite the United States deciding to levy a preliminary 126% countervailing duty (CVD) on Indian solar cells, brokerage house Prabhudas Lilladher Capital (PL Capital) has maintained a positive stance on three Indian solar companies. The brokerage is of the view that the tax will not have any major financial impact on Premier Energies, Waaree Energies and Vikram Solar. Importantly, on February 24, 2026, the US Department of Commerce announced that it will impose CVD, with the final decision expected on July 6, 2026. PL Capital has issued Buy ratings on the above-mentioned three stocks
Premier Energies: BUY | CMP Rs 733.30 | Target Rs 892
Waaree Energies: BUY | CMP Rs 2,733.90 | Target Rs 3,600
Vikram Solar: BUY | CMP Rs 164.06 | Target ₹326
Waaree Energies
The brokerage backed Waaree Energies as the firm sources its cells from nations where the duty is around 10% and maintains distance from Southeast Asian countries. The company stopped sourcing from China in 2019. Notably, Waaree has a manufacturing capacity of 2.6 gigawatts in the United States and has plans to increase to 4.2 gigawatts by mid-2026. It is also setting up a new 1.6GW plant in Texas and is in the process of the acquiring a 1GW HJT plant in Arizona are part of its expansion plans. As of December 2025, the company’s order book stood at Rs 600 billion, of which 50–60% comprised export orders.
Vikram Solar
The brokerage advocated for Vikram Solar saying that the company’s export will not be affected by the proposed 126 per cent duty. The company has strategically shifted its focus away from the United States and is concentrating on the domestic market, Europe, and the APAC region.
Premier Energies
The brokerage stated that Premier Energies’ entire 9.4GW order book (as of December 2025) is India centric, so the if the US imposed the heavy taxes, the firm will bot be impacted.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)