India’s engineering goods and solar equipment sector—major contributors to India’s export basket—is staring at uncertainty as Trump’s reciprocal tariffs loom. With the US being a primary buyer of solar modules, pipes, fittings, turbines, and other industrial components, tariff hikes could dent volumes and hurt competitiveness.
Top companies with notable US export exposure include:
- Waaree Energies: ~40% exports 💥
- Welspun Corp: ~30–35% US exports 💥
- Cummins India: ~30% US sales
- Borosil Renewables: ~25% US sales
- Premier Energies: ~20–25% exports
- L&T: ~20% US revenue
- Kirloskar Brothers: ~25% US revenue
- Thermax: ~20% US exports
- Jindal Saw: ~25–30% US exports
- Ratnamani Metals: ~20–25% US exports
These companies, especially in solar and infrastructure supply, could face order delays or price renegotiations. In the solar space, the risk is especially high given the pressure from U.S. manufacturers seeking protection against low-cost imports.
Brokerages note that while most of these firms have a diversified geographic footprint, the U.S. remains a high-margin and volume-heavy destination for large orders.
Bottom line: Engineering and solar exporters need to watch closely. A trade recalibration could shift global procurement hubs away from India unless exemptions or deals are negotiated swiftly.