Mumbai, May 25 -- Tariff uncertainty and duties in the US have crushed India's solar module exports, erasing a multi-billion-dollar high-margin export opportunity at a time when India is trying to reduce its trade deficit. All but one of India's top listed solar module companies reported nil exports during the quarter ended 31 March. Market leader Waaree Energies Ltd, which had so far managed to protect its exports to the US, also reported fewer outbound shipments during the fourth quarter of FY26. The companies attributed the decline largely to the tariffs and duties levied by the US, which have surged to upwards of 230%, as per an estimate by an analyst. This includes a preliminary countervailing duty and an anti-dumping duty. For context, India exported a peak of $2 billion worth of solar modules in FY24, majorly to the US. The North American country has barred module imports from China, becoming one of the few large markets where Indian solar manufacturers were competitive. "India's solar export boom to the US is slowing as steep American tariffs erode the profitability that once made the market highly lucrative," said Sweta Jain, research analyst, Anand Rathi Institutional Equities. "The attraction was the sharp pricing gap," she said. Indian companies typically made 50-100% higher from US exports than the domestic or global prices, resulting in superior margins, she said. Modules to the US were supplied at an estimated price of 25-30 cents per watt-peak. The same modules fetch 16-24 cents per watt-peak in India depending on whether they're made from cells produced domestically or imported, with the former costing more. The plunge in solar modules exports comes at a time when India's current account deficit is widening as a falling rupee makes imports more expensive while exports are declining. "We will continue to sell in India," Jugeshinder Singh, the chief financial officer of the Adani Group, said in an Adani Enterprises Ltd (AEL) investor call on 30 April. Adani New Industries Ltd (ANIL), a subsidiary of AEL, was earlier one of the largest exporters of solar modules from India. It shipped 1.7 GW of solar modules in FY25, accounting for two-fifths of its overall production....