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 co...