"Waaree Energies is seen as the most vulnerable because roughly one-third of its Q3 revenue came from overseas markets. Vikram Solar also has meaningful exposure, with about 20 per cent of its order book linked to exports. If these duties stay, margins and future orders could take a hit. Premier Energies, however, has relatively lower export dependence, which may limit the impact," Ravi Singh, Chief Research Officer at Mastertrust, stated.