US Tariffs Reset to 15%: Six Indian Exporters With the Most to Gain

US Tariffs Reset to 15%: Six Indian Exporters With the Most to Gain

The US Supreme Court has struck down President Trump's elevated reciprocal tariffs, resetting duties on Indian goods from as high as 26% back to 15%. For Indian companies that ship everything from bed sheets to injectable drugs to diamond jewellery to America, this is a material positive. We dug into corporate filings on NSE to identify the companies with the highest US revenue exposure — and therefore the most to gain.

The Big Picture

India's exports to the US span pharmaceuticals, textiles, gems & jewellery, and specialty chemicals. The tariff reduction directly lowers the landed cost of Indian goods in America, making them more competitive against Chinese, Vietnamese, and Bangladeshi alternatives. Here are six companies where the filing evidence is strongest.

1. Welspun Living (WELSPUNLIV) — Home Textiles

Welspun Living is India's largest home textiles exporter, supplying bed sheets, towels, and bath products to major US retailers. Per their FY23 annual report, North America accounts for 61% of total revenue, with the UK and Europe at 15% and India at 14%. Their FY25 standalone revenue from operations stood at Rs 8,415 crores. The company notes in its FY25 annual report that "the US remains India's largest export" destination for home textiles, and projects the North American market to grow at a CAGR of over 5% through 2030. A 15% tariff versus the prior elevated rate directly improves their price competitiveness in their dominant market.

2. Sun Pharmaceutical Industries (SUNPHARMA) — Pharma

Sun Pharma is India's largest pharmaceutical company, and the US is its single biggest international market. Per their Q3 FY25 quarterly results, US formulation sales were US$474 million for the quarter, representing 30% of consolidated sales, with nine-month sales of US$1,457 million growing 5.7% year-on-year. For full-year FY24, US sales hit US$1,854 million, up 10.1%. The company holds 537 approved ANDAs with the US FDA. While pharma has historically enjoyed lower tariff rates than other sectors, the broader tariff reset removes uncertainty that had been weighing on the entire export complex.

3. Gland Pharma (GLAND) — Injectable Pharmaceuticals

Gland Pharma is a pure-play injectable pharmaceuticals company where the US market dominates. Per their Q1 FY25 quarterly results, the US contributed 67% of Gland's revenue excluding Cenexi, with US revenue of Rs 7,524 million growing 27% year-on-year. EBITDA margins remain robust at 30-34%. The company operates a B2B model supplying complex injectables to leading US pharma companies, with 8 ANDAs filed and 7 approved in Q1 FY25 alone. Their Q4 FY24 results showed revenue growing 32% YoY. With the US market comprising well over half their business, any tariff-related cost relief flows almost directly to the bottom line.

4. Goldiam International (GOLDIAM) — Diamond Jewellery

Goldiam is an integrated manufacturer and supplier of fine diamond jewellery to leading US retailers and wholesalers. Per their Q1 FY25 quarterly results, consolidated revenue hit Rs 1,697 million — up a sharp 40% year-on-year — with EBITDA margins steady at 20.1% and PAT growing 27% YoY. The standout number: lab-grown diamond jewellery exports contributed 68% of Q1 revenue, up from just 33% in Q1 FY24, reflecting a dramatic consumer shift in the US market. Gems and jewellery was specifically called out in news reports as a sector facing 25% tariffs under the old regime — the reset to 15% is a direct margin tailwind.

5. Raymond Lifestyle (RAYMONDLSL) — Garmenting & Apparel

Raymond Lifestyle's garmenting segment — which manufactures garments for export — reported revenue of Rs 309 crores in Q3 FY25, up 18% from Rs 261 crores in the same quarter last year, per their Q3 FY25 quarterly results. Their branded textile segment at Rs 856 crores in Q3 and retail store network of 1,653 stores serve the domestic market, but it is the garmenting export arm that benefits most from the tariff reset. AEPC, the Apparel Export Promotion Council, has already called the US tariff changes "a positive for India's apparel."

6. Trident Limited (TRIDENT) — Textiles & Paper

Trident is a diversified textiles and paper manufacturer with major home textile exports. Per their quarterly results, the company benefits from the government's RoSCTL scheme — Rebate of State and Central Taxes and Levies — on apparel and made-up exports. They accrued Rs 1,190.5 million in RoSCTL benefits on standalone basis for eligible export sales. Combined with the tariff reduction, this creates a dual tailwind: lower US duties plus Indian government export incentives. Their consolidated segment revenue has shown the textiles division as the dominant contributor.

What Retail Investors Should Do

The tariff reset is clearly positive for Indian exporters, but don't chase the rally blindly. Focus on companies where US revenue exposure is highest as a percentage of total sales — Welspun Living at 61%, Gland Pharma at 54-74%, and Goldiam with dominant US exposure have the most direct benefit. Watch for management commentary in upcoming Q4 FY25 results about whether the tariff reduction is translating into new orders or improved margins. Also keep an eye on the political situation: the Supreme Court ruling may prompt new legislative tariff action from Washington, so this tailwind could be temporary. The strongest long-term bets are companies with diversified product pipelines and sticky customer relationships, not those relying purely on price competitiveness.

Data sourced from company filings on NSE via Xaro.