US Tariffs on India Reset to 15% — Five Companies With the Most at Stake

US Tariffs on India Reset to 15% — Five Companies With the Most at Stake

On March 25, a US Supreme Court ruling effectively rolled back President Trump's 50% "reciprocal" tariffs on Indian goods to 15%. While Trump has vowed to reimpose higher rates and India has delayed bilateral trade talks, the immediate tariff relief is significant for Indian companies that ship physical goods to the United States.

We searched corporate filings on NSE to identify which listed companies derive the largest share of their revenue from the US — and therefore have the most riding on this tariff seesaw.

The Pharma Trifecta: Sun Pharma, Dr. Reddy's, and Cipla

Indian pharmaceutical companies are among the most US-exposed stocks on the NSE, and their filings make the scale of that exposure unmistakable.

Sun Pharmaceutical Industries (SUNPHARMA) reported US formulation sales of US$474 million in Q3 FY25, accounting for approximately 30% of total consolidated sales, per their Q3 FY25 quarterly results. For the first nine months of FY25, US sales reached US$1,457 million, growing 5.7% year-on-year. Sun Pharma has 531 approved ANDAs (abbreviated new drug applications) in the US market with another 104 awaiting FDA approval, including 29 tentative approvals. The company also noted that its Global Specialty business surpassed US$1 billion in annual sales in FY24 — a milestone driven heavily by the US market. Dr. Reddy's Laboratories (DRREDDY) is even more US-concentrated. Per their FY24 annual results, North America generated ₹129,895 million in revenue — growing 28% year-on-year and representing over half of their Global Generics segment. In the first nine months of FY25, North America revenue reached ₹109,578 million, up 13% year-on-year. The company has 86 ANDAs pending FDA approval, of which 50 are Paragraph IV applications and 24 have "First to File" status — meaning Dr. Reddy's could be first to market when patents expire. Cipla (CIPLA) disclosed in its FY25 annual report that North America now contributes 29% of total revenue, up from a smaller share in prior years. India remains the largest segment at 42%. Cipla has been steadily building its US generics portfolio, and the lower tariff regime reduces a potential cost headwind on its physical drug exports. Why this matters: Generic pharmaceuticals shipped from India to the US are physical goods subject to import tariffs. A 50% tariff would have made many Indian generics uncompetitive against domestic US manufacturers or imports from other countries. At 15%, Indian pharma exporters retain their cost advantage — which is critical given that India supplies roughly 40% of all generic drugs consumed in the United States.

Auto Components: Motherson's 33% North America Exposure

Samvardhana Motherson International (MOTHERSON), one of India's largest auto component makers, reported in its FY25 annual report that North America accounts for 33% of total revenue. Europe contributes 15%, and India 37%. Motherson manufactures wiring harnesses, mirrors, bumpers, and other components that are physically shipped to US automakers and their supply chains.

For Motherson, the tariff differential between 15% and 50% is not just a margin issue — it determines whether Indian manufacturing remains competitive against Mexican and Chinese alternatives. With North America as its second-largest market, the Supreme Court ruling provides meaningful near-term relief.

Consumer Goods: Vaibhav Global's US-Centric Model

Vaibhav Global (VAIBHAVGBL) is perhaps the most US-dependent company on our list. The company, which sells jewellery and lifestyle products through TV shopping channels, is managed from Tucson, Arizona, and reports the United States as its largest geographic segment. Per their FY24 quarterly results, US segment revenue was ₹196,934 lakhs (approximately ₹1,970 crore). The company also has a UK segment, but the US dominates.

Because Vaibhav sources products from India (primarily Jaipur) and sells them directly to US consumers, tariffs on Indian goods directly eat into its margins. The reset to 15% is a direct bottom-line benefit.

The Uncertainty Factor

Despite the Supreme Court ruling, uncertainty remains high. Trump has publicly backed 50% tariffs on India, calling the trade relationship "one-sided." India has delayed planned trade talks. And a separate push at the WTO to make digital trade tariff bans permanent — which India is resisting — adds another layer of complexity.

For companies like Sun Pharma and Dr. Reddy's with deep US operations and local subsidiaries, some of this risk is naturally hedged through local manufacturing. But for pure exporters like Vaibhav Global and many mid-cap pharma companies, the difference between 15% and 50% tariffs is existential.

What Retail Investors Should Do

If you hold shares in companies with significant US export revenue, understand that you are now holding a "tariff trade." The 15% rate is a positive catalyst, but it could be reversed. Review your holdings' geographic revenue splits — companies that disclose this in their quarterly results (as all five above do) make it easy to assess exposure. Consider that pharma exporters with large ANDA pipelines (Sun Pharma's 531 approved, Dr. Reddy's 86 pending) have structural demand that persists regardless of tariff levels — the US healthcare system needs these generics. Auto component and consumer goods exporters face more substitution risk if tariffs spike again.

Data sourced from company filings on NSE via Xaro.