The US Just Opened a $166 Billion Tariff Refund Window — Five Indian Exporters With the Most at Stake
The US government has opened a $166 billion tariff refund claims window, and reports suggest Indian exporters could be in line for $10–12 billion of that total. For a country whose textile, jewellery, and pharma sectors send a significant share of output to the US, this is not a minor policy footnote — it could meaningfully shift near-term profitability for some of India's most export-dependent listed companies.
We dug into corporate filings on NSE to find which companies have the most riding on this development.
The backdrop: 50% tariffs, then a refund lifeline
The US imposed tariffs as high as 50% on several categories of Indian imports in 2025, hitting textiles, gems, electronics, and agriculture particularly hard. Per Celebrity Fashions Limited's FY25 annual report, "The US absorbs about 29% of Indian textile and apparel exports, roughly $10.3 billion," and "India's garment export total around $35 billion annually, with roughly a third, about $12 billion, destined for the US market."
The same filing bluntly notes: "The U.S.'s decision to impose a 50% tariff on Indian imports marks a pivotal and abrupt turn in global trade dynamics."
Now, with the US processing refund claims on duties already paid, exporters who maintained shipments through the tariff period stand to recover a portion of those costs.
Who benefits most? Follow the US revenue exposure.
1. Welspun Living (WELSPUNLIV) — 61% of revenue from North America
Welspun Living, India's largest home textiles exporter, derives a staggering 61% of its total revenue from North America, per its FY23 annual report. The company reported revenue from operations of approximately ₹10,540 crore in FY25 (up 8.95% from ₹9,679 crore in FY24), per its FY25 annual report. With the US as its dominant market, even a partial recovery of tariff duties paid could run into hundreds of crores. The company has also been investing in sustainable and organic product lines, noting that the North American home textiles market "is projected to grow at a CAGR of over 5% from 2024 to 2030."
2. Goldiam International (GOLDIAM) — US-focused diamond jewellery maker
Goldiam is an integrated manufacturer and supplier of fine diamond jewellery "to leading retailers and wholesalers in the USA," per its Q1 FY25 quarterly results. The company reported Q1 FY25 consolidated revenue of ₹1,697 million, a sharp 40% increase year-on-year. Its lab-grown diamond and jewellery business has been a margin tailwind, with 9-month FY23 EBITDA margins hitting a record 24.4%. With the gems and jewellery industry "anxious over Donald Trump's proposed 50% tariff on Indian imports," per recent news reports, any tariff refunds would directly benefit companies like Goldiam that have kept shipping to US buyers through the uncertainty.
3. Gland Pharma (GLAND) — US revenue surging at 41% YoY
Gland Pharma's US revenue hit ₹8,216 million in Q3 FY24 alone, growing 41% year-on-year, per its Q3 FY24 quarterly results. For the first nine months of FY24, US revenue reached ₹21,591 million — making America its largest market by far. The company's EBITDA margin stood at a healthy 34%. Pharma exporters are in a unique position: while the US needs Indian-made generics and APIs (India supplies 57% of APIs on the WHO's prequalified list, per Jubilant Pharmova's annual report), the tariff regime has squeezed margins. Refunds here could be substantial given the volume of shipments.
4. KPR Mill (KPRMILL) — Textile powerhouse navigating tariff headwinds
KPR Mill reported FY25 revenue from operations of ₹4,216 crore, per its FY25 annual report. The company's chairman noted that "India's exports of textiles & apparel have attained a growth of 6.32 percent during the current financial year," but acknowledged the challenges: the India-UK FTA "offers a big boost to the Indian Textile Industry, which is currently facing export challenges due to volatile US Tariff rates." KPR Mill sees an opportunity in the chaos — with higher tariffs on competitors like Bangladesh and Vietnam, India could gain market share if tariff costs can be partially recovered.
5. Celebrity Fashions (CELEBRITY) — Garment exporter documenting the tariff blow
Celebrity Fashions' FY25 annual report contains perhaps the most detailed analysis of the tariff impact on Indian textile exports among NSE-listed companies. The filing notes that "tariffs significantly impact the Indian economy by affecting trade dynamics, GDP growth, and specific sectors, particularly textiles, electronics, and agriculture." The company's filing directly links the 50% US tariff to potential "margin pressures and potential job losses due to increased costs and reduced competitiveness" across the sector.
The broader picture: $28.5 billion in gems exports already declining
The Gem & Jewellery Export Promotion Council data cited in Motisons Jewellers' FY25 annual report shows overall gems and jewellery exports already declined 11.72% to $28.5 billion in FY25, with cut and polished diamond exports falling 16.75%. Any tariff relief would be particularly welcome for this beleaguered sector.
What retail investors should do
This is a developing situation — the refund window is open, but Indian exporters still need to actively file claims with US authorities. Companies with dedicated US operations and legal infrastructure (like Welspun Living and Gland Pharma) are better positioned to navigate the claims process than smaller exporters. Watch for management commentary on tariff refund filings in the upcoming Q4 FY26 earnings calls. The companies with the highest US revenue concentration — Welspun Living at 61% and Gland Pharma's fast-growing US business — have the most to gain, but also carry the most risk if the refund process stalls or tariff rates escalate further. Diversification across export markets, as KPR Mill is pursuing via the India-UK FTA, remains a prudent hedge.
Data sourced from company filings on NSE via Xaro.