India has reached a major milestone of 100 GW in photo voltaic PV module manufacturing capability, as recorded below the Accredited Record of Fashions and Producers (ALMM) for Photo voltaic PV Modules. This progress displays regular progress in strengthening a home photo voltaic manufacturing ecosystem in step with the Atmanirbhar Bharat imaginative and prescient and the broader world clear power transition.
The Authorities of India goals to make the nation self-reliant in photo voltaic PV manufacturing and an lively participant within the world worth chain. Key coverage measures supporting this aim embody the Manufacturing Linked Incentive (PLI) Scheme for Excessive-Effectivity Photo voltaic PV Modules and initiatives to make sure a degree taking part in discipline for home producers.
On account of these interventions, photo voltaic module manufacturing capability has grown from 2.3 GW in 2014 to over 100 GW right now, supporting India’s goal of 500 GW of non-fossil gasoline capability by 2030 and contributing to world decarbonization efforts.
The ALMM Order was issued by the Ministry of New and Renewable Vitality (MNRE) on 2nd January 2019. The primary ALMM listing, revealed on tenth March 2021, mirrored an enlisted capability of round 8.2 GW. In simply over 4 years, capability has expanded greater than twelvefold, with the variety of enlisted producers rising from 21 in 2021 to 100 right now, working a complete of 123 manufacturing models.
Following are a number of photo voltaic shares with their capability to maintain in your radar:
1. Waaree Energies Restricted
With a market capitalization of Rs. 82,846 Crores, the shares of Waaree Energies Restricted closed at Rs. 2,883.80, down 2 % from its earlier day’s shut value of Rs. 2,942.25.
In Q1 FY26, Waaree Energies reported an put in module manufacturing capability of ~15 GW and a photo voltaic cell capability of 5.4 GW, supported by an order e-book of about Rs. 49,000 crore. The corporate anticipates practically doubling its capability by FY27 to satisfy rising market demand.
Current capacities embody 13.3 GW of module manufacturing in India and 1.6 GW within the USA, alongside 5.4 GW of photo voltaic cell manufacturing in India. Deliberate expansions comprise 10.8 GW Module, 10GW Cell capability in India, and built-in ingot-wafer capability of 10 GW. By FY27, complete capacities are projected to achieve 25.7 GW for modules, 15.4 GW for cells, and 10 GW for ingot-wafers.
The corporate’s Board has accredited an extra capex of Rs. 2,754 crores to increase photo voltaic cell manufacturing capability by 4 GW in Gujarat and ingot–wafer capability by 4 GW in Maharashtra.
The deliberate addition of 4.8 GW in module capability stays on observe for commissioning in FY26. Order inflows in the course of the quarter totalled ~2.23 GW, with the bulk coming from US-based clients, underscoring sturdy export demand. The corporate’s forward-looking order pipeline stands at over 100 GW. For FY26, Waaree Energies has guided for EBITDA within the vary of Rs. 5,500-6,000 crore.
2. Insolation Vitality Restricted
With a market capitalization of Rs. 4,752 Crores, the shares of Insolation Vitality Restricted closed at Rs. 215.70, down 2 % from its earlier day’s shut value of Rs. 218.15.
On the income entrance, the corporate expects to realize Rs. 3,300 crore in FY26, Rs. 5,500 crore in FY27, and Rs. 8,600 crore in FY28. Gross revenue is projected to develop from Rs. 792 crore in FY26 to Rs. 1,320 crore in FY27 and Rs. 2,494 crore in FY28.
Looking forward to FY27-28, the corporate plans to scale as much as 8 GW of module manufacturing capability and combine 3 GW of cell manufacturing. Insolation Vitality additionally expects to generate Rs. 7,000 crore in income from modules, Rs. 1,100 crore from EPC contracts, with the remaining Rs. 500 crores coming from different enterprise segments. The corporate has deliberate a capex of over Rs. 1,300 crore, which will likely be funded by a mixture of Rs. 300 crore from inside accruals and Rs. 1,000 crore in debt.
3. Premier Energies Restricted
With a market capitalization of Rs. 44,428 Crores, the shares of Premier Energies Restricted closed at Rs. 985.60, down 1.34 % from its earlier day’s shut value of Rs. 998.95.
Premier Energies is a number one Indian producer of cells and modules, one of many largest built-in cell-module producers in India, and one of many first Indian corporations to supply TOPCon cells, with practically 100% market share in photo voltaic cell exports from India.
The corporate targets establishing an built-in manufacturing capability of 10 GW every for throughout ingot, wafer, cell, 11 GW module segments, 12 GW of battery power storage techniques (BESS), and a 3 GW inverter capability by FY28.
As of June 2025, Premier Energies has an order e-book of Rs. 8,602.7 crores, representing 5,545 MW of capability, with Rs. 1,977.8 crore in new orders secured in the course of the interval. By worth, the order e-book contains 60 % photo voltaic modules, 39 % cells, and 0.6 % EPC contracts.
Written by Shivani Singh
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