Manufacturing

Manufacturing & Value Chain

India's solar PV supply chain — player-wise cell & module capacity, modelled cell production, DCR demand, and the wafer-to-module value chain.

As of 31 Mar 2026

Value-chain snapshot

Capacity, production and demand across cells & modules.

Module capacity (ALMM-I)

145GW
Σ across manufacturers
Medium

Cell capacity (ALMM-II)

30.1GW
Σ across manufacturers
High

Cell production FY26E

19.1GW
modelled quarterly split
High

Avg cell utilisation

66.3%
production ÷ ALMM-II
High

DCR module demand FY26E

18GW
domestic-content
Medium

Module overcapacity

2.5×
capacity ÷ FY26 demand
Medium

Capacity & production (player-wise)

Cell & module manufacturers, capacities in GW.

Cell capacity vs production by manufacturer

Production (FY26E) filled within nameplate · GW

Source MNRE / DCR Portal · VQ Research (maintained)· As of 31 Mar 2026High

Cell manufacturers

Nameplate / ALMM-II / production / utilisation · sortable

ManufacturerNameplateALMM-IIProductionUtilisationConf.
Waaree
5.405.252.28
44%
High
Tata Power
4.814.813.68
76%
High
Mundra (Adani)
4.004.242.69
62%
High
Premier
3.603.282.23
80%
High
First Solar
3.433.432.84
83%
High
Emmvee
not yet DCR-enlisted
2.901.551.60
103%
High
ReNew
not yet DCR-enlisted
2.501.771.84
105%
High
Jupiter
2.001.770.73
80%
High
Reliance
not yet producing
1.241.24——Medium
Evervolt
1.201.070.38
34%
High
Websol
1.201.200.70
77%
High
UTL Solar
1.000.440.11
44%
High
Source MNRE / DCR Portal · VQ Research (maintained)· As of 31 Mar 2026High

Module capacity by manufacturer

ALMM List-I · GW (long tail bucketed as Others)

Source MNRE ALMM List-I· As of 31 Mar 2026Medium

Modelled quarterly cell production

Top-5 producers + Others · annual ÷ ramp (see methodology)

Source MNRE / DCR Portal · VQ Research (maintained)· As of 31 Mar 2026Modelled

Demand & DCR

Module demand split and the cell-capacity ramp.

Module demand: DCR vs non-DCR

GW · FY26–28E

Source VQ Research· As of 31 Mar 2026Medium

Cell capacity trajectory

Existing + new · GW · FY26–28E

Source VQ Research· As of 31 Mar 2026Medium

Supply–demand & value chain

Overcapacity today, wafer dependence tomorrow.

module2.5× cap.
Capacity (FY26→28)
145→200 GW
Demand (FY26→28)
58→87 GW
cell0.52× cap.
Capacity (FY26→28)
30→100 GW
Demand (FY26→28)
58→87 GW

Wafer demand vs domestic supply

GW · FY29–31E · gap met by imports (China)

Source VQ Research· As of 31 Mar 2026Medium

Policy & economics

ALMM rollout and cell-manufacturing unit economics.

ALMM-IHigh

Modules

Apr 2021Active
ALMM-IIHigh

Cells

Jun 2026Effective Jun 2026
ALMM-IIIMedium

Wafers

Jun 2028Announced

Cell manufacturing unit economics

Realisation, margins, DCR premium & capex intensity

Cell realisation (current)

0.14$/Wp
Medium

Cell realisation (forecast)

0.1$/Wp
Medium

Cell EBITDA/Wp

0.07$/Wp
Medium

DCR cell premium vs China (now)

75%
domestic cell cost premium
Medium

DCR cell premium vs China (FY28E)

40%
Medium

Cell capex intensity

600₹ cr/GW
Medium

Wafer+cell capex intensity

1,200₹ cr/GW
Medium

Basic Customs Duty: modules 40% · cells 27.5%.

Source VQ Research / PL Capital· As of 31 Mar 2026Medium