By Chaitanya | BBA Finance Graduate & 6+ Years of Experience in Stock Market & Finance

India has achieved a remarkable milestone in its journey towards clean energy, officially reaching 100 gigawatts (GW) of solar photovoltaic (PV) module manufacturing capacity under the Approved List of Models and Manufacturers (ALMM). This significant achievement, announced by the Ministry of New and Renewable Energy (MNRE) on August 13, 2025, marks a forty-fold increase from just 2.3 GW in 2014, showcasing the nation’s rapid growth and commitment to self-reliance in the green energy sector. This leap aligns perfectly with the Government of India’s ‘Atmanirbhar Bharat’ vision and its ambitious target of establishing 500 GW of non-fossil fuel capacity by 2030.

Powering Up: The Growth of India Solar Manufacturing Capacity

The journey from 2.3 GW in 2014 to 8.2 GW in 2021, and now a monumental 100 GW in 2025, underscores a robust policy framework and sustained investment in the solar sector. Key government support, including the Production Linked Incentive (PLI) Scheme for high-efficiency solar PV modules, has been instrumental in boosting domestic manufacturing. As highlighted by Moneycontrol on August 14, 2025, this growth has cultivated a competitive and vertically integrated solar manufacturing ecosystem. The number of manufacturers enlisted under ALMM has soared from 21 in 2021 to 100 by 2025, operating a total of 123 manufacturing units across the country.

Leading the Charge: Key Players in India’s Solar Boom

Several companies are at the forefront of this manufacturing revolution, expanding their capacities and securing significant orders. Here’s a closer look at three prominent names making waves in the sector:

Waaree Energies Limited

Waaree Energies Limited stands out with a substantial market capitalisation of Rs. 82,846 Crores. Despite a slight dip in its share price to Rs. 2,883.80, the company’s Q1 FY26 installed module manufacturing capacity stands impressively at around 15 GW, complemented by a solar cell capacity of 5.4 GW. Waaree boasts a hefty order book of approximately Rs. 49,000 crore, with significant order inflows in the recent quarter, primarily from US-based customers, amounting to about 2.23 GW. Their forward-looking order pipeline exceeds 100 GW, demonstrating strong future prospects.

The company has approved a capital expenditure of Rs. 2,754 crores to expand its solar cell manufacturing by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra. Waaree’s current manufacturing footprint includes 13.3 GW of module capacity in India and 1.6 GW in the USA, along with 5.4 GW of solar cell capacity in India. They plan to add 4.8 GW of module capacity in FY26. Their projected capacities by FY27 are ambitious, as detailed below:

Waaree Energies has provided an FY26 EBITDA guidance of Rs. 5,500–6,000 crore, indicating robust financial health and growth expectations.

Insolation Energy Limited

With a market capitalisation of Rs. 4,752 Crores, Insolation Energy Limited is another significant player, though its share price saw a minor decrease to Rs. 215.70. The company projects aggressive revenue and gross profit growth over the coming fiscal years. Their capacity plans for FY27–28 include 8 GW of module manufacturing and 3 GW of integrated cell production. To support these expansions, Insolation Energy plans a capital expenditure of Rs. 1,300 crore, financed by Rs. 300 crore from internal accruals and Rs. 1,000 crore through debt.

The company’s revenue streams for FY27–28 are anticipated to be diverse, with Rs. 7,000 crore from modules, Rs. 1,100 crore from EPC contracts, and Rs. 500 crore from other business segments. Below are their detailed financial projections:

Premier Energies Limited

Premier Energies Limited holds a substantial market capitalisation of Rs. 44,428 Crores, with its share price at Rs. 985.60. The company is recognised as one of India’s largest integrated cell-module manufacturers and a leading producer of TOPCon cells, holding nearly 100% market share in solar cell exports. As of June 2025, Premier Energies held an order book worth Rs. 8,602.7 crores, equivalent to 5,545 MW, with new orders in the period amounting to Rs. 1,977.8 crore.

Premier Energies has set ambitious target capacities by FY28, aiming for 10 GW each for integrated ingot, wafer, and cell manufacturing, 11 GW for modules, 12 GW for Battery Energy Storage Systems (BESS), and 3 GW for inverters. Their order book composition reflects a strong focus on core solar components:

What This Means for India’s Green Future

India’s rapid scale-up in solar PV manufacturing capacity is a game-changer for its energy independence and environmental goals. This impressive domestic capability will significantly contribute to achieving the nation’s ambitious target of 500 GW of non-fossil fuel capacity by 2030. It also strengthens India’s position in the global solar manufacturing supply chain, reducing reliance on imports and fostering job creation. The expansion plans of companies like Waaree Energies, Insolation Energy, and Premier Energies demonstrate a robust pipeline of growth and innovation, promising a brighter, greener future for India.

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