India’s solar manufacturing industry is entering a new phase of structural transformation as the government prepares to implement the expanded Approved List of Models and Manufacturers (ALMM) List-II from June 1, 2026. Under the revised framework, all solar photovoltaic (PV) modules used in government-backed, government-aided, and subsidy-linked projects will be required to use solar cells approved under ALMM List-II, extending domestic sourcing requirements beyond modules to include solar cells.
This regulatory shift is expected to significantly reshape India’s solar value chain, where scale alone is no longer sufficient. Instead, operational control across solar cells, wafers, ingots, and other upstream components is becoming increasingly critical for project eligibility, compliance, and supply-chain resilience.
In response, Indian solar manufacturers are accelerating investments in backward integration, moving beyond module assembly toward fully integrated manufacturing ecosystems spanning the entire photovoltaic value chain.
Industry Shift Towards Backward Integration
Manufacturers across the sector are strengthening domestic capabilities to reduce import dependence and align with evolving policy requirements. While some companies already operate fully integrated ecosystems, others are expanding rapidly to establish end-to-end solar manufacturing capacity.
Key Integrated Solar Manufacturers in India
Waaree Energies
Waaree Energies is currently one of India’s largest integrated solar manufacturers, with approximately 22.3 GW of solar module capacity and 5.4 GW of solar cell capacity.
The company has announced a ₹15,000 crore expansion roadmap aimed at scaling module capacity to 26 GW and solar cell capacity to 15.4 GW by FY27. This includes a 300-acre facility investment of ₹6,200 crore for 10 GW ingot and wafer manufacturing, along with diversification into solar glass, battery storage, and inverter production.
With multiple expansion projects underway, Waaree is advancing its transition from module-scale leadership to deeper upstream integration.
Adani Solar
Adani Solar remains one of India’s most vertically integrated solar manufacturers, with operational capacity across ingots, wafers, cells, and modules.
The company operates 4 GW each of solar cell and module capacity, along with 2 GW of ingot and wafer production. It has also outlined plans for a fully integrated 10 GW manufacturing ecosystem at Mundra, including the complete PV value chain and supporting ancillary industries within a single campus spanning over 800 acres.
Its early entry into wafer and ingot production provides a strong integration advantage as domestic sourcing requirements intensify under ALMM List-II.
Tata Power Solar
Tata Power Solar, through TP Solar, operates approximately 4.8 GW of integrated solar manufacturing capacity, including 4.3 GW of cell and module capacity in Tirunelveli and Bengaluru.
Commercial production at its Tamil Nadu facility has reached 2 GW of solar cells as of FY26. The company plans to establish a 10 GW ingot and wafer facility with an estimated investment of ₹6,500 crore, subject to approvals and incentive discussions. Current localization levels stand at approximately 55%, with a target of 70–75% through further integration.
Emmvee
Emmvee is emerging as a fast-growing integrated solar manufacturer, with 10.3 GW of module capacity and 2.94 GW of solar cell capacity, focused on TOPCon technology.
The company plans to expand to 16.3 GW of modules and 8.94 GW of solar cells by FY28, along with 9 GW of ingot and wafer manufacturing capacity in phased development. The first phase is expected by FY29, marking a significant shift toward end-to-end domestic production.
Premier Energies
Premier Energies has rapidly expanded its integrated manufacturing footprint, with solar cell capacity expected to reach 10.6 GW by September 2026 and module capacity already at 11.1 GW.
The company is also developing a 10 GW ingot and wafer manufacturing facility with an investment of ₹5,900 crore. Its parallel expansion across cells and modules positions it as one of the more advanced integrated players preparing for ALMM-compliant demand.
