At a Glance
India’s solar module ecosystem just touched the 100 GW capacity mark – that’s more than enough to light up the whole country, but guess what? Everyone and their chacha is building new factories, pushing capacity towards 190 GW by 2027. Meanwhile, domestic demand will hover around 100 GW steady-state. Translation: we may soon have a solar buffet where supply exceeds plates on the table. US has already pulled the rug on solar imports, and Europe is flirting with its own supply chain nationalism. Classic case of India ne bana diya, par kharidega kaun?
Introduction
Picture this: Two years ago, Indian solar companies were like startups at a Delhi co-working space – hustling, pitching to government babus, and waiting for subsidies. Enter PLI schemes, ALMM diktats, and US sanctions on Chinese supply chains – suddenly, the ecosystem went from jugaad to juggernaut.
Module manufacturing capacity ballooned to 100 GW, with announcements flooding in for another 90 GW by 2027. In Q1 FY26 alone, India added 11 GW solar capacity, almost half of FY25’s total. That’s like eating half the thali in one sitting and still ordering dessert.
But here’s the hangover: US, once the biggest export market, slammed the brakes by pulling back IRA subsidies and implementing FEOC rules. Indian exports collapsed, with most players halting overseas expansion plans. Only Waaree, the “NRI cousin,” managed to operationalize a plant in the US. Everyone else? Stuck with PowerPoint presentations and land allotment letters.
So, while India celebrates record installs, we’re staring at a potential oversupply glut – a Bollywood plot twist waiting to unfold.
Business Model (WTF Do They Even Do?)
Solar module makers are like wedding caterers – they assemble raw ingredients (cells, wafers, polysilicon) and dish out modules that can be plugged into solar farms, rooftops, and C&I projects.
The money comes from:
- Utility scale demand: government auctions, SECI projects.
- C&I market: factories, malls, IT parks running ACs guilt-free.
- Exports:
