India’s cumulative solar module manufacturing capacity reached about 210 GW by December 2025, while solar cell capacity stood at around 27 GW, according to Mercom
In 2025 alone, the country added 119 GW of module capacity and 9 GW of cell capacity
Module capacity listed under ALMM List-I reached 173.1 GW, while cell capacity under List-II was nearly 26.5 GW, broadly aligning with government estimates
Top 10 manufacturers hold 44% of module capacity and nearly all cell capacity
Despite capacity growth, India imported around 99 GW of solar modules and cells in 2025, with cells making up about 75% of the imports
India’s cumulative installed solar PV module manufacturing capacity reached around 210 GW by December 2025, while solar cell capacity stood at about 27 GW, according to Mercom India Research. In 2025 alone, the country added 119 GW of module capacity and 9 GW of cell capacity.
Out of the cumulative, module production capacity enlisted in the Approved List of Models and Manufacturers (ALMM) List-I reached 173.1 GW and cell capacity under List-II was nearly 26.5 GW. This is close to the Ministry of New and Renewable Energy’s (MNRE) figures of 172 GW and 27 GW for modules and cells under ALMM, respectively (see India To Enforce ALMM List-III For Ingots, Wafers On June 1, 2028).
Gujarat accounted for about 45% of total module as well as cell production capacity in cumulative terms. The manufacturing space remains highly consolidated as of now since top 10 manufacturers accounted for 44% of cumulative module capacity and 99.5% of the cell capacity, according to the Mercom report India’s State of Solar PV Manufacturing in India 2026.
“Solar module manufacturing in India is ripe for consolidation. Declining mono PERC demand, lower utilization at smaller facilities, and rising capital requirements are shifting market share toward larger, integrated and more efficient manufacturers,” said Mercom Capital Group CEO Raj Prabhu.
The report says demand from utility-scale solar project pipeline was the main driver for manufacturing expansion in 2025, as well as residential rooftop solar targets under the Pradhan Mantri Surya Ghar Muft Bijli Yojana (PMSGMBY).
ALMM List-II mandate for solar cells also prompted the expansion, however enlisted capacity accounts for only 15.3% of the ALMM-certified module capacity (see India To Impose ALMM For Solar Cells From June 1, 2026).
Despite the increase, India imported around 99 GW of solar modules and cells in 2025. Cells alone accounted for 75% of the imports. Prabhu expects domestic cell manufacturing capacity to increase further on paper after March 2026 ahead of the ALMM domestic cell mandate taking effect in June.
“However, newly commissioned production lines typically take about eight months to stabilize and reach optimal yields. As a result, installed capacity may appear to rise after March, but the effective supply available to module manufacturers will increase more gradually with meaningful availability likely emerging only toward the end of the year as new facilities complete their stabilization cycles,” according to Prabhu.
Technology-wise, TOPCon accounted for around 70% of the module capacity at the end of last year. Heterojunction (HJT) module manufacturing capacity accounted for close to 1% of the total capacity added, as per the report.
The complete report can be purchased on Mercom’s website.
At the recently concluded TaiyangNews Solar Technology Conference India 2026 (STC.I 2026) at New Delhi, EUPD Research said India market will likely grow by 50 GW annually on an average reaching around 252 GW DC by 2030 while local module manufacturing capacity could exceed 279 GW by the end of this decade (see India’s Defining Moment: Soaring Demand Meets Surging Supply).
Recently, the USTR initiated a new investigation under Section 301 to examine manufacturing overcapacity in several of its trading partners that impact US industries, specifically highlighting India’s solar module overcapacity (see USTR Launches New Section 301 Investigations).