Indian module makers are expanding into cell manufacturing or diversifying into inverters, aluminum, and storage solutions
TOPCon leads India’s PV shift even as companies explore emerging options like back contact modules
Focus grows on local supply chains, skill development, and strategic partnerships to strengthen the PV sector
At the recently concluded 3-day Renewable Energy India (REI) Expo 2025 at Greater Noida in India’s Uttar Pradesh, Team TaiyangNews was on the trade floor meeting the prominent as well as emerging players in India’s burgeoning solar PV industry.
What our team learnt from the various interactions at the show is also reflective of the larger trends in the country’s maturing solar PV market — one that is steadily expanding its capabilities and diversifying its scope across the value chain. Here we compile our conversations, interactions and learnings from the show:
A dominant trend was the move toward vertical integration, with most module makers planning to add cell manufacturing to their portfolios. Several of these have already announced such expansions. Many of these facilities are expected to come online during the first half of 2026, coinciding with the implementation of the
Approved List of Models and Manufacturers (ALMM) List-II for Solar Cells (also referred by the industry as ALCM) policy which will come into effect in June 2026 (see India To Impose ALMM For Solar Cells From June 1, 2026). The policy framework is also attracting new players to the sector, with a few fresh entrants directly targeting the establishment of cell manufacturing facilities, bypassing module completely.
Companies that already operate cell factories are now expanding upstream into integrated ingot and wafer fabs. Needless to say, as one moves up the solar value chain, the process becomes increasingly capital-intensive. The ingot and wafer segment, in particular, remains the domain of large players with deep pockets, at least for now. This trend is evident on the backdrop of India’s government having proposed to include solar wafers in the ALMM to create a domestic supply chain, effective June 2028 (see India’s MNRE Proposes ALMM List-III For Solar Wafers).
The REI also reflects the maturing eco system in India. Today, most of the bill of materials (BOM) for modules can be procured locally. Several established new entrants displayed products from encapsulants, backsheet, ribbons, junction box and glass. Speaking with TaiyangNews, DhaSh Group’s Founder and MD Manjunath Reddy, shared that the company is already at 41 GW annual capacity and is well on its way to achieving 63 GW by December 2025, which will make it India’s largest solar component manufacturer.
Some companies are even eying on silver paste business. Vivid group in an exclusive interview with TaiyangNews explained its intension to establish a facility to produce silver paste, the key and most expensive process consumable of cell lines.
To fund their vertical expansion, several companies are considering IPO routes. At the same time, others are choosing a parallel diversification strategy—expanding into aluminium, inverters, and battery energy storage systems (BESS) instead of entering the capital-heavy wafer and cell segments. Swelect Energy, for instance, is banking on its experience in power electronics to expand its BESS portfolio while keeping module manufacturing as part of its portfolio.
Premier Energies Limited, on the other hand, has acquired inverter and transformer businesses while also expanding into cell and wafer manufacturing (see India Solar PV News Snippets).
On the technology front, TOPCon remains the clear favorite, with nearly all Indian module makers transitioning toward it. PERC technology is fast fading from relevance in the Indian market. However, companies are keeping an eye on the next wave of innovation. Solex and Goldi Solar, for instance, showcased back-contact (BC) modules at REI 2025, which are not yet in commercial production. Solex has also tied up with ISC Konstanz as a technology partner for future BC development.
In terms of product innovation, interest is rising in lightweight and flexible modules, as observed by Team TaiyangNews at the show.
Another consistent concern across exhibitors was the shortage of skilled talent. Companies pointed to a widening gap between industry needs and available expertise, urging stronger collaboration between government, academia, and international institutes to build a capable workforce as India’s PV manufacturing ecosystem expands. Utilities are also an important part of the ecosystem that not only drives the costs, but also project timelines.
On the regulatory front, most companies are happy with the government strategy. Manufacturers credited government schemes such as the ALMM and push for domestic content requirement (DCR) for stimulating domestic production. The fact that the government is also creating demand avenues for domestically produced modules—that are still expensive over their imported counterparts—with PM KUSUM and PM Surya Ghar Muft Bijli Yojana (PMSGMBY) earned special mention. The only thing they seek now is policy stability for continued investments.
Currently, most manufacturers are busy catering to the growing domestic demand even though exports to diverse regions is on the radar.
As for the production equipment, key to the establishing these giga-fabs, Chinese equipment continues to dominate the Indian solar manufacturing space, while European vendors fight for their share. Several Chinese and European equipment suppliers are now partnering with Indian firms—both established and new—to set up local operations. These collaborations are helping drive growth, even amid reports of potential Chinese export restrictions.
A positive trend was the visible momentum at the show was seen in domestic Bill of Materials (BoM) manufacturing. Indian producers of encapsulants, junction boxes, connectors, and strings announced expansion plans aimed at strengthening the local supply chain and reducing import dependence.
It was interesting to see the domestic manufacturing of solar panel cleaning robots. This segment is gaining ground. Many of these robots are still based on Chinese technology, but domestic production has begun, with the first fully India-made systems expected to roll out by 2026.
The inverter segment remains largely focused on assembly operations within India. While the government may introduce policies encouraging deeper localization, most suppliers expect to continue with this model through the decade.
On the energy storage front, REI 2025 showcased a range of turnkey cell and battery manufacturing solutions, mostly from Chinese and European players. A few Indian firms are also entering this space, often through partnerships or by supplying select process-support machines. There’s also a visible uptick in raw material production, with local efforts underway to manufacture electrolytes, anode (AAM), and cathode active materials (CAM).
The battery storage segment clearly dominated the venue’s layout, with its halls prominently placed at the front, while renewable energy exhibits were pushed to the back—even though those rear halls drew noticeably larger crowds.
Overall, REI 2025 highlighted a dynamic, fast-evolving Indian PV landscape—one balancing domestic demand with export ambitions, integrating advanced technologies while building its own supply chain, and preparing its workforce to power the next phase of solar growth.
Team TaiyangNews also ran a live blog from the REI 2025 floor which can be accessed here.
