The Indian solar industry is anticipated to witness significant structural changes as the mandatory use of domestically manufactured solar cells, under the ALMM List-II, becomes operational. This mandate is poised to steer the market towards an oligopoly, according to a report by JM Financial.
India boasts over 120 solar manufacturers, with a combined module capacity exceeding 210GW, 173GW of which falls under ALMM List I. These manufacturers are categorized into large integrated players, technological domestic frontrunners, and policy-dependent assemblers who rely heavily on import duties and ALMM protection.
Additionally, solar cell manufacturing in India currently trails at a 30GW capacity across 13 listed players but is anticipated to reach 60-70GW by FY28. Extensions to domestic mandates for ingots and wafers in ALMM List-III are underway, with implementation expected by June 2028.
(With inputs from agencies.)
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