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FY26: Waaree, Premier Energies and Emmvee Lead India’s Solar Manufacturing Surge Photograph: (AI)
India’s leading solar manufacturers delivered a sharp jump in revenue and profitability in FY26, riding a wave of policy support, record solar installations and rising domestic demand, even as executives warned that the next phase of growth will depend on deeper integration, technology upgrades and disciplined execution.
A Saur Energy analysis of FY26 financials of leading solar manufacturers shows Waaree Energies firmly consolidating its leadership position, while Premier Energies, Emmvee and Vikram Solar emerge as strong challengers amid an industry-wide race toward backward integration.
Waaree Energies topped the revenue chart with FY26 revenue of ₹26,536.77 crore, followed by Premier Energies at ₹7,824.30 crore and Emmvee at ₹5,049.88 crore. Vikram Solar and Saatvik Green completed the top five with revenues of ₹4,860.77 crore and ₹4,548.40 crore respectively.
On the profitability front, Waaree once again led the pack with a PAT of ₹3,884.15 crore, followed by Premier Energies at ₹1,509.68 crore and Emmvee at ₹1,081.55 crore. Vikram Solar reported a PAT of ₹470.42 crore while Oswal Pumps and Saatvik Green posted profits of ₹372.90 crore and ₹357.10 crore respectively.
The numbers come at a time when India’s solar sector is witnessing unprecedented expansion. The country added nearly 45 GW of solar capacity in FY26, an 87% increase over FY25, creating a robust demand environment for domestic manufacturers.
Waaree’s FY26 revenue surged nearly 84% year-on-year while PAT more than doubled to ₹3,884 crore. The company now operates around 26 GW of module manufacturing capacity and remains India’s largest solar manufacturer.
Speaking during the company’s earnings call, CEO Jignesh Rathod said Waaree had delivered “another year of record-breaking performance” with revenue crossing ₹26,500 crore and PAT growing over 101%. The company currently has an order book of approximately ₹53,000 crore and plans to invest nearly ₹30,000 crore across multiple clean-energy verticals.
Waaree is also pursuing aggressive backward integration into polysilicon, ingots, wafers, solar glass, battery storage, transformers and electrolysers. Management described the strategy as a transition from a solar module company to a fully integrated energy-transition platform.
Premier Energies retained its position as India’s second-largest solar manufacturer by revenue after reporting FY26 revenue of ₹7,824 crore and PAT of ₹1,510 crore. Managing Director Chiranjeev Saluja said the company delivered record revenue and profit despite a challenging operating environment marked by rising commodity and freight costs. He noted that Premier’s module manufacturing plants were operating near peak utilisation while its TOPCon cell line was running above 90% utilisation levels.
The company is embarking on an aggressive expansion programme covering cells, ingots, wafers, battery storage and inverters, with planned capex of around ₹5,100 crore in FY27 alone. Its order book stood at ₹14,010 crore at the end of FY26.
Among the sector’s biggest gainers was Bengaluru-based Emmvee, whose revenue jumped 116% to ₹5,049.88 crore while PAT surged 193% to ₹1,081.55 crore. Chairman Manjunatha D.V. attributed the performance to the benefits of the company’s integrated manufacturing model and disciplined execution. The company ended FY26 with a 9.4 GW order book and highlighted cell manufacturing as a major contributor to profitability improvement.
Emmvee’s management argued that future competitiveness would increasingly depend on integration, technology and supply-chain control rather than mere manufacturing scale. The company has already expanded module capacity to 10.3 GW and plans to reach 16.3 GW module capacity and 8.9 GW cell capacity through ongoing expansion projects.
Vikram Solar emerged as one of the fastest-growing companies in the sector, with PAT rising 236% year-on-year to ₹470.42 crore. Chairman and Managing Director Gyanesh Chaudhary described energy security and supply-chain localisation as key drivers of the industry’s next growth phase. The company is pursuing a full backward integration strategy spanning modules, cells, wafers and ingots while targeting 15 GWh of battery energy storage capacity by FY30.
Chief Executive Officer Sameer Nagpal said FY26 represented a “watershed year” for Indian solar manufacturing, noting that India added nearly 45 GW of solar capacity during the year. He argued that future industry leadership would belong to a small group of fully integrated manufacturers capable of scaling across the value chain.
The ranking highlights a broader structural shift underway in India’s renewable-energy ecosystem. While project developers dominated industry economics for much of the previous decade, manufacturing companies are increasingly capturing greater value through localisation, ALMM protections, cell manufacturing mandates and import substitution policies.
The industry’s next battle, however, is unlikely to be fought on module capacity alone. Executives across Waaree, Premier, Emmvee and Vikram Solar repeatedly pointed to backward integration, TOPCon technology adoption, battery energy storage and supply-chain control as the key differentiators that will determine long-term winners.
As India’s solar installations continue to accelerate and policy support deepens, the sector appears headed toward consolidation around a handful of large, integrated manufacturers capable of controlling larger portions of the solar value chain. For now, Waaree remains the clear market leader. But the rapid rise of Premier Energies, Emmvee and Vikram Solar suggests that India’s solar manufacturing race is far from over.
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