October 05, 2026. By Abha Rustagi
Que: India’s solar manufacturing capacity is expanding rapidly. Do you expect domestic cell supply to keep pace with module manufacturing demand over the next 3–5 years?
Ans: While India has made significant strides in expanding module manufacturing capacity, the development of a comparable domestic cell manufacturing ecosystem is still progressing. This is a natural phase of the industry’s evolution, given that cell manufacturing demands significantly greater capital investment, sophisticated infrastructure and longer gestation periods than module assembly.
Over the next two to three years, we expect this gap to remain, even as substantial investments under the PLI framework begin to translate into operational capacity. As these large-scale cell facilities mature and domestic manufacturers continue to deepen their capabilities, the gap between cell and module capacity will progressively narrow.
By 2028–29, we expect India to have developed a substantially more mature and resilient domestic cell manufacturing base, capable of meeting a significant majority of domestic module requirements, particularly for ALMM- and DCR-driven demand. This transition will be an important step in strengthening the depth of India’s solar manufacturing ecosystem and reducing structural dependence on imported cells.
Que: How are cell availability, input costs and sourcing strategies currently influencing module prices and manufacturers’ margins?
Ans: The broader dynamics of the upstream supply chain will continue to shape module pricing and manufacturing profitability. Volatility in wafer and cell prices can have a direct bearing on module realisations, particularly for manufacturers operating with limited integration and greater exposure to spot-market procurement.
The priority, therefore, is to build greater resilience into the manufacturing value chain. While components such as solar glass, EVA and POE encapsulants, backsheets and aluminium frames remain important cost drivers, long-term competitiveness will increasingly depend on how effectively manufacturers manage supply security, input costs and upstream exposure. The industry is moving towards a more integrated sourcing model, built around long-term supplier partnerships, diversified sourcing across geographies and selective backward integration. This is not simply about protecting margins during periods of price volatility; it is about creating greater predictability in costs, strengthening supply-chain resilience and retaining more value within the manufacturing ecosystem. For Indian manufacturers, deeper integration will ultimately be a key differentiator in building a globally competitive and sustainable solar manufacturing base.
Que: TOPCon is rapidly gaining traction in India. When do you expect TOPCon to become the dominant technology, and what will drive its adoption across utility, rooftop, and C&I projects?
Ans: n-Type TOPCon technology is rapidly emerging as the new industry standard in India and is expected to account for the majority of mainstream solar demand over the next 12 to 18 months, accelerating the shift away from p-Type PERC. For utility-scale projects, TOPCon’s higher bifaciality, lower degradation and improved conversion efficiency can help reduce Balance of System costs and bring down the overall Levelised Cost of Electricity. In rooftop and C&I applications, where available space is often limited, its higher power output per square metre enables greater energy generation from smaller footprints. Its lower temperature coefficient also supports stronger generation performance in India’s high-temperature conditions, making TOPCon an increasingly attractive technology across utility, rooftop and C&I segments.
Que: Are supply-chain constraints around cells and other critical components still affecting project timelines? How is the industry managing these risks?
Ans: While broader supply-chain disruptions have eased, the solar industry continues to experience occasional, localised constraints in the availability of certain specialised components and DCR-compliant cells. Lead times for materials such as high-grade solar glass, POE films and specialised metallisation pastes can vary depending on market conditions and supplier capacity. In response, manufacturers are increasingly focusing on inventory planning, greater flexibility in module designs and the development of a broader domestic supplier base for components such as junction boxes, ribbons, frames and glass. These measures can help improve supply-chain resilience and reduce reliance on individual suppliers.
Que: How important will domestic cell manufacturing be for Goldi Solar’s long-term competitiveness and supply-chain resilience?
Ans: Domestic cell manufacturing is a fundamental strategic pillar for Goldi Solar's long-term market leadership, operational resilience, and cost competitiveness. In-house cell manufacturing ensures unimpeded participation in high-value government mandates, public sector undertakings, and domestic rooftop schemes like PM-Surya Ghar Muft Bijli Yojana that enforce strict domestic content requirements. Crucially, backward integration provides end-to-end control over product reliability and quality architectures, enabling us to deliver Tier-1 certified modules with verified multi-decade field performance.
Que: You have expanded your module manufacturing capacity to 15.2 GW. What is the next phase of capacity expansion, and how are you balancing scale with utilisation and production yields?
Ans: Having expanded our module manufacturing capacity from 3 GW to 15.2 GW in just 14 months, Goldi Solar is entering its next phase of growth with a focus on building a stronger, more integrated manufacturing ecosystem that can help reduce import dependence and strengthen India’s solar value chain. This expansion is being supported by investments in automation, robotics and in-line quality systems, including optical and Electroluminescence (EL) testing, to enhance consistency and operational efficiency across production stages. At the same time, we are building greater flexibility into our manufacturing operations to accommodate evolving wafer sizes and cell formats. Our presence across domestic EPC projects and distributed rooftop installations provides a diversified demand base, supporting capacity utilisation as the company continues to scale. Together, these initiatives reflect a broader focus on balancing manufacturing growth with operational efficiency, technology adoption and supply-chain integration.
Que: As India targets deeper localisation of the solar value chain, where do you see the biggest gaps today? Is it cells, wafers, polysilicon, materials or technology?
Ans: India’s solar manufacturing ecosystem is continuing to develop across the value chain, with module manufacturing already established at scale and cell manufacturing capacity expanding. The upstream segments, including polysilicon, ingot and wafer manufacturing, are also expected to develop further as investments in domestic capabilities increase. Similarly, there is scope to expand domestic manufacturing of specialised materials and components. Over time, continued investment, technology development and industry collaboration can support the gradual development of a more integrated domestic solar manufacturing ecosystem.
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