The electricity sector growth story remains on a firm footing provided by economic growth, with a pickup set to ensue in H2FY26 based on a consumption boost and withdrawing monsoons. An increasing share of this ever-growing demand for power is being quenched by solar power, which has seen an impressive 18 GW of additions in just 5MFY26. This pace of additions has created a universe of upstream component players, with module makers being the beneficiaries of the ALMM-I scheme. Doubling down on the success, the government has announced ALMM-II (for cells) and proposed an ALMM-III (for wafers) as a draft. This is expected for further indigenise the ecosystem. With module capacities listed in ALMM-I crossing the magic 100 GW mark, the market is maturing towards the next stage where quality, technology, and end-user segmentation are emerging as key differentiators. Capitalising on these is keep Indian panel makers amongst the world’s leaders.
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