Report analyses developments in India solar industry. India’s module ecosystem has reached ~100 GW capacity, sufficient for domestic needs, but limited export prospects may create oversupply risk as demand stabilizes at ~40–50 GW annually. The rollout of ALMM-II is set to boost cell capacity from <30 GW towards self-sufficiency, though near-term shortages could raise project costs. Wafer and polysilicon manufacturing remain weak links, with domestic presence negligible and reliance on China persisting. Globally, spiking polysilicon prices have eroded downstream margins, while India’s PLI-driven full-chain integration offers a structural edge. Integrated Indian manufacturers remain better placed than standalone players, though over the long run sector dynamics could mirror the cyclicality of steel.
