Who Are India’s Top Solar Module Makers In ALMM?

India's Top Enlisted Solar Module Manufacturers

The Ministry of New and Renewable Energy (MNRE) has released its latest data on the Approved List of Models and Manufacturers (ALMM), revealing that India’s enlisted solar module manufacturing capacity has crossed 64 GW. Currently, 97 domestic solar manufacturers are listed on the central government’s registry.

While there are approximately 130 solar module manufacturers across the country, with a combined capacity exceeding ALMM’s enlisted 64 GW, central registration remains crucial. It ensures preference for listed module makers in government and government-sponsored projects, providing a competitive edge for the listed companies.

The cumulative annual capacities of the 97 ALMM-enlisted solar module units indicate the contributions of individual firms, often derived from multiple factories. Below are the top nine companies based on their ALMM-enlisted capacities, excluding their co-branding arrangements.

Top 9 Solar Module Manufacturers by ALMM-Enlisted Capacity

1. Waaree Energies

Plant-Wise Enlisted Capacities of Waaree Energies. Source: ALMM

The list revealed that Indian module maker Waaree Energies continues to lead the chart with the highest capacity of 11.91 GW. On the other hand, the company also flaunts to have a capacity of around 13 GW. The company has now enlisted its three solar modules manufacturing plants-two in the Valsad district and one in the Navsari district. 

The company has now also started trial productions of solar cells from its new plant at Chikhli in Gujarat and also forayed into the US solar module market by opening its new offshore module unit in the country. Its financial strength is now also bolstered with its entry into the stock market.

2. Tata Power Solar

Tata Power has now emerged as the No.2 player in the Indian solar module market when it comes to its ALMM capacity. It is now producing solar modules from its two plants Bangalore in Karnataka. Its subsidiary TP Solar is, however, leading the chart with a total annual solar module manufacturing capacity of 5,222 MW from its Tamil Nadu plant.

The company has also made internal co-branding arrangements with TP Solar for a 4000 MW capacity for two years. It has also made co-branding arrangements with Vikram Solar for 2 GW capacity. However, in this calculation, we have not calculated the co-branding capacities for Tata Power or any other company.

Plant-wise enlisted capacity of Tata Power. Source: ALMM

3. ReNew Photovoltaics

NASDAQ-listed ReNew Photovoltaics comes at No.3 slot with its ALMM-enlisted solar module capacity of 4.6 GW capacity. Although the company flaunts having a total of around 6.4 GW. The firm led by Sumant Sinha has now also ventured into solar cell manufacturing to augment its backward integration. The group has also extended its arm in renewable project development.

4. Mundra (Adani) Solar

The port-to-airport conglomerate now comes at No.4 in the ALMM capacity with a total capacity of 4 GW. Mundra (Adani) Solar has its own manufacturing plant in Gujarat. The company is now also working towards backward integration with their proposed plan to boost the production of solar cells, wafers and ingots. It has also diversified its solar module technology ranging from its offerings in mono-PERC and TOPCon. In the coming days, we can expect more capacity additions by the firm. Adani Group, meanwhile has also extended its arm into renewable energy projects through its venture Adani Green. The company has now planned to give a major fillip to renewable energy projects at Khavda in Gujarat.

5. First Solar

United States (US)-based solar module maker First Solar recently made its entry into the ALMM. It now flaunts a total of 3.7 GW of annual production capacity. It is the only solar company in the ALMM that produces Cadmium-based thin films from its Tamil Nadu plants. It is also one of the rare foreign-origin firms listed under ALMM due to its local production unit in the country.

6. Goldi Solar

Goldi Solar, based in Surat and led by Ishver Dholakiya, ranks sixth with an ALMM-enlisted capacity of 2.8 GW. The company is actively expanding its operations and plans to issue an IPO in the near future. It has also announced plans to start solar cell production to strengthen its backward integration.

7. Emmvee

Bengaluru-based Emmvee stands at seventh place with an ALMM-enlisted capacity of 2.6 GW. Led by DV Manjunatha, the company has been a pioneer in solar cell production in India and claims to be the largest producer of TOPCon-based solar cells from its Bangalore plant.

8. Premier Energies

Telangana-based Premier Energies, led by Surender Pal Singh and Chiranjeev Saluja, ranks eighth with its ALMM capacity. The company has ventured into TOPCon solar cell production and went public in 2024, using proceeds from its IPO to expand its facilities.

9. Vikram Solar

Vikram Solar, an early leader in India’s solar manufacturing space, ranks ninth with an ALMM-enlisted capacity of 2.55 GW. With facilities in West Bengal and Tamil Nadu, the company is preparing for an IPO to fund further expansion in the solar sector.