India is at the cusp of a solar manufacturing revolution, and the race to become a hub for solar panel manufacturing in India is well and truly underway. With the country targeting up to 500 GW of non-fossil fuel capacity by 2030, domestic production of solar modules and components has become of strategic importance. The drive is not merely to add more solar power installations, but to build an indigenous manufacturing ecosystem that encompasses the best solar panel manufacturing company in India, and a globally competitive supply chain.
Between 2014 and 2025, India’s solar module manufacturing capacity listed under the Approved List of Models & Manufacturers (ALMM) has grown dramatically — from just 2.3 GW to over 100 GW. In this context, the list of top 10 solar panel manufacturers in India, including leading companies that manufacture solar panels, modules, cells, and related components, matters more than ever. These firms are not just suppliers of equipment — they are central players in India’s attempt to shift from being a solar project importer to becoming a solar manufacturing hub.
Solar Manufacturing Industry Overview
India’s solar manufacturing story is moving at a pace:
- As of March 2025, India’s nameplate solar module manufacturing capacity had nearly doubled from 38 GW in March 2024 to 74 GW, while PV cell capacity tripled from 9 GW to 25 GW.
- A recent government press release states India has achieved a milestone of 100 GW of module manufacturing capacity under ALMM.
- The roadmap ahead is ambitious — one estimate projects module manufacturing capacity reaching 160 GW and cell capacity 120 GW by 2030.
- Policy intervention has been central: the Production Linked Incentive (PLI) Scheme for high-efficiency solar modules, increased import duties on modules & cells, and localisation requirements have all fostered growth in domestic manufacturing.
What this means for investors and industry watchers:
- India is transitioning from a net importer of solar modules/cells to a potentially significant exporter of solar manufacturing goods.
- The gap between demand (domestic installation + exports) and supply is narrowing, which may lead to improved margins for manufacturers with scale, technology edge, and backward integration.
- Manufacturing location, technology (mono-PERC, N-TYPE, bifacial, ingots/wafer, cells), and supply-chain integration will increasingly differentiate the successful firms.
- The scale of capacity announcements (tens of GW) means firms now have to move from “capacity installed” to “capacity optimally utilised” and have to manage supply-chain, working capital, automation, and export logistics effectively.
The business of manufacturing solar panels in India is shifting from small-scale and opportunistic to large-scale, strategic, and globally competitive. As we turn to the top solar panel manufacturers in India, the ones with manufacturing scale, technology prowess, and supply-chain control will stand out.
Top 10 Solar Panel Manufacturers in India
#1 Waaree Energies
Waaree Energies, founded in 1990 and headquartered in Mumbai, is the largest solar panel manufacturer in India. The company currently operates an annual module manufacturing capacity of 15 GW, alongside a 5.4 GW solar-cell plant in Chikhli, Gujarat — the state leading India’s renewable manufacturing.
In August 2025, Waaree expanded with a new 1.8 GW AI-enabled line, raising its total to 16.8 GW. It aims to reach 25 GW by FY 2027 through backward integration into cells, ingots, and wafers. Waaree Energies has also become one of the most trusted solar panel manufacturers in Gujarat, exporting high-efficiency modules to the US and Europe.
Products: Solar PV modules: monocrystalline, polycrystalline, N-type, HJT, bifacial, flexible & BIPV modules.
#2 Vikram Solar
Headquartered in Kolkata with production units in West Bengal and Tamil Nadu, Vikram Solar is a top-tier solar panel manufacturing company in India recognized for technological excellence. As of 2025, it has scaled its capacity to 4.5 GW, up from 3.5 GW a year earlier, and plans continuous upgrades to support TOPCon and HJT technologies.
Vikram Solar ranks among the top solar panel manufacturers in India for both domestic and export markets, having secured large contracts including a 1 GW supply to JSW Neo Energy. It serves 39 countries and has been rated a “Top Performer” by PVEL for seven consecutive years — a rare distinction among Indian manufacturers.
Products: PV modules using mono-PERC, bifacial, TOPCon, and HJT technologies. (Also provides EPC services.)
#3 Adani Solar
A part of the Adani Group, Adani Solar is India’s most vertically integrated solar panel manufacturer, covering the entire value chain from ingots and wafers to cells and modules. Headquartered at Mundra SEZ in Gujarat, it operates 4 GW of cell and module capacity with plans to scale to 10 GW by mid-2026.
Adani Solar has shipped over 15,000 MW of modules worldwide and is positioned as a key player among the top solar panel manufacturers in Gujarat and India. Its vertically integrated operations make it a strategic asset for India’s goal of becoming a solar export hub.
Products: Solar PV modules (Mono PERC, TOPCon, bifacial) • Solar ingots & wafers (upstream manufacturing)
#4 Premier Energies
Based in Hyderabad, Premier Energies is a well-established solar panel manufacturing company in India, producing both cells and modules. It operates 3.2 GW of cell capacity and 6 GW of module capacity as of 2025, with plans to expand to 10–11 GW by FY 2027.
The company has secured orders worth over INR 2,700 crore for 2,059 MW of solar modules and cells, cementing its status among India’s top solar panel manufacturers. Premier Energies focuses on high-efficiency cells, multi-busbar modules, and R&D to serve India’s growing solar exports market.
Products: Solar cells • PV modules (mono-PERC, multi-busbar, high-efficiency configurations)
#5 Goldi Solar
Founded in 2011 and based in Surat, Goldi Solar has emerged as one of the fastest-growing solar panel manufacturers in Gujarat. The company expanded its capacity from 3 GW to 14.7 GW within a year, making it a leading solar panel manufacturer in India’s renewable sector. Goldi is building an AI-powered module plant and plans to launch 4 GW of cell manufacturing by 2026, advancing India’s self-reliance agenda. Its export-grade modules are highly demanded in Europe and Africa.
Products: High-efficiency PV modules (mono-PERC, bifacial, advanced automation)
#6 Emmvee Solar
Emmvee Solar, headquartered in Bengaluru, is among the fastest-growing solar panel manufacturers in India. The company operates across two major verticals — solar PV modules and solar water-heating systems — giving it a unique position in the renewable energy ecosystem.
The company’s module manufacturing capacity is estimated at ~6.6 GW and cell capacity around ~2.5 GW as of 2025. The company plans to expand these to 16.3 GW (modules) and 8.94 GW (cells) by mid-2028, positioning itself among the top solar panel manufacturers in India. Emmvee’s production facilities follow international quality standards and have obtained TÜV, UL, and IEC certifications. Its diverse product mix allows it to cater to residential, industrial, and utility-scale projects both domestically and in exports to Europe and Africa.
Products: Solar PV modules; solar water-heating systems
#7 Saatvik Green Energy
Founded in 2015 and based in Haryana, Saatvik Green Energy is an emerging solar panel manufacturer with a strong regional presence among solar panel manufacturers in Delhi NCR. The company has expanded its module manufacturing capacity to 3.8 GW as of 2025, and is setting up a greenfield facility in Odisha with 4.8 GW cell and 4 GW module capacity.
In FY 2024-25, the company reported revenue of INR 2,192.5 crore and net profit of INR 213.9 crore. Its product range includes mono-PERC and N-TOPCon modules, including half-cut and multi-busbar designs, supplying utility, commercial, and residential projects.
Products: Solar PV modules (mono-PERC, N-TOPCon), solar pumps & related solutions
#8 Rayzon Solar
Rayzon Solar, headquartered in Surat, has rapidly positioned itself as one of the leading solar panel manufacturers in Gujarat. The company currently operates with an installed capacity of approximately 6 GW, with ambitious plans to reach 12 GW by late 2025. Its expansion is supported by automation, advanced manufacturing, and a public issue filing of INR 1,500 crore aimed at scaling production lines and entering upstream cell manufacturing.
Rayzon’s focus on advanced technologies such as TOPCon and bifacial modules aligns with India’s push for high-efficiency solar adoption. The company has already executed several large-scale EPC projects, solidifying its reputation as a high-quality solar panel manufacturer.
Products: Solar PV modules (mono-PERC, N-type TOPCon, bifacial) and upcoming cell manufacturing
#9 RenewSys India
RenewSys India (part of the ENPEE Group) is distinctive for producing both solar modules and key upstream components (encapsulants, backsheets). As of 2025, RenewSys operates ~3 GW of module capacity, with encapsulant capacity of 69 million sqm and backsheet capacity of 24 million sqm.
Its manufacturing units in Bengaluru and Hyderabad serve both domestic and international clients, making it one of India’s few fully backward-integrated solar panel manufacturers. RenewSys’s supply partnerships across Asia, the Middle East, and Africa enhance India’s global competitiveness in solar manufacturing.
Products: Solar PV modules, encapsulants, backsheets
#10 ReNew Power
ReNew Power, primarily known as a renewable-energy developer, has expanded its footprint to become one of the largest solar panel manufacturers in India. Headquartered in Gurugram, the company operates solar-module manufacturing plants in Jaipur and Dholera (Gujarat), with a combined capacity of 6.4 GW (modules) and 2.5 GW (cells).
The company’s strategic advantage lies in leveraging its project portfolio of over 14 GW operational capacity, ensuring strong in-house demand for its modules. ReNew Power’s entry underscores a growing trend of renewable-energy developers integrating backward into manufacturing to ensure supply stability and cost competitiveness.
Products: Solar PV modules; solar cells
Also Read: Top Green Hydrogen Stocks in India: Opportunities and Leading Players
Solar Manufacturing Plant Cost in India
Setting up a solar panel manufacturing plant in India has become increasingly cost-efficient thanks to economies of scale and policy incentives. On average, establishing a solar panel manufacturing company in India costs between INR 4 crore and INR 6 crore per MW of module capacity, depending on automation level, imported machinery, and chosen technology (polycrystalline, mono-PERC, or TOPCon).
A fully integrated 1 GW facility covering ingots, wafers, cells, and modules requires INR 4,000 – INR 5,500 crore in capital. The government’s Production-Linked Incentive (PLI) scheme has allocated more than INR 24,000 crore to subsidize around 48 GW of integrated manufacturing lines. Alongside this, customs duties of 25 % on cells and 40 % on modules, concessional green-energy tariffs, and accelerated-depreciation benefits have improved industry profitability.
These incentives are drawing new entrants like Rayzon Solar and Emmvee Solar, both expanding capacity aggressively. Analysts expect average production costs to fall below USD 0.20/Wp by FY 2027, making Indian solar panel manufacturers competitive with peers in Southeast Asia.
Regional Hubs: Gujarat and Delhi NCR
Gujarat has emerged as the industrial backbone for solar panel manufacturers in India, housing some of the largest names among the Top 10 Solar Panel Manufacturers in India — including Waaree Energies, Adani Solar, Goldi Solar, and Rayzon Solar. More than 45 % of India’s installed module capacity lies here. Gujarat’s port access, renewable-power availability, and dedicated zones such as Dholera SEZ and Surat Solar Park make it the primary hub for solar panel manufacturers in Gujarat.
Delhi NCR, by contrast, functions as a downstream hub—home to EPC contractors, distributors, and component assemblers. Firms such as Saatvik Green Energy (Ambala) and RenewSys maintain sales and service bases here. NCR’s logistical proximity to large industrial and commercial consumers also supports rapid adoption of rooftop and captive solar systems.
Meanwhile, Delhi NCR serves as a commercial and distribution center, home to EPC contractors, distributors, and mid-tier solar panel manufacturers in Delhi and Delhi NCR, such as Saatvik Green Energy and RenewSys India. The region’s strong logistics network supports the rapid deployment of rooftop and industrial solar systems across northern India.
Together, these hubs illustrate how the nation’s solar manufacturing landscape is geographically diversified — with Gujarat focusing on large-scale industrial production and Delhi NCR driving end-market connectivity and service integration.
Conclusion
India’s solar manufacturing ecosystem has evolved from a fragmented base into a globally competitive sector. Driven by strong government policy, rising domestic demand, and a surge in exports, solar panel manufacturers in India are achieving economies of scale once exclusive to East Asian producers.
Companies such as Waaree Energies, Vikram Solar, and Adani Solar now rival China’s second-tier players in output and efficiency, while firms like Premier Energies and RenewSys India strengthen upstream integration. With over 100 GW of module capacity and 25 GW of cells, India is on course to become a net exporter of solar equipment before the decade’s end.