Energy Generation

Manufactures solar modules and executes EPC to build utility-scale and rooftop solar plants - see the dedicated Solar Module Manufacturing (ALMM) policy flow for the full upstream stack.

Solar is the single fastest-growing source of new generation capacity in India, and ALMM gives domestic module makers a structural procurement advantage.

Module manufacturers capture policy-protected domestic demand under ALMM; EPC contractors earn project-based construction margins building out that capacity.

• ALMM mandate for government/utility-scale tenders
• PM Surya Ghar rooftop scheme
• Falling module costs improving project economics

• Domestic cell capacity still lags module assembly capacity
• EPC margins are thin and execution-risk-heavy
• Land and grid-connectivity availability for utility-scale sites

• Module capacity utilisation
• EPC order book / commissioned capacity
• ALMM-listed share of total industry capacity