Solar Module Manufacturing (ALMM)
The ALMM policy stack: polysilicon to panel - India's domestic solar push
What this is
- ALMM doesn't create solar demand (renewable targets do); it decides who supplies it.
- Module makers benefit directly; cell makers too, now that ALMM List-II covers cells (Jun 2026).
- Polysilicon, wafers, glass, EVA, mounts and inverters still lean on imports.
Why now
- ALMM lets government-linked (and more private) solar projects buy only from approved Indian makers.
- That turns a buying rule into years of orders for a few Indian cell and module makers.
- Without it, cheap Chinese panels would make that capacity uneconomic.
What to watch
- ALMM list additions/removals (MNRE)
- Domestic cell capacity added under ALMM List-II (mandated since Jun 2026)
- Announced/commissioned GW of cell and module capacity vs. targets
- Imported vs. domestic module pricing spread
- PM Surya Ghar and utility-scale tender volumes specifying ALMM-listed supply
Major areas
The map groups the anatomy into these areas before you drop into individual components.
Upstream Materials
Polysilicon, wafers, glass, EVA and backsheet - the inputs ALMM does not yet mandate be domestic, and where China still dominates.
Cell & Module Manufacturing
Where ALMM's procurement rule actually bites - cells (mandated since Jun 2026) and modules (mandated earlier) made at MNRE-approved domestic facilities.
Balance of System
Mounting structures and inverters that turn a stack of modules into a working solar plant - not covered by ALMM, and the inverter layer in particular is still import-heavy.
EPC & Deployment
The developers and EPC contractors who build and own the plants ALMM-listed modules go into.
End manufacturers & integrators
The companies that assemble the finished product from everything else in this chain — solar module assembly.
Waaree Energies
ListedIndia's largest solar module manufacturer, expanding into cells and polysilicon
Adani Enterprises
ListedSolar cell, module and (planned) polysilicon manufacturing via Mundra Solar PV, part of its new-energy incubation portfolio
Vikram Solar
ListedSolar module maker (listed Aug 2025), expanding into cells
Potential bottlenecks
- Zero operating domestic polysilicon capacity as of Oct 2026 - announced projects are pre-commissioningPolysilicon, Ingots & Wafers
- Wafer-slicing is a distinct, equipment-heavy process not yet localised eitherPolysilicon, Ingots & Wafers
- Capital intensity and multi-year lead times versus faster-moving downstream policy timelinesPolysilicon, Ingots & Wafers
- Domestic solar glass capacity is thin and has been repeatedly undercut by cheap Chinese importsSolar Glass, EVA & Backsheet
- EVA resin and backsheet films are largely imported inputs even for domestic convertersSolar Glass, EVA & Backsheet
- Anti-dumping duty cycles create stop-start investment incentivesSolar Glass, EVA & Backsheet
- Domestic cell capacity is well behind domestic module assembly capacity - a persistent cells-to-modules capacity gapSolar Cell Manufacturing
- Technology transitions (PERC to TOPCon to HJT) risk stranding capacity built on an older cell architectureSolar Cell Manufacturing
- Equipment for cell lines is largely imported from ChinaSolar Cell Manufacturing
- Domestic cell shortfall means many ALMM-listed module makers still import the cells they assembleSolar Module Assembly
- Capacity additions have run well ahead of matching cell capacity, risking overcapacity at the module-only layerSolar Module Assembly
- Global panel price declines compress margins even for ALMM-protected domestic volumeSolar Module Assembly
- Highly fragmented - most fixed-tilt structure fabrication is local/unlisted, not a few scaled national playersMounting, Trackers & BOS Cabling
- Steel input-cost volatility feeding directly into structure costsMounting, Trackers & BOS Cabling
- Tracker technology and controls are still often imported or licensedMounting, Trackers & BOS Cabling
- No ALMM-style domestic-sourcing mandate exists for inverters, unlike cells and modulesPower Conditioning & Inverters
- Power-electronics component sourcing (semiconductors, capacitors) is itself import-dependentPower Conditioning & Inverters
- Few scaled, India-listed pure-play solar inverter manufacturersPower Conditioning & Inverters
- Land and transmission-connectivity availability for utility-scale sitesEPC & Project Developers
- Module price volatility flowing directly into project economics and bid competitivenessEPC & Project Developers
- Execution and commissioning delays versus contracted timelinesEPC & Project Developers
Companies in this theme
15 companies, 13 listed. The 5 end manufacturers & integrators are listed above.
Reliance New Energy
UnlistedIntegrated polysilicon-to-module gigacomplex under development at Jamnagar
RenewSys India
UnlistedEVA encapsulant films and solar backsheet manufacturing
Apar Industries
ListedConductors and specialty solar cabling for mounting/BOS, alongside its core transformer and conductor business
Company page →CG Power and Industrial Solutions
ListedPower electronics and transformers relevant to solar inverter/interconnect equipment
Company page →Adani Green Energy
ListedIndependent power producer - one of India's largest renewable (solar + wind) generation portfolios
Company page →Tata Power
ListedSolar EPC, rooftop (Tata Power Solar) and utility-scale generation, alongside its core T&D and conventional generation business
Company page →Common questions
Which listed companies are in India's Solar Module Manufacturing (ALMM) supply chain?
NextResearch maps 13 listed companies across 7 layers of the Solar Module Manufacturing (ALMM) supply chain. The largest with high exposure, by market cap as of 30 Oct 2026: Waaree Energies (₹66,161 Cr); Premier Energies (₹39,909 Cr); Borosil Renewables (₹5,687 Cr); KPI Green Energy (₹5,470 Cr); and Vikram Solar (₹4,542 Cr).
What are the layers of the Solar Module Manufacturing (ALMM) supply chain?
7 layers: Polysilicon, Ingots & Wafers; Solar Glass, EVA & Backsheet; Solar Cell Manufacturing; Solar Module Assembly; Mounting, Trackers & BOS Cabling; Power Conditioning & Inverters; and EPC & Project Developers.
Who are the end players in Solar Module Manufacturing (ALMM)?
In the Solar Module Assembly layer: Adani Enterprises, Waaree Energies, Premier Energies, Vikram Solar and Insolation Energy.
What are the bottlenecks in India's Solar Module Manufacturing (ALMM) supply chain?
Polysilicon, Ingots & Wafers: Zero operating domestic polysilicon capacity as of Oct 2026 - announced projects are pre-commissioning. Solar Glass, EVA & Backsheet: Domestic solar glass capacity is thin and has been repeatedly undercut by cheap Chinese imports. Solar Cell Manufacturing: Domestic cell capacity is well behind domestic module assembly capacity - a persistent cells-to-modules capacity gap. Solar Module Assembly: Domestic cell shortfall means many ALMM-listed module makers still import the cells they assemble. More by layer on this page.