Solar Module Manufacturing (ALMM)

Assembles cells, glass, EVA and backsheet into a finished, framed solar panel with a junction box and connectors - the product ALMM's list is actually built around.

This is the direct, already-in-force beneficiary of ALMM: government-linked and most utility-scale private solar tenders in India can only use modules from this MNRE-approved list, making it the policy's clearest stock-impact layer.

Module assemblers on the ALMM list capture a structural pricing and order-book advantage over importers for a large, policy-defined share of India's solar demand, even where their manufacturing cost base isn't fully cost-competitive with Chinese imports.

• ALMM mandate for government and utility-scale tenders
• PM Surya Ghar rooftop scheme driving retail/residential module demand
• Export opportunity to US/other markets seeking non-China supply
• Backward integration into cells improving margin capture

• Domestic cell shortfall means many ALMM-listed module makers still import the cells they assemble
• Capacity additions have run well ahead of matching cell capacity, risking overcapacity at the module-only layer
• Global panel price declines compress margins even for ALMM-protected domestic volume

• ALMM-listed capacity vs. total order book
• Cell self-sufficiency (in-house vs. imported cells)
• Export revenue mix, especially to the US