Solar Module Manufacturing (ALMM)

Converts silicon wafers into photovoltaic cells through diffusion, texturing and metallisation - the electrical heart of a solar panel, assembled into modules in the next layer.

Cell manufacturing is where ALMM's domestic-sourcing mandate has applied alongside modules since Jun 2026 (List-II) - India still assembles far more module capacity than it has matching domestic cell capacity, so domestic cells are the tight link in the chain.

Cell manufacturing carries a meaningfully higher technology and capital-intensity moat than module assembly, so the small set of players with both cell and module capacity capture more of the value chain than module-only assemblers.

• ALMM List-II cell mandate (in force since Jun 2026)
• PLI (Production Linked Incentive) support for integrated cell-to-module capacity
• Rising module demand outstripping existing domestic cell supply

• Domestic cell capacity is well behind domestic module assembly capacity - a persistent cells-to-modules capacity gap
• Technology transitions (PERC to TOPCon to HJT) risk stranding capacity built on an older cell architecture
• Equipment for cell lines is largely imported from China

• Domestic cell capacity commissioned vs. announced GW targets
• Cell technology mix (PERC vs. TOPCon/HJT) of new capacity
• Cell self-sufficiency ratio versus module assembly capacity