From June 1, 2026, all solar PV modules used in government-backed or government-aided projects as well as installations seeking subsidies must use solar cells approved under the Approved List of Models & Manufacturers (ALMM) List-II, extending domestic sourcing requirements beyond modules to solar cells. The policy marks an important shift for India’s solar manufacturing ecosystem, where scale alone may no longer be enough, rather operational control across cells, wafers and upstream components is becoming important for project eligibility and supply-chain reliability.
Several Indian solar manufacturers are accelerating their investments in backward integration strategies — expanding from module assembly into manufacturing of solar cells, wafers, ingots and other upstream components and reducing import dependence. While some companies already operate integrated manufacturing ecosystems, others are in various stages of commissioning or expansion.
Here’s a look at some of the integrated solar manufacturing companies in India and how they are positioning themselves ahead of the ALMM List-II roll out.
Waaree Energies
Waaree Energies currently operates nearly 22.3 GW of solar module manufacturing capacity and around 5.4 GW of solar cell capacity, making it one of India’s largest integrated solar manufacturers.
As part of its backward integration roadmap, the company has announced a ₹15,000 crore investment plan aimed at expanding module capacity to 26 GW and solar cell capacity to 15.4 GW by FY27.
The expansion blueprint also includes the development of a 300-acre facility with ₹6,200 crore investment for 10 GW ingot and wafer manufacturing. Apart from this, they also have investments in solar glass, battery storage and inverter manufacturing.
With construction activities already underway across multiple expansion projects, Waaree is positioning itself to move beyond module-scale leadership toward deeper upstream integration.
Adani Solar
Adani Solar remains among India’s most vertically integrated solar manufacturers, with operational manufacturing presence spanning ingots, wafers, solar cells and modules.
The company currently operates 4 GW each of solar cell and module manufacturing capacity, along with 2 GW of ingot and wafer manufacturing capacity, making it one of the few Indian players with operational upstream integration already in place.
Adani has additionally outlined ambitions to build a fully integrated solar manufacturing ecosystem of 10 GW, at Mundra, India. This includes full PV chain vertical integration (Metallurgical-Grade Silicon, Polysilicon, Ingots, Wafers, Cells, and Modules), supported by ancillary units (Solar Glass, Aluminum Frame, Encapsulant, Back sheet, Junction Box, Diamond Wires, Silver paste, Crucibles, Hot zone etc.), all in a single campus – the Mundra Electronic Manufacturing Cluster, spanning an area of over 800 acres.
The company’s early move into commercial wafer and ingot production gives it a significant integration advantage as ALMM List-II increases focus on domestic cell sourcing and upstream supply-chain resilience.
Tata Power Solar
Tata Power Solar, through TP Solar, currently operates approximately 4.8 GW of integrated solar manufacturing capacity, including 4.3 GW of cell and module capacity at its Tirunelveli facility and additional manufacturing operations in Bengaluru.
Commercial production has already commenced at the Tamil Nadu facility, with 2 GW of solar cell manufacturing operational as of FY26. To deepen backward integration, Tata Power has announced plans to establish a 10 GW ingot and wafer manufacturing facility with a proposed investment of around ₹6,500 crore.
he project is currently under evaluation with state-level incentive discussions underway, and would significantly reduce dependence on imported wafers once operational. The company has also stated that localization levels at its existing manufacturing operations currently stand at around 55%, with a target of reaching 70–75% through further supply-chain integration
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Emmvee
Emmvee is rapidly emerging as one of India’s fast-scaling integrated solar manufacturers, with aggressive expansion across solar modules, cells and upstream manufacturing. Following recent capacity additions, the company has reached 10.3 GW of module manufacturing capacity and 2.94 GW of solar cell capacity, with a strong focus on TOPCon technology and high-efficiency domestic manufacturing.
As part of its next phase of backward integration, Emmvee has announced plans to scale its manufacturing base to 16.3 GW of modules and 8.94 GW of solar cells by FY28. The company has also outlined plans to establish 9 GW of ingot and wafer manufacturing capacity in two phases, including 5 GW in Phase-1 and 4 GW in Phase-2. The first facility is targeted to be operational by FY29.
The company’s expansion roadmap reflects a broader shift from module-led manufacturing toward deeper upstream integration, positioning Emmvee among the emerging players building end-to-end domestic solar manufacturing capabilities.
Premier Energies
Premier Energies has emerged as one of the faster-scaling integrated solar manufacturers in India, with operational manufacturing across both solar cells and modules.
The company expects its solar cell capacity to reach 10.6 GW by September 2026, while its module manufacturing capacity has recently expanded to 11.1 GW. Premier Energies is also establishing a 10 GW integrated solar ingot and wafer manufacturing plant with a projected investment of ₹5,900 crore
Premier has also announced additional backward integration initiatives aimed at scaling domestic cell manufacturing and strengthening upstream supply-chain control as demand for ALMM-compliant modules rises. Its synchronized expansion across both cells and modules positions the company among the more operationally ready integrated manufacturers in India’s evolving solar manufacturing landscape.
