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					</table><p><a href="https://www.trinasolar.com/en-glb/" target="_blank" rel="noopener">Trina Solar</a>, <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://goldisolar.com/" target="_blank" rel="noopener">Goldi Solar</a>, <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, and <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a> were the top solar module suppliers in 2025, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026.</a></p>
<p>India’s solar module demand grew significantly in 2025, driven by record project installations. Annual capacity additions <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">reached</a> 36.6 GW, marking the highest annual installation level recorded so far.</p>
<p>The country <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2026" target="_blank" rel="noopener">added</a> 119 GW of module and over 9 GW of cell manufacturing capacity in 2025.</p>
<p>Trina Solar was the leading supplier during the year, accounting for 15% of the modules shipped to India. Waaree Energies and Goldi Solar ranked second and third, accounting for 10% and 6% of module shipments, respectively. Rayzon Solar and Saatvik Green Energy rounded out the top five, accounting for about 5% of annual module shipments each.</p>
<p>The top five suppliers accounted for 41% of the module capacities shipped to domestic solar projects in 2025.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93585 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png" alt="Leading Solar Module Suppliers in India 2025" width="975" height="534" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-768x421.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-624x342.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-600x329.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a></p>
<p>Trina Solar was the only Chinese-origin supplier among the top five, supported by contracts secured in 2021–2022 during the early or paused phase of the Approved List of Models and Manufacturers (ALMM).</p>
<p>The presence of eight Indian module manufacturers in the top ten reflects a clear shift toward local sourcing, driven by supply chain localization, policy support, and particularly the ALMM mandate, which significantly strengthened the market share of domestic manufacturers.</p>
<p>The leading Indian module suppliers in 2025 were Waaree Energies, Goldi Solar, Rayzon Solar, Saatvik Green Energy, and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93587 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png" alt="Leading Domestic Solar Module Suppliers in India 2025" width="975" height="522" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-768x411.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-600x321.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a></p>
<p>Waaree Energies retained its position as the leading solar module manufacturer in India. During the year’s first half, the company <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw" target="_blank" rel="noopener">announced</a> an additional 1.6 GW expansion of its module manufacturing capacity at its U.S. facility. It also <a href="https://www.mercomindia.com/waaree-energies-commissions-950-mw-solar-module-plant-in-gujarat" target="_blank" rel="noopener">commissioned</a> a 950 MW module manufacturing facility in Gujarat and <a href="https://www.mercomindia.com/waarees-n-type-solar-module-plant-in-gujarat-expands-to-3-gw" target="_blank" rel="noopener">added</a> 1.5 GW of high-efficiency N-type module lines. Waaree ended the year with a domestic order to <a href="https://www.mercomindia.com/waaree-energies-secures-1500-mw-solar-module-supply-order" target="_blank" rel="noopener">supply</a> 1,500 MW of solar modules.</p>
<p>Goldi Solar emerged as the second-largest module manufacturer, supported by strong capacity expansion during 2025. The company <a href="https://www.mercomindia.com/goldi-solar-secures-%E2%82%B914-billion-in-havells-led-funding-round" target="_blank" rel="noopener">secured</a> ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors, which will support the company&#8217;s capacity expansion, backward integration into cell manufacturing, advancement in high-efficiency technologies, and expansion of market reach.</p>
<p>Rayzon Solar ranked third among domestic module suppliers, supported by its advanced TOPCon manufacturing lines. As of last December, Rayzon Solar <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-to-144-8-gw" target="_blank" rel="noopener">increased</a> its ALMM-listed capacity by 5,659 MW. During the year, the company <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo">received</a> approval to raise ₹15 billion (~$170.64 million) through an initial public offering.</p>
<p>Saatvik Green Energy is <a href="https://www.mercomindia.com/saatvik-begins-work-on-4-8-gw-solar-cell-and-4-gw-module-facility-in-odisha" target="_blank" rel="noopener">developing</a> a greenfield integrated facility in Odisha with 4 GW of module capacity and 4.8 GW of cell capacity. The company has also expanded into balance-of-system manufacturing, <a href="https://www.mercomindia.com/saatvik-commissions-2-gw-encapsulation-film-facility-in-haryana" target="_blank" rel="noopener">operationalizing</a> a 2 GW encapsulation polyolefin elastomer film facility at its Ambala campus. In October 2025, Saatvik <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion-2" target="_blank" rel="noopener">secured</a> an order worth ₹6.9 billion (~$78.05 million) and also <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion" target="_blank" rel="noopener">finalized</a> another order worth ₹7.07 billion (~$79.62 million) to supply high-efficiency solar modules.</p>
<p>Last November, ReNew announced plans to <a href="https://www.mercomindia.com/renew-to-invest-%E2%82%B9600-billion-in-clean-energy-projects-in-andhra-pradesh" target="_blank" rel="noopener">invest</a> ₹600 billion in clean energy projects in Andhra Pradesh, including a 6 GW solar ingot and wafer manufacturing facility.</p>
<p>TOPCon modules accounted for around 71% of total shipments in 2025, followed by Mono PERC at 29%, while HJT, thin-film, and polycrystalline technologies made up the remaining share.</p>
<p><a href="https://en.cell.tongwei.cn/" target="_blank" rel="noopener">Tongwei Solar</a>, <a href="https://www.jietaisolar.com/" target="_blank" rel="noopener">Jietai New Energy Technology</a>, <a href="https://www.solarspace.com/" target="_blank" rel="noopener">SolarSpace Technology</a>, <a href="https://aikosolar.com/en/" target="_blank" rel="noopener">AIKO Solar</a>, and <a href="https://www.dmegc.com.cn/" target="_blank" rel="noopener">Hengdian Group DMEGC Magnetics</a> were the top solar cell suppliers in 2025.</p>
<p>Mercom’s India Solar Market Leaderboard 2026 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.</p>
<p>For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Data Tracker</a>, which provides quarterly insights into competitors’ growth rates, is now available.</p>


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