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					</table><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>
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.
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.
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.
The top five suppliers accounted for 41% of the module capacities shipped to domestic solar projects in 2025.
<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>
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).
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.
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>.
<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>
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.
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.
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.
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.
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.
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.
<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.
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.
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>.
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.

<a href="http://en.znshinesolar.com/" target="_blank" rel="noopener noreferrer">Znshine Solar</a>, a Chinese PV module manufacturer, emerged as the top module supplier to the Indian solar market in the calendar year (CY) 2018, having supplied more than a gigawatt of modules to India by the year-end, according to <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2019-market-shares-and-profiles/" target="_blank" rel="noopener noreferrer">Mercom’s India 2019 Solar Market Leaderboard</a>.
The company has recently developed graphene-coating (Nanotechnology) solar modules. The graphene coating has a self-cleaning property that is advantageous for certain areas in India that are prone to dust storms. Znshine won a 300 MW solar PV module supply agreement with domestic renewable energy developer ACME Cleantech Solutions in 2018.
The top 10 module suppliers accounted for just under 60% of the total shipments for Indian solar projects in 2018.
The imposition of safeguard duty on module imports from China, Malaysia, and Taiwan has helped domestic Indian solar panel manufacturers, according to Mercom India Research <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2019-market-shares-and-profiles/">data</a>. Three Indian manufacturers appeared amongst the top supplier&#8217;s list. This trend is likely to continue at least into the second half of the year. Domestic manufacturers may lose some market share after the safeguard duty drops to 20% from 25% at the end of July. However, Chinese module prices are expected to hold steady in the near-term.
According to <a href="https://mercomindia.com/product/q1-2019-india-solar-market-update/" target="_blank" rel="noopener noreferrer">Q1 2019 India Solar Market Update</a>, Chinese module average selling prices (ASP) increased by approximately 2.2%, and domestic Indian module ASPs declined by about 3.5% in Q1 2019.
Domestic manufacturers <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener noreferrer">Vikram</a>, Waaree, and <a href="https://adanisolar.com/" target="_blank" rel="noopener noreferrer">Adani</a>, were among the top 10 module suppliers.
<a href="https://mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Module-Suppliers-in-India-2018.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13944" src="https://mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Module-Suppliers-in-India-2018.png" alt="Leading Solar Module Suppliers in India, 2018" width="326" height="252" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Module-Suppliers-in-India-2018.png 326w, https://cms.mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Module-Suppliers-in-India-2018-300x232.png 300w" sizes="auto, (max-width: 326px) 100vw, 326px" /></a>
<a href="http://www.jasolar.com/html/en/">JA Solar</a> was among the top suppliers, both in cumulative modules supplied as well as in 2018. As of December 2018, the company had shipped over 2.6 GW of solar modules to the Indian market.
Other major Chinese module suppliers in 2018 included GCL Poly, <a href="http://risenenergy.com/" target="_blank" rel="noopener noreferrer">Risen Energy</a>, <a href="https://en.longi-solar.com/Home/About/index.html" target="_blank" rel="noopener noreferrer">LONGi Solar</a>, Canadian Solar, and <a href="http://www.renesola.com/" target="_blank" rel="noopener noreferrer">Renesola</a>.
Larger Indian domestic manufacturers are faring better these days as they are able to reduce prices to capture business while smaller manufacturers are still struggling. However, some of the Indian manufacturers are following the Chinese strategy of aggressive pricing to capture market share, which has cut their margins.
The Chinese supply overall globally is shifting towards mono PERC, while domestic suppliers are still primarily focused on polycrystalline. Soon, polycrystalline supply from China may start drying up as the whole world shifts towards higher efficiency products. Indian manufacturers will need to get ahead of the curve or are likely to be left behind.
Mercom’s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2019-market-shares-and-profiles/" target="_blank" rel="noopener noreferrer">India 2019 Solar Market Leaderboard report</a> gives a detailed breakdown of the solar supply chain, their growth rates, and shipments.
A complete list of solar module suppliers by name and their market share in India is available:
<a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener noreferrer">Mercom India’s Solar Market Share Tracker</a>.

Znshine Solar Was the Top Module Supplier to India in 2018

The Indian solar dream is being fueled to a large extent by solar imports, with majority of solar panels coming to India from Chinese companies.
Trina Solar was the single largest supplier of solar modules to India as of Q2 2017, with cumulative shipments of approximately 3 GW.
Meanwhile, Canadian Solar saw an increase in shipments during Q2 2017, and came in second to Trina in terms of cumulative modules shipped to India, according to Mercom’s <a href="https://mercomindia.com/product/q2-2017-india-solar-quarterly-market-update/" target="_blank" rel="noopener">Q2 2017 India Solar Market Update</a>.
<a href="https://mercomindia.com/wp-content/uploads/2017/09/Top-5-Solar-Module-Suppliers-in-India.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-7678" src="https://mercomindia.com/wp-content/uploads/2017/09/Top-5-Solar-Module-Suppliers-in-India.png" alt="Top 5 Solar Module Suppliers in India by Shipments" width="271" height="342" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/09/Top-5-Solar-Module-Suppliers-in-India.png 271w, https://cms.mercomindia.com/wp-content/uploads/2017/09/Top-5-Solar-Module-Suppliers-in-India-238x300.png 238w" sizes="auto, (max-width: 271px) 100vw, 271px" /></a>
There were a total of seven suppliers with cumulative shipments greater than 1 GW up to Q2 2017. This was higher than what was seen in <a href="https://mercomindia.com/product/q1-2017-india-solar-market-report/" target="_blank" rel="noopener">Q1 2017</a>, when only four module suppliers had shipments crossing 1 GW. The increase in shipments is in line with Mercom India Research’s <a href="https://mercomindia.com/india-installs-4-8-gw-solar-first-half-2017-eclipsing-2016/" target="_blank" rel="noopener">solar installation forecast</a> of approximately 10 GW in 2017.
The investigation by the Directorate General of Anti-dumping &amp; Allied Duties (<a href="https://mercomindia.com/indias-anti-dumping-investigation-solar-imports-china-taiwan-malaysia-underway/" target="_blank" rel="noopener">DGAD</a>) into the anti‑dumping petition – filed by the Indian Solar Manufacturers Association (ISMA) against solar imports from China, Taiwan, and Malaysia – has created a lot of uncertainty in the market resulting in a drastic slowdown in tender activity and overall demand.
After falling by approximately <a href="https://mercomindia.com/rising-chinese-module-prices-pose-significant-short-term-challenge-indias-solar-industry/" target="_blank" rel="noopener">5 percent</a> in the second quarter of 2017, for the first time in years the average selling price (ASP) for Chinese modules is now increasing in India. Chinese module ASPs had risen by almost 12 percent as of August 2017 compared to Q2 2017. That said, there are signs that module prices are softening in China as the Suniva anti-dumping case decision draws near.
It remains to be seen just how Chinese companies will respond if an anti-dumping duty is levied by India’s DGAD. Indian project developers depend on Chinese module manufacturers for <a href="https://mercomindia.com/rising-chinese-module-prices-pose-significant-short-term-challenge-indias-solar-industry/" target="_blank" rel="noopener">cheap panels</a> so that they can bid aggressively and win projects. Without cheap imported Chinese panels, bids will have to increase in future auctions. Making the situation even more complicated, DISCOMs in various states are demanding PPAs that match lower bids. All of this will come to a head when the anti-dumping duty <a href="https://mercomindia.com/breaking-india-initiates-anti-dumping-proceedings-solar-imports-china-taiwan-malaysia/" target="_blank" rel="noopener">recommendations</a>  are announced by DGAD around September 22, 2017.
For the complete market share list and full report, visit: <a href="https://mercomindia.com/product/q2-2017-india-solar-quarterly-market-update/" target="_blank" rel="noopener">Q2 2017 India Solar Market Update</a>
Image credit: ShareAlike 3.0 Unported (CC BY-SA 3.0)

Trina Solar was the Top Solar Module Supplier to India as of the Second Quarter of 2017

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