23 September 2026
India now has more than 200 GW of solar module capacity on the government's approved list. That is a huge jump from a few years ago, and it makes choosing a supplier harder, not easier. This guide covers the top solar panel manufacturers in India in 2026: who makes how much, where their plants are, which technology they focus on, and whether they also make their own cells.
Capacity is only one part of the picture. A buyer also needs to know whether a supplier is on the ALMM list, holds BIS certification, and can deliver the module format a project needs. We explain how to check each of these at the end.
A quick disclosure: Credence Solar is itself a module manufacturer, and we have included ourselves in this list alongside larger players. Everything else here is drawn from public company announcements and trade press.
Three numbers explain the market this year.
1. Modules: The MNRE Approved List of Models and Manufacturers (ALMM) List-I crossed 217 GW of module capacity in its August 2026 revision.
2. Cells: ALMM List-II, which covers solar cells, stood at roughly 30 GW by mid-2026. Cells remain the bottleneck.
3. Utilisation: Much of the module capacity runs well below full output, so buyers have more choice and more bargaining power on non-DCR modules than on DCR modules.
From 1 June 2026, projects covered by ALMM must use modules built with cells from List-II manufacturers. That is why cell capacity now matters as much as module capacity when you compare suppliers. If you want the background on how cells are made, read our guide to solar cell manufacturing in India.
Sorted by approximate module capacity. "Cells" means in-house cell capacity, operating or under commissioning.
| Manufacturer | Module capacity (approx.) | Cell capacity (approx.) | Main plant location | Key technology | Listed? |
|---|---|---|---|---|---|
| Waaree Energies | ~26 GW | ~5.4 GW | Gujarat (+ US) | TOPCon, Mono PERC | Yes (NSE/BSE) |
| Vikram Solar | ~15.5 GW | Expanding | Tamil Nadu, West Bengal | n-type TOPCon | Yes |
| Goldi Solar | ~15 GW | First TOPCon line | Surat and Navsari, Gujarat | TOPCon, Mono PERC | No |
| Premier Energies | ~11 GW | Scaling to ~10 GW | Hyderabad, Telangana | TOPCon, PERC | Yes |
| Emmvee | ~10 GW | ~3 GW | Bengaluru, Karnataka | TOPCon | Yes |
| Avaada Electro | ~8.5 GW | 3 GW (of 6 GW) | Nagpur, Maharashtra; Dadri, UP | n-type TOPCon glass-glass | Not yet |
| Rayzon Solar | ~6 to 8 GW | 3.5 GW under construction | Surat, Gujarat | TOPCon, Mono PERC | IPO filed |
| Gautam Solar | ~5 GW | Planned | Haryana, Uttarakhand | TOPCon, Mono PERC | No |
| Saatvik Green Energy | ~4.8 GW | Planned | Ambala, Haryana | Mono PERC, TOPCon | Yes |
| Tata Power Solar | ~4.3 GW | ~4.3 GW | Tirunelveli, Tamil Nadu | TOPCon, Mono PERC | Via Tata Power |
| Adani Solar | ~4 GW+ (expanding) | ~4 GW+ | Mundra, Gujarat | TOPCon, PERC | Via Adani Enterprises |
| INA (Insolation Energy) | ~4 GW | Planned | Jaipur, Rajasthan | Mono PERC, TOPCon | Yes |
| Solex Energy | ~4 GW | Planned | Gujarat | Mono PERC, TOPCon | Yes (SME) |
| Navitas Solar | ~3 GW | Planned (2027) | Surat, Gujarat | Mono PERC, TOPCon | No |
| Credence Solar | 2.2 GW | 2 GW plant in progress | Rajkot, Gujarat | TOPCon, Mono PERC, bifacial | No |
Waaree is India's largest module maker by capacity, with around 26 GW of modules and about 5.4 GW of cells. Most production is in Gujarat, and it also runs a factory in Arizona, USA. In 2026 it began building a 10 GW ingot and wafer plant near Nagpur, a sign that it wants control of the full supply chain. It is a strong choice for large utility tenders where volume and delivery schedules matter most.
Vikram Solar, based in Kolkata, reached about 15.5 GW of module capacity after a 6 GW plant at Gangaikondan. Its newer lines produce n-type TOPCon modules in the 615 to 640 W range. It has a long export track record and plans to add cell capacity by FY27.
Goldi Solar is one of the larger unlisted manufacturers, with around 15 GW of module capacity across Surat and Navsari in Gujarat. It started its first TOPCon cell line in 2026 and has announced large cell expansion plans through FY28. It supplies both the rooftop channel and utility projects.
Hyderabad-based Premier Energies stands out for its cell capacity. It has about 11 GW of modules and has been scaling cell output towards 10 GW. For buyers who need DCR modules, a supplier with matching in-house cell capacity is less exposed to cell shortages.
Bengaluru-based Emmvee listed on the stock exchange in late 2025. It has about 10 GW of module capacity and around 3 GW of cells, with expansion plans for both. It is focused on TOPCon.
Avaada Electro makes n-type TOPCon glass-glass modules at Butibori (Nagpur) and Dadri, with about 8.5 GW of module capacity. It commissioned the first 3 GW of a 6 GW TOPCon cell plant in July 2026. It is part of the Avaada group, which also develops large solar projects.
Surat-based Rayzon has grown fast, to roughly 6 to 8 GW of modules, and is building a 3.5 GW TOPCon cell plant at Kosamba, Gujarat. It has filed papers for an IPO.
Gautam Solar has around 5 GW of module capacity in Haryana and Uttarakhand, and a cell plant planned in Madhya Pradesh. It has a strong presence in the distributor and rooftop market in north India.
Saatvik, based in Ambala, Haryana, listed in 2025. It has close to 5 GW of module capacity and serves both project and retail buyers.
Tata Power Solar runs a 4.3 GW cell and 4.3 GW module plant at Tirunelveli, Tamil Nadu, one of the largest single-location integrated plants in India. Its matched cell and module capacity makes it a common choice for DCR rooftop and PM Surya Ghar projects.
Adani Solar, part of Adani Enterprises, manufactures at Mundra, Gujarat, and is the only Indian maker producing its own ingots and wafers at scale. It is expanding towards 10 GW of integrated capacity and ranked sixth in a 2026 global module maker ranking by Wood Mackenzie.
Insolation Energy (INA) in Jaipur, Solex Energy in Gujarat and Navitas Solar in Surat each have 3 to 4 GW of module capacity and plans for their own cell lines. They are active in the rooftop and C&I segment and are worth shortlisting for mid-sized orders.
Credence Solar runs a fully automated 2.2 GW module factory on the Rajkot-Jamnagar Highway in Gujarat. It started at 600 MW and has grown to 2.2 GW, and it held the bhoomi poojan for a 2 GW solar cell plant in June 2026. The factory handles cell sizes from 158.75 mm up to G12 and large-format modules up to 2500 x 1500 mm.
Credence was the first in India to offer BIS-certified modules at 745 Wp, with the Quasar N TOPCon bifacial module. The range also covers the Hyper Nova N (TOPCon, 16BB), Quasar Bi (Mono PERC bifacial) and Quasar (Mono PERC monofacial). Every module goes through triple EL testing on the line; the quality page lists the checks. Credence mainly supplies EPCs, developers, distributors and C&I buyers.
Many readers search for listed solar companies. As of September 2026, the module makers traded on Indian exchanges include Waaree Energies, Premier Energies, Vikram Solar, Emmvee, Saatvik Green Energy, Insolation Energy and Solex Energy (SME board). Tata Power Solar and Adani Solar are part of the listed parents Tata Power and Adani Enterprises. Rayzon and Avaada Electro have started the IPO process. Check the latest exchange filings before making any investment decision. This article is not investment advice.
The biggest manufacturer is not always the right one for your project. Use these checks.
1. ALMM listing. Search the exact module model on the ALMM list, not just the company name. Only listed models qualify for government-linked projects.
2. BIS registration. Modules sold in India need BIS registration under the Compulsory Registration Scheme, covering IS 14286 and IS/IEC 61730. An ALMM listing is only valid while BIS registration is active. Our article on BIS-certified solar panels shows how to verify a registration number.
3. DCR capability. If you need DCR modules, ask where the cells come from and whether the supplier has in-house cell capacity or firm cell supply contracts.
4. Technology fit. TOPCon now dominates new capacity. Mono PERC still makes sense for budget-driven projects. Our buyer's guide to the best solar modules in India compares the options.
5. Datasheet details. Compare positive-only power tolerance, temperature coefficient, bifaciality, degradation warranty and mechanical load ratings.
6. Factory visit. For orders of several MW, visit the plant. Look at automation, EL testing, raw material storage and how rejected modules are handled. Our walkthrough of how solar panels are manufactured tells you what to look for.
7. Delivery record. Ask for references from EPCs who have bought in the last 12 months.
1. Treating nameplate capacity as output. A 10 GW plant running at 40% utilisation ships about 4 GW. Ask about actual annual dispatches.
2. Ignoring cell origin. A module assembled in India with imported cells is not DCR and, for covered projects after June 2026, may not meet ALMM List-II rules.
3. Buying on price per watt alone. A cheaper module with a weaker temperature coefficient or higher degradation can produce less energy over 25 years.
4. Skipping the warranty fine print. Check who backs the warranty, whether it is insured, and how claims are handled.
Credence Solar manufactures BIS-certified TOPCon and Mono PERC modules up to 745 Wp at our 2.2 GW plant in Rajkot. Learn more about Credence Solar, compare datasheets on our download page, or send your project requirement through our contact page. You can also call +91 90330 72969 or email info@credencesolar.com.
The top solar panel manufacturers in India in 2026 range from giants like Waaree, Vikram, Goldi and Premier to mid-sized specialists that compete on technology and service. Scale matters for large tenders. For most EPCs and C&I buyers, the better filter is simpler: an ALMM-listed model, active BIS registration, a reliable cell source, and a datasheet that fits the site.
Shortlist three suppliers, compare datasheets side by side, and visit at least one factory before you place a large order.
By module capacity, Waaree Energies is the largest solar panel manufacturer in India in 2026, with around 26 GW. Vikram Solar and Goldi Solar follow with around 15 GW each. Capacity figures change often because most manufacturers are expanding, so check recent company announcements.
Companies with operating cell capacity include Waaree, Premier Energies, Tata Power Solar, Adani Solar, Emmvee, Avaada Electro and Websol. Several others, including Goldi, Rayzon, Vikram, Navitas and Credence Solar, are building or planning cell plants. Cell capacity matters for DCR modules and ALMM List-II compliance.
The Approved List of Models and Manufacturers is published by MNRE. List-I covers solar modules and List-II covers solar cells. Projects under government schemes and many tenders must use ALMM-listed products. From 1 June 2026, covered projects must use modules made with List-II cells.
Leading Indian manufacturers now use the same cell technologies, such as TOPCon, and similar automated equipment as global makers. Quality varies by factory, not by country. Check BIS registration, EL test reports, the datasheet and the warranty terms for the specific model you are buying.
Listed module makers include Waaree Energies, Premier Energies, Vikram Solar, Emmvee, Saatvik Green Energy, Insolation Energy and Solex Energy. Tata Power Solar and Adani Solar are part of listed parent companies. Always check current exchange filings before investing.
Most new capacity is n-type TOPCon, which offers higher efficiency and a better temperature coefficient than Mono PERC. Mono PERC is still produced for cost-focused projects. Bifacial glass-to-glass construction is common for utility and ground-mounted plants.
