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Thanking You, Yours faithfully, For Asian Hotels (North) Limited Kniti Narula Sehgal Company Secretary & Compliance Officer Membership No. A 18422 Encl: as above HYATT OWNERS OF: REGENCY DELHI TAKE TWO 23 Business Standard new ven | THURSDAY, 23 JULY 2026 SUDHEER PAL SINGH tioned that India’s module Indian manufacturers to New Delhi, 22 July Solar power clouds manufacturing base has increasingly compete on a expanded to nearly four times global scale, accordingto Rubix Even as India’s solar power the annual demand, while Data Sciences. sector has expanded aggres- BloombergNFF estimates that CSEP’s Rao says the overca- sively over the past few years, manufacturing capacity has pacity concern is real, but is two key factors could hinder its increased nearly 13-fold since concentrated more in module growth: Rising regional dispar- 2020 against only a tripling of assembly, where capacity has ity and consolidation in the domestic demand, creating a expanded much faster than domestic solar equipment Regional concentration in installations and manufacturing overcapacity supply glut. domestic demand. “This could manufacturing space. “The emerging oversupply lower utilisation, compress India currently has 157 Giga- are emerging as the sector’s biggest structural challenges is beginning to reshape indus- margins and trigger consolida- watt (Gw) of installed gener- try dynamics and competitive tion, but it need not deraillong- ation capacity in solar power, positioning. Capacity utilisa- term solar growth if demand which has grown exponentially tion at module assembly plants continues to scale. The deeper from a paltry 2.8 Gw in 2014, has reportedly fallen to around strategic issue is upstream: thanks to improvements in 40 per cent, compared to over domestic cell, wafer and poly- technology and a supportive 7O per cent during 2022-23, silicon capacity is still inad- policy environment. In fact, when export demand from the equate, and with ALMM for 2025-26 was a watershed year US remained strong,” he said. cells from 1 June 2026 and acur- for India’s solar growth, record- As = manufac- rent DCR and non- ing the highest-ever annual turerscompeteinan ~~~ DCR module price solar addition of 44.61 Gw, increasingly THE SECTOR IS differential of exceeding a target of 34 Gw and crowded market, NOW ENTERING roughly = 7-10 per nearly twice the previous companies are being A PHASE OF Watt Peak, policy record of 23.83 Gwin 2024-25. forced to recalibrate CONSOLIDATION, must carefully bal- The sector is now entering a strategies, improve MOVING AWAY ance domestic phase ofconsolidation, moving operational _ effi- FROM CAPACITY manufacturisunpg- away from capacity expansion ciency, and diversify EXPANSION port with affordable towards systemic reforms, into export oppor- TOWARDS solar deployment.” including grid integration, dis- tunities, he said. SYSTEMIC he said. patchable clean energy archi- “Technology REFORMS Dwivedi argues tecture, and market reforms. transition is also ~ that the surge in becoming a major India’s domestic Regional disparities challenge, with nearly 30 Gw of module manufacturing capac- While Indiais poisedtobecome existing capacity still depend- ity needs to be seen in light of the world’s second-largestsolar ent on MonoPERC technology, the fact that these are not very market in 2026 in terms of which is rapidly being replaced capital-intensive setups and annualinstallations, geograph- by more efficient next-gener- that such investment decisions ical diversification remains a ation technologies such as are driven by market factors. key challenge, with seven TOPCon,” Jambhale added. “Indiias emerging as one ofthe states accounting for nearly If the current supply glut leading solar power equipment 85 per cent ofthe total installed persists over the next few years, manufacturing destinations solar capacity. “Regional concentration is open-access solar, feeder solar- representatives say investor Manufacturing glut hewarned, the sectoris likely to and consequently a significant Rajasthan and Gujarat have partly structural, as utility-scale isation and solar pumps to interest follows stronger project The other issue in India’s solar witness increased consolida- portion of the manufacturing Solar trends held the first and the second solar follows irradiation, con- complement large solar parks, economics. According to Amit success story lies on the tion, with technologically capacity is eventually going to ranks, respectively, in capacity tiguous land availability, ease of he added. = India’s installed solar Manohar, secretary general, domestic manufacturing front, advanced and vertically inte- serve export demand. Occa- addition for adecade. land access, and evacuation Anujesh Dwivedi, partner at power capacity has Indian Solar Manufacturers which is seeing consolidation grated players better positioned sional mismatbectwheene tshe Maharashtra and Karnataka readiness. Therefore, the Deloitte India, agreed that grown to 157 Gw from Association (Isma), India’s solar amid increasing overcapacity tosurvive pricing pressures and supply and demand side are have also shown strong upward answer is not to force projects regional disparity is borne of a 2.8 Gw in 2014, witha capacity has clustered in a that threatens a supply glut. sustain competitiveness, while part and parcel of a market movement in rankings. into weaker locations, but to combination of availability of record 44.61 Gw added few states because of superior Solar capacity has expanded manufacturers operating on driven system,” he said. However, many large states create better locational signals cheap land and solar irradi- in 2025-26 resource availability, lower at a blistering pace, driven by older technologies may face In the long run, experts like Tamil Nadu, Andhra Pra- through state-specific tenders, ation — the amount of solar land costs, and stronger project strong policy support, import margin compression and believe policy measures such as desh, and Madhya Pradesh solar parks in under-repre- energy received by a specific m just seven states economics. substitution efforts, and rising capacity rationalisation. the production-linked incen- account for 85 per cent have fallen in both rank and sented states, faster trans- surface area over astated period “Rajasthan and Gujarat renewable energy ambitions. However, the problem is not tive scheme for module manu- of the installed capacity share despite early leadership mission planning, and more of time — and is also mostly have emerged as leaders due to The country added 119 Gw of limited to modules alone. Pho- fa [Showing first 8,000 characters — download PDF for full document]