India’s solar sector witnessed a major reshuffle in market leadership in 2025, with 35 new companies entering the top 10 rankings across key segments, reflecting the increasing competitiveness of the industry, according to Mercom India’s latest India Solar Market Leaderboard 2026.

The report covers 153 companies across multiple categories. Notably, 35 companies that appeared in the 2025 edition were absent in 2024, underscoring a dynamic, increasingly competitive market shaped by sustained growth and expanding opportunities.

“India’s solar market is evolving rapidly, with strong policy support for domestic manufacturing and robust demand, which is bringing in new entrants and reshaping market share leadership across the value chain. As the market matures, pricing alone is no longer enough. Quality, brand positioning, and consistent execution are playing an increasingly bigger role in determining who gains and retains market share,” said Raj Prabhu, CEO of Mercom Capital Group.

India added 36.6 GW of solar capacity in 2025, a 42.7% year-over-year (YoY) increase from 25.6 GW in 2024. Utility-scale installations, including open access, accounted for 29.5 GW (over 80%), bringing the country’s cumulative installed capacity to 135.8 GW by the end of the year. A robust pipeline of 207 GW under development, along with 151 GW of pending tenders, continues to provide long-term demand visibility.

In the utility-scale segment, Adani Green Energy retained its leadership position in 2025, backed by the largest operational portfolio and project pipeline.

However, the market is becoming increasingly competitive, with mid-sized developers scaling execution and gaining share. Pipeline rankings also indicate that future competition will hinge on developers’ bidding strategies and ability to secure high-value projects.

The rooftop solar segment saw 7.1 GW of additions, with Tata Power Solar maintaining its leadership in 2025, accounting for 19% of installations. The company also emerged as the top engineering, procurement, and construction (EPC) service provider, both annually and cumulatively.

Across equipment supply, Sungrow continued to lead inverter shipments in 2025, while Trina Solar topped module suppliers to India in 2025, and Jinko Solar led cumulative module shipments.

Among domestic players, Waaree Energies remained the top Indian module supplier in 2025. The presence of several domestic companies in the top 10 module supplier rankings reflects a clear shift toward local sourcing, driven by policy support and supply chain localization. However, with most suppliers delivering in the 3-5 GW range this year, competition among domestic players remains intense.

The declining presence of Chinese companies signals a transition in procurement trends toward domestic manufacturers and supply chain localization.

Solar cell supply is dominated by Chinese players, with Tongwei Solar, Jietai, and SolarSpace leading the race in 2025. This trend is expected to continue till ALMM-II comes into force. While domestic participation remains limited, the presence of Indian companies on the list suggests that domestic companies have begun to establish a presence, with expectations of stronger growth as policy measures such as ALMM-II take effect.

On the manufacturing front, Goldi Solar recorded the highest module capacity additions during the year, while Waaree Energies continued to lead in cumulative installed capacity. The sector is increasingly moving toward vertical integration, with manufacturers expanding upstream into cells and wafers to secure supply chains and reduce dependence on imports.

Solar manufacturing capacity in India remains geographically concentrated, with Gujarat leading as the primary hub for both module and cell production. Rajasthan and Tamil Nadu have also emerged as major centers for module manufacturing, while cell production is strongly anchored in Tamil Nadu and Karnataka.

In balance-of-system components, GameChange Solar led solar tracker shipments in 2025, while ARCTECH retained leadership in cumulative deployments.

Goodluck India emerged as the top supplier of module mounting structures, both annually and cumulatively. Meanwhile, Langfang Sol-Bright New Energy Technology led in annual and cumulative supplies of robotic module-cleaning equipment, highlighting growing automation trends in solar operations.

The open-access segment added 7.8 GW in 2025, with Gentari Renewables emerging as the leading developer in both annual and cumulative capacity.

The segment is witnessing growing participation from large independent power producers (IPPs) and global players, with their participation set to increase in 2026. However, relatively low market concentration suggests rankings remain highly sensitive to annual execution cycles.

The report also introduces a new segment on operations and maintenance (O&M) service providers, reflecting the growing importance of performance optimization. Inox Green Energy Services led annual contracted capacity additions, while Mitarsh Energy held the highest cumulative O&M portfolio.

The report provides a comprehensive overview of the solar market landscape across the entire value chain. It includes profiles of leading players, detailed data on installations and supply, YoY changes in rankings, market share analysis of the top ten companies for 2025, and insights into cumulative market trends. For the detailed and comprehensive report, click here.

Mercom’s Market Share Tracker also gives quarterly data insights into the solar market landscape and the top players.