Trina Solar, Waaree Energies, Goldi Solar, Rayzon Solar, and Saatvik Green Energy were the top solar module suppliers in 2025, according to Mercom’s recently released India Solar Market Leaderboard 2026.

India’s solar module demand grew significantly in 2025, driven by record project installations. Annual capacity additions reached 36.6 GW, marking the highest annual installation level recorded so far.

The country added 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.

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 ReNew.

Waaree Energies retained its position as the leading solar module manufacturer in India. During the year’s first half, the company announced an additional 1.6 GW expansion of its module manufacturing capacity at its U.S. facility. It also commissioned a 950 MW module manufacturing facility in Gujarat and added 1.5 GW of high-efficiency N-type module lines. Waaree ended the year with a domestic order to supply 1,500 MW of solar modules.

Goldi Solar emerged as the second-largest module manufacturer, supported by strong capacity expansion during 2025. The company secured ₹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’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 increased its ALMM-listed capacity by 5,659 MW. During the year, the company received approval to raise ₹15 billion (~$170.64 million) through an initial public offering.

Saatvik Green Energy is developing 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, operationalizing a 2 GW encapsulation polyolefin elastomer film facility at its Ambala campus. In October 2025, Saatvik secured an order worth ₹6.9 billion (~$78.05 million) and also finalized another order worth ₹7.07 billion (~$79.62 million) to supply high-efficiency solar modules.

Last November, ReNew announced plans to invest ₹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.

Tongwei Solar, Jietai New Energy Technology, SolarSpace Technology, AIKO Solar, and Hengdian Group DMEGC Magnetics 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, click here.

The Market Share Data Tracker, which provides quarterly insights into competitors’ growth rates, is now available.