India Solar Intelligence

Map · analyze · decide

K
Data Room
Data sourced from ValueQuest Investment Advisors · April 2026

India's solar market is not slowing — it is accelerating in ways the market is not modelling.

Demand is underestimated, supply is overstated, policy is misread. Four independent demand engines, ALMM-led localisation moving margins upstream, and 600 GW of non-fossil capacity by FY32 — mapped end-to-end across 58 listed and unlisted Indian names.

Open research India supply chainValuationsDecision engine
India solar cumulative
~150 GW
Last 50 GW added in 14 months
Accelerating
FY26 solar additions
44.7 GW
Highest ever — 4 engines compounding
Record
NEP 2032 target
600 GW
Non-fossil capacity · ₹4.9L Cr transmission
Mandated
FY30 module demand
~120 GW
DC — accounting for FDRE/RTC oversizing
40% uplift
Utility share FY26
47%
85 GW total annual by FY30E
Rooftop share FY26
20%
PM Surya Ghar — 40L applications pending
C&I OA share FY26
17%
Grid-parity crossed — no subsidies needed
IPP pipeline (top 6)
82 GW
Incremental RE through FY30
Solar Value Chain · raw material → electricity
Hover any node to see India capability and listed beneficiaries.
Explore full chain
Stage 1
Quartz / Silica
Absent0 co.
Stage 2
Polysilicon
Absent1 co.
Stage 3
Ingots & Wafers
Emerging2 co.
Stage 4
Solar Cells
Developing4 co.
Stage 5
Solar Modules
Competitive8 co.
Stage 6
Solar Glass
Developing1 co.
Stage 7
Inverters
Emerging3 co.
Stage 8
EPC
Global Leader9 co.
Stage 9
IPP / Developer
Competitive9 co.
Stage 10
Transmission & Grid
Competitive12 co.
Stage 11
Storage
Emerging4 co.

Top scoring stocks

Combined fundamental + technical · top 6

View all →
NALCO
Aluminium Frames
83
Hold
Polycab India
Cables & Conductors
82
Sell / Avoid
Apar Industries
Cables & Conductors
79
Sell / Avoid
Premier Energies
Solar Cells
79
Hold
Waaree Energies
Solar Modules
78
Buy
RR Kabel
Cables & Conductors
78
Hold

India capability heatmap

Where we are strong vs structurally short

Map →
Quartz / SilicaAbsent
PolysiliconAbsent
Ingots & WafersEmerging
Solar CellsDeveloping
Solar ModulesCompetitive
Solar GlassDeveloping
Encapsulants & BacksheetsDeveloping
Aluminium FramesCompetitive
InvertersEmerging
Trackers & MountingDeveloping

Highest conviction signals

Across pipeline · policy · valuation

Largest pipeline
Adani Green Energy
Pipeline score 98/100
Top policy beneficiary
Adani Enterprises
Policy score 95/100
Cheapest by EV/EBITDA
Vedanta
6.2x · Aluminium Frames

Market narrative vs market reality · five misreadings

From the ValueQuest April 2026 report — all pointing in the same direction.

Open research →
Demand
Market narrative
✗ Demand slowing — utility slowdown is a system signal
What the data shows
✓ Multiple growth engines: strong utility-scale momentum, record C&I traction, sustained rooftop acceleration
Supply
Market narrative
✗ Supply glut arriving FY27 — announced capacity = real supply
What the data shows
✓ Effective supply lower; cells & wafers are the real bottleneck; glut not before FY29
Modules
Market narrative
✗ GW of projects = GW of modules needed
What the data shows
✓ FDRE/RTC/Solar+BESS needs 1.5–2.2x module oversizing — demand structurally 40% higher
Policy
Market narrative
✗ Market-driven; China price sets the floor
What the data shows
✓ BCD, ALMM, DCR, PLI — policy actively insulates India's supply chain from China pricing
Power
Market narrative
✗ Coal PLF declining = grid stress / demand problem
What the data shows
✓ Coal flexing down = RE succeeding; all incremental demand goes to Solar+RE+BESS

Decision distribution

Across the full Indian solar-linked universe

Open decision engine →
Buy2
Hold / Watchlist3
Hold27
Sell / Avoid26