India has reached a significant milestone of 100 GW in solar PV module manufacturing capacity, as recorded under the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules. This growth reflects steady progress in strengthening a domestic solar manufacturing ecosystem in line with the Atmanirbhar Bharat vision and the broader global clean energy transition.
The Government of India aims to make the country self-reliant in solar PV manufacturing and an active participant in the global value chain. Key policy measures supporting this goal include the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar PV Modules and initiatives to ensure a level playing field for domestic manufacturers.
As a result of these interventions, solar module manufacturing capacity has grown from 2.3 GW in 2014 to over 100 GW today, supporting India’s target of 500 GW of non-fossil fuel capacity by 2030 and contributing to global decarbonization efforts.
The ALMM Order was issued by the Ministry of New and Renewable Energy (MNRE) on 2nd January 2019. The first ALMM list, published on 10th March 2021, reflected an enlisted capacity of around 8.2 GW. In just over 4 years, capacity has expanded more than twelvefold, with the number of enlisted manufacturers rising from 21 in 2021 to 100 today, operating a total of 123 manufacturing units.
Following are a few solar stocks with their capacity to keep on your radar:
1. Waaree Energies Limited
With a market capitalization of Rs. 82,846 Crores, the shares of Waaree Energies Limited closed at Rs. 2,883.80, down 2 percent from its previous day’s close price of Rs. 2,942.25.
In Q1 FY26, Waaree Energies reported an installed module manufacturing capacity of ~15 GW and a solar cell capacity of 5.4 GW, supported by an order book of about Rs. 49,000 crore. The company anticipates nearly doubling its capacity by FY27 to meet increasing market demand.
Present capacities include 13.3 GW of module manufacturing in India and 1.6 GW in the USA, alongside 5.4 GW of solar cell manufacturing in India. Planned expansions comprise 10.8 GW Module, 10GW Cell capacity in India, and integrated ingot-wafer capacity of 10 GW. By FY27, total capacities are projected to reach 25.7 GW for modules, 15.4 GW for cells, and 10 GW for ingot-wafers.
The company’s Board has approved an additional capex of Rs. 2,754 crores to expand solar cell manufacturing capacity by 4 GW in Gujarat and ingot–wafer capacity by 4 GW in Maharashtra.
The planned addition of 4.8 GW in module capacity remains on track for commissioning in FY26. Order inflows during the quarter totalled ~2.23 GW, with the majority coming from US-based customers, underscoring strong export demand. The company’s forward-looking order pipeline stands at over 100 GW. For FY26, Waaree Energies has guided for EBITDA in the range of Rs. 5,500-6,000 crore.
2. Insolation Energy Limited
With a market capitalization of Rs. 4,752 Crores, the shares of Insolation Energy Limited closed at Rs. 215.70, down 2 percent from its previous day’s close price of Rs. 218.15.
On the revenue front, the company expects to achieve Rs. 3,300 crore in FY26, Rs. 5,500 crore in FY27, and Rs. 8,600 crore in FY28. Gross profit is projected to grow from Rs. 792 crore in FY26 to Rs. 1,320 crore in FY27 and Rs. 2,494 crore in FY28.
Looking ahead to FY27-28, the company plans to scale up to 8 GW of module manufacturing capacity and integrate 3 GW of cell production. Insolation Energy also expects to generate Rs. 7,000 crore in revenue from modules, Rs. 1,100 crore from EPC contracts, with the remaining Rs. 500 crores coming from other business segments. The company has planned a capex of over Rs. 1,300 crore, which will be funded through a mix of Rs. 300 crore from internal accruals and Rs. 1,000 crore in debt.
3. Premier Energies Limited
With a market capitalization of Rs. 44,428 Crores, the shares of Premier Energies Limited closed at Rs. 985.60, down 1.34 percent from its previous day’s close price of Rs. 998.95.
Premier Energies is a leading Indian manufacturer of cells and modules, one of the largest integrated cell-module manufacturers in India, and one of the first Indian companies to produce TOPCon cells, with nearly 100 percent market share in solar cell exports from India.
The company targets setting up an integrated manufacturing capacity of 10 GW each for across ingot, wafer, cell, 11 GW module segments, 12 GW of battery energy storage systems (BESS), and a 3 GW inverter capacity by FY28.
As of June 2025, Premier Energies has an order book of Rs. 8,602.7 crores, representing 5,545 MW of capacity, with Rs. 1,977.8 crore in new orders secured during the period. By value, the order book comprises 60 percent solar modules, 39 percent cells, and 0.6 percent EPC contracts.
Written by Shivani Singh
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The post ₹49,000 Cr Orderbook: 3 Solar stocks with Capex plans of up to ₹2,754 Cr to add to your watchlist appeared first on Trade Brains.