Synopsis: Solar stocks rallied after India announced a June 2028 mandate for domestically produced ingots and wafers, with key players gaining 6.5–10.3%, reflecting optimism for local manufacturing growth.
The article outlines India’s upcoming June 2028 mandate requiring solar projects to use domestically produced ingots and wafers, highlighting its impact on reducing imports, boosting local manufacturing, attracting corporate investments, and supporting the country’s renewable energy target of 500 GW by 2030.
Industry Tailwinds
India plans to implement a new rule from June 2028 requiring all solar power projects to use domestically produced key components, including ingots and wafers. Currently, the country relies heavily on imports, primarily from China, for these essential solar panel materials.
This policy is designed to reduce dependence on foreign suppliers and foster the development of a fully integrated domestic solar manufacturing ecosystem. By promoting local production, India aims to strengthen its renewable energy sector while creating new industrial and employment opportunities.
For companies, the rule signals a significant push to invest in India-based solar manufacturing. Firms like Waaree and others are already planning large-scale investments, supporting India’s goal of achieving 500 GW of clean energy capacity by 2030 and boosting energy self-reliance. Here are the stocks that came into focus as the new rule came out
Waaree Energies Ltd
Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. WEL has five solar module manufacturing facilities in India, with an international presence. Beyond manufacturing, Waaree Renewables Technologies Ltd offers turnkey EPC services, rooftop systems, and services related to green hydrogen.
With a market capitalization of Rs 91,464 crore, the share of this company is up by 10.25 percent, closing at Rs 3,177.40 per share. As of Q3 FY26, the company operates with a module production capacity of 23 GW and a cell manufacturing capacity of 5.4 GW, reflecting its strong scale in solar production.
Insolation Energy Ltd
Incorporated in 2015, Insolation Energy Ltd is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes. The company’s 200 MW SPV Module manufacturing unit is located in Jaipur, spread over more than 60,000 sq. ft. ft area with the latest machinery.
With a market capitalization of Rs 2,214 crore, the share of this company is up by 7.89 percent, closing at Rs 100.50 per share. As of Q3 FY26, the company has a solar module production capacity of 5.5 GW, with no existing solar cell capacity. It plans to expand by 1.5 GW for modules and 4.5 GW for cells, targeting Q3 FY27 for completion, supporting revenue growth and backward integration.
Borosil Renewables Ltd
Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors, and Greenhouses. Operates a state-of-the-art facility in Gujarat with a total capacity of 1,350 tons per day (TPD), with plans to further increase capacity.
With a market capitalization of Rs 6,145 crore, the share of this company is up by 6.55 percent, closing at Rs 438.40 per share. As of Q3 FY26, the company operates with a production capacity of 1,000 TPD (Tons Per Day), equivalent to approximately 6.5 GW of energy, highlighting its strong operational scale.
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