Energetica india Magazine

FEATURE STORY energetica INDIA- February_2026 52 Jatin Arya, Director at CareEdge Ratings, remarked, “The projected domestic demand for solar modules is expected to remain in the range of 50–55 GW (DC), indicating a sig - nificant demand–supply mismatch and structural oversupply, purely from a domestic perspective. In the Gagan Chanana, Jt. MD and CEO of Jakson Solar, remarked, “We see the current situation less as a slowdown and more as a natural phase of in - dustry maturation. India’s solar manufacturing ecosystem is transi - tioning from a supply-constrained market to a more competitive and However, industry leaders look at it as a positive rather than a worrying sign. Vinay Thadani, Executive Di- rector and CEO, GREW Solar, said, “The current phase reflects the speed at which India’s solar ecosys - tem is scaling. Strong policy direc - tion, ambitious capacity targets, Gautam Mohanka, Managing Di- rector, Gautam Solar, asserted that Non-ALMM listed modules will not be viable to be traded in the Indi - an markets. “Regardless of the cell capacity and ingot-wafer capacity, we are hoping to expand our reach in the international market, which near to medium term, the industry is likely to witness inten - sifying competition, margin compression, and consolidation, particularly impacting non-integrated and smaller module manufacturers, while integrated and scale players are expect - ed to be relatively better positioned to withstand the pricing pressures.” diversified one. This is a healthy sign of sectoral depth rather than distress.” However, to complicate the scenario further, with low entry barriers, standalone module manufacturing unit keeps com - ing in as new players enter the segment. “While entry into basic module assembly remains relatively accessible, scaling high-efficiency, end-to-end manufacturing with strong quali - ty controls and R&D capabilities requires significant capital and expertise,” opined Chanana. and growing domestic demand are creating long-term con - fidence across the value chain. In such phases, competition tends to push the industry towards better efficiency, higher quality, and stronger technological capabilities. Over time, this naturally leads to a more balanced and resilient market. We believe this momentum will ultimately strengthen India’s manufacturing base, improve global competitiveness, and support sustainable growth rather than restrict it.” is highly profitable for solar energy solutions. At the end, we want to ensure our solutions can reach a global stage and be trusted for their performance and reliability across borders,” he said. Arya is optimistic about the export-led growth. “The recent reduction in tariffs by the US, along with improving trade ac - cess to markets such as the Middle East, Europe and Africa, could provide export-led demand support over the medium to long term, partially mitigating domestic oversupply pres - sures,” he said. Chanana believes that over time, the market is likely to ra - tionalise capacity, with well-integrated and quality-focused manufacturers gaining strength, while less differentiated play - ers may recalibrate their strategies. “As projects become larger and more sophisticated, bankability, performance guarantees, and long-term reliability will increasingly outweigh short- term price considerations, helping stabilise the ecosystem,” he said. Strategies to Overcome the Glut In the meantime, manufacturers must calibrate their strate - gies with the realities of domestic overcapacity. To adapt to this, they are looking at two major directions: Captive con - sumption through EPC and Exports. “Our approach is built around diversification, integration, and global alignment. Our presence across manufacturing, EPC, project development, and O&M allows us to absorb capacity through our internal project pipeline, providing stability even during periods of market imbalance,” emphasised Chanana. “Our focus is on delivering high-quality solar modules to meet the growing demand in India and abroad. While the market is expanding rapidly, we continue to optimise our production and cater to reliable domestic project partners. At the same time, we are actively exploring export opportunities, ensur - ing our products meet international standards and certifica - tions. This balanced approach helps us stay resilient, maintain strong partnerships, and continue driving sustainable growth in a competitive environment,” remarked Thadani.