Que: RAYZON is pursuing backward integration into solar cells. How important is becoming a cell-to-module manufacturer to your long-term strategy?

Ans: Backward integration is the most essential cog in the wheel of our strategy. And the strategy for backward integration is not limited only to solar cells but extends beyond that too, including ingot casting and wafer slicing. This is in line with the clear direction laid down by the Ministry of New and Renewable Energy (MNRE) for localisation of the solar value chain as a part of the drive for Energy Independence.

Que: Your TOPCon cell manufacturing facility at Kosamba is expected to begin production soon. What is the status of the project, and are you on track with commissioning?

Ans: We are in an advanced stage of construction of our state-of-the-art solar cell line based on TOPCon technology. Our planned capacity of 5.1 GW will be commissioned sequentially in two phases, with the first 3.6 GW getting commissioned by December 2026 and the balance 1.5 GW by March 2027. Our construction has been completed by more than 80 percent and equipment’s/tools have started shipments from their respective manufacturing locations. We plan to commission all utilities for full capacity in one go by December 2026, thereby taking advantage of the scale of operations at a single location.

Que: RAYZON has entered into an agreement with Caelux around perovskite-silicon hybrid tandem modules. What attracted RAYZON to perovskite technology at this stage of its development?

Ans: RAYZON took the initiative of getting into serious discussions with various technology providers in this space of perovskites, including CAELUX. As crystalline technology is closer to reaching its theoretical limits, the next technological frontier to scale on the front of efficiency is to go into Tandem junction.

We have been working with CAELUX for a substantial time on sampling their products in association with their technology team, as well as working on testing the long-term reliability of these products in our world-class reliability lab. Together, we should be able to achieve some groundbreaking results soon to hit the commercial markets with Tandem junction products.

Que: RAYZON's stated strategy includes not only cells but also aluminium frame manufacturing. How far do you ultimately want to take vertical integration?

Ans: Our strategy in terms of integration has been very clear; we would always see a few of the pointers before making our decision, like
- what value an integration of a specific component brings to us
- complexity of getting into manufacturing of that component
- market opportunity beyond our captive consumption

So presently our 19,800 MPTA line for Aluminium extrusion/anodising is already operational since July 2026, and for other components, we would keep evaluating on the above criteria.

Que: What is RAYZON's roadmap for the next three to five years in terms of manufacturing capacity, technology and market share?

Ans: With the expected market growth for the Indian solar industry in the mid-term, we have sufficient capacity at the solar module level of 11.3 GW to stay amongst the top 3 players for the next few years, like we did last year. While our investments would be more focused on backward integration, going beyond solar cell manufacturing to ingot casting and wafer slicing of similar capacities, i.e. 5.1 GW. Also, our focus would be to keep increasing our market share by enhancing our product quality, service level, as well as reach to end customers.

Que: And finally, if you had to identify one technology that will define the next decade of solar manufacturing, what would it be and why?

Ans: A decade is a very long-term goal in the solar industry, which is rapidly changing and evolving in technology. However, looking at a mid-term perspective, we see movement from TOPCon to TOPCon with BC, and the next logical step would be a Tandem junction, which we are already pursuing, as we see tremendous potential for this in future.