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					</table>Madhya Pradesh’s solar open access market recorded a sharp decline in installations in the second quarter (Q2) of 2026, as quarterly additions remained highly dependent on the commissioning of a few large projects.
The state added 44 MW of solar open access capacity in Q2 2026, down 84% quarter-over-quarter (QoQ) from 268 MW and 75% year-over-year (YoY) from 177 MW in Q2 2025, according to Mercom’s <a href="https://www.mercomindia.com/product/q2-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q2 and 1H 2026 India Solar Open Access Market Report</a>.
Madhya Pradesh ranked eighth in quarterly additions and accounted for about 2% of India’s solar open access installations.
The steep sequential decline followed an unusually strong first quarter in which a small number of large projects accounted for almost all the capacity commissioned.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-104672 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3.png" alt="Madhya Pradesh Solar Open Access Market (MW)" width="1081" height="424" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3.png 1081w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3-300x118.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3-768x301.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3-650x255.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3-624x245.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/Madhya-Pradesh-Solar-Open-Access-Market-MW-3-600x235.png 600w" sizes="auto, (max-width: 1081px) 100vw, 1081px" /></a>
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Of the 268 MW installed in Q1 2026, <a href="https://www.oysterrenewable.com/" target="_blank" rel="noopener">Oyster Renewable Energy</a> <a href="https://www.mercomindia.com/oyster-secures-%E2%82%B918-billion-loan-for-342-mw-hybrid-project" target="_blank" rel="noopener">accounted</a> for about 81% of the quarter’s additions. <a href="https://www.avaada.com/" target="_blank" rel="noopener">Avaada Energy</a> added another 50 MW, while EDMC Solar commissioned 2 MW.
A similar concentration was visible in Q2 2026, although the projects commissioned were considerably smaller. <a href="https://www.adityabirlarenewables.com/" target="_blank" rel="noopener">Aditya Birla Renewables’</a>(ABRen) solar-wind hybrid project contributed 33 MW of solar capacity, accounting for nearly 75% of Q2 solar open access additions. GAIL India <a href="https://www.mercomindia.com/gail-invites-bids-solar-project-in-madhya-pradesh" target="_blank" rel="noopener">commissioned</a> about 8 MW of floating solar capacity at Vijaypur, while <a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power</a> added a captive solar project of over 3 MW in Gwalior.
Madhya Pradesh commissioned 313 MW in 1H 2026, with Q1 accounting for nearly 86% of the six-month total. The 216 MW Oyster Renewable Energy project alone represented about 69% of the state’s 1H additions.
Madhya Pradesh added 162 MW in Q4, then increased to 268 MW in Q1 2026 before falling to 44 MW in Q2. At the same time, Madhya Pradesh continues to attract interest from large renewable energy developers, with industry participants describing the state as an increasingly attractive market for utility-scale solar.
Despite the quarterly fluctuations, Madhya Pradesh’s cumulative solar open access market has continued to expand. As of June 2026, the state had around 2 GW of cumulative solar open access capacity, accounting for about 5% of India’s total.
Open access projects represented nearly 30% of Madhya Pradesh’s cumulative large-scale solar capacity. Standalone solar accounted for nearly 59% of the portfolio, followed by solar-wind hybrid projects at 40%.
Large Projects in Pipeline
Madhya Pradesh’s pipeline comprises projects totaling approximately 512 MW under development at the end of Q2 2026. Standalone solar accounted for 87%, while solar-wind hybrid projects represented the remaining 13%.
The pipeline is more diversified than recent quarterly installations in terms of the number of projects, but capacity remains weighted toward relatively large developments. As these projects progress toward commissioning, they could support higher additions in the coming quarters, although the concentration of capacity among larger projects may continue to influence quarterly performance.
Of the total pipeline, <a href="https://www.mercomindia.com/research/mercom-view" target="_blank" rel="noopener">Mercom&#8217;s Project Tracker</a> currently identifies signed or known offtakers for about 32% of the capacity.
Madhya Pradesh’s open access market <a href="https://www.mercomindia.com/madhya-pradesh-offers-diverse-solar-solutions-for-ci-consumers" target="_blank" rel="noopener">suits</a> high-consumption industrial consumers. Standalone solar is ideal for consumers using at least 500,000+ units monthly. Contract-demand limits may restrict standalone solar, prompting larger consumers to consider hybrid or storage-backed arrangements.
The state’s open access market is increasingly attracting larger renewable energy developers and industrial consumers. The preference for larger, individually structured projects means capacity additions can occur in batches depending on project commissioning timelines rather than through a steady flow of smaller projects.
Regulatory Changes Could Shape Future Projects
The state has also been refining its open access framework. In February 2026, the Madhya Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/madhya-pradesh-amends-open-access-rules-clarifies-billing-mechanism" target="_blank" rel="noopener">amended</a> its intrastate open access regulations to clarify billing, energy adjustment, demand treatment, metering, and surcharge applicability. The amendment provided separate treatment for open access within contract demand, above contract demand, and combinations of the two, while retaining the additional surcharge exemption for captive consumption.
MPERC has also introduced changes that could influence future project structuring. Its banking SOP caps monthly banking at 30% of DISCOM consumption, <a href="https://www.mercomindia.com/madhya-pradesh-lays-out-banking-sop-for-green-energy-open-access-consumers" target="_blank" rel="noopener">applies</a> an 8% in-kind charge, and introduces time-of-day restrictions, increasing the focus on project sizing and energy management.
With standalone solar accounting for 87% of the pipeline, the new banking framework could make project sizing and consumer load matching more important as developers convert projects into commissioned capacity.
Madhya Pradesh’s recent performance reflects an open access market that is expanding over the longer term but continues to show significant quarterly fluctuations. A broader base of projects and C&amp;I offtakers, along with steady conversion of the existing development pipeline, could make future installations more evenly distributed.
Mercom’s <a href="https://www.mercomindia.com/product/india-solar-project-tracker" target="_blank" rel="noopener">solar open access tracker</a> provides key details of installed and pipeline projects, including captive, group captive, third-party sale, and solar park projects across India.
The <a href="https://www.mercomindia.com/product/q2-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q2 and 1H 2026 India Solar Open Access Market Report</a> covers state-wise open access charges, electricity tariffs, power purchase agreement tariffs, installed and pipeline project capacities, policy updates, and other critical market data.

Madhya Pradesh’s Open Access Additions Dip Sharply in Q2 2026

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					</table>Solar cell imports in the second quarter (Q2) of 2026 rose 33.2%, while module imports fell 75.5% compared to the previous quarter. This contrast reflects India’s expanding domestic module manufacturing base, which is increasing demand for imported cells while reducing the need for finished module imports.
India imported solar cells and modules valued at $1.26 billion (~₹119.41 billion) in the second quarter (Q2) of 2026, up 50.3% year-over-year (YoY) compared to $839.49 million (~₹71.85 billion) in Q2 2025, according to data from the Department of Commerce.
Quarter-over-quarter (QoQ), imports were broadly flat, declining 0.4% compared to $1.27 billion (~₹115.97 billion) in Q1 2026.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-103560 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M.png" alt="India Solar Cell and Module Quarterly Import-Export Activity ($M)" width="913" height="558" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M.png 913w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-768x469.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-650x397.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-624x381.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-600x367.png 600w" sizes="auto, (max-width: 913px) 100vw, 913px" /></a>Cells Dominate Imports
Cells accounted for 92.4% of total solar cell and module imports in Q2 2026, up compared to 69.1% in Q1. Modules represented 7.6% of the imports, compared to 30.9% in the previous quarter.
The implementation of ALMM List-II from June 1, 2026, also influenced procurement during the quarter. Imported cells continued to support domestic module manufacturing for projects and applications exempt from ALMM List-II or DCR rules. Domestic module manufacturing capacity remained substantially higher than available cell capacity, while supplies of high-efficiency domestic cells, particularly TOPCon cells, remained constrained.
India’s tariff structure and manufacturing policies have also encouraged local module production, contributing to the shift from finished module imports toward cell imports. Meanwhile, the World Trade Organization’s decision to <a href="https://www.mercomindia.com/wto-dispute-panel-to-review-indias-tariffs-on-solar-cell-module-imports" target="_blank" rel="noopener">review</a> India’s solar tariffs and domestic-content-linked incentives has placed the policy framework under greater international scrutiny.
A policy update <a href="https://www.mercomindia.com/mnre-extends-almm-cell-exemption-for-net-metering-open-access-solar-projects" target="_blank" rel="noopener">issued</a> after the quarter provided temporary relief for eligible open-access and net-metering projects commissioned by December 31, 2026. From January 1, 2027, applicable projects must comply with both ALMM List-I for modules and List-II for cells. The exemption gives eligible projects additional time to continue using modules made with imported cells through the end of the year.
The Q2 import mix therefore captures a transition period: domestic module manufacturing is expanding rapidly, while the upstream cell supply chain is still catching up.
Indonesia Becomes Largest Cells Import Source 
 
Indonesia emerged as India’s largest source of solar cell and module imports in Q2 2026, accounting for 38.79% of the total, entirely comprising solar cells.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-105003 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026.png" alt="Country-wise Breakdown of Indian Solar Imports (%) Q2 2026" width="739" height="532" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026.png 739w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026-300x216.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026-650x468.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026-624x449.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Country-wise-Breakdown-of-Indian-Solar-Imports-Q2-2026-600x432.png 600w" sizes="auto, (max-width: 739px) 100vw, 739px" /></a>
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China ranked second with a 28.33% share. China supplied both cells and modules and remained India’s largest source of imported modules during the quarter.
Thailand accounted for 13.51%, followed by Lao PDR (9.16%), Vietnam (5.18%), and Ethiopia (2.92%), while Malaysia and Singapore contributed 0.65% and 0.58%, respectively, and other countries accounted for about 0.9%.
Indonesia overtook China as India’s largest solar import source in Q2 2026, driven entirely by solar cell shipments. The shift reflects greater sourcing from Southeast Asian markets as Indian module manufacturers diversified cell procurement beyond China. However, Indonesia, China, Thailand, and Lao PDR together accounted for nearly 90% of imports, indicating that India’s upstream solar supply chain remained concentrated in a small group of Asian markets.
<h2>Solar Exports Plunge</h2>
India exported solar cells and modules worth approximately $68.73 million (~₹6.50 billion) in Q2 2026, an 87.5% YoY decline compared to $548.98 million (~₹46.99 billion) in Q2 2025.
On a QoQ comparison, exports fell 11.6% from $77.75 million (~₹7.11 billion) in Q1 2026. Solar module exports declined by 11%, while cell exports fell 17.2%.
Modules accounted for 90.8% of total exports, while cells accounted for 9.2%. The mix was largely unchanged from Q1 2026, when modules comprised 90.2% of exports.
US Dominates Export Market
The US remained the largest destination for Indian solar cell and module exports, accounting for 92.6% of shipments in Q2 2026, up 90.5% QoQ. It received both cells and modules and accounted for nearly all module exports.
India’s heavy dependence on the US also exposed exports to changing trade and regulatory conditions. During the quarter, patent-related investigations involving TOPCon cells and modules added regulatory uncertainty, while US policy incentives encouraged <a href="https://www.mercomindia.com/indian-solar-manufacturers-say-domestic-demand-offsets-impact-of-u-s-duties" target="_blank" rel="noopener">greater</a> procurement of domestically manufactured products ahead of the Safe Harbor deadline, reducing the relative attractiveness of imported modules. After the quarter, the US also <a href="https://www.mercomindia.com/us-sets-preliminary-antidumping-duties-on-solar-cells-from-india" target="_blank" rel="noopener">announced</a> preliminary antidumping determinations covering solar cells and modules imported from India and other countries, adding another layer of uncertainty for Indian exporters.
These developments, combined with changing buyer procurement strategies, weighed on export opportunities during the period.
Indonesia ranked second among export destinations, with a 1.8%  share consisting entirely of solar cells. Nigeria and China each accounted for 1.1%, while other destinations together contributed approximately 3%.
As overseas opportunities weakened, manufacturers that had previously focused heavily on overseas markets increased their participation in India’s domestic market. Strong domestic module demand and policy-supported procurement provided an alternative sales channel. However, the shift reflects weaker export opportunities rather than a preference for domestic orders over potentially more profitable overseas sales.
With the U.S. accounting for 92.6% of India’s solar exports, export concentration remains a significant risk. Changes in US tariffs, trade rules, compliance requirements, or procurement decisions can have an outsized impact on India’s shipments.
Indian manufacturers are exploring Europe, the Middle East, Africa, and other emerging markets, but Q2 trade data indicate that meaningful geographic diversification has yet to occur.
Trade Data Reveal Manufacturing Gap
Q2 2026 trade data highlight two contrasting trends in India’s solar manufacturing sector: dependence on imported finished modules is declining, but dependence on imported cells remains high. The rise in the cell share of imports to 92.4% reflects the rapid expansion of domestic module manufacturing without a corresponding increase in operational domestic cell production.
This means lower module imports should not necessarily be interpreted as equivalent progress toward complete supply-chain self-reliance. India has moved a larger share of module production onshore, but a critical upstream input still comes predominantly from overseas.
Further expansion of domestic cell, wafer, equipment, and material manufacturing will be necessary to reduce upstream import dependence. However, announced manufacturing capacity alone will not determine how quickly this happens. The transition will depend on how much capacity becomes operational, technology competitiveness, manufacturing yields, product quality, and pricing.
Mercom’s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.
For further analysis of India’s solar market, including installations, manufacturing, trade, and market trends, refer to Mercom’s <a href="https://www.mercomindia.com/product/q2-2026-india-solar-market-update" target="_blank" rel="noopener">Q2 and 1H 2026 India Solar Market Update</a>.

India’s Solar Imports Rise 50% YoY in Q2 2026, Exports Plunge 88%

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					</table>Rajasthan emerged as the leading state for solar open access installations in the first quarter (Q1) of 2026. The state commissioned over 1 GW of solar open access capacity during the quarter, accounting for 39% of India’s newly added open access capacity, according to Mercom’s <a href="https://www.mercomindia.com/product/q1-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q1 2026 India Solar Open Access Market Report</a>.
The state’s installations increased by 1,371% year-over-year and 2,472% quarter-over-quarter, rebounding from the slowdown observed in the previous quarter due to transmission availability constraints.
India <a href="https://www.mercomindia.com/solar-open-access-installations-in-india-surge-160-yoy-to-2-7-gw" target="_blank" rel="noopener">added</a> 2.7 GW of open-access solar capacity in Q1 2026, a 160% increase from Q1 2025 and a 55% increase from Q4 2025.
Open access projects accounted for 21% of Rajasthan’s total large-scale solar installations during the quarter, reflecting growing demand from commercial and industrial consumers. Of the capacity added during Q1 2026, standalone solar projects accounted for 82%, while the remaining installations came from solar-plus-wind projects.
The commissioning of CleanMax Enviro Energy’s 400 MW solar project drove 39% of the quarter’s solar open access capacity additions.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-scaled.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-95980 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-scaled.png" alt="Rajasthan Solar Open Access Market (MW) " width="2560" height="928" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-scaled.png 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-300x109.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-2000x725.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-768x278.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-1536x557.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-2048x742.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-650x236.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-624x226.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Rajasthan-Solar-Open-Access-Market-MW-1-600x217.png 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /></a>
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As of March 2026, Rajasthan ranked third in cumulative solar open access capacity, with more than 5 GW installed, accounting for 16% of the country’s total open access capacity.
Solar open access projects accounted for 13% of the state’s cumulative large-scale solar capacity. Standalone solar projects dominated cumulative installations, accounting for 93% of the total, followed by solar-plus-wind projects at 7% and solar-plus-battery storage projects at 0.3%. Floating solar projects accounted for the remaining marginal share.
Policy Support
Rajasthan has continued to strengthen its regulatory framework for open access and emerging renewable energy technologies.
The Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-lowers-charges-for-open-access-power-consumers-for-fy-2027" target="_blank" rel="noopener">reduced</a> transmission and wheeling charges for open access consumers for FY27. The state also approved Green Energy Open Access procedures and aligned captive power regulations with the Central Government’s revised framework, providing greater regulatory clarity for captive and group captive projects.
The <a href="https://www.mercomindia.com/rajasthan-regulator-allows-dual-power-connections-for-high-load-consumers" target="_blank" rel="noopener">introduction</a> of dual power connection provisions for high-load consumers is expected to provide greater procurement flexibility for high-tension (HT) and extra-high-tension (EHT) consumers, including the Public Health Engineering Department (PHED), data centers, and other essential service categories.
Rajasthan also <a href="https://www.mercomindia.com/rajasthan-finalizes-regulations-for-battery-energy-storage-systems" target="_blank" rel="noopener">finalized</a> regulations for battery energy storage systems and notified resource adequacy regulations, reflecting an increased focus on grid reliability, peak-demand management, and the procurement of firm renewable power.
In addition, Rajasthan remains one of India’s most attractive solar open access markets due to its strong renewable resource base, large industrial demand centers, and established renewable energy ecosystem.
According to the state load dispatch center, Rajasthan is expected to end up with a spare transmission capacity of up to 5.5 GW over the next two years, supporting the state&#8217;s renewable energy growth. However, transmission congestion and renewable energy curtailment continue to persist in some regions during periods of high solar generation due to evacuation constraints. These challenges are prompting developers to increasingly adopt battery storage, hybrid configurations, and grid-aligned project designs to improve power offtake reliability and reduce operational risks as transmission infrastructure continues to expand.
According to Mercom India Research, Rajasthan has the largest solar open access development pipeline in the country, highlighting strong growth prospects for the market in the coming quarters. Standalone solar projects accounted for 67% of the state’s development pipeline.
Mercom’s <a href="https://www.mercomindia.com/product/india-solar-project-tracker" target="_blank" rel="noopener">solar open access tracker</a> provides key details of installed and pipeline projects, including captive, group captive, third-party sale, and solar park projects across India.
The <a href="https://www.mercomindia.com/product/q1-2025-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q1 2026 India Solar Open Access Market Report</a> covers state-wise open access charges, electricity tariffs, power purchase agreement tariffs, installed and pipeline project capacities, policy updates, and other critical information and data on the market.

Rajasthan Leads India’s Solar Open Access Market in Q1

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					</table>India imported solar cells and modules worth over $1.27 billion (~₹116 billion) in Q1 2026, a 2.8% year-over-year (YoY) decline from $1.3 billion (~₹112.9 billion) in Q1 2025, according to data from the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.
On a quarter-over-quarter (QoQ) basis, combined module and cell imports increased by 14.3% from over $1.11 billion (~₹98.8 billion). Solar module imports rose 81.2%, while cell imports declined 1.9% from the previous quarter.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-95631 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M.png" alt="India Solar Cell and Module Quarterly Import-Export Activity ($M)" width="941" height="576" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M.png 941w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-300x184.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-768x470.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-650x398.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-624x382.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-M-600x367.png 600w" sizes="auto, (max-width: 941px) 100vw, 941px" /></a>
The surge in imports highlighted the continuing imbalance within India’s domestic manufacturing ecosystem. While India’s ALMM-listed module manufacturing capacity expanded rapidly during the quarter, domestic cell manufacturing capacity remained significantly lower. By the end of March 2026, ALMM-listed module manufacturing capacity exceeded 173 GW, while solar cell manufacturing capacity stood at only around 26.5 GW. Subsequent additions pushed module <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-rises-to-193-gw" target="_blank" rel="noopener">capacity</a> closer to 193 GW and cell capacity <a href="https://www.mercomindia.com/solar-cell-capacity-under-almm-list-ii-nears-30-gw" target="_blank" rel="noopener">near</a> 30 GW, but the upstream gap remained substantial.
Developers procuring modules for ALMM-compliant projects raised concerns about the limited domestic availability of cells, particularly for high-efficiency TOPCon products. As a result, project developers accelerated imports ahead of the ALMM List-II implementation deadline to avoid procurement delays, price volatility, and potential supply shortages.
The Ministry of New and Renewable Energy has also <a href="https://www.mercomindia.com/almm-expansion-to-wafers-raises-capacity-gap-and-timeline-concerns" target="_blank" rel="noopener">expanded</a> the ALMM framework further by introducing ALMM List-III for wafers, effective from June 1, 2028. The move reflects growing policy focus on reducing long-term dependence on imported upstream components such as wafers and cells.
Imported TOPCon modules remained more readily available for immediate procurement, particularly for commercial and industrial (C&amp;I) projects operating outside strict DCR requirements. Developers and EPC firms accelerated procurement to avoid potential supply tightness, delivery delays, and pricing volatility ahead of the June 2026 ALMM List-II implementation.
The Directorate General of Foreign Trade’s Renewable Energy Equipment Import Monitoring System also contributed to accelerating procurement during Q1 2026, as developers and importers advanced shipments ahead of tighter import-monitoring and procedural-oversight requirements.
China remained the largest source of India’s solar imports, accounting for 39.7% of total shipments, followed by Indonesia (23.2%), Vietnam (12.6%), Thailand (10.8%), and Ethiopia (4.6%). Laos PDR, Malaysia, and Singapore also contributed smaller shares of imports.
The market also saw continued diversification beyond China, with imports from Southeast Asian countries such as Indonesia, Vietnam, and Thailand increasing during the quarter. Buyers increasingly diversified sourcing strategies to reduce concentration risk, improve procurement flexibility, and manage pricing uncertainty following China’s export rebate reductions and <a href="https://www.mercomindia.com/us-reshoring-push-may-limit-gains-from-tariff-cut-for-indian-solar-exporters" target="_blank" rel="noopener">evolving global trade</a> measures.
China’s export policy changes became another major factor influencing procurement behavior during Q1 2026. China reduced export tax rebates on solar PV products and later announced plans to scrap them for solar products from April 1, 2026. These measures raised concerns about future increases in module and cell export pricing, prompting Indian importers to advance shipments before prices could rise further.
Cells accounted for 69.1% of total imports, while modules comprised the remaining 30.9% in Q1. In the previous quarter, modules accounted for 19.5% of imports and cells 80.5%.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-95633 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026.png" alt="Country-wise Breakdown of Indian Solar Imports (%) Q1 2026" width="827" height="601" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026.png 827w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026-300x218.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026-768x558.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026-650x472.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026-624x453.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Country-wise-Breakdown-of-Indian-Solar-Imports-Q1-2026-600x436.png 600w" sizes="auto, (max-width: 827px) 100vw, 827px" /></a>
Solar Exports 
India exported solar cells and modules worth over $77.7 million (~₹7.1 billion) in Q1 2026, a 70.9% YoY decline from $267.6 million (~₹23.2 billion).
On a QoQ comparison, exports declined 22.4% from over $100.2 million (~₹8.9 billion). Solar cell exports increased 591.8% sequentially, while module exports fell 29.2%.
Module exports continued to decline due to trade restrictions, weaker export competitiveness, and India’s growing dependence on a limited number of overseas markets, particularly the U.S.
The U.S. accounted for 90.5% of India’s solar exports during the quarter, highlighting continued concentration risk in export demand. The UAE, China, and Thailand accounted for 4.6%, 2.4%, and 0.6% of exports. Other Countries accounted for 2%.
Modules comprised 90.2% of total export shipments, while cells accounted for the remaining 9.8%. The increase in cell exports was primarily due to a low base in the previous quarter, even as overall export volumes remained weak.
Global trade <a href="https://www.mercomindia.com/usitc-opens-probe-into-topcon-solar-imports-for-patent-infringement" target="_blank" rel="noopener">restrictions</a> continued to create uncertainty for Indian solar exporters during the quarter, particularly in key markets such as the U.S., where trade investigations, antidumping measures, and patent-related <a href="https://www.mercomindia.com/usitc-opens-probe-into-topcon-solar-imports-for-patent-infringement" target="_blank" rel="noopener">scrutiny</a> on TOPCon technologies affected procurement visibility and pricing competitiveness.
At the same time, rising domestic procurement under ALMM- and DCR-linked projects provided manufacturers with relatively stronger order visibility and lower trade-policy risk compared to export markets. As export competitiveness weakened, manufacturers increasingly prioritized <a href="https://www.mercomindia.com/india-added-119-gw-solar-module-and-9-gw-cell-capacity-in-2025" target="_blank" rel="noopener">domestic supply</a> commitments over overseas shipments.
Q1 2026 reflected the continued transition in India’s solar manufacturing ecosystem. Imports remained elevated due to module procurement ahead of tighter domestic sourcing requirements, while exports weakened amid slowing global demand and trade restrictions. The trend highlights India’s ongoing shift toward a more domestically integrated solar manufacturing ecosystem, even as short-term supply imbalances and external market uncertainties continue.
Mercom’s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.
For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report, Mercom’s <a href="https://www.mercomindia.com/product/q1-2026-india-solar-market-update" target="_blank" rel="noopener">Q1 2026 India Solar Market Update</a>.

India’s Solar Imports Rise 14% QoQ in Q1 2026, Exports Continue to Decline

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					</table>India is seeing an increased adoption of solar tracking systems, particularly in utility-scale projects, to maximize energy generation. By improving energy yield without additional land, trackers are becoming essential for developers, EPCs, and industrial users seeking higher efficiency, faster returns, and optimized project performance. The 2025 solar tracker market in India reflected a clear leadership reshuffle. 
<a href="https://www.gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a>, <a href="https://sunchaserx.com/" target="_blank" rel="noopener">Sunchaser Structures</a>, <a href="https://en.arctechsolar.com/" target="_blank" rel="noopener">ARCTECH</a>, <a href="https://www.newenergie.co.in/" target="_blank" rel="noopener">NewEnergie Renewables</a>, and <a href="https://strolar.com/" target="_blank" rel="noopener">Strolar Mounting Systems</a> were the top solar tracker suppliers to the Indian market in 2025, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026</a> report. 
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-94248 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1.png" alt="Leading Solar Tracker Suppliers in India 2025" width="673" height="504" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1.png 673w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1-300x225.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1-650x487.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1-624x467.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/Leading-Solar-Tracker-Suppliers-in-India-2025-1-600x449.png 600w" sizes="auto, (max-width: 673px) 100vw, 673px" /></a>
Driven by strong execution and higher deployed capacity, GameChange Solar moved to the top position, while Sunchaser Structures recorded the biggest move upward, supported by sharp growth. ARCTECH dropped to third place, while the rest of the top five remained largely unchanged.
GameChange Solar led the market with a 57% share in 2025. The company supplied the largest amount of its tracker systems for projects in Gujarat, Rajasthan, and Karnataka. 
Sunchaser ranked second with about 23% market share, recording the highest year-over-year growth among leading players, likely supported by the strong pipeline conversion. 
ARCTECH ranked third, accounting for over 17% of total shipments in 2025, and retained the lead in cumulative shipments as of December 2025. 
NewEnergie Renewables secured the fourth position, accounting for around 3% of the market share in 2025. Recently, the company reported surpassing 500 MW of tracker-installed capacity in India. 
Strolar completed the top five, with a market share of around 1%. 
Overall, the ranking saw more reshuffling this year, with growth and execution outweighing past positions on the leaderboard. New players are gaining ground, while mid-sized companies hold steady, reflecting a more competitive market with wider participation. 
With competitive tariffs putting pressure on margins, trackers are increasingly viewed as essential for optimizing project performance, improving return on investment, and ensuring long-term operational viability. 
In an interview with Mercom India, Andrew Worden, Founder &amp; CEO at GameChange Solar, <a href="https://www.mercomindia.com/indias-geography-demands-a-practical-approach-to-solar-tracker-design-interview" target="_blank" rel="noopener">explained </a>that solar tracker adoption in India has evolved from a niche use to the default choice for utility‑scale projects, driven by the need for higher energy yield at lower cost. He added that their systems are engineered to withstand the country’s diverse geography and climatic challenges, including high winds in Rajasthan, extreme heat in Gujarat, and irregular terrain across project sites. 
In September 2025, the U.S. decision to double Section 232 tariffs on steel and aluminum to 50% had <a href="https://www.mercomindia.com/us-move-to-double-tariffs-on-steel-and-aluminum-could-hurt-indian-exports" target="_blank" rel="noopener">raised</a> concerns about higher costs for renewable energy equipment. With Indian steel and aluminum exports falling squarely within the new tariff zone, industry experts cautioned that pricing pressures could undermine competitiveness and margins. 
Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>. 
The Market Share Tracker, which offers quarterly data insights into your competitors’ growth rates, is also available.

Leading Solar Tracker Suppliers in India in 2025

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					</table>India imported solar cells and modules worth over $1.12 billion (~₹100.2 billion) in the fourth quarter (Q4) of 2025, a 53.2% year-over-year (YoY) increase from $723.4 million (~₹61.1 billion), according to data from the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.
In a quarter-over-quarter (QoQ) comparison, module and cell imports together increased by 32.3%, totaling over $837 million (~₹73 billion). Solar module imports rose 40.4%, while cell imports grew 30.5% from Q3 2025.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93807 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1.png" alt="India Solar Cell and Module Quarterly Import-Export Activity ($M)" width="1003" height="614" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1.png 1003w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1-300x184.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1-768x470.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1-650x398.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1-624x382.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Imports-1-600x367.png 600w" sizes="auto, (max-width: 1003px) 100vw, 1003px" /></a>
Approved List of Models and Manufacturers (ALMM)-listed module manufacturing capacity increased to 173,144 MW after the latest addition of 11,035 MW, solar cell capacity under ALMM List-II is at 26,477 MW, with the latest revision <a href="https://www.mercomindia.com/mnre-expands-solar-cell-manufacturing-capacity-under-almm-to-26477-mw" target="_blank" rel="noopener">adding</a> only 437 MW.
The increase in solar cell imports in Q4 2025 was mainly driven by the structural gap between India’s rapidly expanding module manufacturing capacity and relatively limited domestic cell production. While module capacity has grown significantly, effective cell availability remains constrained due to ramp-up timelines, yield inefficiencies, and captive prioritization by integrated manufacturers. As a result, non-integrated module manufacturers continue to rely on imported cells to sustain production and meet delivery commitments.
Additionally, the upcoming requirement that modules must use ALMM List-II compliant domestic cells from June 1, 2026, prompted manufacturers to accelerate cell imports ahead of the deadline to secure supply under the existing framework. The significant capacity mismatch suggests that dependence on imported cells will likely continue until newly announced domestic cell manufacturing capacities become fully operational. Expectations of global price firming also encouraged advance procurement, contributing to the rise in cell imports in Q4 2025.
The Ministry of New and Renewable Energy has also <a href="https://www.mercomindia.com/mnre-dcr-rules-pm-kusum-component-c-solar-projects" target="_blank" rel="noopener">clarified</a> that DCR compliance is mandatory for all new PM KUSUM Component C projects, with no relaxation for projects for which letters of award were issued before March 31, 2024. This reinforcement of domestic sourcing norms triggered short-term procurement adjustments and inventory stocking before full compliance requirements take effect.
The increase in module imports in Q4 2025 was primarily driven by procurement flexibility in non-DCR segments and the timing of policy transitions. Open access, merchant, and several C&amp;I projects continued to procure imported Chinese modules where regulations permitted, supported by cost advantages and immediate availability. At the same time, developers accelerated imports ahead of the June 1, 2026, ALMM List-II domestic cell mandate to secure supply under existing exemption windows, resulting in front-loaded procurement activity.
Domestic cell supply constraints also indirectly influenced import demand. Although DCR-compliant projects must use domestic modules, limited cell availability and captive prioritization by integrated manufacturers tightened overall supply conditions. This pushed segments with sourcing flexibility toward imports to avoid execution delays. In addition, expectations of global price increases following China’s VAT rebate withdrawal encouraged advance procurement, further contributing to the sharp rise in module imports in Q4 2025.
Additionally, the Directorate General of Foreign Trade’s mandate <a href="https://www.mercomindia.com/dgft-mandates-registration-end-use-declaration-of-solar-cells-and-modules" target="_blank" rel="noopener">requiring</a> registration of imported solar components under the Renewable Energy Equipment Import Monitoring System, effective November 1, 2025, has signaled tighter oversight. Importers have front-loaded shipments before full procedural enforcement, driving the quarter’s import growth.
China accounted for 59.6% of India’s solar imports, followed by Vietnam, Thailand, Indonesia, and Malaysia at 8.6%, 8.5%, 6.1%, and 6%. Other countries accounted for  9.6%.
Cells comprised 79.2% of total import shipments, and modules accounted for the remaining 20.8%.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93808 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2.png" alt="Country-Wise Breakdown of Indian Solar Imports (%) 2025" width="828" height="601" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2.png 828w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2-300x218.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2-768x557.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2-650x472.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2-624x453.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Solar-Import-2-600x436.png 600w" sizes="auto, (max-width: 828px) 100vw, 828px" /></a>
&nbsp;
Solar Exports
India exported solar cells and modules worth over $100.21 million (₹8.9 billion) in the fourth quarter (Q4) of 2025, a 52.8% year-over-year (YoY) decrease from $212.2 million (₹17.9 billion).
In a QoQ comparison, module and cell exports declined by 70.9% from over $344.5 billion (~₹30 billion). Solar cell exports decline 85.2%, while module exports fell 70.6%.
Exports fell sharply due to growing global trade restrictions and weaker external demand. India’s exports remain heavily dependent on the U.S. market, which accounted for 96.2% of shipments in Q4. Any demand moderation or regulatory tightening in the U.S. directly impacts India’s export volumes.
Modules made up 98.9% of total shipments, with cells accounting for the remaining 1.1%.
The UAE, Kenya, and Libya accounted for 1.8%, 0.3%, and 0.3% of total exports, respectively. Solar exports to other countries totalled about 1.3%.
As global trade tensions intensified, China <a href="https://www.mercomindia.com/china-files-case-against-indias-solar-subsidies-at-wto?utm_source=chatgpt.com" target="_blank" rel="noopener">filed</a> a complaint with the World Trade Organization against India’s solar subsidies, and Canada initiated a review of anti-dumping measures on Chinese solar components, underscoring volatility in global solar trade.
Domestically, India <a href="https://www.mercomindia.com/india-slaps-30-antidumping-duty-on-solar-cell-imports-from-china?utm_source=chatgpt.com" target="_blank" rel="noopener">imposed</a> antidumping duties of up to 30% on Chinese solar cells after finding dumping margins of 105–115% and injury margins of 35-40%. While these measures protect domestic manufacturing, they disrupt supply chains and impact export pricing in the short term.
India also <a href="https://www.mercomindia.com/countervailing-duty-on-solar-glass-from-malaysia-extended-until-june-2026" target="_blank" rel="noopener">extended</a> countervailing duties on solar glass from Malaysia and finalized antidumping duties on solar glass from China and Vietnam. The duties support upstream manufacturing, thereby increasing input costs for exporters during the transition period.
Q4 2025 reflects a transition phase in India’s solar manufacturing ecosystem. Imports increased due to structural cell shortages and policy transition timelines, while exports declined amid heavy dependence on the U.S. market and tightening global trade conditions. Overall, trade trends align with stronger regulatory enforcement and domestic manufacturing support measures, indicating a shift toward a more protected and vertically integrated framework, even as short-term imbalances persist.
Mercom’s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.
For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report, Mercom’s <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">Q4 and Annual 2025 India Solar Market Update</a>.

India’s Solar Imports Up 32% in Q4 2025, Exports Down 70% QoQ

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					</table>India exported solar cells and modules worth over $344.5 million (~₹30 billion) in the third quarter (Q3) of 2025, a 65.2% year-over-year (YoY) increase from $208.5 million (~₹17.46 billion), according to data from the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.
In a quarter-over-quarter (QoQ) comparison, module and cell exports declined by 37.2% from over $548 million (~₹47 billion).
Modules comprised 97.8% of total shipments, and cells accounted for the remaining 2.2%. Exports of solar cells surged 83.5% QoQ and 14.4% compared to the same quarter the previous year.
Module exports were down 38.1% from the previous quarter&#8217;s level but up 66.9% YoY.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-87595 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1.png" alt="India Solar Cell and Module Quarterly Import-Export Activity ($ M) " width="922" height="553" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1.png 922w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1-768x461.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1-650x390.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1-624x374.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic1-600x360.png 600w" sizes="auto, (max-width: 922px) 100vw, 922px" /></a>
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The U.S. remained the primary destination for Indian solar cell and module exports, accounting for 97% of the total market share.
On July 31, the U.S. imposed an additional 25% tariffs on imports from India, taking the total levy to 50%, beginning August 27. Though the U.S. has been the largest export market for Indian solar cells and modules, the higher tariff has eroded the price advantage of Indian products and is likely to reduce India’s export competitiveness.
Imports
During Q3 2025, India imported solar cells and modules valued at $837.5 million (₹73.1 billion), a 0.2% QoQ decline. Solar imports decreased by 15.1% YoY.
Solar cells accounted for 82% of the total import value, while modules accounted for the remaining 18% in Q3 2025.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-87596 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2.png" alt="Country-wise Breakdown of Indian Solar Imports (%) Q3 2025 " width="794" height="570" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2.png 794w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2-300x215.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2-768x551.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2-650x467.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2-624x448.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic2-600x431.png 600w" sizes="auto, (max-width: 794px) 100vw, 794px" /></a>
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In Q3 2025, 74.7% of solar imports were from China, up 6.4% from the previous quarter.
Solar cell imports rose by 12.4% QoQ, while module imports fell by 33.5 %. In YoY comparison, cell imports were up 75%, whereas module imports declined by 74%.
The Ministry of New and Renewable Energy has <a href="https://www.mercomindia.com/mnre-proposes-almm-for-wafers-ingots-in-solar-backward-integration-push" target="_blank" rel="noopener">mandated</a> the use of solar cells registered under the Approved List of Models and Manufacturers List-II starting June 1, 2026. Following the MNRE&#8217;s formal release of the ALMM List-II, developers increased their purchases of solar cells. Projects with bid submissions on or before September 1, 2025, may use non-ALMM-listed cells. Bids submitted after this date must comply with the new rules. To leverage this exemption and avoid future supply pressures or higher costs, developers rushed to secure cells ahead of the deadline.
First Nine Months (9M) 2025 
In the first nine months (9M) of 2025, solar cell and module exports dropped 13.3% YoY to $1.1 billion (~₹100.2 billion) from $1.3 million (~₹111.5 billion). Modules accounted for 98.7% of the total exports.
India&#8217;s solar cell and module imports fell 21% to $2.9 billion (~₹257 billion) during 9M 2025, from $3.7 billion (~₹314.1 billion) in 9M 2024. Cells accounted for the majority of total solar imports (59.8%).
Export momentum to the U.S. weakened compared to 2024, as these markets imposed stricter certification requirements, extended shipping timelines, and revised tariff structures.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-87597 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3.png" alt="India Solar Cell and Module Import-Export Activity: 9M 2020 to 9M 2025 ($ M) " width="898" height="493" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3.png 898w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3-300x165.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3-768x422.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3-650x357.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3-624x343.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/12/Pic3-600x329.png 600w" sizes="auto, (max-width: 898px) 100vw, 898px" /></a>
India added 42.2 GW of solar module capacity and 7.5 GW of solar cell capacity in the first half (1H) of 2025, according to Mercom’s <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-1h-2025" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 1H 2025</a> report.
Mercom’s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.

India’s Solar Exports Up 65% in Q3 2025, Imports Down 15.1%

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					</table><a href="https://www.jakson-green.com/" target="_blank" rel="noopener">Jakson Green</a>, <a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://hartek.com/" target="_blank" rel="noopener">Hartek Group</a>, <a href="https://www.lntecc.com/" target="_blank" rel="noopener">L&amp;T Construction</a>, and <a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">Sterling and Wilson Renewable Energy</a> emerged as the top utility-scale solar engineering, procurement, and construction (EPC) service providers in 2024, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2024-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2025 Report</a>.
Jakson Green was the leading EPC player with a market share of 20%, followed by Tata Power Solar with 13%. Hartek Group, L&amp;T Construction, and Sterling and Wilson Renewable Energy rounded off the top five.
The top five utility-scale solar EPC service providers accounted for 48% of the market share.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-80146 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8.png" alt="" width="768" height="501" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8-300x196.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8-650x424.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8-624x407.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-8-600x391.png 600w" sizes="auto, (max-width: 768px) 100vw, 768px" /></a>
Jakson Green’s cumulative large-scale installed solar capacity in EPC mode was 3.6 GW as of December 2024. Its major commissioned installations include Aditya Birla’s 500 MW and Brookfield Renewable’s 394 MW projects.
In May 2024, HSBC India <a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener">extended</a> a sustainable trade facility of ₹600 million (~$7.1 million) to Jakson Green, the renewable energy arm of the Jakson Group, which will bolster the company’s operational needs in the renewable energy sector in India and overseas.
In 2024, Tata Power <a href="https://www.mercomindia.com/seci-commissions-120-mwh-bess-chhattisgarh" target="_blank" rel="noopener">commissioned</a> the country’s largest solar and Battery Energy Storage Systems (BESS) project. The project comprises a 100 MW solar capacity and a 40 MW/120 MWh utility-scale BESS system at Chhattisgarh.
Hartek Group was third and a fresh entry into the top ten list. It bagged an EPC contract to develop a 300 MW ground-mount solar project in Rajasthan, valued at ₹4.7 billion (~$55.3 million) in 2024. The company also won an order for providing EPC services to a 75 MW solar project by SJVN. The project is located in Jamui, Bihar.
L&amp;T Construction was fourth on the list. In June 2024, the company <a href="https://www.mercomindia.com/lt-wins-185-mw-solar-project-bess-in-bihar" target="_blank" rel="noopener">won</a> an order to build a grid-connected 185 MW solar project with BESS at Kajra in the Lakhisarai district of Bihar.
Sterling and Wilson Renewable Energy rounded off the top five. The company received an EPC contract order for a 305 MW solar project in Rajasthan during the year. It also received a balance of systems EPC order for a 500 MW solar project in Gujarat.
India <a href="https://www.mercomindia.com/product/q4-2024-india-solar-market-update" target="_blank" rel="noopener">added</a> 25.2 GW of solar capacity in 2024, a record installation number, surpassing the annual capacity additions of all previous years. This has opened up a massive market for EPC service providers. Sterling and Wilson Renewable Energy, in its earnings call in January 2025, mentioned that the CAGR for its solar EPC business was about 15%-20%, with the gross margin closer to 10%.
With the government assigning a defined bidding trajectory to renewable energy implementing agencies, tender activity has gained significant momentum. At the same time, the development of intrastate and interstate green energy corridors is helping unlock grid infrastructure and support the integration of additional solar capacity.
As of the end of Q1 2025, India’s pipeline of large-scale solar projects <a href="https://www.mercomindia.com/india-adds-7-gw-solar-capacity-q1-2025" target="_blank" rel="noopener">stood</a> at 180.4 GW, with another 127.8 GW of projects awaiting auction. This growing project pipeline provides long-term visibility and a steady stream of opportunities for solar EPC contractors.
Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.
The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, offering quarterly data insights on your competitors’ growth rates, is also available.

Author: Navyashree

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