The Indian government plans to introduce an Approved List of Models and Manufacturers (ALMM) for solar photovoltaic (PV) cells, effective April 1, 2026, to boost domestic manufacturing and support the green energy transition.
This initiative follows the 2019 framework for solar modules, enhancing the quality and reliability of solar PV cells in government projects while reducing import dependency. Industry experts see this as crucial for meeting India’s renewable energy target of 500 GW by 2030.
Adani Green Energy Ltd
With a market capitalization of Rs.2.61 lakh crore, the share price of Adani Green Energy Ltd (AGEL) is currently trading at Rs.1,648.00 per share on Monday, rising 0.3 percent from its previous close.
AGEL is well-positioned to benefit from the Indian government’s Approved List of Models and Manufacturers (ALMM) for solar PV cells, set to take effect on April 1, 2026. This initiative aims to promote domestic manufacturing by ensuring that only approved, high-quality cells are utilized in government projects.
With its established manufacturing capabilities, AGEL is prepared to meet the anticipated increase in demand for compliant products. The company’s strong reputation for reliability further strengthens its competitive edge in securing contracts.
In addition, AGEL aims to achieve a capacity of 50 gigawatts by 2030 and is currently developing a 30-gigawatt renewable energy plant in Khavda, Gujarat. The company also employs advanced robotics in its solar installations, enhancing operational efficiency.
According to its recent financial updates, the company reported a 38 percent year-on-year increase in revenue to Rs.3,055 crore Q2FY25 and a 39 percent rise in net profit to Rs.515 crore.
Tata Power Company Ltd
With a market capitalization of Rs.1.36 lakh crore, Tata Power Company Ltd’s share price is trading at Rs.427.30 per share on Monday, rising 1.3 percent from its previous close.
Tata Power Company Ltd is poised to benefit significantly from the Indian government’s Approved List of Models and Manufacturers (ALMM) for solar PV cells. The company currently has a total manufacturing capacity of 4.3 gigawatts for solar modules and cells.
This includes 2 gigawatts dedicated to solar cells, which commenced commercial production in September 2024 at its new facility in Tirunelveli, Tamil Nadu. Additionally, it has a capacity of 2.3 gigawatts for solar modules at the same facility, which was commissioned in October 2023, and has already produced 1,250 megawatts of solar modules to date.
According to its recent financial updates, the company reported a 14 percent year-on-year increase in revenue to Rs.17,294 crore Q1FY25 and a 4.2 percent rise in net profit to Rs.1,189 crore.
Waaree Energies Ltd
With a market capitalization of Rs.40,136 crore, Waaree Energies Ltd’s share price debuted on Monday listing at a 60 percent premium to its IPO issues price of Rs.2,500 per share. However, the share fell from its listing price and is currently trading at Rs.2,362.45 per share.
Waaree Energies Ltd. has an installed capacity of 13.3 GW for solar PV modules, making it India’s largest manufacturer. The company is expanding its production capabilities to meet the growing demand for solar energy in line with India’s renewable energy targets.
The scheme aims to reduce India’s dependency on imported solar components, positioning Waaree Energies to potentially increase its sales volume and market share.
With ambitious expansion plans, including a new U.S. facility starting at 3 GW and growing to 6 GW by 2027, Waaree is well-aligned with the ALMM initiative. This supportive environment for domestic manufacturers will enable Waaree to scale operations effectively.
According to its recent financial updates, the company reported a 2.5 percent year-on-year increase in revenue to Rs.3,409 crore Q1FY25 and an 18 percent rise in net profit to Rs.401 crore.
Premier Energies Ltd
With a market capitalization of Rs.44,041 crore, Premier Energies Ltd’s share price is trading at Rs.976.85 per share on Monday, rising 3.4 percent from its previous close.
Premier Energies Limited is the second largest solar cell manufacturer in India with an annual installed capacity of 2 GW and a 25 percent market share and it is the 4th largest manufacturer of solar models with an annual installed capacity of 4.13 GW out of India’s 72 GW Capacity and 6 percent market share.
The company’s ongoing expansion plans aim to increase its solar cell capacity to 7 GW and solar module capacity to 8 GW by the end of 2026. This strategic growth aligns with the Indian government’s push for renewable energy, particularly through initiatives like the Approved List of Models and Manufacturers (ALMM), which is set to enhance domestic manufacturing and reduce reliance on imports.
According to its recent financial updates, the company reported a 171 percent year-on-year increase in revenue to Rs.1,657 crore Q1FY25 and a remarkable 540 percent rise in net profit to Rs.198 crore.