Vikram Solar to commission 9 GW PV cell manufacturing capacity by December 2026 – pv magazine India
Vikram Solar is advancing the first phase of its planned 12 GW solar cell manufacturing facility and expects to commission 9 GW of cell production capacity by the third quarter of fiscal year 2027 (3QFY27), ending December 2026.
The expansion comes as India’s Approved List of Models and Manufacturers (ALMM) List-II took effect on June 1, 2026. Under the new requirement, solar PV modules deployed in projects covered by the ALMM framework, including government-supported schemes, net-metering installations, and open-access renewable energy projects, must use solar cells sourced from manufacturers listed under ALMM List-II.
“While certain under-construction projects have received transitional relief, the broader policy direction remains unchanged. With domestic cell capacity still trailing module capacity, access to ALMM-compliant cells and backward integration will increasingly differentiate manufacturers. As ALMM List-III for wafers and ingots remains under consultation for its proposed June 2028 implementation, the policy framework is expected to increasingly favour scaled, integrated players, accelerating industry consolidation over the medium term,” says Equirus Securities in its recent research note.
According to the research note, Vikram Solar is simultaneously expanding its module manufacturing capacity from 9.5 GW to 15.5 GW, with the additional capacity expected to be commissioned by the first quarter of fiscal year 2027.
The report notes that domestic cell capacity continues to lag module manufacturing capacity, making access to ALMM-compliant cells an increasingly important competitive factor for solar manufacturers.
Module-cell integration is expected to play an important role in Vikram Solar’s next phase of development. The report notes that the company has secured interim domestic cell availability through a 2GW ALMM-compliant sourcing arrangement with Jupiter International, ensuring domestic cell availability ahead of its planned backward integration. However, Equirus Securities said this agreement is unlikely to materially alter Vikram Solar’s earnings, as DCR-linked pricing premiums are likely to remain with cell suppliers rather than flow through to module manufacturers.
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