India adds 14.3GW utility-scale solar in H1 2025, up 49% year-on-year

According to JMK’s latest report, India RE Update Q2 2025, rooftop solar additions surged 76% year-on-year to reach 3.2GW during the same period. For the full calendar year, India is projected to add 39GW of solar capacity, including 30.2GW of utility-scale, 7GW of rooftop, and 1.8GW of off-grid projects. By comparison, JMK’s July report had forecasted 28.3GW of utility-scale and rooftop solar PV installations in India for fiscal year 2026.

On a state level, growth was concentrated in a handful of markets. Gujarat, Rajasthan, Maharashtra, Karnataka and Tamil Nadu together accounted for nearly 81% of solar installations in the first half of this year. Gujarat led with approximately 6GW, followed by Rajasthan (5.5GW) and Maharashtra (3.6GW). 

In terms of financing, India’s renewable energy sector attracted more than US$4.87 billion in investments in Q2 2025, about 21% lower than Q1 2025. 

However, the report flagged concerns on the tendering side. In Q2 2025, solar tenders accounted for just 10% of total capacity issued, with volumes falling 60% quarter-on-quarter. JMK attributed the decline to a shift away from vanilla solar projects toward hybrid and other non-vanilla renewable energy (RE) tenders, compounded by power sale agreements (PSA) delays and transmission bottlenecks. 

Module market analysis 

India’s domestic module sector continued its rapid expansion in Q2 2025, with 11 manufacturers announcing plans for nearly 17GW of new solar module capacity, according to JMK Research. 

New entrants are joining established players to capture rising demand. Sunkind India has partnered with ConfirmWare PV Manufacturing Solutions to deploy 4GW over the next two years, while Future Solar aims to scale from its current 644MW to 4GW by mid-2026. Novasys is planning a 2.6GW TOPCon module assembly plant by 2026, and Solarium Green Energy is re-entering module production with a 1GW automated module assembly plant in Ahmedabad. 

Moreover, shipments in the second quarter totalled 8.6GW across the top 21 players, with the top five manufacturers – Waaree, Goldi Solar, ReNew, Rayzon Solar and Adani – accounting for around 57% of volumes.  

International suppliers had only a marginal presence, with Chinese firms Trina Solar and Astroenergy representing about 3.4% of shipments, compared to 95.3% from domestic players. 

The trend highlights the combined impact of India’s Approved List of Models and Manufacturers (ALMM) mandate and policy support for self-reliance, which continue to cement the dominance of Indian manufacturers in the country’s solar supply chain. 

Module imports and exports 

Additionally, in Q2 2025, Waaree and Adani collectively exported around 1.33GW of solar PV modules, up 774MW from Q1 2025. Waaree’s exports accounted for 62.5% of its total module production, while Adani’s contributed 44%. Other domestic players held smaller shares, with Saatvik at 3.25% and Rayzon at 0.12%. 

According to a JMK Research report in May 2025, India shipped 12.5GW of solar modules in the first quarter of the year. Over half of this came from the top five manufacturers, led by Waaree with over 2GW, followed by Chinese firm TrinaSolar, one of only two international shippers. Domestic players accounted for nearly 90% of total shipments. 

India’s solar trade balance remained in net import territory, with module imports totalling US$232.31 million and cells worth US$607.90 million, compared to exports of US$544.94 million for modules and US$4.06 million for cells. China dominated module imports, supplying 67%, followed by Vietnam, Hong Kong, the United Arab Emirates and the US. 

The US was the main export destination, taking 97.3% of India’s module shipments. However, Donald Trump’s 25% tariff on Indian imports from 1 August 2025, a potential additional 25% tax on crude oil imports, and US AD/CVD investigations into PV cells from India, Indonesia, and Laos threaten India’s foothold in the US market.