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					</table><p>In an exclusive interview with Mercom, Manish Gupta, Chairman at <a href="https://insolationenergy.in/" target="_blank" rel="noopener">INA Solar</a>, shared his insights about the rapidly changing landscape of solar manufacturing and his company&#8217;s plans to meet the ever-growing demand of the Indian solar industry.</p>
<p><strong>What is INA Solar&#8217;s current solar module manufacturing capacity? What are the company&#8217;s plans for solar cell manufacturing?</strong></p>
<p>At INA Solar, we have always believed that innovation, quality, and scale are the pillars that define a world-class solar manufacturing company. Over the years, we have strategically built our manufacturing capabilities to cater to both India&#8217;s rapidly growing renewable energy requirements and the global solar market.</p>
<p>We operate three manufacturing units in Jaipur with a combined solar module production capacity of 5.5 GW. Our most recent facility at Sawarda, Jaipur, adds 4.5 GW of AI and robotics-driven capacity dedicated to high-efficiency TOPCon and mono PERC modules.</p>
<p>We are also investing in advanced architectures, such as TOPCon, M10R, and G12R, supported by a strong in-house R&amp;D team focused on efficiency, durability, and sustainable manufacturing.</p>
<p>To expand upstream, INA Solar is developing a new plant in Madhya Pradesh with 4.5 GW of G12R N-Type TOPCon solar cell manufacturing capacity. Our total footprint is projected to reach 7 GW of modules, 4.5 GW of solar cells, and 18,000 MTA of aluminum frames.</p>
<p><strong>What steps do you believe are essential to prepare India for the proposed ALMM mandate on wafers and ingots by 2028?</strong></p>
<p>The proposed ALMM mandate on wafers and ingots by 2028 provides India with a crucial lead time to build a strong domestic upstream ecosystem. While short-term costs may rise due to limited local ingot-wafer capacity, the transition window enables manufacturers to scale sustainably.</p>
<p>To prepare for ALMM List-III, the essential steps include rapidly building domestic ingot-wafer capacity to reduce import reliance and balancing domestic and global supply during the transition.</p>
<p>We must also design lines that can handle multiple wafer sizes and specs, increase automation, yields, and cost efficiency, and work with MNRE to secure incentives and financing for upstream investments.</p>
<p><strong>How do you view the current state of Indian solar manufacturing? What policy interventions or industry measures are needed to enhance global competitiveness?</strong></p>
<p>India&#8217;s solar manufacturing sector has expanded rapidly over the past 18 to 24 months, driven largely by the production-linked incentive (PLI) program and strong growth in module production capacity. However, domestic manufacturing of cells, wafers, and ingots still falls short of market demand. Challenges such as fragmented supply chains and an inverted duty structure continue to put pressure on production costs and working capital for manufacturers.</p>
<p>Several policy interventions are needed to enhance global competitiveness. Addressing the inverted duty structure and input tax credit (ITC) blockage would significantly ease cash-flow constraints for manufacturers. Strengthening PLI support for upstream segments, such as ingots, wafers, and cells, is essential to achieving full value-chain integration. Stable ALMM timelines and consistent procurement rules would reduce uncertainty for investors and developers. Additionally, enabling low-cost, long-term financing for upstream projects and supporting exports through targeted incentives and trade diplomacy would help Indian manufacturers compete internationally.</p>
<p>On the industry side, companies must prioritize backward integration supported by strong global technology partnerships. Building flexible, standardized production lines, adopting higher levels of automation, improving yields, and meeting international certification standards will be critical to long-term competitiveness. Developing supplier clusters and localized ecosystems can help reduce dependency on imports, while investing in R&amp;D and workforce skilling will strengthen technological self-reliance.</p>
<p><strong>How will the recent reduction of GST on solar cells from 12% to 5% affect manufacturers, considering that issues related to the inverted duty structure and accumulated input tax credit persist?</strong></p>
<p>The reduction in GST on solar cells from 12% to 5% is positive for boosting demand and reducing project costs. However, for manufacturers, the benefit is limited because the inverted duty structure remains unresolved.</p>
<p>Input materials, such as glass, EVA, backsheets, and frames, are still subject to a 12%-18% GST, while the final product is taxed at only 5%. This widens the gap between input tax paid and output tax collected, leading to large accumulated ITC, blocked working capital, higher effective production costs, and reduced margins, especially for small and mid-sized manufacturers.</p>
<p>So, while the GST cut supports installations, its impact on manufacturing competitiveness is minimal unless paired with solutions such as input GST rationalization or ITC refund mechanisms.</p>
<p><strong>With ALMM mandates extending to cells, wafers, and ingots, do you foresee a potential shortage of skilled workers across the solar value chain? What measures are needed to develop technical talent at scale?</strong></p>
<p>A talent shortage is likely as ALMM requirements expand to include cells, wafers, and ingots by 2028. India has strong expertise in module assembly, but the talent pool for the upstream stages of the solar value chain, such as ingot pulling, wafering, and advanced cell manufacturing, is relatively limited.</p>
<p>The key skill gaps include crystal growth, wafer slicing, cell manufacturing processes such as diffusion, metallization, and passivation, as well as automation and robotics, equipment maintenance, and advanced quality-control techniques.</p>
<p>To build talent at scale, India needs to establish dedicated solar manufacturing training centres with industry-led curricula tailored to upstream technologies. Strengthening collaboration between academia and industry through specialized electives, laboratory facilities, and apprenticeship programs will also be critical. Upskilling the existing module-line workforce through bridge programs and hands-on training can help create a pipeline of workers ready for more advanced manufacturing roles.</p>
<p>Forming technology partnerships with global leaders, particularly those that include embedded training modules, will accelerate capability building. Additionally, developing national skill standards and offering incentives for companies that invest in workforce development can help drive systematic improvement across the sector.</p>
<p><strong>Frequent policy changes in solar manufacturing are often seen as a source of uncertainty. How do you think investors perceive this volatility, and what actions could help strengthen their confidence?</strong></p>
<p>Yes, frequent policy changes in solar manufacturing creates uncertainty for investors. While the intent is positive, unpredictability in ALMM timelines, BCD/GST changes, and incentive structures affects long-term planning in a capital-intensive sector.</p>
<p>Investors generally view this volatility through several lenses. First, it creates ambiguity about demand because frequent shifts in ALMM and duty timelines make it difficult to forecast market conditions accurately. Second, sudden changes in tariffs or GST rates introduce financial unpredictability, disrupting cost models and affecting expected IRRs. Third, global partners tend to remain cautious when execution timelines or regulatory frameworks change frequently, which affects their confidence in market stability.</p>
<p>To strengthen investor confidence, several actions can be taken. Establishing a clear long-term policy roadmap, ideally spanning eight to ten years, for ALMM, duties, and incentives would provide much-needed visibility. Better coordination among MNRE, the Ministry of Finance, and the Directorate General of Foreign Trade could help prevent conflicting regulations. Providing stable duty and tax structures with multi-year visibility, along with resolved inverted duty issues, would further reduce uncertainty. Ensuring faster and more transparent PLI disbursement through time-bound approvals and payouts would also help.</p>
<p><strong>Which solar module technologies is INA prioritizing? Which technologies are likely to gain prominence in India and globally in the near to mid-term?</strong></p>
<p>INA Solar is prioritizing N-Type TOPCon technology as the next-generation standard for high-efficiency solar modules. Among the currently available technologies, such as PERC, N-Type TOPCon, and HJT, we believe N-Type TOPCon will capture a major market share and remain commercially viable for a longer tenure, owing to its higher efficiency, better temperature coefficient, and compatibility with existing PERC manufacturing infrastructure.</p>
<p>Ongoing technological advancements at the laboratory level are expected to strengthen N-Type TOPCon&#8217;s performance and process stability, ensuring continued support for existing infrastructure and protecting investors&#8217; interests.</p>
<p>Within the N-Type family, INA Solar anticipates that G12R will be the leading format for large-scale adoption. Accordingly, the company has chosen to advance with G12R-based N-Type TOPCon technology and is in the process of establishing a 4.5 GW solar cell production facility at Narmadapuram, Madhya Pradesh.</p>
<p>From a broader perspective, N-Type TOPCon is expected to dominate both the Indian and global PV markets in the near to mid-term. At the same time, HJT and perovskite tandem technologies may gain traction over the longer term as manufacturing processes mature and become more cost-competitive.</p>
<p><strong>Project developers often raise concerns about the quality of domestically manufactured solar modules. As a manufacturer, how do you address these concerns?</strong></p>
<p>At INA Solar, we understand that quality is the most important factor for project developers. Our production lines are fully automated and equipped with advanced machinery, ensuring accuracy and consistency at every step. Each module undergoes several levels of inspection, from raw materials to the final product, ensuring that only the best reaches our customers.</p>
<p>We strictly follow internationally recognized standards, such as IEC, BIS, and ALMM, and our in-house testing facilities verify modules for performance, durability, and long-term reliability. Our R&amp;D and quality teams collaborate closely with technology partners to continually improve materials and processes.</p>
<p>By maintaining transparency and traceability throughout production, we ensure our modules deliver the performance and reliability developers expect, demonstrating that Indian manufacturers can meet global quality standards.</p>


Solar Manufacturing Policy Certainty Critical For Investors: Interview


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					</table><p>Jaipur-based solar module manufacturer <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a> reported a revenue of ₹7.76 billion (~$87.57 million) in the first half (1H) of the financial year (FY) 2026, an increase of 25.62% year-over-year (YoY) from ₹6.18 billion (~$69.74 million).</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a YoY growth of 30.62%, rising to ₹1.14 billion (~$12.75 million) from ₹871.2 million (~$9.83 million).</p>
<p>Profit after tax increased by 23.53% to ₹800.6 million (~$9.03 million) from ₹648.1 million (~$7.31 million).</p>
<p>The earnings per share (EPS) also increased to ₹3.63 (~$0.034) from ₹3.11 (~$0.035).</p>
<p>“Our performance in H1 FY26 is a testament to our commitment to innovation, quality, and sustainable energy solutions. With the growing demand for solar energy and our ongoing capacity expansion, including our upcoming 7 GW solar module, 4.5 GW solar cell, and 18,000 MTA aluminium frame manufacturing facilities. We are confident of delivering even stronger results in the coming quarters,” said Manish Gupta, Chairman at Insolation Energy.</p>
<p>The company operates three manufacturing facilities in Jaipur with a combined annual capacity of 5.5 GW.</p>
<p>In September this year, the Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-approves-%E2%82%B911-34-billion-loan-to-insolation-green-energy/" target="_blank" rel="noopener">approved</a> a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of Insolation Energy, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh.</p>
<p>In August, the company <a href="https://www.mercomindia.com/insolation-energy-breaks-ground-on-4-5-gw-solar-cell-facility" target="_blank" rel="noopener">broke</a> ground on the manufacturing plant for solar cells and an 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.</p>
<p>INA Solar <a href="https://www.mercomindia.com/ina-solar-commissions-4-5-gw-solar-module-plant-in-rajasthan" target="_blank" rel="noopener">operationalized</a> a 4.5 GW solar module manufacturing plant at the Sawarda village in Rajasthan’s Jaipur district in September. With the commissioning of this plant, INA Solar has expanded its manufacturing capacity to 5.5 GW.  The facility, spread over 600,000 sq ft, manufactures TOPCon modules.</p>
<p>Insolation Energy had <a href="https://www.mercomindia.com/insolations-revenue-up-58-yoy-in-2h-fy-2025-due-to-market-expansion/" target="_blank" rel="noopener">reported</a> a 58.35% YoY growth in revenue to ₹7.3 billion (~$85.56 million) in the second half of FY 2025 from ₹4.61 billion (~$54.03 million).</p>


Solar Module Manufacturer Insolation Energy’s Revenue Up 26% in 1H FY 2026


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					</table><p>The Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has approved a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of <a href="https://insolationenergy.in/" target="_blank" rel="noopener">INA Solar</a>, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh.</p>
<p>The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million). The remaining ₹3.78 billion (~$43 million) will be funded from  internal accruals</p>
<p>In August, the company <a href="https://www.mercomindia.com/insolation-energy-breaks-ground-on-4-5-gw-solar-cell-facility" target="_blank" rel="noopener">broke</a> ground on the manufacturing plant for solar cells and an 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.</p>
<p>Recently, INA Solar <a href="https://www.mercomindia.com/ina-solar-commissions-4-5-gw-solar-module-plant-in-rajasthan" target="_blank" rel="noopener">operationalized</a> a 4.5 GW solar module manufacturing plant at the Sawarda village in Rajasthan’s Jaipur district. With the commissioning of this plant, INA Solar has expanded its manufacturing capacity to 5.5 GW.  The facility, spread over 600,000 sq ft, manufactures TOPCon modules.</p>
<p>The company said it plans to enter solar wafer manufacturing.</p>
<p>It also announced plans to develop a 635 W to 650 W capacity manufacturing line of its G12R TOPCon module.</p>
<p>INA Solar expects to produce 2 GW of solar modules in the financial year 2026.</p>
<p>The company plans to expand its solar module manufacturing capacity to 10 GW by 2028. It also announced plans to expand its solar cell manufacturing capacity to 9 GW and aluminum frame manufacturing capacity to a 54,000 MTA plant by 2028.</p>
<p>The company reported executing over 100 MW of rooftop solar projects for corporate and government projects to date.</p>
<p>In FY 2025, the company reported a consolidated turnover of ₹13.34 billion (~$152 million), reflecting a growth of 80.93% compared to ₹7.37 billion (~$84 million) in FY 2024. The company attributed the growth in consolidated turnover to an increase in market share and strong demand for its advanced solar solutions.</p>


IREDA Approves ₹11.34 Billion Loan to Insolation Green Energy


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					</table><p><a href="https://insolationenergy.in/" target="_blank" rel="noopener">INA Solar</a> has operationalized its 4.5 GW solar module manufacturing plant at the Sawarda village in Rajasthan’s Jaipur district.</p>
<p>With the commissioning of this plant, INA Solar has expanded its manufacturing capacity to 5.5 GW.  The facility, spread over 600,000 sq ft, manufactures INA Solar’s M10R TOPCon models.</p>
<p>The company stated that the facility utilizes artificial intelligence and robotics to automate the solar manufacturing line. Apart from the 4.5 GW facility, INA Solar has two other operational solar plants in Rajasthan.</p>
<p>INA Solar plans to enter the solar wafer manufacturing space to enable backward integration. It also announced plans to develop a 635 W to 650 W capacity manufacturing line of its G12R TOPCon module.</p>
<p>The company also produces bifacial and monofacial modules. It expects to produce 2 GW of solar modules in the financial year 2026.</p>
<p>Apart from module manufacturing, INA Solar’s offerings include turnkey solutions in the engineering, procurement, and construction space.</p>
<p>The company reported executing over 100 MW of rooftop solar projects for corporate and government projects to date.</p>
<p>In August 2025, the company <a href="https://www.mercomindia.com/insolation-energy-breaks-ground-on-4-5-gw-solar-cell-facility" target="_blank" rel="noopener">broke</a> ground on its 4.5 GW fourth manufacturing plant for solar cell and 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh. The project, spread across 45 acres, involves an investment of about ₹16 billion (~$182.69 million).</p>
<p>The company plans to expand its solar module manufacturing capacity to 10 GW by 2028. It also announced plans to expand its solar cell manufacturing capacity to a 9 GW solar cell manufacturing plant and its aluminium frame manufacturing capacity to a 54,000 MTA plant by 2028.</p>
<p>India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in calendar year 2024, according to Mercom’s <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2025" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2025</a> report.</p>


INA Solar Commissions 4.5 GW Solar Module Plant in Rajasthan


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					</table><p>Insolation Green Energy, a wholly owned subsidiary of <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a>, has broken ground on its 3 GW solar PV module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan.</p>
<p>The company said it is investing ₹4 billion (~$47.6 million) in its third manufacturing facility.</p>
<p>The facility will produce 3 GW of n-type and ToPCon solar panels and 12,000 metric tons of aluminum frames annually.</p>
<p>The facility will cover 109,000 square meters and is expected to create over 800 jobs, contributing towards the region&#8217;s economic growth.</p>
<p>The company said the solar panels will adhere to international and Indian standards like IEC, Approved List of Models and Manufacturers, and Bureau of Indian Standards, ensuring high quality and reliability.</p>
<p>Insolation Energy&#8217;s products are used in government programs such as the Jal Jeevan Mission, PM-Kusum, and PM Surya Ghar: Muft Bijli Yojana, aligning with the government&#8217;s Make in India vision.</p>
<p>In July, the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">expanded</a> the Approved List of Models and Manufacturers (ALMM). Insolation Energy contributed 187 MW to the newly added 2,674 MW of solar module capacity.</p>
<p>The total module manufacturing capacity under ALMM now stands at 54,706 MW.</p>
<p>Earlier, Insolation Energy was one of six companies <a href="https://www.mercomindia.com/rajasthan-winning-bidders-rooftop-solar" target="_blank" rel="noopener">awarded</a> a letter of allocation to develop 1,500 kW of rooftop solar projects each in Rajasthan. This allocation is part of a larger initiative by the Rajasthan Renewable Energy Corporation Limited (<a href="https://energy.rajasthan.gov.in/rrecl/" target="_blank" rel="noopener">RRECL</a>) to develop 45 MW of grid-connected rooftop solar systems across the state.</p>
<p>According to the <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2024" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2024</a> report by Mercom India Research, India added 20.8 GW of solar module capacity and 3.2 GW of solar cell capacity in 2023.</p>
<p>By December 2023, the country&#8217;s total solar module manufacturing capacity had risen to 64.5 GW, while its solar cell manufacturing capacity reached 5.8 GW. Around 60% of the installed module capacity can produce modules in M10 and G12 wafer sizes.</p>


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