Archive · 16 Sep 2025
Kotak on Waaree and Premier's Solar Manufacturing Potential
The Indian government is pushing for more solar panel parts to be made in India.
This means companies like Waaree and Premier Energies could benefit.
A new rule, starting in June 2028, will require some solar projects to use locally made wafers.
This could give early manufacturers a big advantage, leading to higher profits until more companies enter the market.
Kotak Institutional Equities believes the companies that start making wafers soonest will be most successful.
Right now, India only makes a small amount of wafers compared to what will be needed in the future.
The plan is to increase the amount of domestic wafer production, making India less dependent on foreign suppliers.
Government proposes ALMM List III for wafers, effective June 1, 2028.
Waaree and Premier Energies are positioned to benefit from the amendment.
Kotak suggests early wafer manufacturers could see superior margins.
Projects commissioned after June 2028 must use ALMM-compliant wafers.
Indian wafer demand is expected to reach 45-50 GW by FY2031.
- Who
- Waaree Energies, Premier Energies, and other potential manufacturers, as well as Kotak Institutional Equities.
- What
- The potential impact of the government's ALMM List III amendment on the solar wafer manufacturing sector.
- When
- The draft amendment proposes ALMM List III, effective June 1, 2028.
- Where
- India.
- Why
- To deepen local manufacturing in the renewable value chain and potentially give early movers a competitive edge.
- Key Companies
- Waaree Energies, Premier Energies, Adani
- ALMM List III Effective Date
- June 1, 2028
- Wafer Capacity Goal
- 15 GW (minimum for ALMM list)
- Current Wafer Capacity (India)
- 2 GW (Adani)
- Expected Wafer Demand (FY2031)
- 45-50 GW