April, 2 : Mercom India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its latest report, the India Solar Market Leaderboard 2026. The report provides market share rankings and a comprehensive overview of the competitive landscape across the Indian solar supply chain for the calendar year  2025.

A total of 153 companies are covered in the report across various categories. Of these, 35 companies featured in 2025 were not present in 2024, highlighting a rapidly evolving and competitive market landscape driven by sustained growth and expanding opportunities.

“India’s solar market is evolving rapidly, with strong policy support for domestic manufacturing and robust demand, which is bringing in new entrants and reshaping market share leadership across the value chain. As the market matures, pricing alone is no longer enough. Quality, brand positioning, and consistent execution are playing an increasingly bigger role in determining who gains and retains market share,” said Raj Prabhu, CEO of Mercom Capital Group.

India added 36.6 gigawatts (GW) of solar power capacity in 2025, marking a 42.7% increase over 25.6 GW in 2024. Utility-scale installations, including open access, accounted for 29.5 GW, representing 80.6% of total additions. The country’s cumulative installed solar capacity stood at 135.8 GW as of December 2025.

As of December 2025, the pipeline of large-scale solar projects under development stood at 207 GW, with another 151 GW of tenders pending auction, ensuring strong long-term demand visibility.

Adani Green Energy retained its position as the leading utility-scale solar project developer in 2025, with the largest operational portfolio (excluding open-access solar) and pipeline.

The utility-scale solar market rankings indicate a competitive landscape, with mid-tier developers scaling up project execution and gaining market share. However, leading players continue to maintain a strong advantage in terms of overall capacity and execution scale.

In 2025, India added 7.1 GW of rooftop solar capacity. Tata Power Solar retained its leadership position in rooftop solar installations, accounting for 19% of total installations in 2025.

Tata Power Solar also emerged as the leading engineering, procurement, and construction (EPC) service provider in 2025. The company also led cumulative numbers, providing third-party EPC services.

Sungrow Power Supply maintained its position as the top solar inverter supplier in 2025 while also leading cumulative shipments.

Trina Solar dominated among the global module suppliers to India in 2025, while Jinko Solar led in cumulative module shipments. Waaree Energies was the leading domestic module supplier.

The presence of a majority of domestic companies in the top 10 module supplier rankings highlights a clear shift toward domestic-led supply. However, with most suppliers delivering in the 3-5 GW range this year, competition among domestic players remains intense. The sharp decline in Chinese suppliers reflects a shift in procurement toward domestic manufacturers, supported by policy measures and supply chain localization.

Tongwei Solar led solar cell supplies in 2025.

Cell supply remained highly concentrated and dominated by Chinese manufacturers, with Tongwei, Jietai, and SolarSpace leading. This trend is expected to continue until ALMM-II comes into force. Beyond the top three, market share drops off sharply across other suppliers. However, the presence of two Indian companies on the list points to early, though limited, domestic participation in 2025, which is expected to expand significantly in the coming years.

Goldi Solar recorded the largest module manufacturing capacity addition, while Waaree Energies continued to hold the highest cumulative installed capacity as of December 2025.

The industry is moving toward greater vertical integration to secure supplies and reduce dependence on imports. At the same time, policy support through ALMM and PLI has created a favorable environment for entry and expansion in solar component manufacturing, increasing competition across the domestic manufacturing segment.

Solar manufacturing capacity remains highly concentrated at the state level, with Gujarat emerging as the dominant hub for both module and cell production. Rajasthan and Tamil Nadu have developed as key centers for module manufacturing, while Tamil Nadu and Karnataka hold strong positions in cell production.

GameChange Solar was the leading solar tracker supplier, and ARCTECH led cumulative shipments as of December 2025.

In 2025, India added 7.8 GW of open access solar capacity. Gentari Renewables emerged as the leading open-access solar developer during the year and also cumulatively.

The open access project development segment is seeing a strong shift, with large IPPs and global developers increasing their participation in 2025. However, it is a fragmented market, with rankings highly sensitive to annual execution cycles.

Goodluck India was the leading module mounting structure supplier in 2025. The company also led cumulative shipments as of December 2025.

Langfang Sol-Bright New Energy Technology topped the list of robotic module cleaning equipment suppliers in 2025, along withcumulative shipments.

India’s solar O&M market is becoming more critical and performance-driven, as declining tariffs push developers to prioritize cost efficiency and portfolio optimization. This report includes a new dedicated segment on O&M service providers to capture these dynamics.

Inox Green Energy Services accounted for the highest contracted capacity added under solar O&M services in 2025. Mitarsh Energy held the highest cumulative contracted capacity in this segment.

The report offers a comprehensive overview of the solar market landscape, covering the entire supply chain. It features profiles of market leaders, detailed installation and supply data, year-over-year ranking shifts, market share information for the top 10 companies in CY 2025, and cumulative market insights.