Business Segment Performance Review

Solar Manufacturing(New Energy Ecosystem)

Solar Manufacturing

Vision

To become a measure of success in the solar industry by continuously innovating, benchmarking, and improving.

Business Overview

Incorporated in 2017 with an initial 1.2 GW module manufacturing capacity, Adani Solar has evolved into one of India’s major integrated solar manufacturing companies. The business currently operates 4 GW of cell capacity, 4 GW of module capacity, 2 GW of ingot-wafer capacity.

Over the past few years, Adani Solar has accelerated expansion, scaling up to 4 GW of cells and modules. Its automated 2 GW mono PERC cell lines deliver efficiencies of up to 23.2%, while 2 GW TOPCon lines achieve average efficiencies of 25.3%. An additional 6 GW of TOPCon cell and 6 GW of module capacity are planned for commissioning in FY 2026-27. Adani Solar's cumulative capacity will reach 10 GW of cell and 10 GW of modules by FY 2026-27.

With a proven execution track record, strong customer relationships, and process-driven manufacturing, Adani Solar has positioned itself as a trusted supplier for both domestic and export markets. The Company continues to strengthen capabilities in efficiency improvement, yield enhancement, and supply chain indigenisation, supporting margin stability in a competitive environment. As one of the early adopters of TOPCon technology in India, Adani Solar reinforces its commitment to indigenous solar manufacturing.

Adani Solar is well-positioned to sustain healthy growth and margin improvement, supported by:

  • Capacity expansion
  • Strong policy support for domestic manufacturing
  • Clear demand visibility for solar modules

Strategic Direction (FY 2029-30)

  • Drive cost competitiveness at par with global benchmarks, including China
  • Strengthen India’s position as a global solar manufacturing hub

Adani Solar is proud to contribute to the nation’s growth through purpose-driven work and responsible actions, focussed on supporting energy independence through technology and manufacturing excellence. Our efforts go beyond business – creating value for communities, customers, and the country we serve.

- Mr Muralee Krishnan, CEO, Adani Solar

Business Edge

  • Sustained leadership in high‑efficiency cell and module technologies
  • Emphasis on automation, digitisation, and yield improvement across the value chain
  • Standardisation of larger wafer formats and process optimisation to enhance throughput and cost efficiency
  • Digitisation and data‑driven manufacturing
  • Backward integration and integrated supply chain
  • Economies of scale
  • Brand & financial strength
  • People-first culture
  • Strategic sourcing

Domestic Market:

  • Retain leadership in rooftop and PM‑KUSUM segments
  • Leverage Domestic Content Requirement (DCR) ecosystem and captive demand within the Group

Export Market:

  • Gradual increase in export share to balance geographic risk
  • Maintain Tier-1 positioning with global customers

Sustainability Highlights

Energy Management

Rooftop solar contributes less than 1% of total energy consumption, while captive windmills supply approximately 6% of green energy. Overall, renewable sources account for 18.5% of total energy consumption.

Resource Conservation

Achieved 100% reuse of STP-treated water and 50% reuse of ETP-treated water, significantly reducing freshwater withdrawal.

Safety

Ensured 100% safety training coverage for employees and workers at the Mundra facility.

Ethics & Governance

Conducted Code of Conduct training for 100% of employees at Mundra. Implemented an Anti-Bribery Management System, with internal compliance roll-out underway prior to external certification.

Biodiversity Management

Planted 9,526 trees on barren land in the previous financial year, achieving a 75% survival rate. In the current year, 4,517 saplings have already been planted, with a target to exceed 5,000 trees.

Single-Use Plastic-Free Certification

Awarded certification for adherence to single-use plastic-free practices across MSEL and MSPVL operations.

Waste Management

All waste is disposed of in compliance with statutory requirements and routed to authorised recyclers. Exploring module recycling at end-of-life (EoL) and in early-loss scenarios to strengthen circularity initiatives.

Sustainable Supply Chain

Tier-1 suppliers are evaluated through structured ESG questionnaires prior to onboarding, with ongoing ESG assessments for existing suppliers. These measures support Scope 3 GHG reduction and enhance sustainability awareness across the supply chain.

Awards and Accolades
  • Ranked 9th globally in the Wood Mackenzie Top 10 Solar Module Manufacturers list – the only Indian manufacturer featured; achieved Grade A status across all key parameters and ranked 7 globally
  • Recognised as a Tier-1 PV Module Manufacturer by BloombergNEF
  • Awarded Gold Champion recognition with 12 Quality Circle teams at the 36th Annual QCFI Convention, Vadodara (first-time participation)
  • Certified Single-Use Plastic-Free by the Confederation of Indian Industry (CII) – ITC Centre of Excellence for Sustainable Development
  • Recognised as Top Brand PV 2025 by EUPD Research at RE+ 2025 and received the ESG Transparency Award (Excellence) 2025/26 from EUPD Research Sustainable Management GmbH, Bonn, Germany
  • Won the prestigious RETC Award at RE+ 2025
  • Secured Platinum (Top Rating) in the Case Study Category for ANIL Ingot & Wafer Plant and two Silver Awards (AWMS 5S & Visual Management; Quality – MSPVL Cell & Module) at the 18th CII National Competitiveness Summit 2025
  • Won the Par Excellence Award at ICQCC 2025, Dubai
  • Honoured at the FE Green Sarathi Awards 2025 for Excellence in Sustainable Manufacturing and Sustainable Business of the Year
  • Awarded Silver at the 6th Green Urja & Energy Efficiency Awards by the Indian Chamber of Commerce (ICC) for Renewable Energy Excellence in Solar Module Manufacturing