India, Sept. 2 -- India's solar PV module manufacturing capacity reached 233GW by June 2026, but upstream capacity in cells, wafers, ingots and polysilicon remained far lower.

Module factories were operating at an estimated 35% to 40% utilisation, while another 135GW of capacity was planned or under construction.

New demand from data centres, green hydrogen and exports could add 17GW to 22GW by 2030, but may not be enough to absorb the expected surplus.

The report warned that smaller, non-integrated manufacturers and firms using older technologies could face consolidation or stranded assets.

India's solar photovoltaic (PV) module manufacturing capacity reached 233 gigawatts (GW) by June 2026, but the expansion was overwhelmingly conce...