Mumbai, July 24 -- India's solar module manufacturers with cell-making capacity are making a windfall by selling to cell-less competitors. However, a lucrative arbitrage that comes from a shortage of locally made cells is set to end as the government widens its mandate for the use of domestically produced solar cells in new renewable energy projects.

Some of these cell companies themselves rely on imported cells to make modules. This business structure - supplying part of their cell production to other companies while importing cells to run their own module lines - nets these companies better margins, experts said.

The top companies in the B2B cell market are Premier Energies, Tata Power, Adani Solar, Jupiter International, ReNew Photov...