India's growing stature in global clean energy manufacturing has received a boost with Adani Solar emerging as the only Indian company to feature in Wood Mackenzie's Global Solar Module Manufacturer Ranking for the first half of 2025.
Adani Solar, the solar photovoltaic manufacturing arm of Adani New Industries Limited (ANIL), was assigned a Grade A classification by the global energy and natural resources consultancy. It was ranked No.8 on the Wood Mackenzie Global Solar Module Manufacturer Ranking.
Wood Mackenzie has released its latest "Global Solar Module Manufacturer Ranking" report for the first half of 2025, which assesses solar panel companies on shipments, bankability and performance.
1 January 2026
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JA Solar and Trinasolar jointly claimed the top rank, with scores of 91.7 and 91.6, respectively, according to the Wood Mackenzie report which evaluated 38 manufacturers of crystalline silicon modules.
Adani Solar had a score of 81 points.
Wood Mackenzie evaluates manufacturers on 10 criteria, including third-party reliability testing, financial health, manufacturing track record and patent activity. The Grade A rating serves as an independent benchmark for companies meeting the industry's highest standards of performance and transparency.
Adani Solar's rating reflects strong performance across parameters such as technology capability, supply chain resilience, vertical integration, research and development, environmental, social and governance practices, and corporate responsibility.
While Chinese companies continue to dominate the global top 10, the report highlights a diversifying competitive landscape with representation from India, South Korea, Singapore and the United States.
The top 10 manufactures reported a collective $2.2 billion net loss in H1 2025, a result of steep price declines that have impacted even the industry's largest players, according to Wood Mackenzie. In sharp contrast, all non-Chinese players in Top 10 remained profitable by focusing on premium and protected markets.
These manufacturers maintained an average utilization rate of 70% in H1 2025, in contrast to the global average of just 43% for all other manufacturers. Adani Solar and DMEGC Solar were notable for maintaining a 100% utilization rate, the report said.
The top 10 manufacturers collectively shipped 224 GW of modules, representing 75% of global shipments in the first half of the year.
Rising challengers from India, South Korea, Singapore and the United States confirm that the competitive landscape is diversifying beyond China, driven by tightening trade policies, it added.
The recognition coincides with a key milestone for Adani Solar, which has shipped over 15,000 MW of solar modules across domestic and international markets as of 2025. Of this, 10,000 MW were deployed in India and 5,000 MW exported overseas.
About 70% of the modules were manufactured using solar cells produced in-house in India, underscoring the company's integrated manufacturing footprint. The milestone positions Adani Solar as the first and fastest Indian manufacturer to reach this scale, while generating over 8,000 direct jobs and a significant number of indirect green jobs.
The company plans to expand its manufacturing capacity to 10,000 MW per annum by the next financial year. Its Mundra facility in Gujarat produces next-generation, high-efficiency solar modules with end-to-end capabilities covering ingots, wafers, cells, modules and key ancillary materials, including solar glass, aluminium frames and EVA backsheets.
Adani Solar has also been recognised as a Top Performer by Kiwa Photovoltaic Evolution Labs for the eighth consecutive year, named a Top Brand Photovoltaic 2025 by EUPD Research, and has maintained Tier 1 status with Bloomberg New Energy Finance, including in the third quarter of 2025.
India's solar manufacturing capacity has expanded from less than 2.5 GW in 2014 to over 140 GW in 2025. The country now ranks third globally in installed solar manufacturing capacity and is the world's third-largest solar power producer.
India has already exceeded its Paris Agreement commitment, with non-fossil sources accounting for 51.5% of installed power capacity - achieved five years ahead of the 2030 target - and remains on track to reach 500 GW by 2030. PTI ANZ ANU ANU
