Whalesbook
Global Recognition
Adani Solar, the manufacturing arm of Adani New Industries Limited (ANIL), has earned a significant international accolade, being named the only Indian entity in Wood Mackenzie's prestigious Global Solar Module Manufacturer Ranking for the first half of 2025. The company achieved an 8th place finish, accompanied by a Grade A classification, underscoring its strong performance in the competitive solar sector.
Performance Metrics
Wood Mackenzie's evaluation, which assessed 38 crystalline silicon module manufacturers, focused on shipments, bankability, and performance. Adani Solar scored 81 points, demonstrating robust capabilities across technology, supply chain resilience, vertical integration, and ESG practices. While leading Chinese manufacturers like JA Solar and Trinasolar topped the list, the report signals a diversification of the global competitive landscape.
Financial Resilience
Top 10 manufacturers collectively reported a USD 2.2 billion net loss in H1 2025 due to steep price declines. However, non-Chinese players within this elite group, including Adani Solar, maintained profitability by targeting premium and protected markets. Adani Solar, alongside DMEGC Solar, notably achieved a full 100 per cent utilization rate, far exceeding the industry average of 43 per cent.
Manufacturing Scale and Expansion
Adani Solar has shipped over 15,000 MW of solar modules domestically and internationally, with a significant 70% manufactured using in-house solar cells. The company is poised for further growth, planning to expand its annual manufacturing capacity to 10,000 MW by next fiscal year. Its integrated facility in Mundra, Gujarat, covers the entire production chain from ingots to modules.