Whalesbook
Toh bhai, ye 36.6 GW ka record kaise bana? Iski wajah hai utility-scale segment mein zabardast growth, jahan 29.5 GW add hua. Is saal desh ki total solar capacity 135.5 GW tak pahunch gayi hai, jo pichle saal se 42.7% zyada hai. Market mein kaafi reshuffle bhi hua hai, lagbhag 35 nayi companies top players mein aa gayi hain, matlab competition kaafi tough ho gayi hai!
Utility-scale mein Adani Green Energy ne phir se apna top spot banaye rakha hai, lagbhag 5 GW capacity add ki hai. NTPC Green Energy bhi 2 GW ke saath second par hai, aur SJVN Green Energy ne bhi 1 GW add kiya hai. Rooftop solar ki baat karein toh Tata Power Solar ne apna pehla number nahi chhoda, unka 19% market share hai is segment mein.
Ab sabse interesting part - policy shift! Ye ALMM-II policy India mein solar cells aur modules ki domestic manufacturing ko badhava dene ke liye aa rahi hai. Isse Chinese imports par humari dependency kam hogi. Haalanki, abhi bhi Trina Solar aur Jinko Solar jaise Chinese companies module supply mein aage hain, par Waaree Energies domestic mein sabse badi player bani hui hai. Goldi Solar ne module capacity mein sabse zyada addition kiya hai.
Financials ki baat karein toh sabki picture thodi alag hai. Adani Green Energy ka P/E ratio (100-120) bahut high hai, jo future growth ke bade expectations dikhata hai. State-owned NTPC ka P/E (14-22) kam hai, jo value investment ho sakta hai. Waaree Energies, jo private company hai, usne fiscal year ending March 2025 tak lagbhag ₹144.4 billion ka revenue report kiya hai aur December 2025 tak trailing twelve-month revenue $2.52 billion raha. April 2026 tak uski market capitalization $9.5 billion thi.
Global market mein overcapacity aur China ka dominance ek bade challenges hain. India ki ALMM-II policy supply chain ko rebalance karne ki koshish hai. Lekin developers ko module ki kami, grid connection mein delays aur profit margins par dabav jaisi mushkilein bhi aa rahi hain. 35 nayi companies ka aana is baat ka signal hai ki profit margins par pressure badh sakta hai aur consolidation ka trend bhi aa sakta hai.
Aage chal kar, India ka solar sector kaafi positive dikh raha hai. Government policies support kar rahi hain, domestic manufacturing badh rahi hai aur demand bhi mazboot hai. Ab projects mein battery energy storage systems (BESS) aur hybrid systems bhi dekhne ko milenge, matlab market mature ho rahi hai. Expected hai ki domestic manufacturing ko aur support milega aur companies mein consolidation badhegi, jo strong execution wale players ke liye faydemand hoga.