Renewable Equipments – Manthan – India charging ahead in clean energy transition – Bharat Electricity Summit 2026
Published on 23 Mar 2026
India’s solar manufacturing ecosystem is entering a multi-year structural upcycle, supported by strong policy visibility, accelerating renewable capacity additions, and a sharp ramp-up in grid infrastructure. The government’s roadmap targets integration of ~900 GW non-fossil capacity by FY36, supported by ~Rs7.9tn transmission capex materially de-risks evacuation bottlenecks and underpins sustained demand for module suppliers. In this backdrop, companies such as Waaree energies, Premier Energies and Vikram Solar are well-positioned to benefit from improving capacity utilization, backward integration and export optionality.
Our view: Waaree, Premier Energies and Vikram Solar are well-positioned to benefit from India’s structural solar upcycle, with strong demand visibility, improving capacity utilization, backward integration-led margin expansion and export optionality, supported by ~Rs7.9tn transmission capex and a ~900 GW non-fossil roadmap, alongside ~365 GW solar module capacity additions driving sustained volume growth and earnings visibility. WAAREEEN IN, PREMIERE IN and VIKRAMSO IN trades at 10.5x/8.2x/4.1x FY28 EV/EBITDA.
