Home / Business and Economy / India's Solar Surge: Manufacturing vs. EPC Boom
India's Solar Surge: Manufacturing vs. EPC Boom
21 Oct
Summary
- India aims for 50 GW solar additions by 2026, boosting investment.
- Emmvee expands solar cell and module capacity, investing in wafers.
- Sterling and Wilson focuses on global EPC projects and O&M.
India is set to add 50 GW of solar capacity by 2026, presenting dual investment avenues in manufacturing and project execution. Emmvee Photovoltaic Power is expanding its integrated solar manufacturing, boosting TOPCon cell and module capacity and making a significant bet on ingot and wafer production for backward integration. The company has a strong order book and benefits from domestic manufacturing premiums and government schemes like ALMM List II.
Sterling and Wilson Renewable Energy, a pure-play EPC provider, is leveraging its global presence and a robust order book of ₹12,481 crore as of September 30, 2026. With 44% of its orders from international markets, the company is also expanding its Operations & Maintenance portfolio to 18.9 GWp. Despite recent revenue timing gaps, it reported a net profit in Q2FY27, contrasting with a prior year loss.
Both companies operate in India's rapidly growing solar market but pursue distinct strategies. Emmvee's growth hinges on manufacturing efficiency and domestic demand, while Sterling and Wilson relies on global project execution and expanding service offerings. The sector faces headwinds like cell supply shortfalls and aggressive BESS bidding.
