Wind & Solar Equipment Manufacturing
Renewable equipment manufacturers (wind turbines + solar integrators)
Theme scorecard
Measures whether this idea is investable today by blending cohort quality, valuation cushion, and price momentum. It is a research filter, not advice.
Thesis
India's Approved List of Models and Manufacturers (ALMM) bars non-listed (largely Chinese) modules from utility-scale projects. Combined with the Rs. 24,000 cr PLI for high-efficiency modules, this is reshoring a supply chain that was 80% Chinese. Capacity is being built vertically — polysilicon to wafer to cell to module. Still nascent, but the demand side (India targets 500 GW of RE by 2030) is locked in.
- ▸ALMM excludes Chinese modules from utility projects
- ▸Rs. 24,000 cr PLI for integrated solar manufacturing
- ▸500 GW renewable target by 2030 underpins demand
- ▸Most listed plays trade expensive — value harder to find here
Top picks · ranked by U-Score within this cohort
Turnaround story in wind OEM; highest leverage to RE order book
Largest domestic solar module capacity; recently listed
Integrated cell + module manufacturer with TOPCon tech