Renewable-energy manufacturing.

India has built ~100 GW of solar-module assembly capacity and ~25 GW of cell capacity in six years, almost entirely behind a wall of import barriers (basic customs duty, the ALMM approved-list, PLI subsidies). This makes it the fastest-growing manufacturing sub-industry in the book - estimated GVA of ₹0.4 lakh crore in FY26, up from ₹0.08 lakh crore in FY20, a ~31% nominal CAGR - but also the most richly valued: listed renewable-equipment makers are worth ~₹2.6 lakh crore, six and a half times their value added, against ~1.5x for the economy as a whole. Value added today is thin because the chain is shallow: a module assembler imports the cell (~55% of the bill of materials) and adds glass, frame, encapsulant and labour, with pricing following Chinese overcapacity; domestic-content rules, not cost, are the moat. The chapter separates the assembly economics that exist today from the integrated cell-wafer-polysilicon chain that current valuations assume, and the investment case rests on whether cells, wafers and ingots follow modules onshore before ALMM rules loosen.

Estimated GVA

0.4 ₹ lakh crore · FY26

Module assembly capacity

~100 GW · mid-2026

Cell capacity

~25 GW · mid-2026

Revenue pool

~1.3 ₹ lakh crore · FY26

Listed PAT

~0.08 ₹ lakh crore · FY26

Imports

4.5 US$ bn · FY26

Exports

1.2 US$ bn · FY26

Market cap

~2.6 ₹ lakh crore · Sep-2026