For the first time, an Indian company has made it into Wood Mackenzie‘s global solar module ranking. Adani Solar grabbed the No. 8 spot in the consultancy’s latest report covering January to June 2025.
Chinese giants JA Solar and Trinasolar topped the chart with scores just over 91. Adani Solar came in at 81 points and picked up a Grade A tag.
What Gets Measured
Wood Mackenzie looked at 38 solar panel makers across 10 parameters. Financial stability, manufacturing history, tech capabilities, supply chain reliability, and R&D output all factor in. So do third-party testing results and patent filings.
Getting Grade A status means the company hits the industry’s toughest benchmarks.
The Money Problem
Chinese dominance comes at a cost. The top 10 collectively bled $2.2 billion in the first half of 2025. Falling panel prices significantly impacted all margins.
The situation was different for non-Chinese players. By pursuing premium buyers and markets protected by trade barriers, they remained profitable. Adani Solar and China’s DMEGC both operated their factories at full capacity, achieving 100% utilisation, compared with the industry average of 43%.
Together, the top 10 pushed out 224 GW of panels. That’s three-quarters of everything shipped globally during those six months.
What Adani Solar Has Done
The company crossed 15,000 MW in total shipments. Two-thirds stayed in India. The rest went abroad. 70% of those panels used cells made at their own facilities.
The Mundra plant in Gujarat does it all—ingots, wafers, cells, modules, and even the glass and aluminium frames. More than 8,000 workers keep things running.
Next target? The aim is to increase the annual capacity to 10,000 MW by the upcoming financial year.
Where India Stands Now
Indian solar manufacturing has grown from barely 2.5 GW in 2014 to over 140 GW today. The country ranks third globally in both manufacturing capacity and solar power generation.
Clean energy sources now account for 51.5% of India’s installed power mix. That beats the 2030 Paris target by five years.
