SECI just awarded 900 MW of domestic-content module supply for Gujarat’s Radhanesda park. But nearby module capacity dwarfs approved Indian cell capacity, so pricing power is shifting upstream.
This 900 MW tender requires both solar cells and final module assembly to happen in India under DCR rules. Since June 1, 2026, ALMM List-II bars government-backed projects from using modules assembled in India from Chinese cells.
Customs duties on imported modules and cells, plus a 20% agriculture cess, have made imported modules raise project capital costs by 23–24%. Anti-dumping duties on solar glass pushed landed import prices to about ₹57,000 per metric ton.
Swelect received 100 MW, Grew 200 MW, and Kosol 300 MW DC, with ReNew Photovoltaics and Premier Energies taking the remaining share. Saatvik Green Energy’s SECI order totals ₹1,041.63 crore, delivery by December 2027.
Silver paste can now be up to 30% of cell production costs after silver surged more than 180% to $83.62 an ounce. China cell prices rose about 30%, while module prices rose only 15%, showing cell makers have more pricing power.
Websol’s ALMM-protected cell business delivered FY26 revenue of ₹1,049 crore, EBITDA of ₹429 crore at a 41% margin and PAT of ₹303 crore, up 96%. The company is upgrading one PERC line to TOPCon by March 2027.
Q1 FY27 momentum continued: revenue rose 70% to ₹372.6 crore, cell utilisation hit 92%, and net profit grew 16% to ₹77.8 crore. Order book stood at ₹1,278 crore, 40% cells and 60% modules.
With roughly 145–163 GW more module assembly capacity than approved cell capacity, every assembler bidding for DCR work depends on a narrow domestic cell bottleneck. Pure cell makers can pass on costs better than module assemblers.
Swelect won 100 MW, but Q1 FY27 revenue fell 21% and net income dropped 66%. Operating cash flow covered only 12% of debt, with interest cover at 2.6x, highlighting how mid-tier module assemblers remain sensitive.
This deck covers SECI’s 900 MW award, ALMM List-II, tariffs, silver pressure, and key company numbers. The full analysis has the deeper financials and competitive landscape.
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