Mixed Cues: ALMM Deadline Firm for Solar; Borosil, Waaree Renewables

The Ministry of New and Renewable Energy has confirmed that the ALMM List-II deadline will not be extended beyond June 1, 2026, for solar projects. This means all projects commissioned after this date must use modules from the Approved List of Models and Manufacturers. However, case-by-case relief is available for projects with existing investments and completed installations, provided developers apply by June 30, 2026.

This decision brings much-needed clarity to the Indian solar sector, enforcing quality standards and promoting domestic manufacturing. While it creates a level playing field for compliant manufacturers, it could pose challenges for developers who relied on non-ALMM compliant imports or face delays, potentially impacting project costs and timelines. The market has been anticipating this clarity, and its firm stance will influence future procurement strategies.

Indian solar module manufacturers like Borosil Renewables (BORORENEW) and Waaree Renewables (WAHL) are likely to see positive impact due to increased demand for ALMM-compliant modules and reduced competition from non-compliant imports. Large solar project developers such as Adani Green Energy (ADANIGREEN) and Tata Power (TATAPOWER) might face mixed impacts; while they benefit from a more regulated market, they will need to ensure strict compliance for new projects, which could affect their procurement and project execution strategies.

Traders should monitor the number of relief applications submitted by developers and the government's response to these. Also, keep an eye on the order books and capacity utilization of domestic solar module manufacturers. Any significant project delays announced by major developers due to ALMM compliance issues could signal short-term headwinds for the sector.

• •Ministry of New and Renewable Energy will not extend ALMM List-II deadline past June 1, 2026.
• •Projects commissioned after June 1, 2026, must comply with ALMM List-II.
• •Case-by-case relief is available for projects with existing investments and completed installations.
• •Developers can submit claims for extensions by June 30, 2026.
• •Risk flag: Potential for project delays if developers struggle with ALMM compliance.