India's solar photovoltaic module manufacturing capacity hit 233 GW by June 2026, but cell capacity is only about 35 GW, with very little ingot and wafer capacity, exposing a large upstream gap. Module plants run at just 35–40% utilisation while another 135 GW is planned or under construction. Data centres, green hydrogen and exports may add only 17–22 GW of demand by 2030. India exported about 4.5 GW of modules in FY 2026, nearly 97% to the US. Small non-integrated firms and older PERC makers face the most risk, while TOPCon already forms over 70% of capacity.