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The Ministry of New and Renewable Energy (MNRE) has clarified that no blanket extension in the applicability of ALMM List-II (solar PV cells) will be provided. Accordingly, all utility-scale solar power projects commissioned on or after 1st Jun’26 must continue to comply with the ALMM requirements by using ALMM List-I modules and ALMM List-II solar PV cells. However, as a one-time relief measure, MNRE has provided a limited extension for net metering projects (rooftop/self-consumption projects connected under discom net metering) and open access renewable energy projects (C&I captive, group captive and open access projects). These projects will be permitted to be commissioned using non-ALMM List-II solar PV cells until 31st Dec’26

Earlier, this exemption was available only up to 31st May’26; the latest notification extends the relaxation by 7 months. All net metering and open access projects commissioned from 1st Jan’27 will also be required to comply with ALMM List-II requirements for solar PV cells

PL View

The deferment of mandatory ALMM List-II implementation primarily benefits C&I and PMSG segments, which accounted for ~30% and 19%, respectively, of India's 44.7GW solar installations in FY26. We believe the relaxation is intended to:

(a) support the achievement of the PMSG target of 10mn households by Mar’27, against 3.4mn installations completed by the end of FY26

(b) sustain the strong growth momentum in the open access/C&I segment, supported by favorable state policies and increasing demand for green power

(c) moderate the pricing power of domestic solar PV cell manufacturers by allowing continued use of imported cells in these segments, while retaining mandatory use of ALMM List-II PV cells for utility-scale ground-mounted projects supplying power to discoms/SECI.

Overall, we believe the exemption addresses near-term execution challenges arising from limited domestic solar PV cell capacity (~31GW as of end-Apr’26). At the same time, the utility-scale segment, which remains the largest consumer of solar PV cells, continues to be protected under the ALMM framework, thereby supporting mediumterm capacity utilization and earnings visibility for domestic solar PV cell manufacturers. However, the relaxation is a near-term negative for companies with significant external solar PV cell sales, such as Emmvee Photovoltaic, Premier Energies, Websol Energy System, and Jupiter Solar, as continued availability of imported cells is likely to moderate domestic cell pricing.

For PREMIERE, we estimate revenue/EBITDA/PAT CAGR of 46.4%/35.8%/23.0% over FY26-28E, with ‘Accumulate’ rating and TP of INR1,138 based on 12x Mar’28E EV/EBITDA. For WAAREEEN, we estimate revenue/EBITDA/PAT CAGR of 21.9%/21.7%/17.3% over FY26-28E, with ‘BUY’ rating and TP of INR3,713 valuing at 12x Mar’28E EV/ EBITDA. For VIKRAMSO, we estimate revenue/EBITDA/PAT CAGR of 62.5% / 58.5% / 20.8% with over FY26-28E with ‘Accumulate’ rating and TP of INR 226 based on 5.3x Mar’28E EV/EBITDA.

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