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What the market and the test labs say

Largest supplier in India, the only Indian maker rated A, and the awards behind it.

Independent assessment — not our opinion

What the market and the test labs say

Market share · JMK Research, Q2 2026

India’s largest module supplier

Waaree supplied 22% of all modules sold in India between April and June 2026 — well ahead of the next-largest supplier.

Waaree22%
Next largest13%
Third largest10%
Fourth largest8%
Fifth largest8%

Waaree’s share on its own was larger than the suppliers ranked eighth to fourteenth put together (18%).

Bankability · PV ModuleTech, Q2 2026

The only Indian maker rated A

Bankability ratings ask one question: will this manufacturer be around, and solvent, to honour its warranty?

AAATwo global manufacturers
AAThree global manufacturers
AFive manufacturers worldwide — Waaree is the only Indian name in this band
BBBOne manufacturer
BBSeven manufacturers, including two Indian makers
BFourteen manufacturers, including most of India’s other module makers
CCC+The rest of the rated field
RETC
PV Module Index 2025

“Overall Highest Achiever” — the only Indian company, and the second year running.

Kiwa PVEL
Top Performer

Named a Top Performer in the module reliability scorecard four years running, 2022–2025.

PV ModuleTech
Bankability grade A

The only Indian manufacturer in the A band of the Q2 2026 bankability ratings.

BloombergNEF
Tier 1

Listed as a Tier 1 module manufacturer — the list lenders use to finance projects.

EcoVadis
Gold rating

Gold sustainability rating (top 5% of assessed companies), January 2025.

NABL
In-house test lab

India’s first NABL-accredited laboratory set up by a module manufacturer.

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