Yes Securities, an India-based financial services firm, has reported that the country’s solar sector is at an inflection point where demand signals, trade flows, and technology shifts will decide market survival. The report stated that India’s module manufacturing capacity has risen to nearly 100 GW, while cell capacity has exceeded 25 GW, supported by Production Linked Incentive schemes, Basic Customs Duty, and Approved List of Models and Manufacturers policies. It warned that utilization rates may decline sharply if domestic tenders, rooftop solar growth, or export demand to markets such as the United States and European Union slow. Yes Securities also noted that India’s solar industry remains heavily dependent on China for critical upstream inputs, including polysilicon and wafers, which continue to represent more than 80 percent of global supply. The report added that volatile polysilicon prices, policy risks, and trade disputes could expose domestic producers to significant margin compression.