JMK Research & Analytics Private Limited, an India-based cleantech research firm, has issued its Monthly RE Update for December 2025 on module pricing trends. Global TOPCon module prices were stable with no significant changes compared to November levels on month-on-month basis. M10 TOPCon cell prices rose by 12.5% from the previous month across international markets. Domestic Mono PERC 500 Wp modules recorded a nominal decrease to INR 14.23 /Wp (~$0.157). TOPCon modules in India were listed at INR 14.60 /Wp (~$0.161) after slight month-on-month adjustments. DCR TOPCon modules reached INR 24.5 /Wp (~$0.269) in the domestic market for December. Recently, JMK Research has reported that India’s renewable energy capacity surpassed 203 GW by November 2025.