JMK Research & Analytics Private Limited, an India-based research and consulting firm has released its January 2026 Renewable Energy Update. According to the update, global TOPCon module prices have increased by 4.5% on a month-on-month basis compared with December 2025. During the same period, prices of M10 TOPCon cells have risen by around 22.2%. In the Indian market, domestic PV module prices have recorded a notable month-on-month increase during January 2026. Mono PERC 500 Wp modules were priced at INR 15.93 /Wp for the month. Average prices for domestic TOPCon modules were reported at INR 16.36 /Wp. The update further stated that DCR TOPCon modules were priced significantly higher at INR 27.44 /Wp in January 2026.