PL Capital, an India-based brokerage and investment research firm, has analysed India’s solar equipment manufacturing sector and outlined data supporting its outlook. It estimates installed solar capacity at about 106 GW in FY 25 and projects it to rise to around 290 GW by FY 30 estimated. India’s total power generation capacity increased from 356 GW in FY 19 to 475 GW in FY 25, while renewable capacity excluding large hydro is expected to grow from 81 GW in FY 19 to nearly 430 GW by FY 30 estimated. Domestic solar module manufacturing capacity is projected to reach 180 GW by FY 30 estimated. Premier Energies, Waaree Energies, and Vikram Solar are undertaking capacity expansion and backward integration through large capital expenditure programmes, supported by domestic and export demand, target prices, and stated valuation multiples.