According to a report by JMK Research & Analytics, India's PV module prices stayed stable in October 2025 versus the prior month, as global TOPCon prices held flat month-on-month yet dropped almost 16% year-on-year. Domestic averages included INR 18.24 per watt-peak (~ $0.20) for Mono PERC 500 Wp modules, INR 18.5 per watt-peak (~ $0.20) for bifacial modules, and INR 19.5 per watt-peak (~ $0.21) for TOPCon modules. Manufacturing expansions included Waaree Energies commissioning a 950 MW plant in Gujarat and RPSG Solvanta activating a 4 GW facility in Noida. An important update according to the report features Axitec Energy India earning approval for 150 MWp yearly bifacial N-Type TOPCon modules, while one of the key developments involves En-Icon Solar securing clearance for a 2 GW solar cell plant in Odisha.