According to a report by SBI Capital, India’s solar industry could face an oversupply of around 190 GW by 2027. The expansion of module manufacturing has brought capacity close to 100 GW, but solar cell production remains under 30 GW, raising concerns about project costs and supply gaps.  The report noted that government measures such as the Production Linked Incentive (PLI) and ALMM-II are expected to strengthen domestic manufacturing, though wafer and polysilicon production remains minimal. While annual installations of 40–50 GW are expected to continue, declining export opportunities, particularly due to recent US policy changes, may reduce external demand. This imbalance may create near-term challenges until upstream integration progresses.