India's updated Approved List of Models and Manufacturers policy, known as ALMM 2, came into force on June 1, 2025, requiring all solar modules installed in the country to use domestically manufactured cells. The rule marks a significant shift in India's solar procurement framework, extending the domestic content requirement beyond rooftop and agricultural schemes to all solar installations. Non-integrated module makers have flagged concerns over cell availability and rising costs. However, MV Group, one of India's largest solar manufacturers, tells TradeAlone that the market is in an adjustment phase — not a supply crisis.

What ALMM 2 Changes and Who It Affects

Before June 1, domestic cell sourcing was mandatory only for specific segments. These included rooftop solar projects, PM Kusum agricultural scheme installations, and certain Central Public Sector Undertaking schemes. All of these already operated under a domestic content requirement framework. ALMM 2 now extends that obligation to every solar module installed across India, regardless of project type or scale.

The policy is designed to push India toward greater self-reliance in solar manufacturing. The government's intent is to reduce dependence on imported cells, particularly from China, which has dominated global solar cell supply chains for over a decade. India currently has 225 GW of solar module manufacturing capacity. However, domestic solar cell capacity stands at only 30 GW — a significant gap that has alarmed non-integrated module producers.

Industry bodies representing module manufacturers have raised concerns about availability and cost pressures. With cell supply constrained relative to module capacity, smaller players without in-house cell production face higher input costs. TradeAlone learns that cell prices have begun to firm up in the domestic market since the rule took effect, adding margin pressure for manufacturers who rely on third-party cell procurement.

Emmvee Photovoltaic Power Limited belongs to the Technology › Solar sector. Here’s a quick read on where the business and the stock stand today.

MV Group's Position and Capacity Numbers

MV Group, which operates under the EMMVEE brand, is among the better-positioned players under the new regime. The company's installed module capacity currently stands at 10.3 GW. It added 2.5 GW of fresh module capacity in two tranches — one in May 2025 and another in December 2025. Its solar cell capacity stands at 2.94 GW, giving it a degree of vertical integration that most peers lack.

MV Group President and CEO Suhas Donthi stated that the first ten days since the rule's implementation reflect market adjustment, not a structural shortage. He noted that utility-scale projects where bids were placed before August 2025 remain exempt from ALMM 2. Those projects continue to operate under the earlier ALMM 1 framework, which did not require domestically sourced cells for large-scale installations.

Given that utility-scale solar projects typically take 12 to 24 months from bid award to commissioning, the practical impact of ALMM 2 on large projects will only be felt well into 2026 and beyond. This phased rollout gives manufacturers time to scale up cell capacity before full demand pressure arrives. MV Group's management said the company is well-placed to meet its own project requirements and supply commitments through its existing cell capacity.

Capacity Outlook and Industry Implications for 2026

India's total solar cell manufacturing capacity is projected to reach 203 GW by December 2025, according to industry data reviewed by TradeAlone. An additional 50 GW of cell capacity is currently under construction. The Indian Solar Manufacturers Association estimates that domestic cell capacity will reach between 22 GW and 25 GW in calendar year 2026, which it says will be sufficient to meet domestic project demand.

Cell manufacturers themselves maintain that current supply is adequate and that no immediate shortage exists. Their position is that concerns raised by non-integrated module players reflect competitive anxiety more than a genuine supply gap. The distinction matters: integrated manufacturers like MV Group, which produce both cells and modules, face far less exposure to the new rule than pure module assemblers who import cells.

The longer-term implication of ALMM 2 is a structural reshaping of India's solar supply chain. Companies without cell manufacturing capacity will face sustained cost disadvantages or will need to invest heavily in backward integration. TradeAlone learns that several mid-sized module makers are already in discussions with equipment suppliers to assess cell line investments. For now, the market is absorbing the policy change, but the competitive divide between integrated and non-integrated players is set to widen through 2026.

Key Facts

• ALMM 2 came into effect on June 1, 2025, requiring all solar modules in India to use domestically made cells.
• India has 225 GW of module capacity but only 30 GW of solar cell capacity as of mid-2025.
• MV Group's installed module capacity stands at 10.3 GW, with 2.5 GW added in May and December 2025.
• MV Group's solar cell capacity is 2.94 GW, providing partial vertical integration under the new rules.
• Utility-scale projects with bids placed before August 2025 are exempt from ALMM 2 and remain under ALMM 1.
• India's domestic solar cell capacity is projected to reach between 22 GW and 25 GW by 2026, per ISMA estimates.

Market Impact

ALMM 2 creates a clear competitive advantage for vertically integrated solar manufacturers like MV Group, which have in-house cell production, while putting cost pressure on non-integrated module players dependent on third-party cell supply. Investors in pure-play module assemblers should monitor margin trends closely as domestic cell prices firm up through the second half of 2025. Stocks of integrated solar manufacturers with significant cell capacity are likely to attract renewed interest as the policy's full impact becomes clearer in 2026.

EMMVEE Technical and Fundamental Analysis

Emmvee gains 59.4% over three months and trades near its 52-week highs. The PEG of 0.05 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. D/E reaches 3.85. High leverage in this environment is a material risk the market cannot ignore. Buyers show up with 1.7x the volume of sellers. Moreover, they dominated on 19 of recent sessions versus 11 for sellers — a healthy accumulation pattern. Both the business and the stock move in the right direction. Revenue grows at 102.9%, profits at 394.6%, and the PEG sits at 0.05 — below its growth rate. That combination is rare. Check Fundamentals of Emmvee Photovoltaic Power Limited.