Adani Solar (Mundra Solar PV)

Sector: Renewable Energy, Solar PV Manufacturing  |  HQ: Ahmedabad, Gujarat  |  Founded: 2015  |  Employees: ~3,200

Listed as: Subsidiary of Adani Green Energy Ltd  |  NSE / BSE  |  Ticker: ADANIGREEN.NS  |  Website →

Key people

• Gautam Adani (Chairman, Adani Group)
• Vneet S Jaain (MD, Adani Green Energy)

Company overview

Adani Solar is the solar PV manufacturing arm of the Adani Group, operating through Mundra Solar PV Limited, a wholly owned subsidiary of Adani Enterprises and aligned with the broader Adani Green Energy renewable platform. The Mundra facility is the largest vertically integrated solar PV manufacturing complex in India, spanning ingot, wafer, cell, and module production. As of FY 2025-26, installed module capacity is 4 GW with an ongoing expansion to 10 GW under the Production-Linked Incentive (PLI) scheme for high-efficiency solar PV modules. The integration of upstream silicon wafer manufacturing places Adani among a small global set of players with control across the entire solar value chain outside of polysilicon. For investors and procurement teams evaluating India's solar manufacturing landscape, Adani Solar represents the single largest concentration of capacity, government incentive support, and project-pipeline pull-through demand from sister Adani Green Energy.

Business model

The business model is anchored on three demand vectors. First, captive supply to Adani Green Energy Limited (AGEL), which is building out an operating renewable portfolio targeting 50 GW by 2030. AGEL's captive module demand is the most visible procurement pipeline for any Indian module manufacturer. Second, supply to third-party EPC contractors and utility-scale developers serving the broader National Solar Mission and state-level renewable bids. Third, export to markets including the United States, Europe, and the Middle East, particularly under the US Inflation Reduction Act (IRA) which favours non-China supply, and the Approved List of Models and Manufacturers (ALMM) discipline that directs domestic preference. Adani Solar's PLI participation under the second round of the high-efficiency solar PV manufacturing scheme positions the firm to benefit from per-unit production incentives that materially lower the unit cost basis for the next five to seven years.

Operating segments

Financial performance and recent trajectory

Mundra Solar PV revenue is not separately broken out as Mundra is a subsidiary, but consolidated Adani Green Energy Limited (the principal renewable platform) revenue rose from ₹5,577 crore in FY22 to ₹9,220 crore in FY24 and is on a trajectory to cross ₹14,000 crore in FY26, with EBITDA margins expanding from approximately 75 percent on operating renewable assets driven by long-tenor PPAs to mid-80s on tuck-in commissioning of new plants. Adani Solar's contribution is captured through inter-company sales and reduces the consolidated cost of revenue for AGEL. On the standalone Mundra Solar PV books, revenue for FY24 was approximately ₹4,800 crore growing to an expected ₹7,200 crore in FY26 as the 10 GW capacity ramp progresses. Gross margin on module sales has compressed from FY22 highs (when global polysilicon prices collapsed) to a more normalised 14 to 18 percent range that mirrors global module producers. The PLI incentive layer adds 50 to 80 paisa per watt of cost relief once production lines achieve qualified module efficiency thresholds. Capex over the FY26 to FY28 window is estimated at ₹14,500 crore, funded through a combination of internal accruals from AGEL, external debt syndicated through SBI and ECB issuances, and the PLI grant.

Stock performance and shareholder context

The investor-facing equity is Adani Green Energy Limited (ADANIGREEN), which trades on the NSE and BSE. AGEL has been one of the most volatile large-cap renewable equities globally over the past five years, with a peak market capitalisation above $50 billion in 2022 followed by a sharp drawdown in early 2023 triggered by the Hindenburg report, and a subsequent recovery as operating cash flows accelerated and SEBI regulatory enquiries closed. The five-year total shareholder return for AGEL has been positive but extremely volatile relative to broad market indices. From a fundamentals lens, AGEL trades on a forward EV/EBITDA basis that is materially above international peers, reflecting both the highest growth runway among large-cap renewables globally and the Adani Group concentration premium that institutional investors have been gradually reducing through portfolio rebalancing. For investors interested in pure-play module manufacturing exposure, Adani Solar is currently not separately listed; exposure routes through ADANIGREEN. Adani Enterprises (ADANIENT), the conglomerate parent, also holds indirect economic interest.

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

In the Indian module manufacturing landscape, Adani Solar competes with Waaree Energies (the largest listed pure-play module manufacturer), Vikram Solar, Premier Energies (which IPO'd in 2024 to a strong reception), Renewsys, and the smaller but growing capacity additions from Reliance New Energy and the L&T-Indosol joint venture. Adani's differentiation rests on three pillars. First, the upstream wafer and ingot manufacturing capability that no other large Indian player has yet commissioned at scale; this de-risks cell input availability and creates a margin reservoir. Second, the captive AGEL pull-through that guarantees a base demand load through FY30, which makes capacity utilisation visible to lenders and reduces working-capital risk. Third, PLI scheme positioning across both ALMM and high-efficiency module categories, which institutionalises the policy support for the manufacturing economics. The principal competitive weakness is the group concentration risk and the historic governance overhang from the Hindenburg episode, both of which translate into a higher cost of equity capital than otherwise comparable manufacturers like Premier Energies might achieve.

Key risks

Solar PV module pricing is global and tracks the Chinese benchmark with a structural domestic premium of 5 to 12 percent driven by ALMM enforcement. A relaxation of ALMM or a tariff change that opens domestic projects to imported modules would compress prices materially. Polysilicon and silver paste cost volatility flows directly into module gross margins. Currency volatility on the import-substitution side of inputs (currently the Indian module industry imports a substantial share of polysilicon, silver paste, and EVA backsheets) affects unit economics. Group-level governance and disclosure risk continues to be a non-trivial component of the cost of capital for any Adani-platform investor. PLI scheme execution risk: the per-unit production incentive is contingent on hitting prescribed efficiency and capacity thresholds; delays in commissioning the integrated wafer and ingot line would push out the incentive accrual.

Outlook

Over the FY26 to FY30 window, Adani Solar should be a primary beneficiary of three converging tailwinds. India's targeted 280 GW of cumulative installed solar capacity by 2030 (against approximately 90 GW at the start of FY26) requires roughly 30 to 40 GW per year of module installations, of which ALMM enforcement reserves a dominant share for domestic manufacturers. The 10 GW integrated capacity expansion at Mundra positions Adani to capture an estimated 20 to 25 percent share of domestic module supply. The US IRA and EU CBAM frameworks redirect global module trade flows toward non-China supply, opening a structural export opportunity for ALMM-grade Indian modules. The PLI subsidy layer should support a 200 to 400 basis points operating margin uplift through FY30, assuming on-time capacity commissioning. The principal swing factor is the speed at which Adani brings the upstream wafer and ingot line into full production, since that vertical-integration step is the structural margin differentiator vs Waaree, Premier Energies, and Vikram Solar.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.