India's Q2 PV Module Shipments Drop 34%, Rayzon's Share Rises to 13%

en.Wedoany.com Reported - According to the latest India renewable energy market data for Q2 2026 (covering April to June) released by JMK Research & Analytics, PV module shipments in India declined 34% quarter-on-quarter. Waaree Energies ranked first with a 22% market share, Rayzon Solar rose to second with 13%, and Adani ranked third with 10%, with the three companies collectively accounting for 45% of India's PV module shipments in the quarter.

Rayzon Solar ranked fourth in Q1, and its Q2 market share increased by 5 percentage points to 13%, corresponding to approximately 8% in Q1. This ranking is based on module shipment share in the Indian market as tracked by JMK Research, not a ranking of manufacturing capacity; JMK's public page has not yet disclosed Rayzon's specific GW-level shipment volume for the quarter.

Rayzon currently has a substantial manufacturing capacity base in India's PV module production sector. According to the latest ALMM list updated by India's Ministry of New and Renewable Energy, the company's approved module manufacturing capacity has reached approximately 11.31 GW. WeDoAny reported in May that Rayzon had added approximately 2.254 GW of ALMM-approved capacity at that time, bringing its total to over 11 GW; the ALMM document updated in July also changed the company name from Rayzon Solar Private Limited to Rayzon Solar Limited.

JMK's data for the same period also shows that overall demand in India's Q2 PV module market cooled significantly, rather than reflecting shipment changes at a single company alone. Inverter shipments also declined 35% quarter-on-quarter during the same period, with Sungrow, Sineng, and Hopewind accounting for 26%, 20%, and 12%, respectively. Therefore, Rayzon's ranking change occurred against the backdrop of a 34% quarter-on-quarter decline in India's overall module shipments, and its share gain primarily reflects a shift in relative market position.