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Solar Exports Jump 65% in Q3 2025, Gujarat Manufacturers Lead India’s Overseas Push

India’s solar cell and module exports recorded strong momentum in the third quarter of 2025, rising 65.2% year-on-year, according to a recent report by Mercom Capital. Export revenues from solar cells and modules reached $344.5 million during the quarter, highlighting the growing global footprint of India’s solar manufacturing sector.

Gujarat emerged as the central driver of this growth, accounting for 47% of the country’s total solar module manufacturing capacity and 49% of its solar cell capacity. Industry analysts note that several of India’s leading exporters—including Adani Solar, Waaree Energies, Goldi Solar, and ReNew Sys—operate major manufacturing facilities in the state.

Commenting on export trends, Abhishek Pareek, Group Head – Finance at Waaree Group, said that while domestic demand continues to dominate, overseas markets are showing sustained traction. He pointed to strong demand from the United States, alongside increasing opportunities across the Middle East, Africa, and Europe.

Modules formed the backbone of export volumes, contributing nearly 98% of total solar shipments during the quarter. Industry executives estimate that a significant portion of these exports originated from Gujarat, which hosts the largest concentration of module manufacturing capacity in the country.

The United States remained the primary export destination, absorbing almost all of India’s solar exports in Q3. However, the recent imposition of additional US tariffs—raising total duties on Indian solar imports to around 50%—has begun to impact export competitiveness, industry sources said.

Kunj Shah, Chairman of the Energy Committee at the Gujarat Chamber of Commerce and Industry (GCCI), said Gujarat-based manufacturers have built a strong international presence across markets such as the US, Latin America, Europe, and Africa. He added that the recent depreciation of the rupee has helped improve price competitiveness, partially offsetting the impact of higher costs and tariff-related pressures in overseas markets.

Despite scale advantages, industry executives caution that margins remain under pressure. A senior executive at a Gujarat-based solar module company said manufacturers are increasingly reassessing their strategies, shifting focus from aggressive export expansion toward a more balanced approach that aligns overseas shipments with rising domestic demand.