India Solar Market Grows as Rayzon Solar Rises to No. 2

India’s solar manufacturing sector is entering a phase where scale, supply capability and the ability to respond to rising domestic demand are becoming increasingly important differentiators. As utility-scale projects, commercial and industrial installations and rooftop systems expand across the country, solar module manufacturers are seeing a corresponding increase in demand.

Against this backdrop, Rayzon Solar has emerged as the second-largest solar module supplier in India by shipments during FY2025-26, according to data from JMK Research & Analytics. The company accounted for a 7.21 percent market share, placing it behind Waaree on JMK’s FY2026 module shipment leaderboard.

What does this ranking mean?

Module shipment rankings provide an indication of how much product manufacturers are supplying into the market during a particular period.

In FY2025-26, Rayzon Solar accounted for 7.21 percent of the solar modules considered in the Indian market. In an increasingly competitive domestic manufacturing environment, this provides a useful measure of the company’s current scale within the industry.

Importantly, JMK’s methodology distinguishes module shipments and sales from project commissioning. This means shipment data reflects modules entering the market rather than only the capacity of solar projects that have already become operational.

Why are solar panel shipments important?

Solar module shipments form an important part of the broader project-development cycle. Before a solar project can begin generating electricity, developers need access to modules and other equipment required for construction and commissioning.

As shipment volumes increase, they can therefore offer an indication of both market demand and the ability of manufacturers to supply projects across different segments.

The scale of this opportunity is expanding alongside India’s solar capacity. According to the JMK data cited in the report, 118.7 GW of utility-scale solar capacity had been commissioned by March 2026, with another 58.2 GW in the pipeline.

This expansion is creating a larger addressable market for domestic module manufacturers while also increasing expectations around manufacturing capacity, product quality, supply consistency and execution.

Rayzon Solar’s Contribution in the Growth

Rayzon Solar’s second position in the FY2025-26 shipment rankings places the company among the manufacturers participating at scale in India’s expanding solar ecosystem.

The JMK FY2026 leaderboard places Rayzon Solar second behind Waaree, alongside several established module manufacturers operating in the domestic market.

The ranking also comes at a time when demand is spreading across multiple solar applications. Utility-scale projects remain a major contributor, while commercial and industrial installations and rooftop systems are broadening the market for module suppliers.

JMK’s report indicates that India commissioned 34,848 MW of utility-scale solar capacity in FY2026, highlighting the pace at which deployment is increasing. As more projects enter development and execution stages, the ability to manufacture and supply modules at scale is likely to remain an important competitive factor.

Not a Mere Number

Rayzon Solar’s 7.21 percent market share provides a snapshot of the company’s position within a rapidly evolving domestic market.

For solar manufacturers, shipment volumes reflect more than production capacity alone. They also indicate the extent to which modules are reaching developers, businesses and other customers across the market.

India’s transition towards cleaner energy is expected to continue creating opportunities across the solar value chain. As the country expands renewable capacity, domestic manufacturers capable of supplying modules at increasing scale will have a larger role in supporting project development.

Within that wider industry shift, Rayzon Solar’s No. 2 position in module shipments during FY2025-26 offers an indication of the company’s growing presence in India’s solar manufacturing landscape.

This version keeps the original topic and structure, but shifts the centre of gravity from “Rayzon achieved something big” to “here is what is happening in India’s solar market, and Rayzon’s ranking is one indicator of that shift.” That is much closer to an industry-publication/editorial treatment.