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ICICI Securities Report
India has taken a number of steps to develop its domestic solar manufacturing ecosystem. It had decided to allow the usage of setting up solar power in the country from an approved list of modules manufacturers. But imposition had been delayed due to inadequate domestic solar manufacturing capacity. However, the Indian government has made it compulsory to source modules from the list since April 2024. The government has now mandated the sourcing of cells too, effective June 1, 2026. It has also ensured that the new utility scale being called for bids, 11 Dec'24 onwards, includes the mandatory clause of sourcing from the list.
This move, along with other government initiatives already in play, is likely to benefit domestic cell manufacturers. We reiterate Buy on Tata Power with target price at Rs 541.
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