Solarium Green Energy gets ALMM nod, opens door to government solar tenders
The nano-cap module maker's 1.23 GW plant is now on MNRE's approved list. With an order book already double its market cap, regulatory clearance lets it convert pipeline into revenue.
— 4 earlier stories on Solarium Green Energy Ltd. →What's new
- Solarium Green Energy listed on MNRE's ALMM for solar PV modules from 6 July 2026.
- Certification covers 1.23 GW capacity producing bifacial mono PERC and N‑type TOPCon modules.
- ALMM is mandatory for supplying modules to government-backed solar projects in India.
Why this matters
ALMM approval is the gatekeeper for India's utility-scale solar market. For Solarium, a company with a ₹387 cr market cap and an ₹852 cr order book, this certification de-risks future revenue conversion and gives its manufacturing business a concrete growth path beyond its EPC operations.
What we're watching
- How quickly Solarium converts the existing ₹852 cr order book into revenue.
- Whether larger utility tenders replace the residential solar mix in future order inflow.
- Any capacity expansion plans now that the plant is certified.
The full read
Solarium Green Energy just cleared the gatekeeper. The Ministry of New and Renewable Energy has listed the company on its Approved List of Models and Manufacturers (ALMM), covering 1.23 GW of module capacity at its Miroli plant. ALMM is mandatory for selling into government solar projects, India's biggest source of utility demand. For a company that trades at ₹387 crore market cap and carries an ₹852 crore order book, this certification transforms a speculative pipeline into a monetisable one. The modules covered, bifacial P-Type mono PERC and N-Type TOPCon with efficiencies up to 24%, are competitive. The plant was commissioned recently, and with FY26 income of ₹368 crore (up 60% YoY), the foundation is set. The open question is execution pace: can a nano-cap manufacturer scale deliveries fast enough to meet utility timelines? ALMM says it's allowed to try.
Questions answered
- What is ALMM and why does it matter for Solarium?
- ALMM stands for Approved List of Models and Manufacturers, a mandatory registry by MNRE. Without it, module makers cannot supply to government-backed solar projects, which form a large share of Indian solar demand. Solarium's inclusion opens that channel.
- What capacity does Solarium have and what modules are covered?
- The Miroli facility has an enlisted capacity of 1.23 GW per annum. The approval covers bifacial P-Type mono PERC and N-Type TOPCon modules with efficiencies between 19.5% and 24%.
- How does this affect Solarium's order book?
- Solarium's order book already stood at ₹852 crore as of June 2026, more than double its market cap. ALMM certification removes a key hurdle in fulfilling those orders, especially from government projects, and strengthens the credibility of its pipeline.
- What was Solarium's latest financial performance?
- In the quarter ended March 2026, Solarium reported sales of ₹251 crore and net profit of ₹11 crore. For FY26, total income was ₹368 crore, up 60% year-on-year. The company's trailing P/E is 18.9 with ROE of 13.1%.
Solarium Green Energy Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on SOLARIUM →- 7 Jul 2026 · 12:54 PM IST Solarium Green Energy gets ALMM nod, opens door to government solar tenders
- 9d ago Solarium's order book hits ₹852 cr, more than double its market cap
- 30d ago Solarium gets ministry nod as second-biggest installer under PM Surya Ghar
- 34d ago Solarium's income hit ₹368 cr. Its margin thesis rests on a new factory.
- 42d ago Solarium's revenue jumped 60% but profit barely moved