Although the international market is extremely difficult for photovoltaic manufacturers, there are still photovoltaic cell and module manufacturers in India that have successfully gone public and received a large amount of oversubscription.
The successful listing of the company is inseparable from the favorable import tariffs imposed by India on its domestic battery cell factories, which helps to increase the company's order volume and achieve revenue growth. However, India's oversupply and high dependence on China's technology imports remain its main risks.
According to Bloomberg New Energy Finance, as of March 2024, the capacity utilization rate of the company's battery cell production facilities reached 80.8%, and plans to use some of the funds raised from the initial public offering (IPO) to build a new 4GW battery cell and module factory to expand its production capacity.
Due to a severe oversupply of solar cells and modules worldwide and prices falling to historic lows, global photovoltaic manufacturers are reporting losses in 2024, with stock prices plummeting significantly during the year and the industry expected to go bankrupt.
Most photovoltaic manufacturers in India import solar cells and silicon wafers from China. Therefore, such companies will face the risk of adjustment of trade policies in India or China.
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