India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>Net-Metering and open-access projects can commission without ALMM-II-compliant domestic cells until 31 December 2026, versus 31 May earlier.</li>
<li>The extension delays the demand and pricing advantage expected by integrated cell manufacturers just as major domestic capacities are ramping up.</li>
<li>Near-Term earnings risk rises for Waaree and Premier; CleanMax gains procurement flexibility, lower capex risk and improved execution certainty.</li>
</ul>


Net-Metering and open-access projects can commission without ALMM-II-compliant domestic cells until 31 December 2026, versus 31 May earlier.
The extension delays the demand and pricing advantage expected by integrated cell manufacturers just as major domestic capacities are ramping up.
Near-Term earnings risk rises for Waaree and Premier; CleanMax gains procurement flexibility, lower capex risk and improved execution certainty.


ALMM-II Extension: Six Months Setback for Waaree & Premier Energies

<ul>
<li>From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.</li>
<li>ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.</li>
<li>India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.</li>
</ul>


From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.
ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.
India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.


ALMM-II: India’s Solar Shift From Modules to Cells

<ul>
<li>China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.</li>
<li>Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.</li>
<li>
Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.</li>
</ul>


China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.
Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.

Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.


China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

<ul>
<li>What's New: India's ALMM List-II mandate, effective June 1, 2026, shrinks eligible solar module supply from ~172 GW to roughly 30 GW of truly integrated capacity.</li>
<li>Why It Matters : Over 100 assembler-only manufacturers lose access to major government tenders overnight, concentrating demand among a handful of vertically integrated players.</li>
<li>Bottom Line: Waaree Energies with 26 GW of module capacity and a 5.4 GW cell plant ramping in H2 FY26, is structurally positioned to capture largest share of post-ALMM-II demand.</li>
</ul>


What's New: India's ALMM List-II mandate, effective June 1, 2026, shrinks eligible solar module supply from ~172 GW to roughly 30 GW of truly integrated capacity.
Why It Matters : Over 100 assembler-only manufacturers lose access to major government tenders overnight, concentrating demand among a handful of vertically integrated players.
Bottom Line: Waaree Energies with 26 GW of module capacity and a 5.4 GW cell plant ramping in H2 FY26, is structurally positioned to capture largest share of post-ALMM-II demand.


Why Is India's Solar Panel Industry Getting Redefined with Upcoming ALMM Policies ?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The United States government imposed a new 126% preliminary countervailing duty on solar cell imports from India to penalise alleged unfair manufacturing subsidies</li>
<li>Despite an initial stock market crash, the actual business impact remains minimal because major Indian manufacturers strategically utilise imported non-Indian cells for US exports</li>
<li>The long-term sector outlook remains highlyrobust, driven by massive domestic solar demand, supportive government policies, and expanding local integrated manufacturing capacities</li>
</ul>


The United States government imposed a new 126% preliminary countervailing duty on solar cell imports from India to penalise alleged unfair manufacturing subsidies
Despite an initial stock market crash, the actual business impact remains minimal because major Indian manufacturers strategically utilise imported non-Indian cells for US exports
The long-term sector outlook remains highlyrobust, driven by massive domestic solar demand, supportive government policies, and expanding local integrated manufacturing capacities


The Indian Solar Fall: What’s Really Behind the 126% US Duty?

India

WAAREE Energies is India's largest solar PV module manufacturer and a leading solar energy solutions provider. The company specializes in manufacturing solar photovoltaic (PV) modules and offers Engineering, Procurement, and Construction (EPC) services, as well as independent power producer (IPP) solutions. WAAREE Energies Limited was founded in 1989 and is headquartered in Mumbai, India.

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WAAREE Energies (WAAREEEN IN)

ALMM-II Extension: Six Months Setback for Waaree & Premier Energies

Extension of deadline for ALMM-II-compliant domestic cells in net-metering projects until 2026 delays advantages for integrated cell...

Sudarshan Bhandari

ALMM-II: India’s Solar Shift From Modules to Cells

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

Why Is India's Solar Panel Industry Getting Redefined with Upcoming ALMM Policies ?

India's ALMM List-II mandate reduces eligible solar module supply, concentrating demand among integrated players like Waaree Energies with 26 GW...

Sudarshan Bhandari

The Indian Solar Fall: What’s Really Behind the 126% US Duty?

US imposes 126% duty on Indian solar cell imports, but impact minimal due to strategic use of non-Indian cells. Long-term sector outlook remains...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ALMM-II Extension: Six Months Setback for Waaree & Premier Energies

​Extension of deadline for ALMM-II-compliant domestic cells in net-metering projects until 2026 delays advantages for integrated cell...

Sudarshan Bhandari

ALMM-II: India’s Solar Shift From Modules to Cells

​Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

​China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

Why Is India's Solar Panel Industry Getting Redefined with Upcoming ALMM Policies ?

​India's ALMM List-II mandate reduces eligible solar module supply, concentrating demand among integrated players like Waaree Energies with 26 GW...

Sudarshan Bhandari

The Indian Solar Fall: What’s Really Behind the 126% US Duty?

​US imposes 126% duty on Indian solar cell imports, but impact minimal due to strategic use of non-Indian cells. Long-term sector outlook remains...

Nimish Maheshwari

Extension of deadline for ALMM-II-compliant domestic cells in net-metering projects until 2026 delays advantages for integrated cell...

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

India's ALMM List-II mandate reduces eligible solar module supply, concentrating demand among integrated players like Waaree Energies with 26 GW...

US imposes 126% duty on Indian solar cell imports, but impact minimal due to strategic use of non-Indian cells. Long-term sector outlook remains...