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					</table>Solar component manufacturer <a href="https://vishakharenewables.com/" target="_blank" rel="noopener">Vishakha Renewables</a> has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO).
The IPO will comprise a fresh issue of equity shares aggregating up to ₹12.5 billion (~$129.85 million) and an offer for sale (OFS) of up to 18.15 million equity shares by existing shareholders. The equity shares have a face value of ₹10 (~$0.10) each.
The company may also consider a pre-IPO placement of up to ₹2.5 billion (~$25.97 million). If completed, the amount raised through the pre-IPO placement will be reduced from the fresh issue.
Of the net proceeds, ₹9 billion (~$93.49 million) is proposed to be utilized to repay outstanding borrowings of the company. The remaining proceeds will be used for general corporate purposes.
Vishakha Renewables manufactures solar glass, aluminum frames, encapsulants such as ethylene vinyl acetate (EVA) and expandable polyethylene (EPE), and back sheets for solar modules.
The company is jointly promoted by the Vishakha Group, through its individual promoters, and the Adani Group, which is its co-promoter through Adani Properties, an investment holding entity of the Adani Group holding a 40.65% stake
As of March 31, 2026, the company had an installed solar glass manufacturing capacity of 660 tons per day (TPD), corresponding to 4.4 GW. It plans to add another 1,260 TPD, corresponding to 8.4 GW, of solar glass manufacturing capacity, by January 2027.
The company also had 14,508.75 tons per annum (TPA) of aluminum frame manufacturing capacity as of March 31, 2026. An additional 32,120 TPA of manufacturing capacity is under development and is expected to be commissioned on September 5, 2026.
As of March 31, 2026, its encapsulant manufacturing capacity stood at 23.2 million linear meters,. The company is adding 6.74 million linear meters, which is expected to be commissioned by March 31, 2027.
Following the extension of the Approved List of Models and Manufacturers mandate for solar cells, the <a href="https://www.mercomindia.com/solar-encapsulant-demand-rise-as-glass-glass-modules-squeeze-backsheets" target="_blank" rel="noopener">demand</a> for solar encapsulants is rising alongside the temporary surge in module demand.
For fiscal year (FY) 2026, Vishakha Renewables reported revenue from operations of ₹18.93 billion (~$196.64 million), up from ₹15.17 billion (~$157.58 million) in FY 2025.
Solar glass accounted for ₹10.73 billion (~$111.46 million) of revenue from operations in FY 2026. Aluminum frames contributed ₹4.56 billion (~$47.37 million), while EVA/EPE encapsulants contributed ₹3.05 billion (~$31.68 million). Back sheets accounted for ₹176.57 million (~$1.83 million).

Vishakha Renewables Files Draft Papers for ₹12.5 Billion IPO

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					</table>The demand for solar encapsulants is rising alongside the temporary surge in module demand, following the extension of the Approved List of Models and Manufacturers (ALMM-II) mandate for solar cells.
However, demand for backsheets remains largely flat as the market continues to shrink. Manufacturers say the demand is increasingly concentrated in glass-glass TOPCon DCR modules, leaving backsheets to compete in a contracting market while also facing import pressure.
Recovering Demand for Encapsulants
Developers are <a href="https://www.mercomindia.com/solar-module-price-set-to-rise-as-procurement-rush-builds-ahead-of-almm-ii-deadline" target="_blank" rel="noopener">accelerating</a> project commissioning ahead of the ALMM-II exemption deadline amid concerns over supply constraints.
Demand in June and July was weak as uncertainty around the mandate slowed module manufacturing and procurement, but it has since improved.
Avinash Hiranandani, Managing Director at <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">RenewSys India</a>, said that demand for encapsulants will naturally increase with a jump in module production. The company witnessed unusually strong demand last month amid developments surrounding the ALMM List-II mandates and expects capacity utilization to increase further this month.
Jignesh Gorechaa, Head of Sales and Branding at <a href="https://www.novanextenergies.com/" target="_blank" rel="noopener">Novanext Energies</a>, concurred. He said Novanext’s encapsulant production increased by 30 to 40% in the last quarter and is expected to rise by another 20% in the coming quarters.
However, Hiranandani added that India currently has sufficient encapsulant manufacturing capacity to meet the demand. RenewSys operated its machines at around 60%-70% utilization last month, leaving sufficient machinery, finished products, and raw materials available to meet the demand.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-104343 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant.png" alt="" width="814" height="543" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant.png 814w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant-768x512.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant-650x434.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant-624x416.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/ALMM-encapsulant-600x400.png 600w" sizes="auto, (max-width: 814px) 100vw, 814px" /></a>
Executives say module manufacturers may have large nameplate capacities but actual production is substantially lower.
According to Aajish Shah, Vice President at <a href="https://vishakharenewables.com/" target="_blank" rel="noopener">Vishakha Renewables</a>, around 45-50 GW of modules were manufactured in India last year. Therefore, existing domestic encapsulant capacity should be sufficient to meet current requirements.”
Module manufacturers also concur that they are not seeing any supply constraints for encapsulants.
Tanmoy Duari, CEO at <a href="https://axitecsolar.com/in" target="_blank" rel="noopener">Axitec Energy India</a>, said lead times for encapsulants did not increase during the peak of pre-deadline procurement activity. However, in the months leading up to June 2026, lead times extended due to bulk ordering by EPC companies and module manufacturers. The current supply chain pressure is temporary, with full normalization of the entire solar value chain expected over the next two to four quarters.
ALMM for Encapsulants
Manufacturers also said the government is considering bringing encapsulants under the ALMM framework to strengthen domestic manufacturing capacity.
While India’s encapsulant manufacturing sector remains dependent on imported raw materials, Gorechaa said rising freight costs and longer lead times for shipments from China are strengthening the case for a phased transition to domestic sourcing.
According to <a href="https://tradingeconomics.com/" target="_blank" rel="noopener">Trading Economics</a>, containerized freight rates stood at 3,509.54 points on August 28, 2026, up 142.86% year-over-year.
Gorechaa said lead times for encapsulant imports from China have increased from 25-30 days to 40-45 days. Chinese suppliers have also shifted toward advance payments instead of offering open lines of credit, increasing importers&#8217; working capital requirements.
Higher freight costs, longer delivery timelines, and tighter payment terms are therefore making domestic encapsulant sourcing increasingly attractive to solar manufacturers.
Backsheet Demand Flat
Unlike encapsulants, manufacturers in this segment said the demand remains largely flat as they face the dual challenge of dependence on imported raw materials and declining uptake, with module manufacturers increasingly shifting toward glass-glass configurations.
The demand is now primarily limited to mono PERC modules and certain TOPCon configurations.
RenewSys estimates that only around 2-3 GW of the approximately 40 GW of module production could use rear protective sheets.
Shah estimated that roughly 80% of current market demand is for glass-glass modules, compared with 20% for glass-backsheet configurations.
However, newer materials are gaining prominence as alternatives to rear glass without significantly impacting generation.
Gorechaa said newer fluorocarbon-coated and low-water-vapor-transmission products are creating opportunities in TOPCon and heterojunction technology applications.
He added that transparent variants can replace rear glass in bifacial modules while reducing module weight.
Material requirements for backsheets are increasingly focused on UV stability, moisture resistance, and long-term durability, increasing the demand for more advanced products.
Import Dependence 
Encapsulant manufacturers remain heavily dependent on raw materials.
Critical inputs such as solar-grade ethylene vinyl acetate (EVA) and polyolefin elastomer (POE) resins used in encapsulants continue to be sourced from overseas markets.
Although several additives, including UV-protection and cross-linking additives, are available domestically, the principal EVA and POE resins are imported.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-104412 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11.png" alt="" width="891" height="300" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11.png 891w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11-300x101.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11-768x259.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11-650x219.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11-624x210.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/09/table11-600x202.png 600w" sizes="auto, (max-width: 891px) 100vw, 891px" /></a>
Shah said that EVA granules are predominantly sourced from South Korea, with China also supplying the Indian market. Hiranandani added that manufacturers also have sourcing options from the U.S. and Singapore.
Although EVA granules are currently available, import dependence exposes domestic manufacturers to global price volatility.
Prices rose from around $1,300 (₹124,317)/MT to approximately $2,000 (₹191,256)/MT between April and June before easing to about $1,450 (₹138,661)/MT-$1,500 (₹143,442)/MT, according to an encapsulant manufacturer.
Manufacturers did not attribute the increase directly to geopolitical tensions in the Middle East but noted that petrochemical feedstocks used in EVA production are linked to the region.
Backsheet manufacturers are also largely dependent on imported critical raw materials. While PET is manufactured in India, the photovoltaic-grade PET required for solar applications is not currently produced domestically at the required quality.
Gorechaa added that China accounts for a major share of the industry&#8217;s solar-grade PET supply. PET can also be sourced from Thailand and the United Arab Emirates, and PVDF is imported from China.
Backsheet manufacturers say that polyester films come from China, Thailand, and the Middle East, although adhesives are available domestically.
Cheaper Imports Add Pressure
Raw material imports also weaken the cost competitiveness of Indian manufacturers against lower-priced finished encapsulant imports, prompting the industry to seek trade protection.
Hiranandani said the competition comes from China, Southeast Asia, and South Korea. According to RenewSys, the price gap between imported and domestic encapsulants is around 15%, with imported encapsulants priced at around ₹90 ($0.94)/sqm to ₹95 ($0.99)/sqm. In contrast, domestic encapsulants are sold at a lower margin at ₹105 ($1.10)/sqm.
Gorechaa said a domestically manufactured transparent backsheet could cost around ₹125 ($1.31) to ₹130 ($1.36) for a particular specification, compared with ₹105 ($1.10) to ₹110 ($1.15) for a Chinese product, representing a price difference of roughly 15%.
RenewSys estimated the price gap between imported and domestically manufactured backsheets at around 20%, with imported products costing approximately ₹100 ($1.05)/sqm and domestic products around ₹125 ($1.31)/sqm.
Seeing a material impact of imports on the domestic industry, the industry has requested the government to impose antidumping duties.
Last year, the Directorate General of Trade Remedies <a href="https://mercomindia.com/india-opens-antidumping-investigation-probe-into-solar-encapsulant-imports" target="_blank" rel="noopener">initiated</a> an investigation into alleged dumping of solar encapsulants exported from and originating in South Korea, Thailand, and Vietnam.
The industry is also seeking Bureau of Indian Standards norms and Quality Control Orders to restrict cheaper, potentially lower-quality products.
Need for Government Support
Industry executives say India’s localization push needs to extend beyond finished cells, modules, encapsulants, and backsheets to the raw materials used to manufacture them. For encapsulants, this would require domestic production of high-quality solar-grade EVA and POE resins. At the same time, photovoltaic-grade PET, PVDF, and other specialized polymers remain key gaps in the backsheet supply chain.
For India to deepen solar manufacturing beyond cells and modules, localization will ultimately need to extend to the specialty materials that support the entire solar supply chain.

Solar Encapsulant Demand Rises as Glass-Glass Modules Squeeze Backsheets

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					</table>The Competition Commission of India (<a href="https://www.cci.gov.in/" target="_blank" rel="noopener">CCI</a>) has approved the proposed merger of the renewable energy business of Gujarat-based solar components manufacturer Vishakha Renewables (<a href="https://vishakharenewables.com/" target="_blank" rel="noopener">VRPL</a>) with its solar glass manufacturing division, Vishakha Glass.
The proposed restructuring entails the transfer and vesting of VRPL&#8217;s pipes and moldings divisions to Progressive Pipes (PPPL) on a slump sale basis.
Additionally, VRPL had proposed merging its solar panel component division, Vishakha Renewables 1; its aluminum frame manufacturing division for solar panels, Vishakha Metals; and its metal components manufacturing division, Vishakha Metals 1, into VRPL.
VRPL is engaged in manufacturing solar system components, such as high-grade, potential-induced degradation-resistant ethylene-vinyl acetate, encapsulants, and backsheets.
At the Mercom India Summit 2025, Vishakha Group’s Ajay Shah said that while India produces about 12 GW of solar glass annually, demand already exceeds 25 GW and is growing. Vishakha also plans to triple its glass manufacturing capacity by 2026, he said.
In March, based on a complaint by Vishakha Glass and Borosil Renewables, the Directorate General of Trade Remedies <a href="https://www.mercomindia.com/dgtr-recommends-extending-cvd-on-malaysian-solar-glass-for-five-years" target="_blank" rel="noopener">recommended</a> continuing countervailing duties for five years on imports of textured toughened solar glass from Malaysia.
According to Mercom India’s newly <a href="https://www.mercomindia.com/india-posts-historic-solar-growth-with-36-6-gw-installed-in-2025" target="_blank" rel="noopener">released</a> Q4 and Annual 2025 India Solar Market Update Report, the country recorded its highest-ever annual solar capacity addition in the calendar year 2025, installing 36.6 GW, a 43% increase over the 25.6 GW added in 2024.
According to Mercom Capital Group’s 2025 Annual and Q4 Solar Funding and M&amp;A Report, merger and acquisition activity was 17% <a href="https://www.mercomindia.com/corporate-solar-funding-down-16-yoy-in-2025-deal-count-rises-ma-robust" target="_blank" rel="noopener">higher</a> YoY in 2025, with 96 corporate M&amp;A transactions, up from 82 in 2024.
Recently, the CCI <a href="https://www.mercomindia.com/competition-regulator-clears-adani-group-in-solar-tender-case" target="_blank" rel="noopener">dismissed</a> allegations of bid rigging, abuse of dominant position, and anti-competitive conduct in a case involving Adani Group entities, Azure Power, and the Solar Energy Corporation of India.
In March, the CCI <a href="https://mercomindia.com/cci-approves-blackrocks-subscription-of-abrens-equity-shares" target="_blank" rel="noopener">approved</a> Singapore-based Global Infrastructure Partners EM Star‘s subscription to Aditya Birla Renewables’ equity shares worth $335 million.

CCI Clears Restructuring of Solar Components Manufacturer Vishakha Renewables

The office of Directorate General of Anti-Dumping and Allied Duties (DGAD) has announced that it is going to hold an oral hearing of the ongoing the anti-dumping investigation concerning the import of Ethylenes Vinyl Acetate (EVA) sheets.
The hearing will be held on July 19, 2018 at the DGAD office in the national capital.
In April 2018, the DGAD had initiated an <a href="https://mercomindia.com/dgad-anti-dumping-investigation-solar-sheets-imports/" target="_blank" rel="noopener">investigation</a> on import of EVA sheets for solar modules imported from China PR, Malaysia, Saudi Arabia, South Korea, and Thailand.
The petition was filed by <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">Renewsys</a>, Vishakha Renewables Private Limited, and Allied Glasses Private Limited. In the petition, it was mentioned that there is no known difference between the EVA sheets imported from the above-mentioned countries and that produced by the petitioners, and the consumers can use the two interchangeably. EVA sheets are integral to the process of production of solar modules. In the petition, <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">Renewsys</a> said that they can produce EVA sheets of all widths and thicknesses as desired by solar module manufacturers in India.
The current investigation is focusing on the EVA sheets exported to India between October 1, 2016 and September 30, 2017.
This is the third anti-dumping petition filed within the past year in relation to the Indian solar manufacturing sector, including the anti-dumping petition against the import of solar cells and modules and another anti-dumping petition against imports of solar glass.

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