Last Updated on November 6, 2025 by Author
Q1. Rayzon Solar has recently filed its DRHP with SEBI for a ₹1,500 crore IPO to fund expansion into solar cell manufacturing. What strategic rationale underlies this move, and how does it align with your vision for integrated solar manufacturing?
For India to thrive and become the solar capital of the world, backward integration in the entire value chain of solar manufacturing is essential. RAYZON also carries a similar belief that as we keep growing bigger, we need to have better control over the supply chain of the most important components in Solar module manufacturing. Keeping this in mind, we are planning to raise capital from the market for building a 3.5 GW Solar cell line based on TOPCon technology, for which we recently filed our DRHP. Also, we recently entered and executed 19800 MTA of Aluminium extrusion and anodising unit which is into manufacturing of aluminium frames for solar modules.
This expansion and backward integration would help us better control quality, lead time, and give us more resilience in a market where supply chains are unpredictable.
Q2. With current module capacity at 6 GW and plans for a 3.5 GW TOPCon solar cell plant, what is your roadmap for scaling through FY 2027, and how will this strengthen your competitive positioning?
With the existing Solar module manufacturing capacity to 6 GW, we are already among the top players in the segment in India. With already executed Aluminium extrusion/anodising and upcoming projects of 3.5 GW Solar cell line, as well as adding 2 GW of solar module manufacturing line, we would start becoming an integrated Solar manufacturer in India, giving us the advantage of scale.
This scale is not about chasing numbers, but it’s about creating stability and trust for our partners. Globally, we see consolidation happening in solar manufacturing. Players who can control quality, scale rapidly, and innovate in technology will lead the show.
Q3. How will manufacturing solar cells in-house change your supply chain dynamics, cost structure, and strategic flexibility compared to outsourcing, especially amid current global supply-chain volatility?
If the last few years have taught us anything, it’s that depending heavily on imports makes you vulnerable. Solar cells form about 50% of the module cost. By manufacturing them in-house, we will:
- Reduce costs through better integration
- Secure supply chains, less dependent on global disruptions
- Increase flexibility in product design and innovation
- As well as make them available just in time.
This shift is not only about cost savings; it gives us the freedom to innovate faster and deliver consistent quality, while also ensuring customers are shielded from global price shocks. It’s like moving from being a tenant to owning your own home — more control, more security.
Q4. The “Nature First, Nation First” campaign reflects a strong sustainability stance. How does this narrative inform your product planning, marketing, and stakeholder engagement strategies?
“Nature First, Nation First” is not just a campaign line for us — it is our guiding philosophy. Every product we design, every policy we shape internally, goes through this lens.
- In product planning, it means pushing for higher-efficiency modules that generate more energy per square foot, reducing land use and costs.
- In marketing, it means communicating solar not just as a product but as a responsibility — for businesses, for households, and for the nation.
- In stakeholder engagement, it means aligning with partners, policymakers, and communities who share this belief that growth and sustainability must go hand in hand.
It’s our way of reminding ourselves and responsible stakeholders that solar isn’t just about profits; it’s about leaving behind a cleaner, stronger India.
Q5. Rayzon has built a strong capacity in mono-PERC and is now moving into TOPCon technology. What future product innovations, such as bifacial modules, higher-wattage panels, or storage-integrated solutions, are on your roadmap?
Innovation drives this industry. Post mono-PERC, our big focus has been on TOPCon modules, which are already showing superior efficiency and durability. Going forward, our roadmap includes:
- We have already launched GTG Bifacial modules in the TOPCon version that can generate power from both sides and at better efficiency.
- Higher-wattage panels crossing the 600W+ threshold for utility-scale projects
- We would continue to explore upcoming technologies as well as products like storage, which would become an important value addition to Solar technology in the coming days. We don’t see innovation as just keeping up with the market — for us, it’s about anticipating where the world is heading and making sure India doesn’t lag.
Q6. At REI 2025 in October, what new products or technologies will Rayzon showcase, and how do you see this event shaping your engagement with customers, policymakers, and investors?
REI 2025 will be very special for us because it comes at a time when Rayzon is transitioning into a more integrated solar company in the coming days. At the event, we plan to showcase:
- Our new line of TOPCon modules.
- Bifacial products designed for higher generation in Indian conditions.
- A sneak peek into our upcoming solar cell and aluminium frame manufacturing capabilities.
For us, REI is not just a trade show — it’s a platform to listen, to engage, and to build confidence among customers, policymakers, and all stakeholders. It’s where conversations turn into partnerships, and partnerships lay the foundation of the future of renewable energy in India.
