Chennai-based listed energy solutions company SWELECT Energy Systems is actively evaluating its entry into the wafer manufacturing business. 

In an interview with businessline, Arulkumar Shanmugasundaram, MD and CEO, SWELECT Energy Systems said that when compared to cell manufacturing, wafers are relatively easier with lower complexity and fewer regulatory hurdles. 

“We missed out on the cell bus because of some regulatory challenges, especially Tamil Nadu’s ‘red category’ norms regarding pollution control. Wafers are much easier and do not have such challenges. And with 50-60 GigaWatt(GW) of cell capacity expected to come up this year, it does not make sense to wait,” he said. 

Shanmugasundaram said that the company hopes to kick start these plans in the next six months, without disclosing the exact details. 

The plans come at a time when The Ministry of New & Renewable Energy (MNRE) has proposed to include solar wafers under the Approved List of Models and Manufacturers (ALMM) from June 1, 2028, if India’s cumulative capacity is around 15 GW.

Currently, India does not have a considerable domestic manufacturing ecosystem for large scale production of polysilicon, ingots and wafers.

On its core module making business, Shanmugasundaram said that despite an overcapacity risk in the industry, Swelect has persisted with its plans to expand its module manufacturing capacity to 2 Giga Watt(GW).  

The demand, Shanmugasundaram believes, will be spurred by the company’s deeper focus on rooftop solar, especially in the northern markets. “We have a focus on the rooftop market and now we have got the empanelment and have established distribution networks in Bihar, UP, Haryana, Rajasthan. The plan to grow in these markets,” he said.

The company also recently entered the Battery Energy Storage Systems (BESS) business with the launch of a BESS portfolio for both residential and large-scale commercial/industrial (C&I) applications. Shanmugasundaram said the company plans to launch other hybrid and BESS products in the next three months, while also expanding into the US market.  

Swelect is also on track to reach the 1GW Independent Power Producer (IPP) target, where it builds solar power plants to generate and sell electricity. 

The forex volatility given the geopolitical tensions has had a slight impact on the company’s imports.

He added that some of the company’s supply chain partners including for steel, powder coating and Ethylene Vinyl Acetate (EVA) among others, have reported disruptions due to LPG and other petrochemical shortages. 

Mewanhile, SWELECT Energy Systems posted revenues of ₹139 crore and Profit after Tax of ₹9.52 crore in the quarter ending December

Published on April 19, 2026