Every edition of The Solar Decade has been pointing at the same three names — not because they are the only ones in the sector, but because they represent three fundamentally different bets on the same structural thesis.
Four editions built to this
The series started with a simple observation: India was building a manufacturing wall around solar — duty by duty, list by list, tranche by tranche. Four editions later the architecture is clear: BCD at 40%, ALMM List-II live from June 2026, PLI tranches committed, ₹24,000 Cr deployed. The policy is settled. The question is no longer whether the moat exists — it does — but which manufacturers own the margin that flows from it.
The premium accrues to whoever controls the step the policy is currently protecting. From June 2026, that step is the cell. Three names have structured their businesses to be inside every layer of protection simultaneously. These are the names we are initiating on.
