Explained - What is the June 1 ALMM deadline and why are shares of Waaree, Premier rising

The Ministry of New and Renewable Energy (MNRE) has confirmed that there will be no blanket extension to the mandatory enforcement of ALMM (Approved Module Manufacturers) List-II for solar PV cells beyond June 1, 2026.

What Changes On June 1

Starting June 1 this year, all new net-metering and open-access solar power projects will be required to source solar PV modules from ALMM List-I (approved module manufacturers) and solar PV cells from ALMM List-II (approved cell manufacturers).

While the policy aims to curb dependency on imported, unverified components and promote domestic manufacturing, the government has acknowledged the practical challenges faced by developers due to recent global supply chain disruptions—particularly those linked to the ongoing situation in West Asia.

To protect existing investments and ensure the viability of projects already in advanced stages, the MNRE has introduced a project-level relief mechanism. Developers whose projects were impacted by unforeseen circumstances may apply for an extension on a case-by-case basis.

Projects Eligible For Extension

Category I: Projects where 100% of the required solar PV modules were already installed at the project site before the June 1, 2026 deadline, but commissioning has not yet occurred.

Category II: Projects that had not been commissioned by the deadline but had already undertaken significant "effective steps," such as 75% of required land acquired, financial closure achieved, connectivity arrangements completed among others.

How Do Waaree, Premier, Emmvee Benefit

For domestic integrated cell and module manufacturers like Waaree, Premier Energies, and Emmvee, this mandate is a significant positive. By mandating the use of ALMM-compliant cells, the government is effectively creating a protected and prioritized market for domestic production.

Manufacturers can expect a surge in demand for ALMM-listed cells, which will support better capacity utilization across their facilities.

With a structured demand roadmap, domestic players are better positioned to stabilize their margins and invest further in R&D and scaling operations.

Shares of Premier Energies are trading 2.2% higher at ₹1,007.1. The stock is also reacting to a block deal that took place on Monday, where promoters sold stake and a clutch of marquee funds were buyers.

Shares of Waaree Energies are trading 3.2% higher at ₹3,079. The stock is down 8% over the last one month.

Shares of Emmvee Photovoltaic are trading 2.3% higher at ₹297.05. The stock is up 12.5% over the last one month.