Author: PPD Team Date: 10/02/2025

Sinovoltaics’ Q1 2025 global PV Module Manufacturers Ranking shows India-based Insolation Energy, Waaree Renewable Technologies, and Solex Energy as the top three. The Altmann Z-score-based ranking covers 63 suppliers, tracking financial health from March 2022 to December 2024.

The updated top ten list:

  1. Insolation Energy (India)
  2. Waaree Renewable Technologies (India)
  3. Solex Energy (India)
  4. Eterbright (HIWIN) (Taiwan)
  5. First Solar (U.S.)
  6. Boviet Solar (China)
  7. DMEGC Solar (China)
  8. Phono Solar (China)
  9. ERA Solar (China)
  10. HT SAAE (China)

The report notes a widening gap between financially stable and at-risk manufacturers, with several companies moving into the “Grey Zone,” signalling potential instability. New entrants in the top ten include Phono Solar (Sumec), HT SAAE, and ERA Solar (Yonggao Group) from China.

The Altmann Z-score measures financial health using profitability, leverage, liquidity, solvency, and activity ratios. A score of 2.6 or higher indicates strong financial stability, while a score below 1.1 suggests higher bankruptcy risk.

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