Empowering Navitas Solar: Navigating Market Dynamics, Policy Shifts, and Financial Resilience in India’s Solar Module Industry – Vineet Mittal, Director-Finance & Strategy, Navitas Solar 

Key Highlights:

1. Navitas Solar leverages its 11 years of industry experience and 2 GW annual capacity to lead amidst evolving market trends.
2. Vineet Mittal emphasizes proactive financial strategies to navigate policy shifts and supply chain disruptions, ensuring sustained competitiveness.
3. By aligning financial insights with market dynamics, Navitas Solar capitalizes on demand for solar PV modules while driving long-term sustainability.

1. How do you perceive the current market trends and demands in the solar module manufacturing industry, especially in India?

Current market trends and demands in the solar module manufacturing industry in India are changing daily. Solar developers are more aware of the changes in the technologies. Tier 2 and Tier 3 cities are also adopting solar aggressively day by day. TOPCon technology will slowly take over PERC technology’s market in upcoming time. 

2. How will you align financial strategies with market dynamics to keep Navitas Solar competitive in India’s dynamic solar PV module industry?

We’re an 11-year-old company in the solar industry. So, by the time we know the market dynamics thoroughly. According to that, we align our financial strategies to be competitive in the market. We are having manufacturing capacity of 2 GW p.a. and we’re one of the top 10 module manufacturing companies of India by JMK Research & Analytics. 

3. How do you plan to navigate recent policy changes and trade dynamics, specifically Basic Customs Duty (BCD), impacting Navitas Solar?

With the implementation of BCD and ALMM, domestic manufacturing is encouraged. ALMM-Approved List of Models and Manufacturers provides for enlistment of eligible models and manufacturers of solar PV cells and modules complying with the BIS Standards and publishes a list. But, even though after announcement from the government for multiple times, ALMM is still not implemented. We hope that such policies should be implemented as soon as possible to make India Aatmanirbhar in a true sense. 

4. How would you manage financial risks amid ongoing disruptions in the solar supply chain to safeguard Navitas Solar’s operations and financial performance?

Of course, supply chain disruptions in the solar industry are very difficult to predict and manage. It affects our operations and financial performance directly. But as we have the experience of the solar industry and our team is quite young and adaptive, it helps us to adapt the market trends quickly that helps us to manage our finances amid supply chain disruptions. 

5. How will you utilize financial insights and analytics to identify opportunities, optimize costs, and drive strategic decisions for Navitas Solar?

Being from a financial background and with 11 years of solar industry’s experience, we have now understood optimizing costs and managed strategic decisions for Navitas Solar. We thoroughly analyze the ongoing market trends and according to that we make rigorous strategies to identify the opportunities and take futuristic decisions for the company.

6. How do you envision the evolving role of finance and strategy at Navitas Solar to capitalize on the demand for solar PV modules while ensuring long-term financial sustainability?

Solar panels’ manufacturing process and technology keep evolving day by day. With the evolving technology, our roles are also evolved with time. Financial decisions and strategies are also evolved to capitalize the demand for solar PV modules. Solar panel is a product which lasts for 25 years. As we’re into sustainable industry, we tend to take financial decisions also sustainably.