EP 10: India's Solar Boom Has a Glut Problem Nobody Wants to Talk About

Day 18/100India's solar story still looks incredible from the outside. Capacity is rising, policy support is strong, and the long term opportunity is very real.But in 2026, the more important question is no longer "Is solar the future?" But it's "Who actually makes money when overcapacity, tariff pressure, curtailment and execution risk all start showing up together?"That's exactly what this piece tries to unpack. Not to be negative on the sector, but to separate narrative from business quality and highlight why the next phase may be less about headline growth and more about discipline, balance sheets, and storage-led economics.If you follow Indian markets, energy, or capital cycles, I think you’ll find this worth reading. Would genuinely love to know which part of the value chain you think has the strongest economics from here.https://spicapitalresearch.substack.com/p/indias-solar-boom-has-a-glut-problem?r=5uwf28Found this interesting? Follow us for more such deep dives. Share it so it can reach more curious brains like yours.[Solar Sector , Investing , Finance , CFA , Economy , Investment , Equity Research ]