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Close to a fifth of the solar panel manufacturer’s revenue in the quarter came from the US.

From crippling solar tariffs and a sovereign fund exit to revived power contracts, a turbulent week highlights the group’s contested yet indispensable role in India’s energy transition.
The solar module maker must fix a key metric—its cell utilization—before embarking on a costly capacity surge that can strain its balance sheet.
Rapid asset purchases are driving generation growth, but rising debt and weaker cash flows are testing investor confidence.