Sinovoltaics, a Hong Kong-headquartered technical compliance and quality assurance provider, has released its latest quarterly PV Module Manufacturer Ranking Report, tracking the Altmann-Z scores for 64 manufacturers from September 2022 to June 2025.
Three Indian manufacturers are in the top three in this quarter’s ranking – Insolation Energy, Waaree Renewable Technologies, and Solex Energy, positions that they have held since last year.
“Although Insolation Energy’s Altman Z-score has slightly declined since December 2024, it continues to lead the ranking,” noted the analysts.
Seven other companies round out the top 10, including United States-based First Solar, Taiwan-based Eterbright (HIWIN), DMEGC Solar (DMEGC Magnetics Group) and HT SAAE, both based in China, followed by Boviet Solar of Vietnam, along with Pennar Industries, based in India and new to the top ten, along with China-headquartered Phono Solar (Sumec). There are now four Indian companies in the top ten, with India’s Pennar Industries in the ninth position.
“Financial resilience is now the new competitive edge in the industry. Amid oversupply and market consolidation, the ability to sustain profitability and honor long-term warranties will separate reliable manufacturers from the rest,” said Dricus de Rooij, CEO and co-founder of Sinovoltaics, in a statement.
Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about corporate income and balance sheet values to measure the financial health of a company. The financial strength assessment is based on a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios.
A score that is 1.1 or lower indicates a higher probability of bankruptcy within the next two years, while a higher score of 2.6 or greater indicates a solid financial position.
This edition of the report ranks 11 producers as considered financially sound, up from nine in the previous edition, while the number of companies with scores of lower than 1.1 ticked up from 26 to 27, according to the analysts.
Meant to provide insight into stability over time, the scores do not necessarily signal the quality of the PV equipment, according to Sinovoltaics. They can be used by project developers in financial due diligence, to compare suppliers’ scores, or to help identify “financially stable” partners able to stand behind their warranties and products.
The manufacturer ranking reports from Sinovoltaics are free-to-download, global in scope, and cover solar inverter, battery energy storage and PV module manufacturer segments.
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