[SMM Announcement] Announcement on the Addition of Price Points for 'TOPCon Module-Indian Made（with domestic solar cells), TOPCon Module-Indian Made（without domestic solar cells)' 

Dear User,

Currently, India has gradually become an important global manufacturing and export base for PV modules. In actual trade,  Indian made modules exhibit differentiated supply-demand relationships and price performances in the spot market due to the varying origins of the solar cells used. To facilitate upstream and downstream enterprises in the PV industry chain to better understand India's module export and local market conditions, grasp real-time international spot price dynamics, and convey more comprehensive and diverse price information to the market, thereby reducing transaction risks and costs in overseas trade, SMM, after a period of consolidation and market surveys, plans to officially add the 'TOPCon Module-Indian Made（with domestic solar cells)' and 'TOPCon Module-Indian Made（without domestic solar cells)'  product prices as market trading references starting from January 23, 2026. The published prices are all ex-work prices for these modules in India, with specific specifications and descriptions as follows:

Price Point Names:  
TOPCon Module-Indian Made（with domestic solar cells);  TOPCon Module-Indian Made（without domestic solar cells)

Price Description:  

• Price Type: Indian ex-work price (EXW)  
• Tax Rate Standard: Tax-excluded  
• Definition: Indian ex-work price  
  • With Domestic Solar Cells: Refers to modules manufactured in India, with the solar cells used also produced locally in India.  
  • Without Domestic Solar Cells: Refers to modules manufactured in India, but the solar cells are imported from overseas (not produced locally in India).  
• Unit: $/W  
• Major Brands: Waaree Technologies Ltd, Adani Group, Vikram Solar Limited, Tata Power Company Ltd, Goldi Solar Pvt Ltd, etc.  
• Minimum Trading Volume: 10 MW  
• Delivery Period: Within 3 months  
• Release Time: Every Friday at 11:00 AM Beijing Time  
• Payment Terms: Cash, and other payment methods standardized as cash  

SMM PV Research Team  
January 13, 2026