Inverter Survivability Index 2026: which inverter brands will outlast your warranty?

By Shashwat Sharma, Lumencity. Data as of 27 October 2026. Not sponsored: no company paid for, reviewed or saw this ranking before publication.

Your inverter warranty is a promise from one company. If that company leaves India, the promise leaves with it. We scored twelve inverter brands sold in India on one question: how likely is the company behind the warranty to still be here when you need it?

This is the inverter edition of our Survivability Index for solar panel makers. Watch the explanation in our YouTube video on inverter warranties.

Why the inverter is the warranty that matters most

Fact

A 2020 NREL survey in the United States found that about 43% of maintenance calls on PV systems were due to inverter malfunctions, and 35% of measured yield losses came from inverter failures (pv magazine).
Under PM Surya Ghar, listed inverter models must carry a product warranty of at least eight years from commissioning, covering manufacturing defects (Mercom).
The installing vendor must provide free repair and maintenance for at least five years (Construction World). From year six, the inverter maker is usually the only party left standing behind your inverter.
India has no ALMM-style domestic content rule for inverters yet (pv magazine). The government is considering mandating locally made inverters and batteries in the next phase of PM Surya Ghar (TaiyangNews, citing Mint).

Market leadership changes fast. Huawei was the top string inverter supplier in India in 2018 (Energetica India). In 2024, the top five string inverter suppliers were TBEA Energy India, Sungrow, Solis, Growatt and SOFARSOLAR (Mercom). A brand that dominates the year you buy is not guaranteed to be around in year eight.

How we scored

Every number in this index comes from public data: annual reports, stock exchange filings, regulator documents and established trade press. We used only things we could check, and we mark each key fact as Verified (a filing, financial report or independent report) or Company-declared (the company’s own claim that we could not confirm independently).

Financial strengthLatest full-year profit or loss of the parent, the trend, and cash. Companies rarely die of bad products; they die of losses and debt.

Years selling in IndiaHow long the brand has served Indian customers. A long track record is the best evidence of staying power.

Manufacturing in IndiaIts own factory in India, confirmed by a filing or independent report. This protects the brand if local manufacturing rules arrive.

Scale and installed baseGlobal size and Indian shipments. A large installed base keeps spare parts and service engineers in the market.

Inverters as core businessA company whose main business is inverters is less likely to quietly shut that line down.

Public, audited disclosureListed companies publish audited results. Private companies get 3 of 10, 6 if they have filed a public listing prospectus, or 7 if they are a subsidiary of a listed parent. Undisclosed finances get 10 of 25.

What this score is not

It is not a measure of efficiency, product quality or price. A world-class inverter can score low if its maker is loss-making or has no factory in India. The weights are our editorial judgement. We publish them so you can re-weight them and reach your own answer.

Data conflicts we found while checking

Online data about inverter companies is often wrong or inconsistent, which is why we checked each figure against more than one source:

GoodWe’s 2024 net loss is reported as CNY 618 million by one outlet (pv magazine) and as about CNY 62 million by others (EnergyTrend, TaiyangNews). We used the figure from the company’s own forecast filing as reported by two outlets.
A third-party analysis site shows TBEA’s 2025 net profit as RMB 11.2 billion (dcf-analysis), while its annual report summary gives RMB 5.95 billion (Quartr). We used the annual report.
Different outlets report Polycab’s Q1 FY27 net profit as ₹490 crore (Free Press Journal) and as ₹796.65 crore (Angel One). We scored Polycab on the full FY26 figures, which several sources agree on.

The 5 inverter makers that manufacture in India for homes

If India introduces local manufacturing rules for inverters, these are the brands already producing here. “Made in India” refers to factory location, not ownership: two of the five have Chinese parent companies.

#	Brand	Parent	Finance	Years	India mfg	Scale	Core	Disclosure	Total
1	Sungrow	China	25	17	19	15	9	10	95
2	Polycab	India	25	16	15	11	3	10	80
3	Hitachi Hi-Rel	Japan	22	18	19	9	4	7	79
4	TBEA	China	20	13	16	14	3	10	76
5	Waaree Power	India	25	6	20	7	4	10	72

#1Sungrow

95/100

Chinese parent, Indian factory in Bengaluru

Opened a 3 GW factory in Bengaluru in July 2018, its first outside China, after opening its Indian office in 2015 (pv magazine India). Verified
Expanded the Indian factory to 10 GW a year, serving residential, C&I and utility customers (pv magazine India). Verified
First-half 2025 revenue rose 40% to CNY 43.53 billion, with net profit up 56% to CNY 7.74 billion (pv magazine). Verified

Watch: Sungrow is Chinese-owned. The reported proposal is about where inverters are made, not who owns the factory. If a future rule ever targets ownership, its position could change.

#2Polycab

80/100

Indian-owned, NSE-listed

Added on-grid inverters in 2016, and states it offers Make in India inverters from 2 kW to 125 kW from its own manufacturing setup (Polycab catalogue). Company-declared
Reports 3.3 GW of inverter capacity supplied and more than 5.5 lakh inverters installed up to March 2026 (Polycab catalogue). Company-declared
FY26 revenue rose 29% to ₹28,884 crore and profit after tax rose 32% to ₹2,708 crore (Business Today), with net cash of ₹4,190 crore at 31 March 2026 (Geojit). Verified

Watch: the manufacturing details come from Polycab itself. We found no independent filing naming the inverter plant’s location, so its India manufacturing score is lower than Waaree’s.

#3Hitachi Hi-Rel

79/100

Japanese parent (Hitachi, Ltd.), Indian factory at Sanand, Gujarat

Hitachi’s Sanand factory started operations in December 2012 and added grid-connected solar inverters to its production from October 2012 (Hitachi). Verified
Its string range covers 1.1 kW to 6 kW single-phase and 3.3 kW to 255 kW three-phase, alongside central inverters for utility plants (SolarQuarter). Company-declared
Says it has supplied and installed more than 3 GW of central and string solar inverters in India since starting the business here in 2012 (SolarQuarter). Company-declared
The parent, Hitachi, Ltd., reported fiscal 2025 revenue of ¥10.59 trillion and net income of ¥802.4 billion (RTTNews). Verified

Watch: Hitachi Hi-Rel is a private subsidiary, so its own accounts are not published, and solar inverters sit alongside UPS systems, drives and compressors. Most of its Indian installed base is utility and commercial. Before buying for a home, check that a dealer near you stocks and services its single-phase models: a strong parent is no guarantee of residential support, as Delta shows.

#4TBEA

76/100

Chinese parent, Indian factories in Gujarat and Karnataka

Opened a 2 GW inverter factory in Bangalore, its first in India for inverters, alongside its existing operations in Gujarat (pv magazine India). Verified (2020 report)
TBEA Energy India had the largest share of string inverter supply in India in 2024, at 34.3% (Mercom). Verified
The parent reported 2025 net profit of ¥5.95 billion, up 43.69%, on revenue of ¥97.23 billion (Quartr). Verified

Watch: inverters are a small part of a conglomerate whose profit swings with polysilicon and coal prices. Its strength is in utility and C&I projects rather than homes. Our factory data is from 2020.

#5Waaree Power

72/100

Indian-owned subsidiary of NSE-listed Waaree Energies

In a stock exchange filing, Waaree reported setting up two solar inverter lines of 1.525 GW each, totalling 3.05 GW, at Sarodhi, Valsad, Gujarat (NSE filing). Commercial operations began on 29 December 2025 (Energetica India). Verified
A further 1.1 GW line took total string inverter capacity to 4.15 GW (pv magazine). Verified
The parent’s FY26 revenue rose 83.72% to ₹26,536.77 crore, and profit after tax rose 101.45% to ₹3,884.15 crore (Energetica India). Verified

Watch: less than a year of its own inverter manufacturing, so there is no field track record yet. The strongest balance sheet here cannot substitute for years of inverters in service.

7 world-class brands that do not manufacture in India

These brands sell in India but, as far as we could verify, make the inverters sold here outside India. That doesn’t make them worse products. It means a local manufacturing rule could exclude them from subsidised projects.

#	Brand	Parent	Finance	Years	India mfg	Scale	Core	Disclosure	Total
1	Solis (Ginlong)	China	20	17	0	14	10	10	71
1	Enphase	USA	20	13	6	12	10	10	71
3	GoodWe	China	14	16	0	13	10	10	63
4	Growatt	China	15	18	0	14	9	6	62
5	SMA	Germany	9	20	0	11	10	10	60
6	SolarEdge	Israel	10	13	0	10	10	10	53
7	Fronius	Austria	10	17	0	6	6	3	42

#1 (tie)Solis (Ginlong Technologies)

71/100

Chinese, listed in Shenzhen, made in China

Entered India in 2015 (SolarQuarter) and reached 6 GW of shipments in India by October 2024 (pv magazine India). Verified
Says it holds a 32% share of India’s residential segment (pv magazine India). Company-declared
First-half 2025 net profit rose 71% to CNY 602 million (pv magazine). Its BIS licence lists a factory in Xiangshan, Zhejiang, China (BIS licence). Verified

Watch: no Indian factory found. If the next phase of PM Surya Ghar requires locally made inverters, Solis could lose access to subsidised home installations.

#1 (tie)Enphase

71/100

American, listed on Nasdaq; microinverters

Since early 2020, Salcomp’s factory in Chennai has made Enphase microinverters for North America, Europe and Asia Pacific (pv magazine India). Its Q2 2026 results report shipments from Texas and South Carolina facilities (SEC filing). Verified
Q2 2026 GAAP net income was $36.1 million, with cash and marketable securities of $937.7 million (SEC filing). Verified
IQ8 microinverters activated in India carry a 15-year limited warranty, extendable to 25 years (pv magazine India). Verified

Watch: we could not confirm that units sold in India are made in Chennai, so Enphase gets only partial credit for India manufacturing. Revenue fell about 20% year on year in Q2 2026.

#3GoodWe

63/100

Chinese, listed in Shanghai; factories in China and Vietnam

Marked 10 years in India in March 2026, with 6 GW of cumulative inverter shipments (Energetica India). Verified
Its first overseas manufacturing plant opened in Hai Phong, Vietnam, in 2024 (Saur Energy). Verified
FY2025 net profit was RMB 135 million, compared with a loss of RMB 62 million the year before (TaiyangNews). Verified

Watch: only just back in profit, with thin margins, and no Indian factory.

#4Growatt

62/100

Chinese, privately held; widely used in North India

Held 6.6% of India’s string inverter supply in 2024 (Mercom). Verified
Its 2022 brochure lists an office in Hyderabad, two warehouses and service centres in India, 10 years of operation in India and more than 2.5 lakh shipments (Growatt brochure). Company-declared
Filed its prospectus with the Hong Kong Stock Exchange for the third time in June 2026 (EnergyTrend). The prospectus lists a manufacturing subsidiary in Vietnam (HKEX); we found no announced Indian plant. Verified
Profit was RMB 843.3 million in 2023, including a RMB 360 million fair-value gain, RMB 19.9 million in 2024 and RMB 413 million in 2025 (KrASIA). Verified

Watch: energy storage made up 63.4% of revenue in 2025, and solar inverter revenue fell to RMB 1.56 billion (KrASIA). Its residential solar inverters earned a gross margin of only 14.5% (36Kr). The company is healthy, but the product most Indian homes buy from it is no longer its main focus.

#5SMA

60/100

German, listed in Frankfurt; maker of the Sunny Boy

Opened its Indian sales and service subsidiary in 2010 and had sold more than 3 GW of inverters in India by December 2017 (SMA). Verified
The group’s 2025 net loss widened to €181.1 million, while net cash rose to €176.4 million (SMA). Verified
Recent Indian launches target commercial projects, such as the 110 kW Sunny Tripower CORE2 (pv magazine India). Verified

Watch: the large-scale business is growing, but the Home & Business division, which includes the Sunny Boy, had an EBIT loss of €375.6 million in 2025 (pv magazine), and further job cuts are aimed at that division (Mercom). SMA will survive; the open question is how much it keeps investing in home-inverter support in India.

#6SolarEdge

53/100

Israeli-founded, listed on Nasdaq; inverters with module-level power optimizers

Established its Indian office in 2017 (pv magazine India) and opened an R&D and technology centre in Bengaluru in 2025. This is not a manufacturing plant. Verified
2025 GAAP net loss was $405.4 million, down from $1.81 billion in 2024 (SEC filing). Verified
In Q2 2026, the GAAP net loss narrowed to $30.8 million, with positive free cash flow and net cash of $264.6 million (SEC filing). Verified

Watch: the recovery is real but the company is still loss-making on a GAAP basis, and there is no Indian factory.

#7Fronius

42/100

Austrian, family-owned and private; made in Austria

Fronius India was set up in 2013 as the group’s 20th subsidiary, handling technology transfer, sales and after-sales support from Pune (Great Place to Work). Company-declared
Fronius India runs a dedicated 4,500 sq ft repair centre for warranty spares and service (Fronius India). Company-declared
Describes its SnapINverter range as 100% manufactured in Austria (Fronius India). Company-declared

Watch: as a private company, Fronius publishes no audited accounts we could score, and its Indian installed base is small. This low score reflects disclosure and scale in India, not product quality.

Not scored

Delta has Indian factories and a very strong parent company, but we confirmed directly that it no longer sells residential inverters in India. Its recent Indian launches are utility-scale, such as a 1.1 MW central inverter made in India (pv magazine). If you already own a Delta home inverter, ask Delta Electronics India in writing who will honour your remaining warranty.

Hoymiles held its official India product launch on 12 September 2025 (SolarQuarter) and signed a 360 MW residential microinverter supply deal in January 2026 (Energetica India). Its inverters are made in China. With barely a year in India, any survival score would be a guess, so we will score it in the next edition.

What this means for your purchase

Our reading

Buying today, under the current rules: any brand scoring above 70 has a strong survival case. Above that, choose on product, price and local service.
Worried about future local-manufacturing rules: pick from the made-in-India list. Those brands are already producing here.
Want an Indian-owned company specifically: Polycab and Waaree Power are the two Indian-owned makers on this list. Polycab has the longer inverter track record; Waaree has the factory confirmed in a stock exchange filing.

Whatever you choose, check four things before you sign: which Indian company issues the warranty card, whether the inverter’s serial number is on your warranty documents, whether there is a service centre in your city, and who will handle replacement after your vendor’s five-year obligation ends.

Disclosure

Lumencity installs SolarEdge inverters and power optimizers on its residential systems. SolarEdge scores 53 here, and we published that score unchanged. This index measures company survival risk, not product performance, and we choose equipment on both. Nothing in this index is sponsored.

Frequently asked questions

Is there an ALMM list for solar inverters in India?

Not in the same sense as for solar panels. India has no domestic content rule for inverters yet, although inverter models listed under PM Surya Ghar must meet technical standards and carry at least an eight-year warranty. The government is considering requiring locally made inverters in the next phase of the scheme.

Which solar inverter brands are made in India?

Among the brands we scored, Sungrow, Hitachi Hi-Rel, TBEA and Waaree Power have Indian factories confirmed by company filings, parent-company announcements or independent reports, and Polycab states that it manufactures its own inverters. Delta also manufactures in India but no longer sells home inverters here. Enphase microinverters have been contract-manufactured in Chennai, mainly for export.

Does a higher score mean a better inverter?

No. The score estimates how likely the company is to stay in business and in India for the life of your warranty. It does not measure efficiency, build quality or price.

What inverter warranty is required under PM Surya Ghar?

Inverter models listed under PM Surya Ghar must offer a product warranty of at least eight years from commissioning, covering manufacturing defects. Vendors must also provide five years of free repair and maintenance.

What happens if my inverter brand leaves India?

For the first five years, your installing vendor is obliged to repair the system. After that, the manufacturer’s warranty is usually your only cover, and it is only as good as the company’s presence in India. A replacement 3 kW grid-tie inverter typically costs ₹20,000 to ₹32,000.

Not sure about the inverter in your quote?

Send us the brand and model your installer has proposed. We’ll tell you who makes it, where it is made, and how it scores on this index.

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