The quality assurance provider reported India-based Waaree Renewable Technologies retained the top position in its Altmann-Z score-based quarterly ranking. Its analysts noted the number of companies with healthier scores increased from 12 to 14.
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 December 2025.
“The sector is still working through one of the worst periods of oversupply and falling prices in its history,” Sinovoltaics CEO, Dricus de Rooij, told pv magazine. “Against that backdrop, a rise from twelve to fourteen manufacturers in the Safe Zone is a real sign that the strongest players are adapting. First Solar is a good example. Staying above a score of five for three years shows what financial discipline looks like in a tough market. But the bigger story is the growing divide. Manufacturers with diverse revenue and strong balance sheets are pulling ahead, while those competing on price alone are being pushed toward distress.”
The top two manufacturers are Indian manufacturers Waare Renewable Technology and Premier Energies, followed by China’s HT-SAAE.
