The quality assurance provider reported that India-based Insolation Energy, Waaree Renewable Technologies and Solex Energy retained the top three positions in the Altmann-Z score-based quarterly ranking. The analysts noted that the number of companies with healthier scores rose from 9 to 11.
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance provider, has published its latest quarterly earnings report PV module manufacturer ranking reporttracking the Altmann-Z scores for 64 manufacturers from September 2022 to June 2025.
Three Indian manufacturers are in the top three of the rankings this quarter: Insolation Energy, Waaree Renewable Technologies and Solex Energy, positions they have held since last year.
“Although Insolation Energy’s Altman Z-score has declined slightly since December 2024, it continues to lead the rankings,” the analysts said.
Seven other companies round out the top ten, including US-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 the China-based company Phono Solar (Sumeek). There are now four Indian companies in the top ten, with India’s Pennar Industries in ninth place.
“Financial resilience is now the new competitive advantage in the industry. Amid oversupply and market consolidation, the ability to maintain profitability and honor long-term guarantees will separate reliable manufacturers from the rest,” Dricus de Rooij, CEO and co-founder of Sinovoltaics, said in a statement.
Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about company revenues and balance sheet values to measure a company’s financial health. The financial strength assessment is based on a credit strength test based on profitability, leverage, liquidity, solvency and activity ratios.
A score of 1.1 or lower indicates a greater likelihood of bankruptcy within the next two years, while a higher score of 2.6 or higher indicates a solid financial position.
This edition of the report ranks 11 producers considered financially healthy, up from 9 in the previous edition, while the number of companies with scores below 1.1 rose from 26 to 27, according to analysts.
Intended to provide insight into stability over time, the scores according to Sinovoltaics do not necessarily reflect the quality of the PV equipment. They can be used by project developers in financial due diligence, to compare supplier scores or to help identify “financially stable” partners who can stand behind their guarantees and products.
Sinovoltaics’ manufacturer ranking reports are free to download, have a global scope and cover the solar inverter, battery energy storage and PV module manufacturer segments.
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