The delay in implementing the ALMM List-II mandate could impact India's solar energy targets and the financial stability of domestic manufacturers. Many module manufacturers, who invested under the existing policy framework, now face challenges in sourcing compliant domestic cells. The shortage of advanced solar cells like TOPCon may force manufacturers to modify production lines, leading to increased costs, operational disruptions, and potential project delays. Additionally, the high capital investment required for solar cell manufacturing, coupled with long gestation periods, poses financial risks for standalone manufacturers already burdened with debt.