European Chemicals: Weekend Chemical Reactions

研报英文原文证据摘录

European Chemicals: Weekend Chemical Reactions

Chetan Udeshi, CFA AC Europe Equity Research

(44-20) 7742-7034 26 July 2026 J P M O R G A N

chetan.x.udeshi@jpmorgan.com

provided an update on its polysilicon plant during its 1QFY27 earnings call, noting

steady progress at the Jamnagar site and describing polysilicon as a critical building

block in the solar value chain. Management added that construction is advancing

well and the facility is nearing completion, with handover approaching for start-up

activities and commissioning. The project is positioned as part of a fully integrated,

single-site manufacturing ecosystem spanning polysilicon through wafers, cells,

modules, and glass to improve supply-chain efficiency and lower production costs.

Our colleague Sanjay notes here: “FY27 end, RIL is likely to have close to a) 10

GW solar modules, b) 10 GW solar cells, c) 10 GW wafers and ingots and d) a part

of the total 40 GWh battery cell lines completed. The company eventually targets

Module/Cell capacity of 20 GW each, wafer/ingot capacity of 20 GW and battery

cell/packing capacity of 100GWh - likely by FY30 latest, we think.” Our view: We

view this news as another piece of evidence that the global ex-China polysilicon

supply continues to increase — although in this case, in the context of an integrated

wafer production facility — but this may nevertheless potentially mean more

competition for Wacker’s product going forward. It appears to us that the US, which

is keen to develop a supply chain for polysilicon outside China, might end up using

the product not only from Germany (Wacker), but also other regions ex-China with

lower production costs.

• Wacker Chemie read: Results of Shin-Etsu, the world’s #1 semi wafer company,