Company lists
The Gujarat edition · 2026

Energycompanies in Gujarat

Solar, wind & renewable, power & transformers, oil & gas, bioenergy and more: the companies building energy in Gujarat, with their founders, funding, team size and business models.

672 company profiles295 with reported revenue25 with recorded fundingSeptember 2026 edition

Recent energy business events in Gujarat

Funding, M&A, contract wins and launches involving 737 energy companies in Gujarat, last 24 months: 314 Contracts · 83 M&A deals · 37 funding rounds · 5 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

M&AAcquisition · Announced

Adani energy solutions acquires IntelliSmart Infrastructure

Adani Energy Solutions (AESL) has signed a binding securities purchase and subscription agreement to acquire 100% of the equity in smart metering company IntelliSmart Infrastructure.

Smart Metering
M&AAcquisition · Announced

Adani energy solutions acquires Intellismart

Adani Group's Adani Energy Solutions (AESL) has announced its 100% acquisition of IntelliSmart Infrastructure Private Limited, playing a big stake in India's smart metering sector. The…

Smart metering
ContractSupply

Ganesh Green Bharat · client: NTPC Renewable Energy

Ganesh Green Bharat Ltd bagged a 1,000 MWh Battery Energy Storage System (BESS) engineering, procurement, and construction (EPC) contract from NTPC Renewable Energy Ltd (NTPC REL).

Renewable energy
M&AAcquisition · Completed

Birla Mutual Fund acquires Adani energy solutions

Qatar Holding LLC, a Qatari investment authority affiliated to the Qatari Investment Authority, sold 48.05 lakh shares of Adani Energy Solutions in a big deal on the open market on…

Energy
M&AAcquisition · Announced

Adani power acquires Jaiprakash power ventures

Adani Power Ltd has also expanded its energy portfolio by acquiring JAL's power assets. This includes a 24% stake in Jaiprakash Power Ventures Ltd (JPVL) and a 180 MW thermal power plant…

Power
M&AAcquisition · Announced

Adani power acquires JP Power (Jay Prakash Power Ventures Limited)

Adani Power has announced on Thursday that it has made definitive agreements with Jay Prakash Associates Limited (JP Associates). The agreement is to acquire a 24 per cent stake in JP…

Power
M&AAcquisition · Announced

Adani group acquires Jaypee Associates

Earlier, the National Company Law Tribunal approved the Adani Group's ₹14,535 crore resolution plan for Jaypee Associates.

Diversified
M&AMerger · Completed

Mascot dynamics acquires Amrut Energy Private Limited

Amrut Energy Private Limited, a leading manufacturer of solar-powered water pumping systems, today announced its merger into Mascot Dynamics Private Limited, a diversified engineering…

Solar-powered water pumping systems
FundingLetter of Intent

Zodiac energy

Zodiac Energy has received a Letter of Intent (LoI) worth around $3.28 million (around Rs 30.85 crore) from an international entity based in Zambia. The LoI is for execution of a turnkey…

Investors Na
Solar Energy
ContractSupply

Ganesh Green Bharat · client: Na

Ganesh Green Bharat on Friday said that it has bagged a new order worth ₹430 crore for the supply of bifacial solar modules.

Solar
ContractSupply

Andritz · client: Torrent Power

ANDRITZ has secured an order from Torrent Power for 3,000 MW Saidongar pumped storage project (PSP).

Energy
M&AAcquisition

Adani group acquires Jay Prakash Associates Limited (JAL)

New Delhi: The founder and former Chairman of the Jaypee Group, Jai Prakash Gaud, a company immersed in debt, has been confident in the acquisition of Jay Prakash Associates Limited…

ContractService

Deep industries · client: Oil and Natural Gas Corporation Limited (ONGC)

Deep Industries has announced a significant business development, having secured a Letter of Award from Oil and Natural Gas Corporation Limited (ONGC). The contract involves the…

Natural Gas
ContractSupply

Diamond Power Infrastructure · client: Adani green energy

Diamond Power Infrastructure has announced the receipt of a letter of intent from Adani Green Energy Limited for the supply of cables. The order is valued at ₹19,57,11,313, inclusive of…

Energy
ContractSupply

Diamond Power Infrastructure · client: Adani power

This Rs 43.26 crore contract involves supplying distinct sizes of power and control cables for the Raipur Ph-II Thermal Power Projects in Chhattisgarh, with a completion deadline set for…

ContractSupply

Diamond Power Infrastructure Ltd · client: Gujarat energy transmission

Diamond Power Infrastructure Ltd (DPIL) has secured a significant order from Gujarat Energy Transmission Company Ltd (GETCO) for the supply of 66 kV Extra High Voltage (EHV) power…

Power transmission
ContractInfrastructure

K.P. Energy · client: Jk paper

K.P. Energy has secured a 91.4 MW wind-solar hybrid power project from JK Paper, marking a significant addition to its renewable portfolio.

Renewable Energy
ContractInfrastructure

Hec infra projects · client: Siemens financial services

HEC Infra Projects said it has secured a work order worth about Rs 36.50 crore from Siemens Financial Services Private. The contract is for the engineering, procurement and construction…

M&AAcquisition · Completed

Zodiac energy acquires Shamli Solar Projects LLP

Zodiac Energy has acquired a majority stake and has been admitted as a partner in Shamli Solar Projects LLP, with effect from March 11, 2026.

Solar Projects
FundingNon-Convertible Debentures (NCDs)

Torrent power limited

Torrent Power Limited announced on March 9, 2026, that it has successfully issued and allotted Non-Convertible Debentures (NCDs) worth ₹2,000 crore.

Energy
ContractService

Jayesh logistics · client: Adani group

Jayesh Logistics has secured a transport contract worth ₹34.4 crore from Adani Group, strengthening its position in India’s logistics and supply chain sector.

Logistics and supply chain
ContractSupply

GAIL Ltd. · client: Sabarmati gas

Sabarmati Gas is restricting supply to 50% of the daily contracted quantity from March 6, 2026.

ContractSupply

Kirloskar brothers · client: Adani power

Kirloskar Brothers Limited (KBL) has secured a significant domestic contract worth ₹214 Crores from Adani Power Limited and its subsidiaries for the supply of advanced pump packages for…

Power
M&AAcquisition · Completed

Desco Infratech acquires Shri Green Agro Energies Private Limited

Desco Infratech Limited has announced the successful acquisition of a controlling stake in Shri Green Agro Energies Private Limited (SGAEPL) through a rights issue subscription. The…

Renewable Energy
ContractInfrastructure

Desco Infratech · client: Sun Drops Energia Limited and KP Energy Limited

Desco Infratech Limited has won new orders totaling ₹40.43 crore from Sun Drops Energia Limited and KP Energy Limited. The contracts include solar infrastructure execution and cable…

Solar & Power Infrastructure
M&AAcquisition · Announced

Torrent Power acquires Nabha Power

Torrent Power Ltd has agreed to acquire 100% equity and convertible instruments in Nabha Power Ltd from L&T Power Development Ltd

ContractService

Adani green energy · client: Kpi green energy

The contracts have been awarded by Adani Green Energy Six Limited and Adani Green Energy Limited. Under the service and purchase orders, KPI Green Energy will carry out detailed…

Renewable energy
ContractService

KPI Green · client: Adani group

The shares of KPI Green are trading higher as the company announced that it has bagged a new renewable project order from Adani Group. In an exchange filing, the Gujarat-based company…

Renewable Energy
ContractService

Kpi green energy · client: Adani Green Energy Six and Adani Green Energy

KPI Green Energy received orders from Adani Group entities for execution of electrical, civil and allied work for a 300 MWac / 405 MWdc project at the Khavda Hybrid Renewable Power…

Renewable Energy
ContractService

Kpi green energy · client: Adani group

KPI Green Energy Limited has secured a significant new order from Adani Group entities for execution of electrical, civil and allied works at the Khavda Hybrid Renewable Power Project in…

Renewable Energy

Energy companies in Gujarat, by revenue

Browse energy companies in Gujarat by reported revenue, one-year revenue growth, revenue model, age and stage. The 50 companies below are the largest by their most recent reported revenue among 295 energy companies in Gujarat that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 50

Diversified conglomerate operating across multiple industries

Non- renewable power generation
₹138,175.12 crFY 2022-23
Not reported
21,545+7% 12 mo to Jun 2024LinkedIn · Jul 2026
38 yr1988
0none in 3 months

Thermal power production company

Global 2000
₹60,281.48 crFY 2023-24
Not reported
7,492-1% 12 mo to Jul 2024LinkedIn · Jul 2026
20 yr2006
55postings · last posted Sep 2026

Power utility company

Utilities
₹17,066.25 crFY 2021-22
Not reported
2,005-2% 12 mo to Sep 2024recorded Sep 2024
23 yr2003
—No postings tracked

Distributor of gas

Oil & gas downstream services
₹16,399.08 crFY 2023-24
Not reported
976-3% 12 mo to Sep 2024recorded Sep 2024
46 yr1980
—No postings tracked

Independent power producer from renewable energy sources

Solar energy
₹12,422.00 crFY 2024-25
+18%2024–2025
3,501-26% 12 mo to Jul 2024LinkedIn · Jul 2026
14 yr2012
5postings · last posted Sep 2026

Producer of solar cells and modules

Solar energy
₹6,488.37 crFY 2024-25
+99%2024–2025
5,591+7% 12 mo to Mar 2024LinkedIn · Jul 2026
12 yr2014
11postings · last posted Aug 2026

Developer of solar and wind energy projects

Wind energy
₹5,936.37 crFY 2024-25
+119%2024–2025
124+288% 12 mo to Sep 2024recorded Sep 2024
41 yr1985
0none in 3 months

Piped natural gas distribution company

Oil & gas downstream
₹5,442.48 crFY 2024-25
+12%2024–2025
225+0% 12 mo to Mar 2024LinkedIn · Jul 2026
22 yr2004
26postings · last posted Aug 2026

Developer of electricity transmission based utility projects

Energy regulatory & industry bodies
₹4,593.91 crFY 2021-22
Not reported
1,142+0% 12 mo to Mar 2024recorded Mar 2024
27 yr1999
—No postings tracked

Manufacturer of photovoltaic solar modules

Solar energy
₹2,832.89 crFY 2024-25
+122%2024–2025
1,090+37% vs previous recordLinkedIn · Jul 2026
9 yr2017
3postings · last posted Sep 2026

Manufacturer of switchgears and transformers

Electricity transmission & distribution equipment
₹2,661.28 crFY 2024-25
+20%2024–2025
88,182+6% 12 mo to Sep 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months

Provider of piped and compressed natural gas distribution networks

Oil & gas downstream
₹2,655.81 crFY 2024-25
+12%2024–2025
255+10% 12 mo to Sep 2024LinkedIn · Jul 2026
20 yr2006
0none in 3 months

Manufacturer of solar tracker components, including posts, tubes, purlins, and fasteners

Solar energy
₹1,869.52 crFY 2024-25
+85%2024–2025
—Not available
5 yr2021
0none in 3 months

Developer of renewable power plants

Solar energy
₹1,755.16 crFY 2024-25
+70%2024–2025
1,410+135% 12 mo to Jul 2024LinkedIn · Jul 2026
18 yr2008
0none in 3 months · last posted Jun 2026

Manufacture oil filled power and distribution transformers

Electricity transmission & distribution equipment
₹1,705.21 crFY 2023-24
Not reported
376+4% 12 mo to Sep 2024recorded Sep 2024
59 yr1967
—No postings tracked

Manufacturer of diverse electrical products, agricultural equipment, and solar solutions

Solar energy
₹1,612.13 crFY 2024-25
+80%2024–2025
534LinkedIn · Jul 2026
45 yr1981
1postings · last posted Jul 2026

Manufacturer of solar photovoltaic modules and provider of engineering, procurement, & construction services

Solar energy
₹1,490.93 crFY 2022-23
Not reported
2,243+33% 12 mo to Aug 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months

Manufacturer of solar modules and provider of solar energy solutions

Solar energy
₹1,429.59 crFY 2024-25
+605%2024–2025
18recorded Sep 2024
4 yr2022
0none in 3 months

Developer of solar and wind energy projects

Solar energy
₹1,403.30 crFY 2024-25
+74%2024–2025
83-2% 12 mo to Sep 2024recorded Sep 2024
10 yr2016
0none in 3 months

Manufacturer of transformers

Electricity transmission & distribution equipment
₹1,300.50 crFY 2023-24
Not reported
711+2% 12 mo to Mar 2023LinkedIn · Jul 2026
32 yr1994
1postings · last posted Sep 2026

Independent thermal, solar & wind power producer

Non- renewable power generation
₹1,325.08 crFY 2024-25
-7%2024–2025
653+30% 12 mo to Aug 2024recorded Aug 2024
41 yr1985
0none in 3 months

Manufacturer of standard & engineered cryogenic equipment

Oil & gas downstream
₹1,162.49 crFY 2023-24
Not reported
1,081+8% 12 mo to Jul 2024recorded Jul 2024
34 yr1992
—No postings tracked

Provider of LNG importing services

Oil & gas downstream
₹1,093.87 crFY 2023-24
Not reported
—Not available
8 yr2018
—No postings tracked

Manufacturer & supplier of AC compressor and refrigerator

Energy efficiency
₹1,081.03 crFY 2023-24
+34%2023–2024
364-54% 12 mo to Sep 2024recorded Sep 2024
13 yr2013
0none in 3 months

Integrated value-driven energy enterprise developing natural gas distribution projects

Utilities
₹1,090.76 crFY 2024-25
+11%2024–2025
196+18% 12 mo to Jan 2024recorded Jan 2024
10 yr2016
1postings · last posted Aug 2026
50 of 672 companies shown here · the full list is on Radar
Fliar Radar

Explore all 672 energy companies in Gujarat on Radar

This page shows the top 50. Radar has the complete, filterable list with contacts and live company signals.

Open energy in Gujarat on Radar
  • Every company, not just 50All 672 energy companies in Gujarat, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
  • Live signalsFunding rounds, hiring, launches and M&A as they happen, with alerts on the companies you follow.
  • Save and exportBuild lists, compare companies side by side and export them from your Radar account.

Explore energy companies in Gujarat by what you are looking for

Browse the top energy companies in Gujarat, from solar and wind energy companies to oil and gas and power equipment makers. You can also see energy startups in Gujarat, listed energy companies and those hiring.

9 ways to explore energy in Gujarat

Solar energy companies & module manufacturersWind, hydro & renewable energy developersPower transmission, transformers & utilitiesOil, gas & petroleum companiesBioenergy, biofuel & biogas companiesEnergy efficiency & battery storage companies

Solar energy companies & module manufacturers

Solar panel, cell and solar project companies in Gujarat.

  1. Adani Solar

    Producer of solar cells and modules

    Solar energy
    See in list
  2. Rayzon Solar

    Manufacturer of photovoltaic solar modules

    Solar energy
    See in list
  3. Jash Energy

    Manufacturer of solar tracker components, including posts, tubes, purlins, and fasteners

    Solar energy
    See in list
  4. Silver Pumps & Motors

    Manufacturer of diverse electrical products, agricultural equipment, and solar solutions

    Solar energy
    See in list
  5. Vishakha Renewables

    Developer of solar and wind energy projects

    Solar energy
    See in list

Wind, hydro & renewable energy developers

Renewable power developers and wind energy providers.

  1. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  2. Kintech Renewables

    Developer of solar and wind energy projects

    Wind energy
    See in list
  3. K P Energy

    Wind Energy EPC provider

    Wind energy
    See in list
  4. lnox Wind Energy

    Provider of renewable energy production services

    Wind energy
    See in list
  5. Future Solar

    Largest Solar Panel Manufacturers in India | Future Solar

    Renewable energy tech
    Website

Power transmission, transformers & utilities

Transformer and switchgear makers, transmission developers and power utilities.

  1. Adani Group

    Diversified conglomerate operating across multiple industries

    Non- renewable power generation
    See in list
  2. DGVCL

    Power utility company

    Utilities
    See in list
  3. Schneider Electric Infrastructure

    Manufacturer of switchgears and transformers

    Electricity transmission & distribution equipment
    See in list
  4. Voltamp Transformers

    Manufacture oil filled power and distribution transformers

    Electricity transmission & distribution equipment
    See in list
  5. Transformers & Rectifiers

    Manufacturer of transformers

    Electricity transmission & distribution equipment
    See in list

Oil, gas & petroleum companies

Oil and gas equipment, downstream gas distribution and oilfield services.

  1. Gujarat Gas

    Distributor of gas

    Oil & gas downstream services
    See in list
  2. Adani Gas

    Piped natural gas distribution company

    Oil & gas downstream
    See in list
  3. Torrent Gas

    Provider of natural gas distribution services

    Oil & gas downstream
    See in list
  4. Matrix Gas & Renewables

    Supplier of natural gas

    Oil & gas downstream
    See in list
  5. Deep Industries

    Provider of natural gas compressor, production and other services

    Oil & gas midstream
    See in list

Bioenergy, biofuel & biogas companies

Biodiesel, biogas, biomass and waste-to-energy providers.

  1. Kotyark

    Manufacturer of fuel for green environment

    Bioenergy
    See in list
  2. Yamuna Bio Energy

    Provider of biodiesel production solutions using non-edible oils, diverting waste from landfills and sewer systems

    Bioenergy
    Website
  3. Peliswan Impex

    Supplier of industrial oils, fuels, biodiesel, and petroleum products

    Bioenergy
    Website
  4. PR Ecoenergy

    Provider of renewable energy solutions for industries, offering centralized steam, heat, and power utilities to simplify business growth in estates

    Bioenergy
    Website
  5. Ankur Scientific

    Provider of waste management and biogas services

    Waste & water management
    Website

Energy efficiency & battery storage companies

Energy saving products, LED lighting and energy storage providers.

  1. Highly

    Manufacturer & supplier of AC compressor and refrigerator

    Energy efficiency
    See in list
  2. Falcon Pumps

    Manufacturer of pumping solutions, providing energy-efficient and long-lasting submersible pumps

    Energy efficiency
    Website
  3. GRE Renew Enertech

    Manufacturer of solar panels and indoor LED lights

    Solar energy
    Website
  4. Thermotechsystems

    Thermotechsystems

    Energy efficiency
    Website
  5. Tirth Polymers

    Manufacturer & exporter of plastic injection molded heat-sealed battery containers

    Energy storage
    Website

Energy startups in Gujarat

Recently founded energy companies in Gujarat.

  1. Jash Energy

    Manufacturer of solar tracker components, including posts, tubes, purlins, and fasteners

    Solar energy
    See in list
  2. GREW

    Manufacturer of solar modules and provider of solar energy solutions

    Solar energy
    See in list
  3. Solar ACE

    Provider of solar energy design, engineering, procurement, operation & maintenance services

    Solar energy
    Website
  4. Future Solar

    Largest Solar Panel Manufacturers in India | Future Solar

    Renewable energy tech
    Website
  5. Polite PowerTech

    Provider of turnkey EPC services for electrical switchyards, substations, and electrification projects

    Electricity transmission & distribution project developer
    Website
59 companies in Gujarat

Energy companies hiring in Gujarat

Gujarat energy companies with open roles.

  1. Adani Power

    Thermal power production company

    Global 2000
    See in list
  2. Rayzon Solar

    Manufacturer of photovoltaic solar modules

    Solar energy
    See in list
  3. KPI Green Energy

    Developer of renewable power plants

    Solar energy
    See in list
  4. Silver Pumps & Motors

    Manufacturer of diverse electrical products, agricultural equipment, and solar solutions

    Solar energy
    See in list
  5. Transformers & Rectifiers

    Manufacturer of transformers

    Electricity transmission & distribution equipment
    See in list
21 companies in Gujarat

Listed energy companies in Gujarat

Publicly listed energy companies based in Gujarat.

  1. Adani Group

    Diversified conglomerate operating across multiple industries

    Non- renewable power generation
    See in list
  2. Gujarat Gas

    Distributor of gas

    Oil & gas downstream services
    See in list
  3. Kintech Renewables

    Developer of solar and wind energy projects

    Wind energy
    See in list
  4. Schneider Electric Infrastructure

    Manufacturer of switchgears and transformers

    Electricity transmission & distribution equipment
    See in list
  5. KPI Green Energy

    Developer of renewable power plants

    Solar energy
    See in list
42 companies in Gujarat
Mobile reach

Top 10 energy apps from Gujarat

The most-installed Android apps published by energy companies headquartered in Gujarat — 1.3M installs between them. 30 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

Gujarat Gas Limited - Mobile A

by Gujarat Gas

Installs764K
Rating4.5216K ratings
Installs, year on year+30%
Last updatedNov 2025
View on Google Play ↗
Gujarat Gas Limited - Mobile A screenshot 1Gujarat Gas Limited - Mobile A screenshot 2Gujarat Gas Limited - Mobile A screenshot 3Gujarat Gas Limited - Mobile A screenshot 4Gujarat Gas Limited - Mobile A screenshot 5
2

DGVCL Smart Meter

by DGVCL

Installs304K
Rating4.012K ratings
Last updatedMay 2026
View on Google Play ↗
DGVCL Smart Meter screenshot 1DGVCL Smart Meter screenshot 2DGVCL Smart Meter screenshot 3DGVCL Smart Meter screenshot 4DGVCL Smart Meter screenshot 5DGVCL Smart Meter screenshot 6
7

PVblink

by PVblink

Installs26K
Rating—
Last updatedMay 2026
View on Google Play ↗
PVblink screenshot 1PVblink screenshot 2PVblink screenshot 3PVblink screenshot 4PVblink screenshot 5PVblink screenshot 6
The business behind the activity

Energy financials in Gujarat

Revenue, profit and growth from the filed annual accounts of 255 energy companies in Gujarat for FY24-25 — 295 of the 672 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 65% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹189,946.52 cr

255 companies filing accounts

combined net profit₹22,824.56 cr

12.0% aggregate margin

are profitable91%

233 of 255 companies

median revenue~₹41.6 cr

the typical company

median revenue growth+29%

into FY24-25

earned by the top five65%

revenue concentration

Six-year view

Combined revenue of filing companies

₹52,110.18 crFY19-20210 filers
₹51,511.35 crFY20-21219 filers
₹112,306.58 crFY21-22242 filers
₹170,367.24 crFY22-23255 filers
₹166,955.99 crFY23-24260 filers
₹189,946.52 crFY24-25255 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 230 companies over three years

+42%
FY22-23₹129,611.71 cr₹14,930.48 cr net
FY23-24₹161,112.99 cr₹26,609.35 cr net
FY24-25₹183,972.25 cr₹22,264.13 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr1267% profitable
₹1–10 cr5377% profitable
₹10–100 cr10195% profitable
₹100–1,000 cr6598% profitable
Over ₹1,000 cr24100% profitable

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking54
0–20%51
20–50%45
50–100%49
Doubled+45

244 companies with accounts for both years; median growth +29%.

Profitability

Profit is concentrated at the top

233profitable
21loss-making
12.0%aggregate margin
3.5%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
GREWGREW ENERGY PRIVATE LIMITED+605%₹1,429.59 cr
ASOTEASOTE SOLUTIONS PRIVATE LIMITED+541%₹15.23 cr
Polite PowerTechPOLITE POWERTECH LIMITED+532%₹155.75 cr
GreenpillGREENPILL RENEWABLE ENERGY PRIVATE LIMITED+371%
PVblinkPVBLINK TECHNOLOGY PRIVATE LIMITED+367%₹47.34 cr
Fourcell EnergyFOURCELL ENERGY PRIVATE LIMITED₹24.10 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Rohan BRC Gas EquipmentROHAN BRC GAS EQUIPMENT PRIVATE LIMITED84.2%
Solar ManufacturerGRACE INFRASTRUCTURE PRIVATE LIMITED
PowerTreeIMAGINE POWERTREE PRIVATE LIMITED30.8%₹11.16 cr
GreenBrillianceGREENBRILLIANCE ENERGY PRIVATE LIMITED₹10.81 cr
Selan Exploration TechnologyANTELOPUS SELAN ENERGY LIMITED₹272.88 cr
GETCOGUJARAT ENERGY TRANSMISSION CORPORATION LIMITED24.6%₹6,860.88 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Solar energy112₹50,037.86 cr~₹33.7 cr95%6.7%
Oil & gas downstream services7₹17,833.93 cr~₹79.2 cr86%6.6%
Oil & gas downstream12₹11,365.60 cr~₹228.7 cr92%10.2%
Electricity transmission & distribution equipment40₹9,815.26 cr~₹33.1 cr95%11.7%
Wind energy7₹1,719.94 cr~₹110.6 cr100%9.7%
Electricity transmission & distribution project developer9₹1,421.85 cr~₹13.1 cr67%7.8%
Oilfield services9₹929.10 cr~₹99.0 cr89%9.4%
Bioenergy6₹444.08 cr~₹17.6 cr83%3.4%
Leaders

Largest energy companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Adani PowerADANI POWER LIMITED₹52,571.11 cr₹11,559.85 cr22.0%-7%
DGVCLDAKSHIN GUJARAT VIJ COMPANY LIMITED₹26,041.49 cr₹1,260.26 cr4.8%-0%
Adani Green EnergyAdani Green Energy Limited₹20,749.00 cr₹654.00 cr3.2%+61%
Gujarat GasGUJARAT GAS LIMITED₹17,394.94 cr₹1,145.51 cr6.6%+6%
GETCOGUJARAT ENERGY TRANSMISSION CORPORATION LIMITED₹6,860.88 cr₹1,687.00 cr24.6%+12%
Adani SolarMUNDRA SOLAR PV LIMITED₹6,488.37 cr₹1,085.03 cr16.7%+99%
Adani GasADANI TOTAL GAS LIMITED₹5,431.56 cr₹648.02 cr11.9%+12%
Adani Energy SolutionsADANI ENERGY SOLUTIONS LIMITED20.3%+21%
Rayzon SolarRAYZON SOLAR LIMITED₹2,832.89 cr₹329.57 cr11.6%+122%
Schneider Electric InfrastructureSCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED₹2,661.28 cr₹267.89 cr10.1%+20%
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Energy Industry Landscape of India

The financials above are one chapter. The full energy landscape of Gujarat maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the energy landscape of Gujarat
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The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Energy funding and M&A across India

545 recorded equity rounds have gone to 6,577 energy companies in India — how much, at which stage, into which sub-sectors, from whom, and how Gujarat compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months23

US$796.81m

equity rounds, last 24 months71

US$1.47bn

raised over five yearsUS$5.37bn

219 rounds in India

M&A deals, Gujarat83

last 24 months

Capital by year

Equity funding into energy in India

amount rounds
$998m201829
$1.3bn201919
$443m202016
$668m202130
$1.3bn202234
$1.1bn202338
$984m202463
$900m202540
$406m202614

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2022, with US$1.31bn across 34 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$102.98m26 rounds · median US$326k
SeedUS$142.06m82 rounds · median US$407k
Series AUS$430.28m42 rounds · median US$4.54m
Series BUS$717.57m25 rounds · median US$13.32m
Series CUS$601.70m16 rounds · median US$35.61m
Series D+US$2.17bn20 rounds · median US$58.75m
Private equityUS$1.20bn8 rounds · median US$100.00m
Where the money went · five years

Most-funded sub-sectors

Solar energyUS$3.38bn122 rounds · 64 companies
Wind energyUS$771.24m11 rounds · 4 companies
Renewable energy techUS$661.80m5 rounds · 3 companies
Electricity transmission & distribution equipmentUS$125.84m4 rounds · 4 companies
Diversified consumer electronics brandsUS$62.00m1 rounds · 1 companies
Hydro powerUS$57.58m2 rounds · 2 companies
Alternative lendingUS$54.61m4 rounds · 1 companies
Corporate activity · last 24 months

M&A in Gujarat

77Acquisition
5Merger
1Announced

Most active acquirers

  1. Adani group37
  2. Adani energy solutions9
  3. Adani power9
  4. Torrent Power6
  5. Adani new industries5

Most acquired or merged

  1. Jaiprakash Associates4
  2. Orient cement3
  3. Itd cementation india3
  4. Jay Prakash Associates Limited (JAL)2
  5. South Kalamb Power Transmission Limited2

Each deal appears in the events strip at the top of the page.

Go deeper in the energy landscape reports:

Energy Industry Landscape of India

Energy funding in Gujarat

25 energy companies in Gujarat have recorded equity funding, US$699.71m in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Gujarat

Meet the people behind energy companies in Gujarat. 217 of 672 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Gujarat energy companies by sub-sector

The most common specialisations among energy companies in Gujarat. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring energy in India and nearby markets.

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