Company lists
The Mumbai edition · 2026

Energycompanies in Mumbai

Solar, renewable, oil & gas, power & grid, efficiency and more: the companies building energy in Mumbai, Maharashtra, with their founders, funding, team size and business models.

620 company profiles288 with reported revenue28 with recorded fundingSeptember 2026 edition
Mumbai · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent energy business events in Mumbai

Funding, M&A, contract wins and launches involving 724 energy companies in Mumbai, last 24 months: 347 Contracts · 79 M&A deals · 34 funding rounds · 5 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

ContractService

BigTrunk Communications · client: Velvex

BigTrunk Communications has added another marquee account to its roster, securing the national digital and social media mandate for Velvex, the lubricant brand owned by Nandan Petrochem…

Advertising
ContractInfrastructure

Bajel Projects · client: Datacenter Client

Bajel Projects has received a mega EPC contract from Datacenter Client (Mumbai) for design, engineering, procurement, supply, erection, testing, commissioning and performance testing of…

Infrastructure
ContractService

BigTrunk Communications · client: Nandan Petrochem

BigTrunk Communications, an independent integrated advertising agency known for its data-driven and creative approach, has secured the national digital and social media mandate for…

Advertising
ContractSupply

Transrail lighting · client: Na

Transrail Lighting, a leading engineering, procurement and construction (EPC) company, has secured fresh orders worth ₹575 crore, further strengthening its presence across the…

Infrastructure
ContractSupply

DEE Development Engineers · client: Bharat Petroleum

The contracts include a INR 386.83 crore order from Bharat Petroleum Corporation (BPCL) for the manufacturing and supply of piping systems

Energy
ContractSupply

Hirschvogel Components · client: Hinduja renewables

Hinduja Renewables Energy Private Limited (HREPL), the renewable energy Company of the Hinduja Group, has signed solar Power Delivery Agreements with Höganäs India Private Limited and…

Renewable energy
ContractSupply

Hoganäs India Private Limited · client: Hinduja renewables

Hinduja Renewables Energy Private Limited (HREPL), the renewable energy Company of the Hinduja Group, has signed solar Power Delivery Agreements with Höganäs India Private Limited and…

Renewable energy
M&AAcquisition · Completed

Man industries acquires National

India-based MAN Industries has completed the acquisition of 100pct equity stake in Saudi Arabia's National Pipe Company Limited (NPC) through its wholly owned Saudi subsidiary Man…

Manufacturing
M&AAcquisition · Completed

Man industries acquires Npc

This acquisition represents a strategic move for Man Industries, as NPC possesses a robust balance sheet with cash and liquid assets amounting to USD 83 million.

ContractInfrastructure

Bajel Projects · client: Na

Indian group Bajel Projects Limited, a leading player in the business of power infrastructure, has announced that it has secured two international orders from the Middle East and North…

Power Infrastructure
Funding

Waaree energies

Waaree Energies has announced plans to enter the semiconductor segment as part of a broader restructuring exercise, alongside the approval of a fundraising programme of up to ₹100…

Semiconductor, Power Electronics, Renewable Energy
ContractService

Tecnimont · client: Federal Government of Nigeria

The most recent push began in 2021 under the late former President Mohammadu Buhari administration, with a $1.5 billion contract awarded to Tecnimont SpA of Italy for the rehabilitation…

Oil & Gas Refining
M&AAcquisition · Announced

Waaree acquires Waaree

Waaree Power Private Limited, a wholly owned subsidiary, will acquire 100% shareholding of Waaree Semicon Private Limited from Waaree Sustainable Finance Private Limited

ContractService

Curativity Brand Solutions · client: Gulf oil lubricants india

Creative agency Curativity Brand Solutions has been appointed as the creative agency partner for Gulf Oil Lubricants India Ltd (GOLIL).

Lubricants
ContractSupply

Alpex solar · client: Maharashtra state electricity distribution

Alpex Solar has received an order worth about Rs. 40.92 crore, excluding GST, from Maharashtra State Electricity Distribution Co. Ltd.

Renewable Energy, Agriculture
ContractService

Sterling and wilson renewable energy · client: Coal india

The company said it has been declared the L1 bidder for a turnkey EPC package from Coal India for the development of an 875 MW (AC) grid-connected solar PV project in Bikaner, Rajasthan.…

Renewable Energy
FundingParent company guarantee

Sterling and wilson renewable energy

Sterling and Wilson Renewable Energy Limited has issued a USD 34 million parent company guarantee in favour of Nedbank Limited to secure an additional working capital facility for…

Investors Nedbank
Solar power
ContractSupply

Marine electricals · client: Udupi Cochin Shipyard Limited

Additionally, Marine Electricals has secured an order from Udupi Cochin Shipyard Limited for the supply of a diesel generator.

Shipyard
ContractSupply

Diamond Power Infrastructure · client: Adani electricity

Once again, this company has got a contract of cable supply worth Rs 45.47 crore from Adani Electricity Mumbai Limited.

LaunchBS VI-ready lubricants

Castrol india

Castrol India today launched its BS VI-compliant range of lubricants across categories.

Automotive/industrial lubricants
ContractSupply

Andritz · client: Tata power

The company recently secured a contract from Tata Power for the 1000MW Bhivpuri pumped storage project in India, a flagship scheme aimed at supporting large-scale renewable integration.

Pumped storage
LaunchDatabricks platform

Tata power

Tata Power has announced the enterprise-wide adoption of the Databricks platform to enhance its data and AI transformation across all business clusters, focusing on operational…

Data and AI platform
ContractSupply

Marine electricals · client: Larsen and Toubro

Marine Electricals (India) has secured orders worth Rs 1.15 billion from Larsen and Toubro for work related to a semiconductor manufacturing facility in Dholera.

Semiconductor manufacturing
ContractInfrastructure

Vikran Engineering · client: Maharashtra state electricity distribution

Vikran Engineering has received two major Letters of Award (LoA) aggregating to ₹530.80 crore (excluding GST) from Maharashtra State Electricity Distribution Co Ltd (MSEDCL)... The…

Power Distribution
ContractSupply

Hinduja renewables · client: LG Electronics India

In a significant stride towards industrial decarbonisation, Hinduja Renewables Energy Private Limited (HREPL) has signed a long-term solar Power Purchase Agreement (PPA) with LG…

Renewable Energy
Funding

Metafin

"Metafin raised $10 million in debt,"

Investors Na
Lending
ContractSupply

Thermax Babcock & Wilcox Energy Solutions · client: Na

Thermax Limited today announced that its wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited, has secured a significant boiler package order valued at…

Power
ContractSupply

Thermax Babcock & Wilcox Energy Solutions · client: M/s Anuppur Powerprojects Private Limited

Thermax Limited’s wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), has secured a substantial contract valued at approximately ₹1600 crore.

Power Generation

Energy companies in Mumbai, by revenue

Browse energy companies in Mumbai 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 288 energy companies in Mumbai, Maharashtra 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

Provider of electricity distribution

Electricity transmission & distribution project developer
₹127,996.59 crFY 2024-25
+10%2024–2025
70,000recorded
21 yr2005
0none in 3 months

Manufacturing of PV modules and solar cells

Solar energy
₹66,809.34 crFY 2024-25
+4%2024–2025
1,177-1% 12 mo to Aug 2023recorded Aug 2023
37 yr1989
0none in 3 months

Provider of electricity generation, transmission, and distribution services

Utilities
₹63,272.32 crFY 2023-24
Not reported
13,671-0% 12 mo to Mar 2024LinkedIn · Jul 2026
107 yr1919
3postings · last posted Sep 2026

Chains providing fuel, electric vehicle charging, and convenience store services

Oil & gas downstream
₹51,067.48 crFY 2024-25
+33%2024–2025
2,622-100% 12 mo to Oct 2024LinkedIn · Jul 2026
18 yr2008
5postings · last posted Sep 2026

Operating a fleet of thermal, hydroelectric, and gas-based power plants, with a total installed capacity

Energy regulatory & industry bodies
₹22,184.00 crFY 2021-22
Not reported
693LinkedIn · Jul 2026
21 yr2005
0none in 3 months

Manufacturer of solar PV modules

Solar energy
₹14,846.06 crFY 2024-25
+28%2024–2025
2,674+43% 12 mo to Jul 2024LinkedIn · Jul 2026
36 yr1990
2postings · last posted Sep 2026

Developer of large-scale renewable energy projects

Solar energy
₹10,046.02 crFY 2024-25
-3%2024–2025
2,877+1% 12 mo to Nov 2023recorded Nov 2023
19 yr2007
0none in 3 months

Private distributor of electricity

Non- renewable power generation
₹8,692.03 crFY 2022-23
Not reported
356+20% 12 mo to Sep 2024recorded Sep 2024
18 yr2008
—No postings tracked

Provider of logistics and supply chain services for the oil and gas industries

Oil & gas midstream
₹7,235.51 crFY 2023-24
Not reported
592-32% 12 mo to Mar 2023LinkedIn · Jul 2026
70 yr1956
0none in 3 months

Fuel & gas distribution company

Oil & gas downstream
₹7,089.22 crFY 2023-24
Not reported
822+11% 12 mo to Sep 2024LinkedIn · Jul 2026
31 yr1995
—No postings tracked

Provider of operation and maintenance services for power plants

Electricity transmission & distribution project developer
₹6,790.99 crFY 2022-23
Not reported
402+4% 12 mo to Sep 2024recorded Sep 2024
35 yr1991
—No postings tracked

Developer of electricity transmission based utility projects

Electricity transmission & distribution project developer
₹6,580.98 crFY 2022-23
Not reported
1,909-26% 12 mo to Jul 2024LinkedIn · Jul 2026
16 yr2010
0none in 3 months · last posted May 2026

Provider of marine transportation freight forwarding services

Oil & gas midstream
₹6,171.08 crFY 2022-23
Not reported
849+8% 12 mo to Aug 2024recorded Aug 2024
78 yr1948
—No postings tracked

Manufacturer of electrical equipment

Energy efficiency
₹5,633.64 crFY 2022-23
Not reported
688LinkedIn · Jul 2026
40 yr1986
0none in 3 months

Supplier of electricity

Utilities
₹4,863.80 crFY 2021-22
Not reported
96LinkedIn · Jul 2026
21 yr2005
0none in 3 months

Provider of solar photovoltaic panels

Solar energy
₹5,341.39 crFY 2024-25
+2193%2024–2025
—Not available
37 yr1989
0none in 3 months

Gas regasification unit developer and operator

Oil & gas midstream
₹5,100.07 crFY 2023-24
Not reported
19+2% 12 mo to Mar 2024LinkedIn · Jul 2026
117 yr1909
0none in 3 months

Developer of electricity transmission based utility projects

Real estate & infrastructure developers
₹4,130.00 crFY 2023-24
+30%2023–2024
2,100+19% 12 mo to Sep 2024LinkedIn · Jul 2026
18 yr2008
0none in 3 months · last posted Jun 2026

Manufacturer of multiple electrical equipment

Electricity transmission & distribution equipment
₹3,704.51 crFY 2021-22
Not reported
—Not available
—
—No postings tracked

Manufacturer of white oils

Flavors and fragrances
₹3,909.92 crFY 2024-25
-5%2024–2025
325+9% 12 mo to Mar 2024recorded Mar 2024
34 yr1992
0none in 3 months

Manufactures lubricants, polymer products and oils

Oil & gas downstream
₹3,812.09 crFY 2023-24
Not reported
451-1% 12 mo to Mar 2021recorded Mar 2021
65 yr1961
1postings · last posted Aug 2026

Integrated manufacturer of products for renewable energy and transmission lines sectors

Electricity transmission & distribution equipment
₹3,165.36 crFY 2024-25
+30%2024–2025
1,107LinkedIn · Jul 2026
30 yr1996
0none in 3 months

Provider of oil & gas refining services

Oil & gas midstream
₹2,997.26 crFY 2024-25
-5%2024–2025
—Not available
15 yr2011
0none in 3 months

Manufacturer generator for wind energy

Wind energy
₹2,711.13 crFY 2024-25
+15%2024–2025
1,189+1% 12 mo to Jul 2024LinkedIn · Jul 2026
42 yr1984
0none in 3 months

Provider of power transmission and distribution solutions

Electricity transmission & distribution project developer
₹2,629.13 crFY 2024-25
+120%2024–2025
—Not available
4 yr2022
1postings · last posted Jul 2026
50 of 620 companies shown here · the full list is on Radar
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Explore all 620 energy companies in Mumbai on Radar

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

Open energy in Mumbai on Radar
  • Every company, not just 50All 620 energy companies in Mumbai, 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 Mumbai by what you are looking for

Find top energy companies in Mumbai, from solar energy and renewable energy developers to oil and gas firms. Browse wind energy companies, energy efficiency specialists and energy startups in Mumbai, plus listed energy companies.

9 ways to explore energy in Mumbai

Solar energy companies & module makersWind, bio & renewable energy companiesOil & gas companies and equipment suppliersPower transmission, distribution & utility companiesEnergy efficiency & LED lighting companiesEnergy storage & battery companies

Solar energy companies & module makers

Solar panel manufacturers, solar project developers and turnkey solar solution providers.

  1. Tata Power Solar

    Manufacturing of PV modules and solar cells

    Solar energy
    See in list
  2. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  3. TP Solar

    Provider of solar photovoltaic panels

    Solar energy
    See in list
  4. CleanMax

    Developer of solar energy projects

    Solar energy
    See in list
  5. Borosil Renewables

    Manufacturer of solar glass

    Solar energy
    See in list

Wind, bio & renewable energy companies

Developers and providers of wind, biomass, biofuel, hydro and other renewable energy.

  1. Tata Power Renewable Energy

    Developer of large-scale renewable energy projects

    Solar energy
    See in list
  2. Powerica

    Manufacturer generator for wind energy

    Wind energy
    See in list
  3. Riddhi Siddhi Gluco Biols

    Manufacturer of liquid glucose and biopolymers

    Bioenergy
    Website
  4. Viviid Renewables

    Developer of wind, solar, hybrid, and green hydrogen energy projects

    Solar energy
    Website
  5. Brookfield Renewable

    Provider of solar and wind energy solutions in India for commercial, industrial, and utility clients

    Wind energy
    Website

Oil & gas companies and equipment suppliers

Upstream, midstream and downstream oil and gas firms, oilfield services and equipment makers.

  1. Aegis

    Provider of logistics and supply chain services for the oil and gas industries

    Oil & gas midstream
    See in list
  2. Mahanagar Gas

    Fuel & gas distribution company

    Oil & gas downstream
    See in list
  3. Swan Energy

    Gas regasification unit developer and operator

    Oil & gas midstream
    See in list
  4. Gandhar

    Manufacturer of white oils

    Flavors and fragrances
    See in list
  5. Savita Oil Technologies

    Manufactures lubricants, polymer products and oils

    Oil & gas downstream
    See in list

Power transmission, distribution & utility companies

Electrical equipment makers, transmission project developers, utilities and power generators.

  1. Tata Power

    Provider of electricity generation, transmission, and distribution services

    Utilities
    See in list
  2. L&T Hydrocarbon Engineering

    Engineering, procurement, installation, and construction services provider

    Non- renewable power generation
    Website
  3. Jamnagar Utilities & Power

    Provider of operation and maintenance services for power plants

    Electricity transmission & distribution project developer
    See in list
  4. Sterlite Power

    Developer of electricity transmission based utility projects

    Electricity transmission & distribution project developer
    See in list
  5. Maharashtra State Electricity Transmission

    Supplier of electricity

    Utilities
    See in list

Energy efficiency & LED lighting companies

Companies offering energy efficient lighting, building automation and energy audit services.

  1. RR Global

    Manufacturer of electrical equipment

    Energy efficiency
    See in list
  2. GM Modular

    Manufacturer of switches, home automation systems, lighting, and electrical products

    Energy efficiency
    See in list
  3. R K Lighting

    Manufacturers of LED based lighting products

    Energy efficiency
    See in list
  4. PV Lumens

    Manufacturer of LED lighting and test & measurement segment

    Energy efficiency
    See in list
  5. Focus Lighting & Fixtures

    Manufacturer of LED lighting technology

    Energy efficiency
    Website

Energy storage & battery companies

Battery makers and energy storage technology and service providers.

  1. Jio-bp

    Chains providing fuel, electric vehicle charging, and convenience store services

    Oil & gas downstream
    See in list
  2. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  3. Manika Plastech

    Manufacturer of automotive batteries

    Energy storage
    Website
  4. Emark Batteries

    Manufacturer of batteries

    Energy storage
    Website
  5. Mpower

    Provider of power backup solutions

    Services for energy storage
    Website

Energy startups in Mumbai

Recently founded energy companies in Mumbai.

  1. Bajel Projects

    Provider of power transmission and distribution solutions

    Electricity transmission & distribution project developer
    See in list
  2. Mahindra Solarize

    Manufacturer of solar powered products

    Solar energy
    Website
  3. GS E&C Mumbai

    Provider of design & detailed engineering services in the field of oil & gas

    Oilfield services
    Website
  4. Gasonet

    Provider of piped natural gas solutions for domestic and industrial use

    Oil & gas downstream
    Website
  5. KT Solar Engg

    Provider of solar energy services for residential & commercial

    Solar energy
    Website
39 companies in Mumbai

Listed energy companies in Mumbai

Publicly traded energy companies headquartered in Mumbai.

  1. Tata Power

    Provider of electricity generation, transmission, and distribution services

    Utilities
    See in list
  2. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  3. Aegis

    Provider of logistics and supply chain services for the oil and gas industries

    Oil & gas midstream
    See in list
  4. Mahanagar Gas

    Fuel & gas distribution company

    Oil & gas downstream
    See in list
  5. Great Eastern Ship

    Provider of marine transportation freight forwarding services

    Oil & gas midstream
    See in list
50 companies in Mumbai

Energy companies hiring in Mumbai

Energy companies in Mumbai with open roles.

  1. Tata Power

    Provider of electricity generation, transmission, and distribution services

    Utilities
    See in list
  2. Jio-bp

    Chains providing fuel, electric vehicle charging, and convenience store services

    Oil & gas downstream
    See in list
  3. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  4. Sterlite Power

    Developer of electricity transmission based utility projects

    Electricity transmission & distribution project developer
    See in list
  5. Savita Oil Technologies

    Manufactures lubricants, polymer products and oils

    Oil & gas downstream
    See in list
24 companies in Mumbai
Mobile reach

Top 10 energy apps from Mumbai

The most-installed Android apps published by energy companies headquartered in Mumbai — 16.8M installs between them. 21 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
2

My Tata Power- Consumer App

by Tata Power

Installs2.0M
Rating3.7523K ratings
Last updatedOct 2025
View on Google Play ↗
My Tata Power- Consumer App screenshot 1My Tata Power- Consumer App screenshot 2My Tata Power- Consumer App screenshot 3My Tata Power- Consumer App screenshot 4My Tata Power- Consumer App screenshot 5My Tata Power- Consumer App screenshot 6
3

Adani Electricity

by Adani

Installs1.2M
Rating3.2414K ratings
Last updatedMay 2026
View on Google Play ↗
Adani Electricity screenshot 1Adani Electricity screenshot 2Adani Electricity screenshot 3Adani Electricity screenshot 4Adani Electricity screenshot 5Adani Electricity screenshot 6
7

PENSOL Scan Master

by Pensol

Installs93K
Rating—
Last updatedMay 2026
View on Google Play ↗
PENSOL Scan Master screenshot 1PENSOL Scan Master screenshot 2PENSOL Scan Master screenshot 3PENSOL Scan Master screenshot 4PENSOL Scan Master screenshot 5PENSOL Scan Master screenshot 6
8

MyJio-bp

by Jio-bp

Installs61K
Rating—
Last updatedMay 2026
View on Google Play ↗
MyJio-bp screenshot 1MyJio-bp screenshot 2MyJio-bp screenshot 3MyJio-bp screenshot 4MyJio-bp screenshot 5MyJio-bp screenshot 6
10

Oorjan - Solar Monitoring App

by Oorjan

Installs10K
Rating—
Last updatedAug 2021
View on Google Play ↗
Oorjan - Solar Monitoring App screenshot 1Oorjan - Solar Monitoring App screenshot 2Oorjan - Solar Monitoring App screenshot 3Oorjan - Solar Monitoring App screenshot 4Oorjan - Solar Monitoring App screenshot 5
The business behind the activity

Energy financials in Mumbai

Revenue, profit and growth from the filed annual accounts of 260 energy companies in Mumbai, Maharashtra for FY24-25 — 305 of the 620 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 68% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹315,298.83 cr

260 companies filing accounts

combined net profit₹15,981.19 cr

5.1% aggregate margin

are profitable80%

208 of 260 companies

median revenue~₹26.7 cr

the typical company

median revenue growth+12%

into FY24-25

earned by the top five68%

revenue concentration

Six-year view

Combined revenue of filing companies

₹189,662.26 crFY19-20234 filers
₹193,676.76 crFY20-21247 filers
₹209,313.68 crFY21-22260 filers
₹248,991.84 crFY22-23260 filers
₹299,234.43 crFY23-24272 filers
₹315,298.83 crFY24-25260 filers

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

Like-for-like

The same 236 companies over three years

+30%
FY22-23₹231,961.84 cr₹3,561.92 cr net
FY23-24₹273,894.56 cr₹8,268.22 cr net
FY24-25₹302,260.11 cr₹15,360.83 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 cr2726% profitable
₹1–10 cr6875% profitable
₹10–100 cr7485% profitable
₹100–1,000 cr5895% profitable
Over ₹1,000 cr3397% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking84
0–20%62
20–50%38
50–100%36
Doubled+38

258 companies with accounts for both years; median growth +12%.

Profitability

Profit is concentrated at the top

208profitable
52loss-making
5.1%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
SolencoSOLENCO INFRA PRIVATE LIMITED₹51.49 cr
PV LumensPV LUMENS INDIA PRIVATE LIMITED
GasonetGASONET SERVICES (RJ) LIMITED+490%
Modern Hiring ServiceMODERN ENERGY RENTAL PRIVATE LIMITED
MetafinMETAFIN CLEANTECH FINANCE PRIVATE LIMITED+255%
DefSpaceDEFSPACE TECHNOLOGIES PRIVATE LIMITED+233%
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
AMJ LandAMJ LAND HOLDINGS LIMITED74.7%
SolencoSOLENCO INFRA PRIVATE LIMITED51.8%₹51.49 cr
Great Eastern ShipThe Great Eastern Shipping Company Limited46.0%₹4,713.29 cr
Riddhi Siddhi Gluco BiolsRIDDHI SIDDHI GLUCO BIOLS LIMITED44.4%
Sun PetrochemicalsSUN PETROCHEMICALS PRIVATE LIMITED
PransaPRANSA INTERNATIONAL PRIVATE LIMITED41.4%₹12.54 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Electricity transmission & distribution project developer9₹137,692.94 cr~₹116.1 cr100%1.2%
Solar energy92₹68,817.39 cr~₹12.5 cr75%9.5%
Oil & gas midstream8₹18,544.75 cr~₹2,502.7 cr100%21.9%
Oil & gas downstream10₹16,067.59 cr~₹282.1 cr80%8.8%
Electricity transmission & distribution equipment26₹8,046.49 cr~₹64.4 cr88%5.0%
Oilfield services9₹3,294.52 cr~₹192.6 cr100%10.8%
Wind energy8₹2,884.68 cr~₹14.2 cr75%1.6%
Bioenergy13₹2,793.11 cr~₹5.9 cr46%10.6%
Leaders

Largest energy companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Maharashtra State Electricity DistributionMAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED₹127,996.58 cr₹922.21 cr0.7%+10%
MahaGencoMAHARASHTRA STATE POWER GENERATION COMPANY LIMITED₹38,333.58 cr₹359.98 cr0.9%+16%
Tata Power SolarTHE TATA POWER COMPANY LIMITED₹23,777.64 cr₹3,132.68 cr13.2%+7%
Waaree EnergiesWAAREE ENERGIES LIMITED₹13,218.46 cr₹1,781.17 cr13.5%+21%
Tata Power Renewable EnergyTATA POWER RENEWABLE ENERGY LIMITED₹12,137.06 cr₹464.96 cr3.8%-15%
Mahanagar GasMAHANAGAR GAS LIMITED₹7,774.00 cr₹1,044.89 cr13.4%+10%
Jamnagar Utilities & PowerJAMNAGAR UTILITIES & POWER PRIVATE LIMITED₹6,567.97 cr₹717.48 cr10.9%-3%
Sterling and WilsonSTERLING AND WILSON RENEWABLE ENERGY LIMITED
TP SolarTP SOLAR LIMITED₹5,341.39 cr₹421.53 cr7.9%>10×
Great Eastern ShipThe Great Eastern Shipping Company Limited₹4,713.29 cr₹2,166.25 cr46.0%-0%
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 Mumbai 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 Mumbai
For investors and data teams

Put this intelligence into your own tools

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 Mumbai 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, Mumbai79

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 Mumbai

76Acquisition
3Merger

Most active acquirers

  1. Waaree energies14
  2. Tata power7
  3. Inox Green4
  4. Adani4
  5. Motion JVCo, Stonepeak, CPP Investment Board3

Most acquired or merged

  1. Wind World India7
  2. Castrol india7
  3. Sterling and wilson renewable energy5
  4. Associated power structures2
  5. Aditya Birla Renewables2

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

Energy funding in Mumbai

28 energy companies in Mumbai have recorded equity funding, US$2.13bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Mumbai

Meet the people behind energy companies in Mumbai. 222 of 620 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Mumbai energy companies by sub-sector

The most common specialisations among energy companies in Mumbai. 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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