Company lists
The Maharashtra edition · 2026

Environmentcompanies in Maharashtra

Waste & water, solar, wind & clean power, air & pollution, consultancy and more: the companies building environment in Maharashtra, with their founders, funding, team size and business models.

951 company profiles417 with reported revenue43 with recorded fundingSeptember 2026 edition
Maharashtra · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent environment business events in Maharashtra

Funding, M&A, contract wins and launches involving 1,131 environment companies in Maharashtra, last 24 months: 145 Contracts · 74 M&A deals · 20 funding rounds · 4 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

M&AAcquisition · Announced

Aditya birla group acquires Sprng energy

According to sources to Manicontrol, after collecting binding bids, Aditya Birla Group, led by Kumar Mangalum Birla, has taken the lead in the race to buy Indian Renewable Energy…

Renewable 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
LaunchReverse Mentoring

K raheja corp

K Raheja Corp, one of India's leading real estate conglomerates, has launched 'Reverse Mentoring', a people-focused learning initiative designed to encourage meaningful dialogue between…

Learning and Development
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
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

M&AAcquisition · Announced

Premier energies acquires Ksolare energy

Premier Energies acquired a 51% stake in transformer manufacturer Transcon and inverter producer KSolare Energy. Premier invested INR5 billion (US$56.96 million) in Transcon and INR1.7…

Inverter Production
M&AAcquisition · Pending

National Investment and Infrastructure Fund (NIIF) acquires Sprng energy

National Investment and Infrastructure Fund (NIIF) has emerged as the frontrunner to acquire Sprng Energy from Shell for nearly $1.7 billion, said people in the know, as India’s…

Renewable Power / Energy
M&AAcquisition · Completed

Shell Group acquires Sprng energy

Shell Group acquired Sprng as part of a global clean energy pivot for $1.55 billion in 2022.

Renewable Energy
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
M&AAcquisition

Thermax acquires Exactspace

Thermax acquired ExactSpace, a specialist in AI-driven industrial IoT solutions.

M&AAcquisition · Completed

Thermax acquires Exactspace Technologies

Thermax has completed the acquisition of additional 35.83% (on a fully diluted basis) stake in Exactspace Technologies (Exactspace). With this, Company's shareholding has increased to…

Energy and environment solutions
M&AAcquisition · Completed

Premier energies acquires Transcon

Premier Energies Limited has completed its acquisition of Transcon Ind Limited.

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
M&AAcquisition · Announced

GIP EM Star Pte Ltd acquires Aditya Birla Renewables

Commission approves the subscription of certain equity share capital of Aditya Birla Renewables Limited (ABReN/Target) by GIP EM Star Pte Ltd (Acquirer),

Renewable Energy
ContractSupply

Hinduja renewables · client: LGE India

LGE India has signed long-term solar power purchase agreements with Hinduja Renewables Energy Pvt Ltd and Sunsure Energy to source renewable electricity for its manufacturing facilities…

Renewable Energy
ContractSupply

Suzlon Group · client: Gas Authority of India Ltd (GAIL)

Suzlon Group on Tuesday said it has secured its sixth wind energy project of 100 MW from state-run Gas Authority of India Ltd (GAIL).

Renewable Energy
ContractSupply

Suzlon energy · client: Gail

Suzlon Energy said that this the fourth PSU order that the company has won in financial year 2026, and that the power generated from this project will support the decarbonization of…

Renewable Energy
Funding

Mahindra susten

Mahindra Susten has secured financing of about $123mn for a 300MW renewable energy project in Rajasthan being developed for NHPC Limited , according to POWERLINE.

Investors Hdfc bank
Renewable Energy
ContractService

Waaree Renewable Technologies · client: Na

Waaree Renewable Technologies Limited has signed a contract to execute engineering, procurement and construction (EPC) works for a 300 MW AC (420 MWp) ground-mounted solar photovoltaic…

Solar
M&AAcquisition · Completed

DC&T Global Private Limited acquires Metafin

DC&T Global Private Limited, a wholly owned subsidiary of Belding India Limited, has successfully acquired 55% shareholding in Metafin Technology Private Limited on March 5, 2026.

Engineering, Industrial Equipment & Automation
M&AAcquisition · Completed

Apollo pipes acquires Kisan mouldings

Apollo Pipes has made further investment by acquiring an additional equity stake of 3.34% through a secondary purchase in Kisan Mouldings (KML), a subsidiary of the company. The cost of…

Manufacturing and trading of PVC Pipes and Fittings
M&AAcquisition · Announced

Inox Green acquires Wind World India

INOXGFL Group, has emerged as a successful bidder for the acquisition of the IPP and O&M businesses of Wind World India through the National Company Law Tribunal (NCLT)-approved…

Renewable Energy
M&AAcquisition · Announced

Inox Clean Energy acquires Wind World India

INOXGFL Group on Thursday said it has emerged as the successful bidder for the acquisition of the IPP and O&M businesses of Wind World India through an NCLT-approved resolution process.

Independent Power Producer
M&AAcquisition · Announced

Inox Clean Energy acquires Wind World India

INOXGFL group has emerged as the successful bidder for the acquisition of the IPP and O&M businesses of Wind World India. An exchange filing shows that the group company Inox Clean…

Renewable Energy
M&AAcquisition · Announced

INOXGFL Group acquires Wind World India

Noida-headquartered INOXGFL Group has emerged as the successful bidder for the acquisition of Wind World India’s Independent Power Producer (IPP) and Operations & Maintenance (O&M) arms.

Energy
M&AAcquisition · Announced

Inox green energy services acquires Wind World India

At the same time, Inox Green Energy Services will take over Wind World India’s O&M business, strengthening its presence in the renewable asset management space.

Operations & Maintenance

Environment companies in Maharashtra, by revenue

Browse environment companies in Maharashtra 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 417 environment companies in 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

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

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

Wind turbine manufacturer

Wind energy
₹10,993.13 crFY 2024-25
+67%2024–2025
9,559+5% 12 mo to Mar 2024LinkedIn · Jul 2026
31 yr1995
1postings · last posted Jul 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

Provider of solar photovoltaic panels

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

Provider of bioethanol and waste water treatment services

Bioenergy
₹3,278.88 crFY 2024-25
-7%2024–2025
2,562+18% 12 mo to Mar 2024LinkedIn · Jul 2026
43 yr1983
3postings · last posted Sep 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

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

Developer of industrial piping system

Waste & water management
₹2,537.66 crFY 2024-25
-2%2024–2025
1,453+10% 12 mo to Jul 2024LinkedIn · Jul 2026
39 yr1987
0none in 3 months · last posted Jun 2026

Provider of water and environment management services

Waste & water management
₹2,391.73 crFY 2023-24
Not reported
4,540+4% 12 mo to Sep 2024LinkedIn · Jul 2026
62 yr1964
3postings · last posted Aug 2026

Manufacturer and transporter of Bitumen and LPG

Manufacturing services
₹2,409.47 crFY 2024-25
+13%2024–2025
6+27% 12 mo to Mar 2023LinkedIn · Jul 2026
31 yr1995
1postings · last posted Sep 2026

Developer of energy storage systems

Solar energy
₹2,125.87 crFY 2022-23
Not reported
1,817-11% 12 mo to Apr 2024LinkedIn · Jul 2026
99 yr1927
0none in 3 months

Provider of drinking water services

Waste & water management
₹1,780.65 crFY 2024-25
+38%2024–2025
—Not available
28 yr1998
0none in 3 months

Developer of solar energy projects

Solar energy
₹1,610.34 crFY 2024-25
Not reported
986+20% 12 mo to Jun 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months

Manufacturer of solar glass

Solar energy
₹1,390.46 crFY 2023-24
Not reported
523+1% 12 mo to Aug 2024LinkedIn · Jul 2026
64 yr1962
0none in 3 months

Provider of waste processing, treatment, and collection services

Waste & water management
₹958.79 crFY 2024-25
+7%2024–2025
121-60% 12 mo to Sep 2024LinkedIn · Jul 2026
25 yr2001
0none in 3 months

Leading industry player in clean energy solutions with a decade of experience in executing large-scale and complex renewable energy projects

Solar energy
₹584.09 crFY 2024-25
+47%2024–2025
494+236% 12 mo to Sep 2024LinkedIn · Jul 2026
15 yr2011
12postings · last posted Sep 2026

Provider of open access and behind-the-meter solar energy solutions

Solar energy
₹575.79 crFY 2024-25
+35%2024–2025
153+8% 12 mo to Jul 2024LinkedIn · Jul 2026
8 yr2018
0none in 3 months

Provider of scrap metal recycling services

Waste & water management
₹572.69 crFY 2024-25
+11%2024–2025
—Not available
14 yr2012
0none in 3 months

Provider of wastewater treatment services

Waste & water management
₹498.77 crFY 2021-22
Not reported
195LinkedIn · Jul 2026
21 yr2005
0none in 3 months

Solar EPC company

Solar energy
₹522.74 crFY 2024-25
+44%2024–2025
358+29% 12 mo to Jul 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months · last posted Apr 2026

Leading solar panel manufacturing company offering products for homes and businesses

Solar energy
₹519.28 crFY 2024-25
+27%2024–2025
354+12% 12 mo to Sep 2024LinkedIn · Jul 2026
22 yr2004
0none in 3 months

A turnkey solar EPC company

Solar energy
₹509.02 crFY 2024-25
+161%2024–2025
583+33% 12 mo to Aug 2024LinkedIn · Jul 2026
16 yr2010
0none in 3 months · last posted Jan 2025

Provider of ground water and waste management services

Waste & water management
₹479.33 crFY 2024-25
+5%2024–2025
41LinkedIn · Jul 2026
24 yr2002
0none in 3 months

Developer of residential and commercial properties with a focus on conscious luxury

Real estate & infrastructure developers
₹431.37 crFY 2024-25
-45%2024–2025
154+0% 12 mo to Sep 2024LinkedIn · Jul 2026
41 yr1985
0none in 3 months · last posted Nov 2025
50 of 951 companies shown here · the full list is on Radar
Fliar Radar

Explore all 951 environment companies in Maharashtra on Radar

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

Open environment in Maharashtra on Radar
  • Every company, not just 50All 951 environment companies in Maharashtra, 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 environment companies in Maharashtra by what you are looking for

Browse top environment companies in Maharashtra, from waste and water treatment to solar and wind energy. You can also find environment startups in Maharashtra and companies that are hiring.

9 ways to explore environment in Maharashtra

Waste management & water treatment companiesSolar energy companiesWind, hydro & bioenergy companiesAir pollution control & purification companiesEnvironment consultancy & testing companiesGreen building & energy efficiency companies

Waste management & water treatment companies

Providers of waste processing, recycling, wastewater treatment and drinking water services.

  1. Praj

    Provider of bioethanol and waste water treatment services

    Bioenergy
    See in list
  2. PRINCE PIPES AND FITTINGS

    Developer of industrial piping system

    Waste & water management
    See in list
  3. Vishvaraj

    Provider of drinking water services

    Waste & water management
    See in list
  4. Antony Waste Handling

    Provider of waste processing, treatment, and collection services

    Waste & water management
    See in list
  5. Radha Raman Metal

    Provider of scrap metal recycling services

    Waste & water management
    See in list

Solar energy companies

Solar panel makers, project developers and installers.

  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. Karamtara

    Integrated manufacturer of products for renewable energy and transmission lines sectors

    Electricity transmission & distribution equipment
    See in list
  5. CleanMax

    Developer of solar energy projects

    Solar energy
    See in list

Wind, hydro & bioenergy companies

Wind turbine makers, biogas and other renewable power developers.

  1. Suzlon

    Wind turbine manufacturer

    Wind energy
    See in list
  2. Tata Power Renewable Energy

    Developer of large-scale renewable energy projects

    Solar energy
    See in list
  3. Praj

    Provider of bioethanol and waste water treatment services

    Bioenergy
    See in list
  4. Powerica

    Manufacturer generator for wind energy

    Wind energy
    See in list
  5. Ghodawat Energy

    Renewable energy power based IPP

    Wind energy
    See in list

Air pollution control & purification companies

Makers of air filters, purifiers and pollution control systems.

  1. Samta

    Samta Group I Inventing a new future

    Air management services
    Website
  2. PI Green Innovations

    Provider of sustainable technology solutions for air purification and emission control

    Air pollution management tech
    Website
  3. AIM

    Manufacturer of air filtration media for HVAC, automotive, and healthcare applications. It produces nonwoven materials using various in-house technologies, including meltblown, thermal bonding, and needle punching. The company offers media for pre and fine filters in the HVAC market, materials for cabin air filters, fuel water separators, and engine air filtration in the automotive sector, and filtration materials for surgical face masks and respirators in the healthcare industry. Additional applications include hydraulic and water filtration. The materials meet global standards such as ISO 16

    Air management services
    Website
  4. Alan Scott Industries

    Provider of air purifier technology and equipment services

    Air management services
    Website
  5. Pilani Envirotech

    Manufacturer of air filtration and air pollution control systems

    Air management services
    Website

Environment consultancy & testing companies

Environmental consultants, testing labs and sustainability advisers.

  1. Viviid Emissions Reductions

    Provider of carbon management solutions for businesses

    Environment consultancy services
    Website
  2. Anacon Laboratories

    Provider of multi-materials testing laboratory and consultancy services

    Environment consultancy services
    Website
  3. Sanmaark Analytical and Services

    Provider of environmental testing, water and wastewater treatment solutions

    Environment consultancy services
    Website
  4. EASPL

    Company improves energy navigation through consultancy, advisory, and transaction management services

    Environment consultancy services
    Website
  5. Terracon Ecotech

    Provider of environmental consultancy specializing in environmental audit, ecological restoration, and others

    Environment consultancy services
    Website

Green building & energy efficiency companies

Green building developers, consultants and energy saving product makers.

  1. Go-Green

    Manufacturer of eco-friendly autoclaved aerated concrete (AAC) building material, offering a sustainable alternative for construction projects in various sectors

    Green buildings
    Website
  2. Sunlite

    Promotes clean lighting in rural areas

    Energy efficiency
    Website
  3. EASPL

    Company improves energy navigation through consultancy, advisory, and transaction management services

    Environment consultancy services
    Website
  4. Climesense

    Developer of solar and wind energy projects

    Solar energy
    Website
  5. abinitio

    Provider of energy & environmental design, LEED facilitation, and energy modeling services for green building sector

    Green buildings
    Website

Environment startups in Maharashtra

Recently founded environment companies in Maharashtra.

  1. Mahindra Solarize

    Manufacturer of solar powered products

    Solar energy
    See in list
  2. Aman E-Waste Recyclers

    Provider of e-waste recycling and IT asset disposition services

    Waste & water management
    Website
  3. Sorigin

    Provider of business strategy, financing, logistics, and other consulting services

    Management consulting services
    Website
  4. Ecosavelabs

    Provider of solar energy solutions and waste recycling services

    Waste & water management
    Website
  5. Myriad Energy

    Provider of design, manufacture, and installation of solar energy solutions

    Solar energy
    Website
98 companies in Maharashtra

Environment companies hiring in Maharashtra

Environment companies with open jobs.

  1. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  2. Suzlon

    Wind turbine manufacturer

    Wind energy
    See in list
  3. Praj

    Provider of bioethanol and waste water treatment services

    Bioenergy
    See in list
  4. PRINCE PIPES AND FITTINGS

    Developer of industrial piping system

    Waste & water management
    See in list
  5. Ion Exchange

    Provider of water and environment management services

    Waste & water management
    See in list
31 companies in Maharashtra

Listed environment companies in Maharashtra

Publicly listed environment companies.

  1. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  2. Suzlon

    Wind turbine manufacturer

    Wind energy
    See in list
  3. Praj

    Provider of bioethanol and waste water treatment services

    Bioenergy
    See in list
  4. Powerica

    Manufacturer generator for wind energy

    Wind energy
    See in list
  5. PRINCE PIPES AND FITTINGS

    Developer of industrial piping system

    Waste & water management
    See in list
31 companies in Maharashtra
Mobile reach

Top 10 environment apps from Maharashtra

The most-installed Android apps published by environment companies headquartered in Maharashtra — 621K installs between them. 32 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

MEDA Beneficiary

by MEDA

Installs350K
Rating—
Last updatedJan 2026
View on Google Play ↗
MEDA Beneficiary screenshot 1MEDA Beneficiary screenshot 2MEDA Beneficiary screenshot 3MEDA Beneficiary screenshot 4MEDA Beneficiary screenshot 5MEDA Beneficiary screenshot 6
6

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
8

Sampark OCW

by OCW

Installs7K
Rating—
Last updatedMay 2025
View on Google Play ↗
Sampark OCW screenshot 1Sampark OCW screenshot 2Sampark OCW screenshot 3Sampark OCW screenshot 4Sampark OCW screenshot 5Sampark OCW screenshot 6
The business behind the activity

Environment financials in Maharashtra

Revenue, profit and growth from the filed annual accounts of 387 environment companies in Maharashtra for FY24-25 — 463 of the 951 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 57% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹115,785.49 cr

387 companies filing accounts

combined net profit₹11,321.06 cr

9.8% aggregate margin

are profitable81%

313 of 387 companies

median revenue~₹11.4 cr

the typical company

median revenue growth+18%

into FY24-25

earned by the top five57%

revenue concentration

Six-year view

Combined revenue of filing companies

₹39,683.44 crFY19-20334 filers
₹49,628.77 crFY20-21354 filers
₹64,250.85 crFY21-22379 filers
₹80,925.49 crFY22-23393 filers
₹108,563.20 crFY23-24404 filers
₹115,785.49 crFY24-25387 filers

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

Like-for-like

The same 353 companies over three years

+55%
FY22-23₹70,637.14 cr₹7,117.59 cr net
FY23-24₹95,483.31 cr₹8,281.04 cr net
FY24-25₹109,245.36 cr₹10,849.03 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 cr5435% profitable
₹1–10 cr12783% profitable
₹10–100 cr14392% profitable
₹100–1,000 cr4689% profitable
Over ₹1,000 cr17100% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking117
0–20%75
20–50%65
50–100%53
Doubled+67

377 companies with accounts for both years; median growth +18%.

Profitability

Profit is concentrated at the top

313profitable
73loss-making
9.8%aggregate margin
3.3%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
Soyo SystemsSOYO ENERGIES PRIVATE LIMITED
SuryottamELECTRAA SOLAR ENERGY SYSTEMS PRIVATE LIMITED+357%₹90.45 cr
Modern Hiring ServiceMODERN ENERGY RENTAL PRIVATE LIMITED
SoledifySOLEDIFY SYSTEMS PRIVATE LIMITED₹26.67 cr
Five Elements Environmental TechnologiesFIVE ELEMENTS ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED+328%₹10.10 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
AMJ LandAMJ LAND HOLDINGS LIMITED74.7%
Samvid InternationalPRISM INTERNATIONAL PRIVATE LIMITED
KirloskarKIRLOSKAR INDUSTRIES LIMITED65.0%₹120.57 cr
Antony Waste HandlingANTONY WASTE HANDLING CELL LIMITED58.9%₹41.07 cr
SolencoSOLENCO INFRA PRIVATE LIMITED51.8%₹51.49 cr
Eco RecyclingECO RECYCLING LIMITED50.1%₹46.56 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Solar energy173₹79,398.24 cr~₹10.1 cr83%9.3%
Waste & water management148₹13,527.62 cr~₹11.9 cr83%8.1%
Wind energy15₹13,449.07 cr~₹14.8 cr73%16.8%
Air management services8₹166.45 cr~₹16.9 cr88%6.7%
Environment consultancy services11₹62.06 cr~₹6.9 cr55%1.5%
Leaders

Largest environment companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
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%
SuzlonSUZLON ENERGY LIMITED₹10,300.03 cr₹2,104.72 cr20.4%+74%
ThermaxTHERMAX LIMITED.8.9%
Sterling and WilsonSTERLING AND WILSON RENEWABLE ENERGY LIMITED₹5,592.38 cr₹318.26 cr5.7%+88%
TP SolarTP SOLAR LIMITED₹5,341.39 cr₹421.53 cr7.9%>10×
KaramtaraKARAMTARA ENGINEERING LIMITED₹3,115.90 cr₹134.92 cr4.3%+30%
PrajPRAJ INDUSTRIES LIMITED₹2,805.60 cr₹264.43 cr9.4%-8%
Ion ExchangeION EXCHANGE (INDIA) LIMITED₹2,591.21 cr₹214.48 cr8.3%+16%
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

Environment Industry Landscape of India

The financials above are one chapter. The full environment landscape of Maharashtra 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 environment landscape of Maharashtra
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

Environment funding and M&A across India

599 recorded equity rounds have gone to 5,556 environment companies in India — how much, at which stage, into which sub-sectors, from whom, and how Maharashtra compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months22

US$804.28m

equity rounds, last 24 months72

US$1.35bn

raised over five yearsUS$5.13bn

219 rounds in India

M&A deals, Maharashtra74

last 24 months

Capital by year

Equity funding into environment in India

amount rounds
$997m201836
$1.1bn201928
$471m202022
$691m202133
$1.3bn202232
$1.0bn202333
$844m202467
$862m202543
$389m202611

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 32 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$103.33m29 rounds · median US$283k
SeedUS$83.85m91 rounds · median US$434k
Series AUS$405.26m39 rounds · median US$4.58m
Series BUS$618.28m16 rounds · median US$26.05m
Series CUS$638.22m17 rounds · median US$35.61m
Series D+US$2.17bn20 rounds · median US$58.75m
Private equityUS$1.11bn7 rounds · median US$175.00m
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
Waste & water managementUS$103.65m32 rounds · 26 companies
Air management servicesUS$87.06m5 rounds · 3 companies
Alternative lendingUS$54.61m4 rounds · 1 companies
Green buildingsUS$17.26m5 rounds · 4 companies
Corporate activity · last 24 months

M&A in Maharashtra

72Acquisition
2Merger

Most active acquirers

  1. Waaree energies14
  2. Premier energies6
  3. Thermax4
  4. Inox Green4
  5. Aditya birla group2

Most acquired or merged

  1. Sprng energy10
  2. Wind World India7
  3. Ksolare energy6
  4. Sterling and wilson renewable energy5
  5. Transcon4

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

Go deeper in the environment landscape reports:

Environment Industry Landscape of India

Environment funding in Maharashtra

43 environment companies in Maharashtra have recorded equity funding, US$2.27bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Maharashtra

Meet the people behind environment companies in Maharashtra. 317 of 951 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Maharashtra environment companies by sub-sector

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

Keep exploring environment in India and nearby markets.

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