Solar panels, EPC & project developers, power producers, pumps & lighting, operations & maintenance and more: the companies building solar energy in Ahmedabad, Gujarat, with their founders, funding, team size and business models.
Funding, M&A, contract wins and launches involving 2,531 solar energy companies in India, last 24 months: 525 Contracts · 105 M&A deals · 75 funding rounds · 3 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.
Sharika Enterprises, a power sector and smart infrastructure solution company, has secured a key subcontract for the deployment of an Advanced Distribution Management System (ADMS) under…
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).
Acme Solar aims to raise up to ₹2,800 crore through the QIP. The issue comprises a base size of ₹2,600 crore, along with a greenshoe option of ₹200 crore.
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…
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…
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…
Saatvik Green Energy Limited today announced that it has received and accepted an order aggregating to ₹171.45 crore for a domestic independent power producer.
Clean energy / solar
M&AAcquisition · Completed
Thakral acquires TIL Investments Private Limited (TIL)
Thakral Corporation Ltd (TCL) has completed the acquisition of an additional 81.64% equity stake in TIL Investments Private Limited (TIL) through its wholly-owned subsidiary, Paramount…
Waaree Renewable Technologies on Thursday said it has inked pacts for the acquisition of a 55 per cent stake in Associated Power Structures Pvt Ltd for ₹1,225 crore.
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…
HPL Electric & Power Limited secured work orders worth Rs. 242.24 crore from multiple infrastructure companies for the supply of smart meters, strengthening its order book and growth…
HPL Electric & Power Limited secured work orders worth Rs. 242.24 crore from multiple infrastructure companies for the supply of smart meters, strengthening its order book and growth…
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
Waaree Power Private Limited, a wholly owned subsidiary, will acquire 100% shareholding of Waaree Semicon Private Limited from Waaree Sustainable Finance Private Limited
Bondada Engineering, a Hyderabad-based engineering, procurement, and construction company, has secured multiple orders worth ₹1.25 billion (~$13.22 million) for a 75 MW solar project in…
Bondada Engineering, a Hyderabad-based engineering, procurement, and construction company, has secured multiple orders worth ₹1.25 billion (~$13.22 million) for a 75 MW solar project in…
"Our acquisition of Melcon is a strategic step towards deepening our control across the power value chain. By integrating transformer manufacturing, we are not just adding a capability…
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…
Solarworld Energy Solutions Limited has announced the signing of an Engineering, Procurement, and Construction (EPC) contract with NTPC Renewable Energy Limited for the development of a…
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…
Loom Solar has secured a second land allotment from the Uttar Pradesh government to scale its solar and Battery Energy Storage Systems (BESS) manufacturing capacity.
Shell Group acquired Sprng as part of a global clean energy pivot for $1.55 billion in 2022.
Renewable Energy
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…
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.…
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…
Thermax acquired ExactSpace, a specialist in AI-driven industrial IoT solutions.
Solar energy companies in Ahmedabad, by revenue
Browse solar energy companies in Ahmedabad 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 67 solar energy companies in Ahmedabad, 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
Company & businessRevenueRevenue growthHeadcount & growthAgeJobs · last 3 months
Independent power producer from renewable energy sources
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Multinational conglomerate operating across six industry verticals, including flexible packaging, industrial material handling, solar renewables, drip irrigation and pipes
Every company, not just 50All 107 solar energy companies in Ahmedabad, 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 solar energy companies in Ahmedabad by what you are looking for
Browse the top solar energy companies in Ahmedabad, including solar panel manufacturers and solar project developers. You can also find solar energy startups in Ahmedabad, listed solar companies and firms that are hiring.
9 ways to explore solar energy in Ahmedabad
Solar panel & module manufacturersSolar EPC & project development companiesSolar power producers & utilitiesSolar pumps, water heaters & lightingSolar operations, maintenance & servicesBioenergy & energy storage companies
Solar panel & module manufacturers
Manufacturers of solar panels, cells, modules and related components.
Provider of solar rooftop systems and related services. This includes design, installation, and maintenance for residential, commercial, and industrial clients. They offer a complete solution, encompassing all aspects of solar energy implementation. The company also acts as an EPC contractor and supplies solar panels, water heaters, and inverters. Their services are tailored to meet individual project needs, ensuring efficient and sustainable solar solutions.
Manufacturer of solar-powered lighting and agricultural equipment. This includes LED street lights, flood lights, and solar-powered agricultural machinery. The company focuses on providing efficient and reliable products for both residential and commercial applications. Products are designed for ease of installation and minimal maintenance. The manufacturing process incorporates quality testing to ensure adherence to defined parameters.
The most-installed Android apps published by solar energy companies headquartered in Ahmedabad — 12K installs between them. 7 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.
Revenue, profit and growth from the filed annual accounts of 62 solar energy companies in Ahmedabad, Gujarat for FY24-25 — 70 of the 107 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 85% of the revenue, so medians describe the typical company better than totals.
combined revenue, FY24-25₹35,709.86 cr
62 companies filing accounts
combined net profit₹2,207.91 cr
6.2% aggregate margin
are profitable94%
58 of 62 companies
median revenue~₹37.1 cr
the typical company
median revenue growth+42%
into FY24-25
earned by the top five85%
revenue concentration
Six-year view
Combined revenue of filing companies
₹5,432.42 crFY19-2053 filers
₹7,696.86 crFY20-2151 filers
₹16,525.63 crFY21-2256 filers
₹13,879.68 crFY22-2360 filers
₹22,170.84 crFY23-2460 filers
₹35,709.86 crFY24-2562 filers
The number of companies filing changes each year; the three-year cohort below compares like with like.
Like-for-like
The same 55 companies over three years
+153%
FY22-23₹13,440.84 cr−₹585.78 cr net
FY23-24₹20,976.33 cr−₹154.78 cr net
FY24-25₹33,953.25 cr₹2,098.33 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 cr580% profitable
₹1–10 cr1182% profitable
₹10–100 cr2696% profitable
₹100–1,000 cr16100% profitable
Over ₹1,000 cr4100% profitable
Companies by FY24-25 revenue. Bars show how many companies sit in each band.
Momentum
How fast revenue moved into FY24-25
Shrinking11
0–20%9
20–50%10
50–100%19
Doubled+9
58 companies with accounts for both years; median growth +42%.
Profitability
Profit is concentrated at the top
58profitable
4loss-making
6.2%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
Company
Growth
Revenue
GREWGREW ENERGY PRIVATE LIMITED
+605%
₹1,429.59 cr
GreenpillGREENPILL RENEWABLE ENERGY PRIVATE LIMITED
Australian Premium SolarAUSTRALIAN PREMIUM SOLAR (INDIA) LIMITED
+189%
₹435.05 cr
Aatmanirbhar SolarAATMANIRBHAR SOLAR PRIVATE LIMITED
+186%
₹154.76 cr
KOSOL EnergieKOSOL ENERGIE PRIVATE LIMITED
+172%
₹669.12 cr
Surya Solar and WatersSURYA SOLAR AND WATERS PRIVATE LIMITED
+159%
₹76.87 cr
Profit leaders · ₹10 cr+ revenue
Highest net margins, FY24-25
Company
Margin
Revenue
Solar ManufacturerGRACE INFRASTRUCTURE PRIVATE LIMITED
Adani SolarMUNDRA SOLAR PV LIMITED
16.7%
₹6,488.37 cr
MechatronikMECHATRONIK RENEWABLES PRIVATE LIMITED
Soleos Solar EnergySOLEOS ENERGY LIMITED
12.5%
₹191.33 cr
AVI Renewable EnergyAVI RENEWABLE ENERGY PRIVATE LIMITED
11.6%
₹520.37 cr
Drashta Green PowerDRASHTA GREEN POWER LIMITED
Inside the industry
Sub-sectors compared, FY24-25
Sub-sector
Companies
Revenue
Median revenue
Profitable
Margin
Solar energy
58
₹35,587.46 cr
~₹40.5 cr
95%
6.6%
Leaders
Largest solar energy companies by revenue, FY24-25
Company · legal entity
Revenue
Net result
Margin
Growth
Adani Green EnergyAdani Green Energy Limited
₹20,749.00 cr
₹654.00 cr
3.2%
+61%
Adani SolarMUNDRA SOLAR PV LIMITED
₹6,488.37 cr
₹1,085.03 cr
16.7%
+99%
GREWGREW ENERGY PRIVATE LIMITED
₹1,429.59 cr
₹80.18 cr
5.6%
+605%
Prozeal GreenPROZEAL GREEN ENERGY LIMITED
₹1,055.83 cr
₹112.63 cr
10.7%
+10%
KOSOL EnergieKOSOL ENERGIE PRIVATE LIMITED
₹669.12 cr
₹51.96 cr
7.8%
+172%
AVI Renewable EnergyAVI RENEWABLE ENERGY PRIVATE LIMITED
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
Chemicals and Materials Industry Landscape of Ahmedabad
The financials above are one chapter. The full solar energy landscape of Ahmedabad maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.
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
Solar energy funding and M&A across India
377 recorded equity rounds have gone to 2,531 solar energy companies in India — how much, at which stage, into which sub-sectors, from whom, and how Ahmedabad compares. Debt, IPO and grant rounds are excluded.
equity rounds, last 12 months11
US$730.02m
equity rounds, last 24 months46
US$1.23bn
raised over five yearsUS$4.24bn
155 rounds in India
M&A deals, India105
last 24 months
Capital by year
Equity funding into solar energy in India
amount rounds
$532m201822
$905m201913
$440m202012
$600m202122
$902m202221
$783m202328
$786m202449
$791m202527
$382m20268
Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2019, with US$905.43m across 13 rounds.
The funding ladder · five years
Rounds and typical cheque by stage
AngelUS$102.18m23 rounds · median US$337k
SeedUS$47.59m44 rounds · median US$436k
Series AUS$345.68m35 rounds · median US$4.28m
Series BUS$614.78m15 rounds · median US$27.10m
Series CUS$498.59m13 rounds · median US$28.94m
Series D+US$2.17bn20 rounds · median US$58.75m
Private equityUS$464.95m5 rounds · median US$59.86m
Where the money went · five years
Most-funded sub-sectors
Solar energyUS$3.38bn122 rounds · 64 companies
Wind energyUS$771.24m11 rounds · 4 companies
Alternative lendingUS$54.61m4 rounds · 1 companies
Service providers to banksUS$15.66m4 rounds · 1 companies
Renewable energy techUS$11.80m3 rounds · 2 companies
Investment techUS$11.47m6 rounds · 1 companies
Energy storageUS$478k2 rounds · 1 companies
Ahmedabad in context
Ahmedabad’s share of India’s solar energy funding
Rounds8%12 of 155
Capital5%US$197.46m of US$4.24bn
Equity rounds over the last five years, 126 solar energy companies in Ahmedabad among 2,531 in India.
Corporate activity · last 24 months
M&A in India
102Acquisition
2Merger
1Announced
Most active acquirers
Waaree energies14
Premier energies9
ONGC NTPC Green Private Limited (ONGPL)8
Thermax4
Na4
Most acquired or merged
Sprng energy10
Ayana renewable power9
Ksolare energy6
Sterling and wilson renewable energy5
O2 power4
Each deal appears in the events strip at the top of the page.
8 solar energy companies in Ahmedabad have recorded equity funding, US$198.12m in total. Totals and round dates describe the historical record; they are not current valuations.
Most funded
Largest recorded equity totals, with the latest recorded round.
Solar energy
Manufacturer of photovoltaic modules, offering engineering, procurement, and construction for solar projects
Recorded equity fundingUS$149.89mSeries D · Feb 2026
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Founders and momentum in Ahmedabad
Meet the people behind solar energy companies in Ahmedabad. 56 of 107 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.
Fastest revenue growth
Solar energy companies in Ahmedabad with the highest one-year revenue growth among those reporting at least ₹5 crore in revenue. Growth is the reported one-year change for the period shown.
Solar energy
Manufacturer of solar modules and provider of solar energy solutions
Award Gold Award in the highest category of recognition — Quality Circle Forum of India Vadodara Chapter Kaizen Competition
Award Leadership in Performance — Confederation of Indian Industry Performance Excellence Award 2026
From the company’s LinkedIn posts
Technology
Bootstrap
jQuery
Detected on the company website
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Women-founded
Solar energy companies in Ahmedabad with at least one woman on the founding team. Expand a profile to meet the founders; teams can include both women and men.
Solar energy
Developer of solar renewable energy power projects
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