Company lists
The Gujarat edition · 2026

Solar energycompanies in Gujarat

Panel makers, developers, inverters & equipment, wind & renewables, solar products and more: the companies building solar energy in Gujarat, with their founders, funding, team size and business models.

271 company profiles138 with reported revenue17 with recorded fundingSeptember 2026 edition

Recent solar energy business events in Gujarat

Funding, M&A, contract wins and launches involving 306 solar energy companies in Gujarat, last 24 months: 135 Contracts · 18 funding rounds · 7 M&A deals · 2 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

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&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

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
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
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 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
Contract

Vikran Engineering · client: Onix renewable

Vikran Engineering has recently entered into a inter corporate loan agreement with Onix Renewable to borrow Rs. 49.15 Cr at an interest rate of 15%/Annum.

ContractSupply

Hoymiles · client: KOSOL Energie

Hoymiles has signed a supply contract with Indian renewable energy solutions provider KOSOL Energie to deliver 360 MW of its HMS series microinverters in 2026.

Renewable Energy
ContractGovernment

KOSOL Energie · client: Government of gujarat

Kosol Energie has signed a memorandum of understanding (MoU) with the Government of Gujarat to invest INR 90,000 crore across solar power, green hydrogen, and green ammonia projects in…

Renewable Energy
ContractSupply

Solex energy · client: Domestic independent power producer

Solex Energy Limited announced the receipt of a ₹276 crore work order from a domestic independent power producer for the manufacture and supply of N-type TOPCon solar PV modules,…

Solar PV
ContractSupply

Solex energy · client: Independent Power Producer (IPP)

Solex Energy Limited on Monday said it has received a work order worth ₹289.84 crore, inclusive of all applicable taxes, for the supply of advanced solar photovoltaic modules.

Renewable Energy
ContractGovernment

Sahaj Solar · client: Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA)

Sahaj Solar Limited has announced the signing of a significant RESCO Model Agreement with the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA).

Renewable Energy
ContractTechnology

Sun Drops Energia · client: Gujarat Urja Vikas Nigam Limited

Sun Drops Energia Private Limited, a subsidiary of KPI Green Energy Limited, has received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for developing 445 MW /…

Renewable Energy
ContractSupply

Adani green energy · client: Diamond Power Infrastructure

Diamond Power's largest order book update in December 2025 was a ₹747.64 crore letter of intent from Adani Green Energy to supply power cables to its Khavda and Rajasthan project.

Infrastructure
LaunchRudra Solar Dryer

Rudra solar energy

Ahmedabad: Rudra Solar Energy Pvt. Ltd., a Gujarat-based clean energy solutions company, is strengthening India’s post-harvest management and rural income ecosystem through its flagship…

Solar dryer
ContractSupply

KOSOL Energie · client: Mafatlal industries

Kosol Energie has commissioned a 4 MW solar photovoltaic (PV) power project for Mafatlal Industries Limited at its manufacturing facility in Nadiad, Gujarat.

Renewable Energy
M&AAcquisition · Completed

Totalenergies acquires Adani green energy

In January 2021, TotalEnergies strengthened this relationship by acquiring a 20 percent stake in Adani Green Energy.

ContractSupply

Sahaj Solar · client: Na

a Rs 57.34 crore PM‑KUSUM B order for 2,185 solar pumps

Renewable Energy
ContractSupply

Diamond Power Infrastructure Ltd · client: Adani green energy

Diamond Power Infrastructure Ltd on Thursday said it has received a letter of intent worth ₹747.64 crore from Adani Green Energy Limited for supplying power and solar cables to its…

Renewable Energy
ContractInfrastructure

Sterling & Wilson Renewable Energy · client: Adani green energy

Sterling & Wilson Renewable Energy (SWREL) saw its shares rise over 3% after the company announced a major milestone in its renewable EPC journey through a five-year Strategic…

Renewable Energy
ContractSupply

Sterling and wilson renewable energy · client: Adani green energy

SWREL in an exchange filing said it has secured a Balance of System (BOS) order worth around Rs 1,381 crore from Adani Green Energy Ltd (AGEL) for three solar power projects coming up at…

Renewable Energy
ContractSupply

Sterling and Wilson Renewable Energy Group · client: Adani green energy

The order is for a Balance of System (BOS) package covering three solar power projects at the Khavda Renewable Energy Park in Gujarat, one of the world's largest renewable energy…

Renewable Energy
ContractSupply

Cosmic pv power · client: Zetwerk Manufacturing Businesses

Solar panel manufacturer Cosmic PV Power Ltd has announced that the company has secured orders worth about INR 600 crore from Zetwerk Manufacturing Businesses for the supply of solar…

Solar Energy
ContractSupply

Sun Drops Energia · client: Gujarat Urja Vikas Nigam

Sun Drops won 445 MW/890 MWh at a tariff of ₹185,390 (~$2,091.49)/MW/month.

Battery Energy Storage
ContractService

Inox Solar · client: Kpi green energy

Inox Solar and KPI Green Energy have inked a similar agreement for 2.5 GW of solar capacity.

Renewable Energy

Solar energy companies in Gujarat, by revenue

Browse solar 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 138 solar 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

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

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 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

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

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

Provider of solar EPC, IPP services, and battery energy storage systems

Solar energy
₹1,022.91 crFY 2024-25
+7%2024–2025
405+100% 12 mo to Jul 2024LinkedIn · Jul 2026
13 yr2013
0none in 3 months · last posted Jun 2026

Provider of solar advisory and execution services

Solar energy
₹995.89 crFY 2023-24
+147%2023–2024
192+500% vs previous recordLinkedIn · Jul 2026
14 yr2012
0none in 3 months

Renewable energy company specializing in high-quality solar products

Solar energy
₹669.12 crFY 2024-25
+172%2024–2025
430-3% 12 mo to Sep 2024LinkedIn · Jul 2026
21 yr2005
1postings · last posted Aug 2026

Manufactures solar products

Solar energy
₹663.64 crFY 2024-25
Not reported
384+20% 12 mo to Aug 2024recorded Aug 2024
12 yr2014
0none in 3 months

Provider of rooftop solar panel installation services

Solar energy
₹616.18 crFY 2024-25
Not reported
216LinkedIn · Jul 2026
41 yr1985
0none in 3 months

Provider of solar water pumping systems and other solar energy solutions

Solar energy
₹520.37 crFY 2024-25
+42%2024–2025
—Not available
32 yr1994
0none in 3 months

Multinational conglomerate operating across six industry verticals, including flexible packaging, industrial material handling, solar renewables, drip irrigation and pipes

Solar energy
₹492.63 crFY 2024-25
+11%2024–2025
1,222+79% vs previous recordLinkedIn · Jul 2026
14 yr2012
0none in 3 months

Manufacturer of solar PV modules and solar water heaters

Solar energy
₹464.32 crFY 2024-25
+135%2024–2025
152+364% 12 mo to Sep 2024LinkedIn · Jul 2026
21 yr2005
0none in 3 months

Manufacturer of solar panels and other renewable energy products

Solar energy
₹441.14 crFY 2024-25
+193%2024–2025
285+98% 12 mo to Sep 2024LinkedIn · Jul 2026
13 yr2013
1postings · last posted Jul 2026

Installation of solar parabolic trough, solar water heaters and panels

Solar energy
₹409.67 crFY 2024-25
Not reported
119+11% 12 mo to Jul 2024recorded Jul 2024
34 yr1992
1postings · last posted Jul 2026

Developer of solar energy projects

Solar energy
₹368.96 crFY 2024-25
+119%2024–2025
8recorded Sep 2024
7 yr2019
0none in 3 months

Renewable energy developer with a focus on providing customized solutions for independent power producers

Wind energy
₹360.88 crFY 2024-25
+10%2024–2025
189LinkedIn · Jul 2026
14 yr2012
0none in 3 months · last posted Jun 2026

Manufacturer of mono and poly crystalline PV modules, solar pumps, and solar street lights

Solar energy
₹330.82 crFY 2024-25
+64%2024–2025
127+6% 12 mo to Sep 2024LinkedIn · Jul 2026
16 yr2010
0none in 3 months

Provider of EPC sustainable solutions utilizing green energy with a focus on solar power

Solar energy
₹321.76 crFY 2024-25
+87%2024–2025
134+456% 12 mo to Sep 2024LinkedIn · Jul 2026
27 yr1999
0none in 3 months

Deon Energy Limited: Solar infrastructure projects, Solar PV Modules, Manufacturing plan, Sustainable energy, Solar and Wind Energy

Solar energy
₹286.05 crFY 2024-25
Not reported
78LinkedIn · Jul 2026
8 yr2018
0none in 3 months · last posted Jun 2026
50 of 271 companies shown here · the full list is on Radar
Fliar Radar

Explore all 271 solar 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 solar energy in Gujarat on Radar
  • Every company, not just 50All 271 solar 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 solar energy companies in Gujarat by what you are looking for

Browse solar energy companies in Gujarat, from solar panel manufacturing companies to solar project developers and installers. Find top solar energy companies, solar energy startups in Gujarat and listed solar energy stocks in one place.

9 ways to explore solar energy in Gujarat

Solar panel & module manufacturersSolar project developers & EPC companiesSolar inverters & balance-of-system equipmentWind and other renewable energy companiesSolar lighting, water heaters & pumpsEnergy storage, waste & solar services companies

Solar panel & module manufacturers

Makers of solar cells, panels and modules for homes and utilities.

  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. KOSOL Energie

    Renewable energy company specializing in high-quality solar products

    Solar energy
    See in list
  4. Solex Energy

    Manufactures solar products

    Solar energy
    See in list
  5. Madhav Corp

    Provider of rooftop solar panel installation services

    Solar energy
    See in list

Solar project developers & EPC companies

Companies that plan, build and run solar power plants and rooftop systems.

  1. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  2. KPI Green Energy

    Developer of renewable power plants

    Solar energy
    See in list
  3. Silver Pumps & Motors

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

    Solar energy
    See in list
  4. Goldi Solar

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

    Solar energy
    See in list
  5. Vishakha Renewables

    Developer of solar and wind energy projects

    Solar energy
    See in list

Solar inverters & balance-of-system equipment

Suppliers of inverters, mounting structures, trackers and power electronics.

  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. Solex Energy

    Manufactures solar products

    Solar energy
    See in list
  5. Ganesh Green Bharat

    Provider of EPC sustainable solutions utilizing green energy with a focus on solar power

    Solar energy
    See in list

Wind and other renewable energy companies

Wind, bioenergy and hybrid renewable energy developers and solution providers.

  1. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  2. Onix Renewable

    Provider of renewable energy solutions focused on solar and wind energy projects, including both utility-scale and residential applications

    Wind energy
    See in list
  3. Abellon CleanEnergy

    Produces biomass pellets and bio-gas

    Life sciences platforms and tools
    Website
  4. Swev India

    Provider of solar, wind, electric vehicle, and fire safety products.

    Solar energy
    Website
  5. Backbone Skytech

    Company that specializes in establishing and maintaining uniform safety standards in the wind sector, and provides training and solutions for the renewable energy industry

    Wind energy
    Website

Solar lighting, water heaters & pumps

Solar-powered lights, water heaters, pumps and everyday solar products.

  1. Silver Pumps & Motors

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

    Solar energy
    See in list
  2. Zodiac Energy

    Installation of solar parabolic trough, solar water heaters and panels

    Solar energy
    See in list
  3. GRE Renew Enertech

    Manufacturer of solar panels and indoor LED lights

    Solar energy
    Website
  4. Nessa

    Offers solar consumer goods

    Energy efficiency
    Website
  5. Sunbuy

    Provider of solar power solutions and energy storage systems. This company designs and implements solar power plants, green hydrogen solutions, and decentralized solar energy systems. They also offer waste-to-energy solutions and water conservation and recycling technologies. In addition, they provide customized solutions focused on energy savings and penetration. The company's offerings include solar pumping systems, solar lanterns, solar street lights, and solar-powered benches. They also manufacture and install solar-powered EV charging stations. A key aspect of their business is asset mana

    Solar energy
    Website

Energy storage, waste & solar services companies

Energy storage, solar panel recycling and operations and maintenance providers.

  1. Solar ACE

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

    Solar energy
    Website
  2. Prozeal Green

    Provider of solar EPC, IPP services, and battery energy storage systems

    Solar energy
    See in list
  3. Gensol

    Provider of solar advisory and execution services

    Solar energy
    See in list
  4. Solarium

    Company specializing in solar PV manufacturing and solutions

    Solar energy
    See in list
  5. Surya Solar and Waters

    Manufacturer of solar powered products

    Waste & water management
    Website

Listed solar energy companies in Gujarat

Publicly listed solar energy companies and stocks based in Gujarat.

  1. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  2. KPI Green Energy

    Developer of renewable power plants

    Solar energy
    See in list
  3. GIPCL

    Independent thermal, solar & wind power producer

    Non- renewable power generation
    See in list
  4. Gensol

    Provider of solar advisory and execution services

    Solar energy
    See in list
  5. Solex Energy

    Manufactures solar products

    Solar energy
    See in list
15 companies in Gujarat

Solar energy startups in Gujarat

Newer solar energy companies founded in recent years.

  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
    See in list
  5. Knack Energy

    Manufacturer and exporter of solar photovoltaic encapsulants & backsheets

    Solar energy
    See in list
27 companies in Gujarat

Solar energy companies hiring in Gujarat

Solar energy companies in Gujarat with open jobs right now.

  1. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    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. Prozeal Green

    Provider of solar EPC, IPP services, and battery energy storage systems

    Solar energy
    See in list
16 companies in Gujarat
Mobile reach

Top 10 solar energy apps from Gujarat

The most-installed Android apps published by solar energy companies headquartered in Gujarat — 30K installs between them. 15 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
10

Evotar Solar

by Evotar

Installs329
Rating—
Last updatedJun 2025
View on Google Play ↗
Evotar Solar screenshot 1Evotar Solar screenshot 2Evotar Solar screenshot 3Evotar Solar screenshot 4Evotar Solar screenshot 5Evotar Solar screenshot 6
The business behind the activity

Solar energy financials in Gujarat

Revenue, profit and growth from the filed annual accounts of 120 solar energy companies in Gujarat for FY24-25 — 141 of the 271 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 66% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹51,888.62 cr

120 companies filing accounts

combined net profit₹3,476.76 cr

6.7% aggregate margin

are profitable94%

113 of 120 companies

median revenue~₹33.7 cr

the typical company

median revenue growth+61%

into FY24-25

earned by the top five66%

revenue concentration

Six-year view

Combined revenue of filing companies

₹8,458.83 crFY19-2093 filers
₹10,907.78 crFY20-2198 filers
₹20,300.47 crFY21-22112 filers
₹19,161.24 crFY22-23118 filers
₹31,705.04 crFY23-24121 filers
₹51,888.62 crFY24-25120 filers

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

Like-for-like

The same 106 companies over three years

+157%
FY22-23₹18,351.70 cr−₹230.00 cr net
FY23-24₹28,513.84 cr₹307.08 cr net
FY24-25₹47,231.06 cr₹3,036.96 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 cr978% profitable
₹1–10 cr2387% profitable
₹10–100 cr4996% profitable
₹100–1,000 cr29100% profitable
Over ₹1,000 cr10100% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking20
0–20%12
20–50%16
50–100%34
Doubled+30

112 companies with accounts for both years; median growth +61%.

Profitability

Profit is concentrated at the top

113profitable
6loss-making
6.7%aggregate margin
3.0%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
GreenpillGREENPILL RENEWABLE ENERGY PRIVATE LIMITED+371%
Fourcell EnergyFOURCELL ENERGY PRIVATE LIMITED₹24.10 cr
Kashyap SolarKASHYAP INFRAPROJECTS PRIVATE LIMITED+298%
Anany UrjaANANY URJA PRIVATE LIMITED+266%₹27.55 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Solar ManufacturerGRACE INFRASTRUCTURE PRIVATE LIMITED
PowerTreeIMAGINE POWERTREE PRIVATE LIMITED30.8%₹11.16 cr
GreenBrillianceGREENBRILLIANCE ENERGY PRIVATE LIMITED₹10.81 cr
Sunora SolarES SUN POWER PRIVATE LIMITED23.5%₹30.15 cr
Tecso GlobalTECSO PROJECTS LIMITED
Adani SolarMUNDRA SOLAR PV LIMITED16.7%₹6,488.37 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Solar energy112₹50,037.86 cr~₹33.7 cr95%6.7%
Leaders

Largest solar energy companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Adani Green EnergyAdani Green Energy Limited₹20,749.00 cr₹654.00 cr3.2%+61%
Adani SolarMUNDRA SOLAR PV LIMITED₹6,488.37 cr₹1,085.03 cr16.7%+99%
Rayzon SolarRAYZON SOLAR LIMITED₹2,832.89 cr₹329.57 cr11.6%+122%
Goldi SolarGOLDI SOLAR PRIVATE LIMITED₹2,051.39 cr₹83.72 cr4.1%+183%
Jash EnergyJASH ENERGY PRIVATE LIMITED₹1,869.52 cr₹46.30 cr2.5%+85%
Silver Pumps & MotorsSILVER CONSUMER ELECTRICALS LIMITED₹1,612.10 cr₹46.49 cr2.9%+80%
KPI Green EnergyKPI GREEN ENERGY LIMITED₹1,607.48 cr₹252.35 cr15.7%+120%
GREWGREW ENERGY PRIVATE LIMITED₹1,429.59 cr₹80.18 cr5.6%+605%
GIPCLGUJARAT INDUSTRIES POWER COMPANY LTD.₹1,325.08 cr₹211.43 cr16.0%-7%
Prozeal GreenPROZEAL GREEN ENERGY LIMITED₹1,055.83 cr₹112.63 cr10.7%+10%
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.

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

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 Gujarat compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months14

US$738.78m

equity rounds, last 24 months48

US$1.24bn

raised over five yearsUS$4.24bn

155 rounds in India

M&A deals, Gujarat7

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
Corporate activity · last 24 months

M&A in Gujarat

6Acquisition
1Merger

Most active acquirers

  1. Mascot dynamics1
  2. Zodiac energy1
  3. Totalenergies1
  4. Kpi green energy1
  5. Onix renewable1

Most acquired or merged

  1. Amrut Energy Private Limited1
  2. Shamli Solar Projects LLP1
  3. Adani green energy1
  4. 100 MW solar project in Gujarat1
  5. Onix Solar Energy Limited1

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

Solar energy funding in Gujarat

17 solar energy companies in Gujarat have recorded equity funding, US$605.01m in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Gujarat

Meet the people behind solar energy companies in Gujarat. 111 of 271 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Gujarat solar energy companies by sub-sector

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

Keep exploring solar energy in India and nearby markets.

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