Panel makers, developers & EPC, water heaters & lighting, storage & inverters, wind & renewables and more: the companies building solar energy in India, 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: 531 Contracts · 105 M&A deals · 77 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…
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 India, by revenue
Browse solar energy companies in India 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 1,134 solar energy companies in India 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
Provider of solar panels and clean, renewable energy solutions
Every company, not just 50All 2,071 solar energy companies in India, 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 India by what you are looking for
Browse solar energy companies in India, from solar panel manufacturing companies in India to solar project developers and solar energy stocks. Find the best solar energy company in India for panels, water heaters, storage or installation.
9 ways to explore solar energy in India
Solar panel & module manufacturersSolar project developers & installation companiesSolar water heaters, lighting & consumer productsEnergy storage, batteries & solar invertersWind, hydro & other renewable energy companiesSolar equipment, mounts & power electronics
Solar panel & module manufacturers
Companies that manufacture solar panels, cells and modules.
Manufacturer of LED lighting and solar energy solutions. This entity designs, develops, and manufactures LED products and solar systems, including street lighting, home lighting, and solar power plants. They offer lighting design and consultancy services, encompassing architectural, landscaping, and city beautification projects. The company also provides engineering, procurement, and construction (EPC) services for solar power generation. Their offerings cater to commercial, industrial, residential, and government sectors. They focus on energy-efficient and sustainable solutions.
Manufacturer and installer of solar power systems for residential, commercial, and industrial applications. This includes the design and implementation of ground-mounted, rooftop, and floating solar projects. They provide project management services and offer energy audits to assess power consumption and optimize system design for maximum efficiency and return on investment. The company also manufactures various solar equipment, including solar home lighting systems and water heating systems. Post-installation maintenance services are also offered.
Provider of energy efficiency solutions and renewable energy projects. It offers waste heat recovery systems, NOx emission control, and anti-fouling solutions for various industries. The company also undertakes energy audits, energy conservation projects, and develops detailed project reports for energy and power projects. Its services are tailored to improve energy efficiency and reduce operational costs across diverse industrial sectors.
The most-installed Android apps published by solar energy companies headquartered in India — 574K installs between them. 80 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 1025 solar energy companies in India for FY24-25 — 1,226 of the 2,071 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 35% of the revenue, so medians describe the typical company better than totals.
combined revenue, FY24-25₹254,662.78 cr
1025 companies filing accounts
combined net profit₹17,935.29 cr
7.0% aggregate margin
are profitable83%
854 of 1025 companies
median revenue~₹11.2 cr
the typical company
median revenue growth+35%
into FY24-25
earned by the top five35%
revenue concentration
Six-year view
Combined revenue of filing companies
₹83,017.17 crFY19-20858 filers
₹91,330.09 crFY20-21910 filers
₹131,222.66 crFY21-22964 filers
₹160,252.09 crFY22-231011 filers
₹199,838.01 crFY23-241046 filers
₹254,662.78 crFY24-251025 filers
The number of companies filing changes each year; the three-year cohort below compares like with like.
Like-for-like
The same 888 companies over three years
+70%
FY22-23₹133,822.15 cr₹5,111.16 cr net
FY23-24₹178,591.29 cr₹10,072.17 cr net
FY24-25₹228,065.18 cr₹16,639.00 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 cr18650% profitable
₹1–10 cr31185% profitable
₹10–100 cr34293% profitable
₹100–1,000 cr14494% profitable
Over ₹1,000 cr42100% profitable
Companies by FY24-25 revenue. Bars show how many companies sit in each band.
Momentum
How fast revenue moved into FY24-25
Shrinking242
0–20%155
20–50%162
50–100%150
Doubled+265
974 companies with accounts for both years; median growth +35%.
Profitability
Profit is concentrated at the top
854profitable
169loss-making
7.0%aggregate margin
2.3%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
SolencoSOLENCO INFRA PRIVATE LIMITED
₹51.49 cr
WinnerspitchWINNERSPITCH ENERGY PRIVATE LIMITED
USEIPLUNITED SUSTAINABLE ENERGY INDIA PRIVATE LIMITED
+687%
₹18.58 cr
iPower REIPOWER RENEWABLE ENERGY PRIVATE LIMITED
₹10.94 cr
S&S Energy SystemsS&S ENERGY SYSTEMS PRIVATE LIMITED
+636%
GREWGREW ENERGY PRIVATE LIMITED
Profit leaders · ₹10 cr+ revenue
Highest net margins, FY24-25
Company
Margin
Revenue
GMR Power & UrbanGMR POWER AND URBAN INFRA LIMITED
146.8%
₹508.59 cr
USEIPLUNITED SUSTAINABLE ENERGY INDIA PRIVATE LIMITED
97.3%
₹18.58 cr
R2V2R2V2 TECHNOLOGIES PRIVATE LIMITED
86.9%
RemclREMC LIMITED
₹140.47 cr
Surana Telecom and PowerSURANA TELECOM AND POWER LIMITED
55.5%
₹44.19 cr
SolencoSOLENCO INFRA PRIVATE LIMITED
51.8%
₹51.49 cr
Inside the industry
Sub-sectors compared, FY24-25
Sub-sector
Companies
Revenue
Median revenue
Profitable
Margin
Solar energy
943
₹236,924.28 cr
~₹11.2 cr
84%
7.2%
Wind energy
24
₹3,548.40 cr
~₹9.3 cr
75%
8.3%
Electricity transmission & distribution equipment
5
₹3,194.21 cr
~₹15.0 cr
100%
4.3%
Energy storage
5
₹742.99 cr
~₹69.6 cr
100%
3.1%
Hydro power
7
₹177.42 cr
~₹7.1 cr
86%
0.3%
Renewable energy tech
6
₹139.95 cr
~₹4.5 cr
83%
9.7%
Energy efficiency
6
₹93.08 cr
~₹2.3 cr
67%
5.7%
Leaders
Largest solar energy companies by revenue, FY24-25
Company · legal entity
Revenue
Net result
Margin
Growth
Tata Power SolarTHE TATA POWER COMPANY LIMITED
₹23,777.64 cr
₹3,132.68 cr
13.2%
+7%
Adani Green EnergyAdani Green Energy Limited
₹20,749.00 cr
₹654.00 cr
3.2%
+61%
Solar EnergySOLAR ENERGY CORPORATION OF INDIA LIMITED
₹15,308.18 cr
3.3%
+17%
KPCLKARNATAKA POWER CORPORATION LIMITED
₹14,509.67 cr
₹563.40 cr
3.9%
—
Apl Apollo TubesAPL APOLLO TUBES LIMITED
₹14,440.25 cr
₹335.59 cr
2.3%
+4%
Waaree EnergiesWAAREE ENERGIES LIMITED
₹13,218.46 cr
₹1,781.17 cr
13.5%
+21%
Tata Power Renewable EnergyTATA POWER RENEWABLE ENERGY LIMITED
₹12,137.06 cr
₹464.96 cr
3.8%
-15%
Adani SolarMUNDRA SOLAR PV LIMITED
₹6,488.37 cr
₹1,085.03 cr
16.7%
+99%
ThermaxTHERMAX LIMITED.
8.9%
Sterling and WilsonSTERLING AND WILSON RENEWABLE ENERGY 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
Accounting and Tax Software Industry Landscape of India
The financials above are one chapter. The full solar energy landscape of India 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 India 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, 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
India in context
India’s share of India’s solar energy funding
Rounds100%155 of 155
Capital100%US$4.24bn of US$4.24bn
Equity rounds over the last five years, 2,531 solar energy companies in India 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 Pvt Ltd8
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.
100 solar energy companies in India have recorded equity funding, US$8.09bn 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
Developer of wind & solar energy, hybrid, and hydro power projects
Vaishali Nigam SinhaCo Founder and Chairperson Sustainability
Co Founder, ReNew, and Chairperson Sustainability | Independent Director serving on multiple Boards | Featured by Fortune India’s Most Powerful Women (2025 & 20
Highest education
Macquarie Capital Advisers (India) Private Limited
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Founders and momentum in India
Meet the people behind solar energy companies in India. 737 of 2,071 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 India 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.
Real estate & infrastructure developers
Provider of infrastructure development services and develops solar power & lithium-ion batteries
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Growing teams
Companies whose recorded headcount rose the most between the two most recent team-size snapshots. A larger team is a signal of momentum, not of profitability.
Solar energy
Developer of wind & solar energy, hybrid, and hydro power projects
Vaishali Nigam SinhaCo Founder and Chairperson Sustainability
Co Founder, ReNew, and Chairperson Sustainability | Independent Director serving on multiple Boards | Featured by Fortune India’s Most Powerful Women (2025 & 20
Highest education
Macquarie Capital Advisers (India) Private Limited
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 India 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
Provider of commercial and industrial solar power plant solutions
Vaishali Nigam SinhaCo Founder and Chairperson Sustainability
Co Founder, ReNew, and Chairperson Sustainability | Independent Director serving on multiple Boards | Featured by Fortune India’s Most Powerful Women (2025 & 20
Highest education
Macquarie Capital Advisers (India) Private Limited
Manufacturer of LED lighting, solar products, and waste management systems. The company designs and manufactures a diverse portfolio of products, including LED lights for various applications (flood, street, underwater, architectural, sports, traffic, industrial, commercial, marine, and navigation), solar charge controllers, solar home systems, solar water pumping systems, and waste management solutions such as smart sanitary waste disposal and solar waste management systems. They also offer aviation lighting and mobile lighting towers. Products incorporate smart features and energy-efficient
Manufacturer of portable solar technology, vertical turbines, and bio waste technology. This company designs and develops technology and products for various sectors including renewable energy, automotive, aeronautics, and defense. They offer sustainable, reliable, and smart energy solutions. The company holds relevant certifications and partnerships. Their research and development efforts involve collaborations with international and national investment groups.
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
Manufacturer of high-performance solar inverters for residential, commercial, and industrial applications. They provide reliable solar power solutions, focusing on energy efficiency and durability. Products are designed to maximize energy output and feature advanced safety mechanisms. The company offers support services to ensure seamless integration and long-term reliability. Inverters are compatible with various solar systems.
Vaishali Nigam SinhaCo Founder and Chairperson Sustainability
Co Founder, ReNew, and Chairperson Sustainability | Independent Director serving on multiple Boards | Featured by Fortune India’s Most Powerful Women (2025 & 20
Highest education
Macquarie Capital Advisers (India) Private Limited
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