Company lists
The India edition · 2026

Solar energycompanies in India

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.

2,071 company profiles1,134 with reported revenue100 with recorded fundingSeptember 2026 edition
India · Photo: Wikimedia Commons (CC BY-SA 4.0)

Recent solar energy business events in India

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.

ContractTechnology

Sharika enterprises · client: Uttarakhand Power Corporation (UPCL)

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…

Power distribution
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
FundingQualified Institutional Placement (QIP)

Acme solar

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.

Investors Na
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

Sharika enterprises · client: East india udyog

Smart grid firm Sharika Enterprises Limited has secured a ₹24.90 crore subcontract from East India Udyog Limited for UPCL's Ganga Corridor project.

Power
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
ContractSupply

Saatvik Green Energy · client: Domestic independent power producer

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…

Healthcare-led real estate development
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
ContractSupply

Hpl electric & power · client: Na

HPL Electric & Power Ltd has received work orders/notifications of award worth Rs. 242.24 crores for the supply of smart meters.

ContractSupply

Hpl electric & power · client: GMR Agra Smart Meters Limited

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…

Smart metering
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

ContractSupply

Bondada Engineering · client: Adani Ports and Special Economic Zone

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…

Solar
ContractSupply

Bondada Engineering · client: Ambuja cements

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…

Solar
M&AAcquisition · Announced

Saatvik Green Energy acquires Melcon

"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…

Transformer Manufacturing
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
ContractInfrastructure

Solarworld Energy Solutions Limited · client: NTPC Renewable Energy

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…

Renewable Energy
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
M&AAcquisition · Announced

Inox Clean Energy acquires Sunsource energy

It also announced the acquisition of a solar projects portfolio from SunSource Energy, the Indian arm of the Netherlands-based SHV Energy.

Solar Energy
M&AAcquisition · Announced

Inox Clean Energy acquires Sunsource energy

It also announced the acquisition of a solar projects portfolio from SunSource Energy, the Indian arm of the Netherlands-based SHV Energy.

Solar Projects
ContractGovernment

Uttar Pradesh government · client: Loom solar

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.

Renewable 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
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
ContractService

Sterling and wilson renewable energy · client: Coal india

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

Renewable Energy
FundingParent company guarantee

Sterling and wilson renewable energy

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

Investors Nedbank
Solar power
ContractSupply

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
M&AAcquisition

Thermax acquires Exactspace

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

Provider of solar panels and clean, renewable energy solutions

Solar energy
₹89,609.55 crFY 2023-24
+13%2023–2024
—Not available
33 yr1993
0none in 3 months

Manufacturing of PV modules and solar cells

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

Online platform for manufacturing structural steel tubes, pipes, and related steel solutions

Solar energy
₹20,785.60 crFY 2024-25
Not reported
1,419+824% vs previous recordLinkedIn · Jul 2026
40 yr1986
6postings · last posted Sep 2026

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

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

Independent hydel, thermal, solar and wind power producer

Solar energy
₹11,197.14 crFY 2022-23
Not reported
25,000recorded
56 yr1970
—No postings tracked

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 infrastructure development services

Solar energy
₹6,857.82 crFY 2024-25
+42%2024–2025
6recorded Sep 2024
4 yr2022
0none in 3 months

Developer of solar energy projects

Solar energy
₹6,652.09 crFY 2024-25
+110%2024–2025
3,297-6% 12 mo to Oct 2023LinkedIn · Jul 2026
31 yr1995
0none in 3 months

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

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 paper recycling services

Solar energy
₹5,034.19 crFY 2024-25
-19%2024–2025
59-3% 12 mo to Feb 2024LinkedIn · Jul 2026
18 yr2008
0none in 3 months · last posted Jun 2026

Mining, solar and thermal power generation company

Solar energy
₹4,052.30 crFY 2023-24
Not reported
785+0% 12 mo to Jul 2024LinkedIn · Jul 2026
53 yr1973
—No postings tracked

Manufacturer of solar photovoltaic modules and renewable energy solutions

Solar energy
₹3,459.53 crFY 2024-25
+37%2024–2025
2,092+13% 12 mo to Jul 2024LinkedIn · Jul 2026
21 yr2005
2postings · last posted Sep 2026

Manufacturer of precision-engineered products and building solutions

Metals and alloys
₹3,263.27 crFY 2024-25
+3%2024–2025
2,415-0% 12 mo to May 2024LinkedIn · Jul 2026
38 yr1988
0none in 3 months

Integrated manufacturer of products for renewable energy and transmission lines sectors

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

Provider of energy transition and decarbonization solutions

Solar energy
₹2,925.73 crFY 2024-25
+13%2024–2025
2,995-99% 12 mo to Sep 2024LinkedIn · Jul 2026
20 yr2006
0none in 3 months

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

Provider of wind and solar power project development services

Solar energy
₹2,441.18 crFY 2022-23
+27%2022–2023
228-17% 12 mo to Feb 2024LinkedIn · Jul 2026
17 yr2009
0none in 3 months

Manufacture of solar module mounting structure

Solar energy
₹2,554.81 crFY 2024-25
+48%2024–2025
171+44% 12 mo to Feb 2024LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Everrenew is a renewable energy company that offers affordable and reliable wind power and solar power investment solutions

Wind energy
₹2,385.13 crFY 2023-24
+348%2023–2024
370+408% 12 mo to Sep 2023LinkedIn · Jul 2026
7 yr2019
0none in 3 months · last posted Jan 2025

Manufacturer of solar photovoltaic modules and cells

Solar energy
₹2,416.93 crFY 2024-25
Not reported
372+4% 12 mo to Sep 2024recorded Sep 2024
15 yr2011
0none in 3 months

Manufacturer of solar photovoltaic modules and solar water heating systems

Solar energy
₹2,360.33 crFY 2024-25
+147%2024–2025
1,090+11% 12 mo to Jul 2023LinkedIn · Jul 2026
34 yr1992
0none in 3 months

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

Manufacturers of solar PV modules

Solar energy
₹2,192.47 crFY 2024-25
Not reported
1,337+24% 12 mo to Sep 2024LinkedIn · Jul 2026
11 yr2015
0none in 3 months
50 of 2,071 companies shown here · the full list is on Radar
Fliar Radar

Explore all 2,071 solar energy companies in India on Radar

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

Open solar energy in India on Radar
  • 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.

  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. Premier Energies

    Developer of solar energy projects

    Solar energy
    See in list
  4. TP Solar

    Provider of solar photovoltaic panels

    Solar energy
    See in list
  5. Balaji Malts

    Provider of paper recycling services

    Solar energy
    See in list

Solar project developers & installation companies

Firms that design, install and run solar power plants and rooftop systems.

  1. Redington

    Provider of solar panels and clean, renewable energy solutions

    Solar energy
    See in list
  2. Tata Power Solar

    Manufacturing of PV modules and solar cells

    Solar energy
    See in list
  3. Apl Apollo Tubes

    Online platform for manufacturing structural steel tubes, pipes, and related steel solutions

    Solar energy
    See in list
  4. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  5. KPCL

    Independent hydel, thermal, solar and wind power producer

    Solar energy
    See in list

Solar water heaters, lighting & consumer products

Makers of solar water heaters, street lights, pumps and other solar-powered products.

  1. GRE Renew Enertech

    Manufacturer of solar panels and indoor LED lights

    Solar energy
    Website
  2. Sunlite

    Promotes clean lighting in rural areas

    Energy efficiency
    Website
  3. Shaffer Energy

    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.

    Solar energy
    Website
  4. MEGAPOWER SOLAR

    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.

    Solar energy
    Website
  5. First ESCO India

    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.

    Solar energy
    Website

Energy storage, batteries & solar inverters

Companies offering batteries, inverters and storage systems for solar power.

  1. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  2. Servoteh

    Manufacturer of solar inverters, solar batteries, EV chargers, and LEDs

    Energy storage tech
    Website
  3. Su-Kam Power Systems

    Manufacturer of solar panels and powered storage products

    Energy storage
    Website
  4. Genus Innovation

    Provider of solar energy products and services

    Solar energy
    Website
  5. Plaza Cables

    Offer solar street lights, panels, lanterns, home appliances, and inverter battery

    Energy storage
    Website

Wind, hydro & other renewable energy companies

Independent power producers and developers of wind, hydro and bioenergy projects.

  1. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  2. KPCL

    Independent hydel, thermal, solar and wind power producer

    Solar energy
    See in list
  3. Tata Power Renewable Energy

    Developer of large-scale renewable energy projects

    Solar energy
    See in list
  4. Greenko Group

    Provider of energy transition and decarbonization solutions

    Solar energy
    See in list
  5. Everrenew

    Everrenew is a renewable energy company that offers affordable and reliable wind power and solar power investment solutions

    Wind energy
    See in list

Solar equipment, mounts & power electronics

Suppliers of mounting structures, cables, transmission gear and balance-of-system parts.

  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. Premier Energies

    Developer of solar energy projects

    Solar energy
    See in list
  4. TP Solar

    Provider of solar photovoltaic panels

    Solar energy
    See in list
  5. Pennar

    Manufacturer of precision-engineered products and building solutions

    Metals and alloys
    See in list
97 companies in India

Solar energy startups in India

Newer solar energy companies founded in the last few years.

  1. GMR Power & Urban

    Provider of infrastructure development services

    Solar energy
    See in list
  2. Jash Energy

    Manufacturer of solar tracker components, including posts, tubes, purlins, and fasteners

    Solar energy
    See in list
  3. GREW

    Manufacturer of solar modules and provider of solar energy solutions

    Solar energy
    See in list
  4. Solar ACE

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

    Solar energy
    Website
  5. Blupine Energy

    Provider of renewable energy services

    Solar energy
    Website
159 companies in India

Solar energy companies hiring in India

Solar energy companies with open jobs right now.

  1. Apl Apollo Tubes

    Online platform for manufacturing structural steel tubes, pipes, and related steel solutions

    Solar energy
    See in list
  2. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  3. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  4. Balaji Malts

    Provider of paper recycling services

    Solar energy
    See in list
  5. Everrenew

    Everrenew is a renewable energy company that offers affordable and reliable wind power and solar power investment solutions

    Wind energy
    See in list
27 companies in India

Listed solar energy companies in India

Publicly traded solar energy companies and solar energy stocks in India.

  1. Apl Apollo Tubes

    Online platform for manufacturing structural steel tubes, pipes, and related steel solutions

    Solar energy
    See in list
  2. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  3. Adani Green Energy

    Independent power producer from renewable energy sources

    Solar energy
    See in list
  4. Lanco Infratech

    Multinational conglomerate with diverse interests in industries such as heavy equipment, construction, and power generation

    Traditional conglomerates
    Website
  5. GMR Power & Urban

    Provider of infrastructure development services

    Solar energy
    See in list
55 companies in India
Mobile reach

Top 10 solar energy apps from India

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.

1 of 10
3

UTL SOLAR SUN+

by UTL

Installs37K
Rating—
Last updatedMay 2026
View on Google Play ↗
UTL SOLAR SUN+ screenshot 1UTL SOLAR SUN+ screenshot 2UTL SOLAR SUN+ screenshot 3UTL SOLAR SUN+ screenshot 4UTL SOLAR SUN+ screenshot 5UTL SOLAR SUN+ screenshot 6
8

Solartrade -B2B for Installers

by Solartrade

Installs18K
Rating—
Last updatedMay 2023
View on Google Play ↗
Solartrade -B2B for Installers screenshot 1Solartrade -B2B for Installers screenshot 2Solartrade -B2B for Installers screenshot 3Solartrade -B2B for Installers screenshot 4
10

HomeScape Solar

by HomeScape

Installs12K
Rating—
Last updatedJan 2024
View on Google Play ↗
HomeScape Solar screenshot 1HomeScape Solar screenshot 2HomeScape Solar screenshot 3HomeScape Solar screenshot 4HomeScape Solar screenshot 5HomeScape Solar screenshot 6
The business behind the activity

Solar energy financials in India

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

CompanyGrowthRevenue
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

CompanyMarginRevenue
GMR Power & UrbanGMR POWER AND URBAN INFRA LIMITED146.8%₹508.59 cr
USEIPLUNITED SUSTAINABLE ENERGY INDIA PRIVATE LIMITED97.3%₹18.58 cr
R2V2R2V2 TECHNOLOGIES PRIVATE LIMITED86.9%
RemclREMC LIMITED₹140.47 cr
Surana Telecom and PowerSURANA TELECOM AND POWER LIMITED55.5%₹44.19 cr
SolencoSOLENCO INFRA PRIVATE LIMITED51.8%₹51.49 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Solar energy943₹236,924.28 cr~₹11.2 cr84%7.2%
Wind energy24₹3,548.40 cr~₹9.3 cr75%8.3%
Electricity transmission & distribution equipment5₹3,194.21 cr~₹15.0 cr100%4.3%
Energy storage5₹742.99 cr~₹69.6 cr100%3.1%
Hydro power7₹177.42 cr~₹7.1 cr86%0.3%
Renewable energy tech6₹139.95 cr~₹4.5 cr83%9.7%
Energy efficiency6₹93.08 cr~₹2.3 cr67%5.7%
Leaders

Largest solar energy 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%
Adani Green EnergyAdani Green Energy Limited₹20,749.00 cr₹654.00 cr3.2%+61%
Solar EnergySOLAR ENERGY CORPORATION OF INDIA LIMITED₹15,308.18 cr3.3%+17%
KPCLKARNATAKA POWER CORPORATION LIMITED₹14,509.67 cr₹563.40 cr3.9%—
Apl Apollo TubesAPL APOLLO TUBES LIMITED₹14,440.25 cr₹335.59 cr2.3%+4%
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%
Adani SolarMUNDRA SOLAR PV LIMITED₹6,488.37 cr₹1,085.03 cr16.7%+99%
ThermaxTHERMAX LIMITED.8.9%
Sterling and WilsonSTERLING AND WILSON RENEWABLE ENERGY LIMITED₹5,592.38 cr₹318.26 cr5.7%+88%
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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.

  • 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 solar energy landscape of India
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 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
Corporate activity · last 24 months

M&A in India

102Acquisition
2Merger
1Announced

Most active acquirers

  1. Waaree energies14
  2. Premier energies9
  3. ONGC-NTPC Green Pvt Ltd8
  4. Thermax4
  5. Na4

Most acquired or merged

  1. Sprng energy10
  2. Ayana renewable power9
  3. Ksolare energy6
  4. Sterling and wilson renewable energy5
  5. O2 power4

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

Solar energy funding in India

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.

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.

Explore India solar energy companies by sub-sector

The most common specialisations among solar energy companies in India. 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.

Coming soon