Installers, panels & products, project developers, power solutions, renewable & bioenergy and more: the companies building solar energy in Kerala, 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: 512 Contracts · 99 M&A deals · 71 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…
Awarded under the Uttarakhand Power Corporation Limited's (UPCL) flagship Ganga Corridor power distribution modernization project, Sharika Enterprises will work with East India Udyog…
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.
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 Kerala, by revenue
Browse solar energy companies in Kerala by reported revenue, one-year revenue growth, revenue model, age and stage. The 32 companies below are the largest by their most recent reported revenue among 32 solar energy companies in Kerala 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 32
Company & businessRevenueRevenue growthHeadcount & growthAgeJobs · last 3 months
Provider of range of products and services including on-grid and off-grid solar systems, with a focus on sustainable energy solutions
Every company, not just 50All 93 solar energy companies in Kerala, 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 Kerala by what you are looking for
Browse solar energy companies in Kerala, from rooftop solar installers to solar panel and solar product makers. Find solar energy startups in Kerala and the top solar energy companies in India that serve the state.
7 ways to explore solar energy in Kerala
Solar system installers & EPC companiesSolar panels & solar product companiesSolar project developers & power producersPower, backup & energy efficiency solution providersRenewable energy consulting, bioenergy & waste-to-energySolar energy startups in Kerala
Solar system installers & EPC companies
Companies that design and install rooftop and grid-connected solar systems for homes and businesses.
Kodco Energy India
Provider of range of products and services including on-grid and off-grid solar systems, with a focus on sustainable energy solutions
Provider of LED lighting, healthcare, shipping, and marble solutions. It offers a one-stop solution for LED lighting needs, high-quality marble products, and comprehensive shipping and logistics services. In healthcare, it facilitates access to medical tourism. The company also operates in education and communication sectors. It focuses on providing quality services with a global perspective.
The most-installed Android apps published by solar energy companies headquartered in Kerala — 3K installs between them. 5 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 29 solar energy companies in Kerala for FY24-25 — 39 of the 93 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 67% of the revenue, so medians describe the typical company better than totals.
combined revenue, FY24-25₹512.93 cr
29 companies filing accounts
combined net profit₹22.89 cr
4.5% aggregate margin
are profitable83%
24 of 29 companies
median revenue~₹6.5 cr
the typical company
median revenue growth+34%
into FY24-25
earned by the top five67%
revenue concentration
Six-year view
Combined revenue of filing companies
₹100.42 crFY19-2022 filers
₹101.11 crFY20-2126 filers
₹123.65 crFY21-2227 filers
₹221.75 crFY22-2329 filers
₹364.48 crFY23-2432 filers
₹512.93 crFY24-2529 filers
The number of companies filing changes each year; the three-year cohort below compares like with like.
Like-for-like
The same 24 companies over three years
+135%
FY22-23₹211.03 cr₹16.44 cr net
FY23-24₹324.45 cr₹21.17 cr net
FY24-25₹495.52 cr₹25.27 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 cr450% profitable
₹1–10 cr1479% profitable
₹10–100 cr10100% profitable
₹100–1,000 cr1100% profitable
Over ₹1,000 cr0—
Companies by FY24-25 revenue. Bars show how many companies sit in each band.
Momentum
How fast revenue moved into FY24-25
Shrinking6
0–20%5
20–50%5
50–100%6
Doubled+6
28 companies with accounts for both years; median growth +34%.
Profitability
Profit is concentrated at the top
24profitable
5loss-making
4.5%aggregate margin
1.7%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
Virgin Power & EngineeringVIRGIN POWER AND ENGINEERING PRIVATE LIMITED
+180%
₹43.15 cr
Kodco Energy IndiaKODCO ENERGY INDIA PRIVATE LIMITED
+137%
₹155.12 cr
Roze Solar SolutionsROZE SOLAR SOLUTIONS PRIVATE LIMITED
+113%
₹58.90 cr
Recon EnergyRECON ENERGY INDIA PRIVATE LIMITED
+60%
₹13.02 cr
Vatsaa EnergyVATSAA ENERGY PRIVATE LIMITED
+53%
₹15.49 cr
TerrapaxXSASHMA GLOBAL PRIVATE LIMITED
+44%
₹10.31 cr
Profit leaders · ₹10 cr+ revenue
Highest net margins, FY24-25
Company
Margin
Revenue
CIAL InfraCIAL INFRASTRUCTURES LIMITED
21.2%
₹38.40 cr
Vatsaa EnergyVATSAA ENERGY PRIVATE LIMITED
18.6%
₹15.49 cr
Kodco Energy IndiaKODCO ENERGY INDIA PRIVATE LIMITED
5.4%
₹155.12 cr
Moopens Energy SolutionsMOOPENS ENERGY SOLUTIONS PRIVATE LIMITED
4.3%
₹47.03 cr
Unicorn Power SolutionsUNICORN POWER SOLUTIONS PRIVATE LIMITED
3.9%
₹14.26 cr
Recon EnergyRECON ENERGY INDIA PRIVATE LIMITED
3.7%
₹13.02 cr
Inside the industry
Sub-sectors compared, FY24-25
Sub-sector
Companies
Revenue
Median revenue
Profitable
Margin
Solar energy
28
₹498.67 cr
~₹6.4 cr
82%
4.5%
Leaders
Largest solar energy companies by revenue, FY24-25
Company · legal entity
Revenue
Net result
Margin
Growth
Kodco Energy IndiaKODCO ENERGY INDIA PRIVATE LIMITED
₹155.12 cr
₹8.44 cr
5.4%
+137%
Roze Solar SolutionsROZE SOLAR SOLUTIONS PRIVATE LIMITED
₹58.90 cr
₹97.87 lakh
1.7%
+113%
Moopens Energy SolutionsMOOPENS ENERGY SOLUTIONS PRIVATE LIMITED
₹47.03 cr
4.3%
-24%
Virgin Power & EngineeringVIRGIN POWER AND ENGINEERING PRIVATE LIMITED
₹43.15 cr
₹1.27 cr
2.9%
+180%
CIAL InfraCIAL INFRASTRUCTURES LIMITED
₹38.40 cr
₹8.15 cr
21.2%
-10%
WattSun EnergyWATTSUN ENERGY INDIA PRIVATE LIMITED
₹32.79 cr
₹79.02 lakh
2.4%
+26%
RenergyindiaRENERGY SYSTEMS INDIA PRIVATE LIMITED
₹22.00 cr
₹63.38 lakh
2.9%
+28%
Vatsaa EnergyVATSAA ENERGY PRIVATE LIMITED
₹15.49 cr
₹2.88 cr
18.6%
+53%
Unicorn Power SolutionsUNICORN POWER SOLUTIONS PRIVATE LIMITED
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 Kerala 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, India99
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
Kerala in context
Kerala’s share of India’s solar energy funding
Rounds0%0 of 155
Capital0%US$0k of US$4.24bn
Equity rounds over the last five years, 110 solar energy companies in Kerala among 2,531 in India.
Corporate activity · last 24 months
M&A in India
96Acquisition
2Merger
1Announced
Most active acquirers
Waaree energies14
Premier energies9
ONGC-NTPC Green Pvt Ltd8
Thermax4
Saatvik Green Energy3
Most acquired or merged
Sprng energy10
Ayana renewable power9
Ksolare energy6
O2 power4
Transcon3
Each deal appears in the events strip at the top of the page.
Founders and momentum in Kerala
Meet the people behind solar energy companies in Kerala. 16 of 93 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 Kerala 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.
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