Company lists
The Maharashtra edition · 2026

Solar energycompanies in Maharashtra

Panel manufacturers, EPC & installers, power producers, solar-as-a-service, storage & inverters and more: the companies building solar energy in Maharashtra, with their founders, funding, team size and business models.

408 company profiles214 with reported revenue23 with recorded fundingSeptember 2026 edition
Maharashtra · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent solar energy business events in Maharashtra

Funding, M&A, contract wins and launches involving 511 solar energy companies in Maharashtra, last 24 months: 108 Contracts · 55 M&A deals · 18 funding rounds · 1 Launch. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

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

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
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

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
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
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
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
M&AAcquisition

Thermax acquires Exactspace

Thermax acquired ExactSpace, a specialist in AI-driven industrial IoT solutions.

M&AAcquisition · Completed

Thermax acquires Exactspace Technologies

Thermax has completed the acquisition of additional 35.83% (on a fully diluted basis) stake in Exactspace Technologies (Exactspace). With this, Company's shareholding has increased to…

Energy and environment solutions
ContractSupply

Hinduja renewables · client: LG Electronics India

In a significant stride towards industrial decarbonisation, Hinduja Renewables Energy Private Limited (HREPL) has signed a long-term solar Power Purchase Agreement (PPA) with LG…

Renewable Energy
Funding

Metafin

"Metafin raised $10 million in debt,"

Investors Na
Lending
M&AAcquisition · Completed

Premier energies acquires Ksolare energy

Its rival Premier Energies Ltd has gone on a similar track to acquire majority stakes in inverters maker Ksolare Energy Pvt Ltd and transformer maker Transcon Industries Ltd in recent…

Inverters
M&AAcquisition · Announced

GIP EM Star Pte Ltd acquires Aditya Birla Renewables

Commission approves the subscription of certain equity share capital of Aditya Birla Renewables Limited (ABReN/Target) by GIP EM Star Pte Ltd (Acquirer),

Renewable Energy
ContractSupply

Hinduja renewables · client: LGE India

LGE India has signed long-term solar power purchase agreements with Hinduja Renewables Energy Pvt Ltd and Sunsure Energy to source renewable electricity for its manufacturing facilities…

Renewable Energy
Funding

Mahindra susten

Mahindra Susten has secured financing of about $123mn for a 300MW renewable energy project in Rajasthan being developed for NHPC Limited , according to POWERLINE.

Investors Hdfc bank
Renewable Energy
ContractService

Waaree Renewable Technologies · client: Na

Waaree Renewable Technologies Limited has signed a contract to execute engineering, procurement and construction (EPC) works for a 300 MW AC (420 MWp) ground-mounted solar photovoltaic…

Solar
M&AAcquisition · Completed

DC&T Global Private Limited acquires Metafin

DC&T Global Private Limited, a wholly owned subsidiary of Belding India Limited, has successfully acquired 55% shareholding in Metafin Technology Private Limited on March 5, 2026.

Engineering, Industrial Equipment & Automation
M&AAcquisition · Pending

Actis LLP acquires Sprng energy

Actis LLP has unexpectedly entered the fray to buy Sprng Energy from Shell, seeking to re‑acquire the clean energy platform it had set up and subsequently sold to the Anglo‑Dutch energy…

Renewable Energy
FundingEquity raise

Radiance renewables

Radiance, an Eversource Capital‑backed platform and leader in India’s Commercial and Industrial renewable energy sector, today announced an equity investment raise of ~USD 100 million.

Commercial & Industrial Renewable Energy
M&AAcquisition · Pending

Aditya birla group acquires Sprng energy

Aditya Birla Group has joined National Investment and Infrastructure Fund (NIIF), KKR and Sembcorp in the race to acquire renewable energy platform Sprng Energy from the UK-headquartered…

Renewable Energy Generation
M&AAcquisition · Pending

National Investment and Infrastructure Fund (NIIF) acquires Sprng energy

Aditya Birla Group has joined National Investment and Infrastructure Fund (NIIF), KKR and Sembcorp in the race to acquire renewable energy platform Sprng Energy from the UK-headquartered…

Renewable Energy Generation
M&AAcquisition · Completed

Reliance industries acquires Reliance power

Mukesh Ambani-led Reliance Industries has consolidated 16 step-down wholly owned subsidiaries into its clean-energy arm, Reliance New Energy Limited, as it streamlines its expanding…

M&AMerger · Completed

Reliance New Energy acquires Reliance power

Reliance Industries has merged 16 step-down wholly owned subsidiaries into its Clean Energy branch, Reliance New Energy Limited. The merger is effective from 21 January 2026.

Power Electronics
M&AAcquisition · Rumored

SembCorp acquires Sprng energy

NEW DELHI: India’s National Investment and Infrastructure Fund (NIIF), KKR and Sembcorp are locked in a tight race to acquire renewable energy supplier Sprng Energy from oil major Shell Plc.

Renewable Energy
M&AAcquisition · Rumored

Kkr acquires Sprng energy

NEW DELHI: India’s National Investment and Infrastructure Fund (NIIF), KKR and Sembcorp are locked in a tight race to acquire renewable energy supplier Sprng Energy from oil major Shell Plc.

Renewable Energy
M&AAcquisition · Completed

Shell Plc acquires Sprng energy

Shell acquired Sprng from global private equity firm Actis for $1.5 billion three years ago.

Renewable Energy

Solar energy companies in Maharashtra, by revenue

Browse solar energy companies in Maharashtra 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 214 solar energy companies in Maharashtra 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

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

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

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 solar photovoltaic panels

Solar energy
₹5,341.39 crFY 2024-25
+2193%2024–2025
—Not available
37 yr1989
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

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

Developer of solar energy projects

Solar energy
₹1,610.34 crFY 2024-25
Not reported
986+20% 12 mo to Jun 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months

Manufacturer of solar glass

Solar energy
₹1,390.46 crFY 2023-24
Not reported
523+1% 12 mo to Aug 2024LinkedIn · Jul 2026
64 yr1962
0none in 3 months

Leading industry player in clean energy solutions with a decade of experience in executing large-scale and complex renewable energy projects

Solar energy
₹584.09 crFY 2024-25
+47%2024–2025
494+236% 12 mo to Sep 2024LinkedIn · Jul 2026
15 yr2011
12postings · last posted Sep 2026

Provider of open access and behind-the-meter solar energy solutions

Solar energy
₹575.79 crFY 2024-25
+35%2024–2025
153+8% 12 mo to Jul 2024LinkedIn · Jul 2026
8 yr2018
0none in 3 months

Solar EPC company

Solar energy
₹522.74 crFY 2024-25
+44%2024–2025
358+29% 12 mo to Jul 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months · last posted Apr 2026

Leading solar panel manufacturing company offering products for homes and businesses

Solar energy
₹519.28 crFY 2024-25
+27%2024–2025
354+12% 12 mo to Sep 2024LinkedIn · Jul 2026
22 yr2004
0none in 3 months

A turnkey solar EPC company

Solar energy
₹509.02 crFY 2024-25
+161%2024–2025
583+33% 12 mo to Aug 2024LinkedIn · Jul 2026
16 yr2010
0none in 3 months · last posted Jan 2025

Provider of clean energy services and developer of renewable projects

Solar energy
₹392.46 crFY 2024-25
+33%2024–2025
321+900% 12 mo to Jul 2024LinkedIn · Jul 2026
14 yr2012
0none in 3 months

Developer of solar and wind energy projects

Solar energy
₹365.77 crFY 2024-25
+59%2024–2025
204LinkedIn · Jul 2026
36 yr1990
1postings · last posted Sep 2026

Chains providing rooftop solar energy systems for residential and commercial properties

Solar energy
₹364.30 crFY 2024-25
+105%2024–2025
2,513+221% 12 mo to Sep 2024LinkedIn · Jul 2026
11 yr2015
11postings · last posted Sep 2026

Manufacturer of solar grid-tie inverter & EV charger

Solar energy
₹344.34 crFY 2024-25
+51%2024–2025
126+29% 12 mo to Sep 2024LinkedIn · Jul 2026
14 yr2012
1postings · last posted Jul 2026

Renewable energy power based IPP

Wind energy
₹308.74 crFY 2023-24
-90%2023–2024
42-3% 12 mo to Jun 2023LinkedIn · Jul 2026
33 yr1993
0none in 3 months

Developer of wind, solar, hybrid, and green hydrogen energy projects

Solar energy
₹307.36 crFY 2024-25
Not reported
168-16% 12 mo to Aug 2023LinkedIn · Jul 2026
7 yr2019
1postings · last posted Sep 2026

Developer of solar energy projects

Solar energy
₹301.71 crFY 2024-25
-11%2024–2025
328+28% 12 mo to Aug 2024LinkedIn · Jul 2026
11 yr2015
0none in 3 months · last posted Nov 2025

Provider of solar planning and designing services

Solar energy
₹271.74 crFY 2024-25
+150%2024–2025
235+24% 12 mo to Sep 2024LinkedIn · Jul 2026
9 yr2017
0none in 3 months · last posted Jan 2025

A solar energy solutions provider offering solar panel installations, energy assessments, financing options, and consultations

Solar energy
₹258.45 crFY 2024-25
Not reported
25LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Company specializing in engineering and infrastructure solutions

Solar energy
₹239.61 crFY 2024-25
+55%2024–2025
750recorded
22 yr2004
0none in 3 months

Provider of solar water and pumps

Solar energy
₹196.16 crFY 2024-25
+80%2024–2025
141+23% 12 mo to Sep 2024LinkedIn · Jul 2026
39 yr1987
1postings · last posted Jul 2026

Solar PV Panel manufacturers

Solar energy
₹190.05 crFY 2024-25
-4%2024–2025
56LinkedIn · Jul 2026
19 yr2007
0none in 3 months
50 of 408 companies shown here · the full list is on Radar
Fliar Radar

Explore all 408 solar energy companies in Maharashtra on Radar

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

Open solar energy in Maharashtra on Radar
  • Every company, not just 50All 408 solar energy companies in Maharashtra, 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 Maharashtra by what you are looking for

Browse solar energy companies in Maharashtra, from solar panel manufacturers to project developers and installers. Compare solar energy companies near you, listed solar stocks and solar startups in Maharashtra.

9 ways to explore solar energy in Maharashtra

Solar panel & module manufacturersSolar EPC, installation & project developersSolar & renewable power producers (IPPs)Solar-as-a-service & rooftop solar for businessesSolar inverters, batteries & energy storageSolar lighting, water heaters & efficiency

Solar panel & module manufacturers

Manufacturers of solar PV panels, modules and cells.

  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. TP Solar

    Provider of solar photovoltaic panels

    Solar energy
    See in list
  4. Karamtara

    Integrated manufacturer of products for renewable energy and transmission lines sectors

    Electricity transmission & distribution equipment
    See in list
  5. Borosil Renewables

    Manufacturer of solar glass

    Solar energy
    See in list

Solar EPC, installation & project developers

Turnkey solar installers and developers of rooftop and utility projects.

  1. Apraava

    Provider of integrated energy solutions

    Solar energy
    Website
  2. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  3. CleanMax

    Developer of solar energy projects

    Solar energy
    See in list
  4. Aditya Birla Renewables

    Leading industry player in clean energy solutions with a decade of experience in executing large-scale and complex renewable energy projects

    Solar energy
    See in list
  5. Radiance Renewables

    Provider of open access and behind-the-meter solar energy solutions

    Solar energy
    See in list

Solar & renewable power producers (IPPs)

Independent power producers and utility-scale solar and wind generators.

  1. Tata Power Renewable Energy

    Developer of large-scale renewable energy projects

    Solar energy
    See in list
  2. Ghodawat Energy

    Renewable energy power based IPP

    Wind energy
    See in list
  3. Viviid Renewables

    Developer of wind, solar, hybrid, and green hydrogen energy projects

    Solar energy
    See in list
  4. Skeiron

    Wind power producer and solar project developer

    Solar energy
    Website
  5. NuPower Renewables

    Provider of independent power generation services

    Solar energy
    See in list

Solar-as-a-service & rooftop solar for businesses

Pay-per-use and financed solar for commercial and residential customers.

  1. CleanMax

    Developer of solar energy projects

    Solar energy
    See in list
  2. SolarSquare

    Chains providing rooftop solar energy systems for residential and commercial properties

    Solar energy
    See in list
  3. HCT Sun

    Commercial solar project developer

    Solar energy
    Website
  4. Sunlite

    Promotes clean lighting in rural areas

    Energy efficiency
    Website
  5. Windsun

    Rooftop solar photovoltaic system installer

    Solar energy
    Website

Solar inverters, batteries & energy storage

Inverters, charge controllers, batteries and storage systems.

  1. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  2. SMA India

    Manufacturer of power electronics

    Solar energy
    See in list
  3. Dabun

    Manufacturer and supplier of solar inverter solutions

    Energy storage tech
    Website
  4. Levicon India Systems

    Manufacturer of solar charge controllers and inverters. It provides solar lighting solutions, lithium-ion battery packs, and static voltage stabilizers. The company also offers solar pump controllers and pure sine wave inverters, serving residential, rural electrification, industrial, commercial, security, surveillance, and telecommunications sectors. Its focus is on renewable energy and energy conservation, leveraging AI and IoT technologies to optimize energy usage and increase efficiency. The company develops online training programs in emerging technologies to promote sustainable practices

    Solar energy
    Website
  5. Zoom Solar

    Developer of solar PV and housing projects on a residential, commercial and industrial scale

    Solar energy
    Website

Solar lighting, water heaters & efficiency

Solar lighting, thermal water heaters and energy efficiency products.

  1. Sunlite

    Promotes clean lighting in rural areas

    Energy efficiency
    Website
  2. Climesense

    Developer of solar and wind energy projects

    Solar energy
    Website
  3. Levicon India Systems

    Manufacturer of solar charge controllers and inverters. It provides solar lighting solutions, lithium-ion battery packs, and static voltage stabilizers. The company also offers solar pump controllers and pure sine wave inverters, serving residential, rural electrification, industrial, commercial, security, surveillance, and telecommunications sectors. Its focus is on renewable energy and energy conservation, leveraging AI and IoT technologies to optimize energy usage and increase efficiency. The company develops online training programs in emerging technologies to promote sustainable practices

    Solar energy
    Website
  4. Datum Energy systems

    LED lighting products manufacturer

    Energy efficiency
    Website
  5. NCF Labs

    Provider of heating solutions through pragmatic solar thermal

    Solar energy
    Website

Solar energy startups in Maharashtra

Recently founded solar energy companies in Maharashtra.

  1. Mahindra Solarize

    Manufacturer of solar powered products

    Solar energy
    See in list
  2. Sorigin

    Provider of business strategy, financing, logistics, and other consulting services

    Management consulting services
    Website
  3. Myriad Energy

    Provider of design, manufacture, and installation of solar energy solutions

    Solar energy
    Website
  4. Frevolt

    Provider of solar installation services

    Solar energy
    Website
  5. KT Solar Engg

    Provider of solar energy services for residential & commercial

    Solar energy
    Website
40 companies in Maharashtra

Solar energy companies hiring in Maharashtra

Solar energy companies in Maharashtra with open roles.

  1. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  2. Aditya Birla Renewables

    Leading industry player in clean energy solutions with a decade of experience in executing large-scale and complex renewable energy projects

    Solar energy
    See in list
  3. Enrich Energy

    Solar EPC company

    Solar energy
    See in list
  4. Mahindra Susten

    A turnkey solar EPC company

    Solar energy
    See in list
  5. Technocrafts

    Developer of solar and wind energy projects

    Solar energy
    See in list
19 companies in Maharashtra

Listed solar energy companies in Maharashtra

Publicly listed solar energy companies and stocks in Maharashtra.

  1. Waaree Energies

    Manufacturer of solar PV modules

    Solar energy
    See in list
  2. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  3. CleanMax

    Developer of solar energy projects

    Solar energy
    See in list
  4. Borosil Renewables

    Manufacturer of solar glass

    Solar energy
    See in list
  5. Mitcon Consultancy & Engineering Services

    Consultancy and Engineering services to corporates

    Solar energy
    See in list
14 companies in Maharashtra
Mobile reach

Top 10 solar energy apps from Maharashtra

The most-installed Android apps published by solar energy companies headquartered in Maharashtra — 199K installs between them. 19 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
3

Oorjan - Solar Monitoring App

by Oorjan

Installs10K
Rating—
Last updatedAug 2021
View on Google Play ↗
Oorjan - Solar Monitoring App screenshot 1Oorjan - Solar Monitoring App screenshot 2Oorjan - Solar Monitoring App screenshot 3Oorjan - Solar Monitoring App screenshot 4Oorjan - Solar Monitoring App screenshot 5
The business behind the activity

Solar energy financials in Maharashtra

Revenue, profit and growth from the filed annual accounts of 191 solar energy companies in Maharashtra for FY24-25 — 228 of the 408 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 74% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹82,985.20 cr

191 companies filing accounts

combined net profit₹7,505.93 cr

9.0% aggregate margin

are profitable81%

155 of 191 companies

median revenue~₹11.2 cr

the typical company

median revenue growth+36%

into FY24-25

earned by the top five74%

revenue concentration

Six-year view

Combined revenue of filing companies

₹28,266.97 crFY19-20159 filers
₹37,317.66 crFY20-21166 filers
₹44,763.38 crFY21-22180 filers
₹57,471.00 crFY22-23187 filers
₹80,929.86 crFY23-24201 filers
₹82,985.20 crFY24-25191 filers

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

Like-for-like

The same 171 companies over three years

+62%
FY22-23₹47,439.12 cr₹3,497.49 cr net
FY23-24₹68,574.38 cr₹5,769.03 cr net
FY24-25₹77,052.82 cr₹7,051.78 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 cr2339% profitable
₹1–10 cr7080% profitable
₹10–100 cr6591% profitable
₹100–1,000 cr2391% 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

Shrinking51
0–20%28
20–50%31
50–100%25
Doubled+53

188 companies with accounts for both years; median growth +36%.

Profitability

Profit is concentrated at the top

155profitable
36loss-making
9.0%aggregate margin
3.2%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
Soyo SystemsSOYO ENERGIES PRIVATE LIMITED
SuryottamELECTRAA SOLAR ENERGY SYSTEMS PRIVATE LIMITED
Modern Hiring ServiceMODERN ENERGY RENTAL PRIVATE LIMITED
SoledifySOLEDIFY SYSTEMS PRIVATE LIMITED₹26.67 cr
Younity EnergyYOUNITY ENERGY PRIVATE LIMITED
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
SolencoSOLENCO INFRA PRIVATE LIMITED
Aditya Birla RenewablesADITYA BIRLA RENEWABLES LIMITED16.3%₹509.84 cr
SatecSATEC ENVIR ENGINEERING (INDIA) PRIVATE LIMITED16.1%₹239.61 cr
BenderBENDER INDIA PRIVATE LIMITED15.5%₹34.51 cr
Becquer EnergyBECQUER ENERGY INDIA SALES OFFICE PRIVATE LIMITED
Srpl GroupSWIKRITI RENEWABLES PRIVATE LIMITED14.5%₹17.05 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Solar energy173₹79,398.24 cr~₹10.1 cr83%9.3%
Wind energy7₹154.70 cr~₹4.3 cr71%7.6%
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%
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%
ThermaxTHERMAX LIMITED.
Sterling and WilsonSTERLING AND WILSON RENEWABLE ENERGY LIMITED₹5,592.38 cr₹318.26 cr5.7%+88%
TP SolarTP SOLAR LIMITED₹5,341.39 cr₹421.53 cr7.9%>10×
KaramtaraKARAMTARA ENGINEERING LIMITED₹3,115.90 cr₹134.92 cr4.3%+30%
Sterling And WilsonSTERLING AND WILSON PRIVATE LIMITED₹26.37 cr1.6%
Borosil RenewablesBOROSIL RENEWABLES LIMITED₹1,126.43 cr₹33.47 cr3.0%+12%
Hinduja RenewablesHINDUJA RENEWABLES ENERGY PRIVATE LIMITED₹1,009.79 cr₹65.64 cr6.5%+125%
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 Maharashtra 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, Maharashtra55

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 Maharashtra

54Acquisition
1Merger

Most active acquirers

  1. Waaree energies14
  2. Thermax4
  3. Premier energies3
  4. Aditya birla group2
  5. Waaree Renewable Technologies2

Most acquired or merged

  1. Sprng energy10
  2. Ksolare energy6
  3. Sterling and wilson renewable energy5
  4. Associated power structures2
  5. Exactspace2

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

Solar energy funding in Maharashtra

23 solar energy companies in Maharashtra have recorded equity funding, US$2.12bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Maharashtra

Meet the people behind solar energy companies in Maharashtra. 133 of 408 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Maharashtra solar energy companies by sub-sector

The most common specialisations among solar energy companies in Maharashtra. 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