Company lists
The Mumbai edition · 2026

Solar energycompanies in Mumbai

Panel makers, project developers, rooftop & solar-as-a-service, wind & renewables, energy efficiency and more: the companies building solar energy in Mumbai, Maharashtra, with their founders, funding, team size and business models.

180 company profiles113 with reported revenue19 with recorded fundingOctober 2026 edition
Mumbai · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 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: 527 Contracts · 105 M&A deals · 75 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

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

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

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: GMR Triveni 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
ContractSupply

Hpl electric & power · client: GMR Kashi 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: 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
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
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 Projects
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
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 · 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
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 Mumbai, by revenue

Browse solar energy companies in Mumbai 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 113 solar energy companies in Mumbai, 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
1postings · 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
6postings · 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

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
10postings · last posted Sep 2026

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

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

Solar PV Panel manufacturers

Solar energy
₹190.05 crFY 2024-25
-4%2024–2025
56LinkedIn · Jul 2026
19 yr2007
0none in 3 months

Manufacturer of solar powered products

Solar energy
₹177.16 crFY 2022-23
+9%2022–2023
108+0% 12 mo to Oct 2023LinkedIn · Jul 2026
5 yr2021
0none in 3 months

Provider of independent power generation services

Solar energy
₹180.07 crFY 2024-25
+1%2024–2025
15+4% 12 mo to Jun 2023LinkedIn · Jul 2026
18 yr2008
0none in 3 months

Provides solar plant installations, providing engineering, procurement, and construction services

Solar energy
₹176.26 crFY 2024-25
+15%2024–2025
211+15% vs previous recordLinkedIn · Jul 2026
10 yr2016
1postings · last posted Sep 2026

Solar project financing and development

Solar energy
₹120.13 crFY 2024-25
+127%2024–2025
128+19% 12 mo to Sep 2024LinkedIn · Jul 2026
12 yr2014
0none in 3 months · last posted Jun 2026

Manufacturer of solar products and EPC services

Solar energy
₹92.64 crFY 2024-25
+2%2024–2025
13LinkedIn · Jul 2026
10 yr2016
0none in 3 months

Platform offering a one-stop digital marketplace for defence, space, and aerospace sectors

Energy storage
₹85.31 crFY 2024-25
+308%2024–2025
10LinkedIn · Jul 2026
6 yr2020
0none in 3 months
50 of 180 companies shown here · the full list is on Radar
Fliar Radar

Explore all 180 solar energy companies in Mumbai on Radar

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

Open solar energy in Mumbai on Radar
  • Every company, not just 50All 180 solar energy companies in Mumbai, 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 Mumbai by what you are looking for

Browse the top solar energy companies in Mumbai, from solar panel manufacturers to project developers and installers. You can also find solar energy startups in Mumbai and listed solar energy companies and stocks.

8 ways to explore solar energy in Mumbai

Solar panel & module manufacturersSolar project developers & EPC companiesRooftop solar & solar-as-a-service providersWind, hydro & other renewable energy companiesEnergy efficiency, storage & solar equipmentSolar energy startups in Mumbai

Solar panel & module manufacturers

Makers of solar PV modules, cells and solar energy products.

  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 project developers & EPC companies

Developers and turnkey providers of large-scale solar, wind and hybrid energy projects.

  1. Tata Power Renewable Energy

    Developer of large-scale renewable energy projects

    Solar energy
    See in list
  2. Apraava

    Provider of integrated energy solutions

    Solar energy
    Website
  3. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  4. CleanMax

    Developer of solar 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

Rooftop solar & solar-as-a-service providers

Providers of rooftop solar systems and solar-as-a-service for homes and businesses.

  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. Apraava

    Provider of integrated energy solutions

    Solar energy
    Website
  5. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list

Wind, hydro & other renewable energy companies

Wind, hydro and bioenergy developers alongside solar.

  1. Tata Power Renewable Energy

    Developer of large-scale renewable energy projects

    Solar energy
    See in list
  2. Viviid Renewables

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

    Solar energy
    See in list
  3. Konark group

    Solar and wind power generator

    Solar energy
    See in list
  4. Artha Energy Resources

    Platform for mapping renewable energy generation assets

    Investment tech
    Website
  5. Epic Energy

    Manufacturer and supplier of renewable energy and energy efficiency products

    Wind energy
    Website

Energy efficiency, storage & solar equipment

Energy efficiency, storage and power equipment such as switchgear and thermal systems.

  1. Karamtara

    Integrated manufacturer of products for renewable energy and transmission lines sectors

    Electricity transmission & distribution equipment
    See in list
  2. Sterling and Wilson

    Developer of energy storage systems

    Solar energy
    See in list
  3. Satec

    Company specializing in engineering and infrastructure solutions

    Solar energy
    See in list
  4. SMA India

    Manufacturer of power electronics

    Solar energy
    See in list
  5. Sunlite

    Promotes clean lighting in rural areas

    Energy efficiency
    See in list

Solar energy startups in Mumbai

Newer solar energy companies founded in the last few years in Mumbai.

  1. Mahindra Solarize

    Manufacturer of solar powered products

    Solar energy
    See in list
  2. KT Solar Engg

    Provider of solar energy services for residential & commercial

    Solar energy
    See in list
  3. Aplos Ventures

    Provider of solar IPP & EPC services

    Solar energy
    Website
  4. Oyster Renewable Energy

    Developer of renewable energy projects for commercial and industrial consumers

    Solar energy
    Website
  5. Repono Green

    Provider of solar energy operation & maintenance services

    Solar energy
    Website
16 companies in Mumbai

Listed solar energy companies in Mumbai

Publicly listed solar energy companies in Mumbai, for investors tracking solar energy stocks.

  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. Konark group

    Solar and wind power generator

    Solar energy
    See in list
11 companies in Mumbai

Solar energy companies hiring in Mumbai

Solar energy companies in Mumbai with open roles right now.

  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. Mahindra Susten

    A turnkey solar EPC company

    Solar energy
    See in list
  4. Technocrafts

    Developer of solar and wind energy projects

    Solar energy
    See in list
  5. SolarSquare

    Chains providing rooftop solar energy systems for residential and commercial properties

    Solar energy
    See in list
13 companies in Mumbai
Mobile reach

Top 8 solar energy apps from Mumbai

The most-installed Android apps published by solar energy companies headquartered in Mumbai — 189K installs between them. 8 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 8
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
7

PowerMitra: Solar Aggregator

by Powermitra

Installs496
Rating—
Last updatedFeb 2026
View on Google Play ↗
PowerMitra: Solar Aggregator screenshot 1PowerMitra: Solar Aggregator screenshot 2PowerMitra: Solar Aggregator screenshot 3PowerMitra: Solar Aggregator screenshot 4PowerMitra: Solar Aggregator screenshot 5PowerMitra: Solar Aggregator screenshot 6
The business behind the activity

Solar energy financials in Mumbai

Revenue, profit and growth from the filed annual accounts of 103 solar energy companies in Mumbai, Maharashtra for FY24-25 — 116 of the 180 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 83% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹72,245.89 cr

103 companies filing accounts

combined net profit₹6,675.86 cr

9.2% aggregate margin

are profitable76%

78 of 103 companies

median revenue~₹12.7 cr

the typical company

median revenue growth+30%

into FY24-25

earned by the top five83%

revenue concentration

Six-year view

Combined revenue of filing companies

₹23,566.83 crFY19-2082 filers
₹32,669.91 crFY20-2186 filers
₹38,615.71 crFY21-2296 filers
₹49,877.43 crFY22-2398 filers
₹71,826.79 crFY23-24106 filers
₹72,245.89 crFY24-25103 filers

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

Like-for-like

The same 92 companies over three years

+66%
FY22-23₹39,925.77 cr₹3,102.76 cr net
FY23-24₹59,643.84 cr₹5,205.85 cr net
FY24-25₹66,387.59 cr₹6,222.61 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 cr1421% profitable
₹1–10 cr3577% profitable
₹10–100 cr3288% profitable
₹100–1,000 cr1385% profitable
Over ₹1,000 cr9100% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking30
0–20%16
20–50%15
50–100%15
Doubled+26

102 companies with accounts for both years; median growth +30%.

Profitability

Profit is concentrated at the top

78profitable
25loss-making
9.2%aggregate margin
3.3%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
Modern Hiring ServiceMODERN ENERGY RENTAL PRIVATE LIMITED
MetafinMETAFIN CLEANTECH FINANCE PRIVATE LIMITED
DefSpaceDEFSPACE TECHNOLOGIES PRIVATE LIMITED+233%₹69.57 cr
KT Solar EnggKt Solar Private Limited
Mahindra SustenMAHINDRA SUSTEN PRIVATE LIMITED+161%₹509.02 cr
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 LIMITED
Becquer EnergyBECQUER ENERGY INDIA SALES OFFICE PRIVATE LIMITED15.3%₹92.64 cr
Srpl GroupSWIKRITI RENEWABLES PRIVATE LIMITED
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Solar energy92₹68,817.39 cr~₹12.5 cr75%9.5%
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%
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%
Aditya Birla RenewablesADITYA BIRLA RENEWABLES LIMITED₹509.84 cr₹83.12 cr16.3%+159%
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.

Industry landscape report

AdTech Industry Landscape of Mumbai

The financials above are one chapter. The full solar energy landscape of Mumbai 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 Mumbai
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 Mumbai 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, 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 Mumbai

19 solar energy companies in Mumbai have recorded equity funding, US$1.99bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Mumbai

Meet the people behind solar energy companies in Mumbai. 87 of 180 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Mumbai solar energy companies by sub-sector

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

Keep exploring solar energy in India and nearby markets.

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