EPC & developers, panels & modules, solar products, storage & wind, startups and more: the companies building solar energy in Rajasthan, 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: 522 Contracts · 104 M&A deals · 74 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…
Saatvik Green Energy Ltd has announced the acquisition of 80 per cent equity stake in Melcon Transformers & Electricals Pvt Ltd, a Jaipur-based transformer manufacturer.
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 Rajasthan, by revenue
Browse solar energy companies in Rajasthan by reported revenue, one-year revenue growth, revenue model, age and stage. The 41 companies below are the largest by their most recent reported revenue among 41 solar energy companies in Rajasthan 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 41
Company & businessRevenueRevenue growthHeadcount & growthAgeJobs · last 3 months
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Solar energy solutions provider offering a range of products and services including solar panels, mounting structures, and installation services, catering to residential and commercial customers
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Manufacturer of portable solar technology, vertical turbines, and bio waste technology. This company designs and develops technology and products for various sectors including renewable energy, automotive, aeronautics, and defense. They offer sustainable, reliable, and smart energy solutions. The company holds relevant certifications and partnerships. Their research and development efforts involve collaborations with international and national investment groups.
Every company, not just 50All 77 solar energy companies in Rajasthan, 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.
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Explore solar energy companies in Rajasthan by what you are looking for
Browse solar energy companies in Rajasthan, from solar panel manufacturing companies to solar EPC and project developers. Find top solar energy companies in India's Rajasthan and solar energy startups.
6 ways to explore solar energy in Rajasthan
Solar project developers & EPC companiesSolar panel & module manufacturersSolar products & equipment suppliersEnergy storage, wind & hybrid renewable companiesSolar energy startups in RajasthanSolar energy companies hiring in Rajasthan
Solar project developers & EPC companies
Companies that design, install and develop solar power plants and rooftop systems.
Rays Power Infra
Provider of solar engineering, procurement, and construction services for power projects
Company that provides solar-powered solutions for various applications, leveraging the power of solar energy to create innovative products and services
Revenue, profit and growth from the filed annual accounts of 40 solar energy companies in Rajasthan for FY24-25 — 47 of the 77 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 71% of the revenue, so medians describe the typical company better than totals.
combined revenue, FY24-25₹2,655.97 cr
40 companies filing accounts
combined net profit₹207.86 cr
7.8% aggregate margin
are profitable88%
35 of 40 companies
median revenue~₹16.8 cr
the typical company
median revenue growth+7%
into FY24-25
earned by the top five71%
revenue concentration
Six-year view
Combined revenue of filing companies
₹1,157.51 crFY19-2039 filers
₹1,159.15 crFY20-2141 filers
₹1,543.30 crFY21-2237 filers
₹1,850.00 crFY22-2340 filers
₹2,188.96 crFY23-2440 filers
₹2,655.97 crFY24-2540 filers
The number of companies filing changes each year; the three-year cohort below compares like with like.
Like-for-like
The same 37 companies over three years
+48%
FY22-23₹1,793.57 cr₹62.00 cr net
FY23-24₹2,144.14 cr₹143.30 cr net
FY24-25₹2,653.91 cr₹207.76 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 cr667% profitable
₹1–10 cr1182% profitable
₹10–100 cr1694% profitable
₹100–1,000 cr6100% profitable
Over ₹1,000 cr1100% profitable
Companies by FY24-25 revenue. Bars show how many companies sit in each band.
Momentum
How fast revenue moved into FY24-25
Shrinking16
0–20%5
20–50%6
50–100%4
Doubled+7
38 companies with accounts for both years; median growth +7%.
Profitability
Profit is concentrated at the top
35profitable
5loss-making
7.8%aggregate margin
1.9%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
Diwakar SolarDIWAKAR RENEWABLE & INFRA PRIVATE LIMITED
+525%
₹90.50 cr
Vareyn SolarVAREYN SOLAR AND YELLOW ENERGY PRIVATE LIMITED
+268%
₹16.79 cr
NDJ SolarNDJ SOLAR POWER PRIVATE LIMITED
+232%
₹17.61 cr
Lume SolarLUME SOLAR ENERGY PRIVATE LIMITED
+215%
₹54.82 cr
Rays Power ExpertRAYS POWER EXPERTS LIMITED
+200%
₹134.55 cr
Fidus EnergyFIDUS ENERGY PRIVATE LIMITED
+85%
₹20.93 cr
Profit leaders · ₹10 cr+ revenue
Highest net margins, FY24-25
Company
Margin
Revenue
Saurya UrjaSAURYA URJA COMPANY OF RAJASTHAN LIMITED
43.1%
₹51.97 cr
SolfreedomSOLFREEDOM POWER LIMITED
19.7%
₹29.24 cr
Rays Power ExpertRAYS POWER EXPERTS LIMITED
19.2%
₹134.55 cr
Diwakar SolarDIWAKAR RENEWABLE & INFRA PRIVATE LIMITED
11.2%
₹90.50 cr
Rays Power InfraRAYS POWER INFRA LIMITED
9.7%
₹1,198.39 cr
Lume SolarLUME SOLAR ENERGY PRIVATE LIMITED
7.0%
₹54.82 cr
Inside the industry
Sub-sectors compared, FY24-25
Sub-sector
Companies
Revenue
Median revenue
Profitable
Margin
Solar energy
39
₹2,651.73 cr
~₹16.8 cr
90%
7.9%
Leaders
Largest solar energy companies by revenue, FY24-25
Company · legal entity
Revenue
Net result
Margin
Growth
Rays Power InfraRAYS POWER INFRA LIMITED
₹1,198.39 cr
₹116.34 cr
9.7%
+53%
Genus InnovationGENUS INNOVATION LIMITED
₹301.24 cr
₹2.94 cr
1.0%
-9%
Rays Power ExpertRAYS POWER EXPERTS LIMITED
₹134.55 cr
₹25.88 cr
19.2%
+200%
Whole SolarWHOLE SOLAR PRIVATE LIMITED
₹123.78 cr
₹0.71 lakh
0.0%
+35%
Insolation EnergyInsolation Energy Limited
₹121.96 cr
₹5.02 cr
4.1%
-48%
Gridfree Solar EnergyGRIDFREE SOLAR ENERGY LIMITED
₹101.44 cr
₹1.28 cr
1.3%
-31%
APM ProjectsAPM PROJECTS LIMITED
₹101.22 cr
₹4.47 cr
4.4%
+9%
Diwakar SolarDIWAKAR RENEWABLE & INFRA PRIVATE LIMITED
₹90.50 cr
₹10.17 cr
11.2%
+525%
Ratan Green EnergyRATAN GREEN ENERGY SERVICES 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 Rajasthan 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, India104
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
Rajasthan in context
Rajasthan’s share of India’s solar energy funding
Rounds2%3 of 155
Capital1%US$25.11m of US$4.24bn
Equity rounds over the last five years, 93 solar energy companies in Rajasthan among 2,531 in India.
Corporate activity · last 24 months
M&A in India
101Acquisition
2Merger
1Announced
Most active acquirers
Waaree energies14
Premier energies9
ONGC-NTPC Green Pvt Ltd8
Thermax4
Na4
Most acquired or merged
Sprng energy10
Ayana renewable power9
Ksolare energy6
Sterling and wilson renewable energy5
O2 power4
Each deal appears in the events strip at the top of the page.
Founders and momentum in Rajasthan
Meet the people behind solar energy companies in Rajasthan. 31 of 77 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 Rajasthan 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.
Solar energy
Provider of end-to-end solar solutions, including financing and maintenance
Solar energy solutions provider offering a range of products and services including solar panels, mounting structures, and installation services, catering to residential and commercial customers
Provider of hydropower and other sustainable energy solutions to reduce carbon footprint
Founded2024Unfunded
Leadership · 1
RC
Renu ChoudharyCEO
Solar energy
Company that provides solar-powered solutions for various applications, leveraging the power of solar energy to create innovative products and services
Founded2024Unfunded
Founders
Details not available
Solar energy
Provider of solar power energy solutions for residential and commercial use
Founded2023Unfunded
Founders
Details not available
Solar energy
Service provider of solar panels, solar water pumps, and power systems
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