Discovery

NTPC has demonstrated a clear strategic intent in renewable energy, evident from substantial expansions in its solar power capacity. As of December 2024, NGEL, a subsidiary dedicated to renewable energy, had an operational capacity of 3,475 MW, with ambitious projects lined up to reinforce NTPC's leadership in the sector.

Waaree Energies is India’s largest manufacturer of solar PV modules with a capacity of 12 GW and has a significant presence in business verticals related to solar energy, including manufacturing, project setup, and electricity sales. It has extensive investment and future plans in solar technology and aims to accelerate global energy transition, showing clear strategic intent and scale in solar energy sector.

CESC has announced significant progress in its renewable foray, aiming for 3,200 MW of renewable capacity by March 2029, with 1,200 MW already under implementation. Their strategic partnerships and expansions in renewable energy demonstrate a significant commitment to solar and wind energy initiatives across multiple states.

Premier Energies Limited is India's second-largest integrated solar cell and module manufacturer, with a substantial annual installed capacity of 2 GW for cells and 4.13 GW for modules. Their expansion plans look to increase this significantly in the coming years, demonstrating a clear leadership role in the solar manufacturing sector within India.

IREDA is a dedicated financial institution promoting renewable energy projects, with a significant portion of its lending portfolio in the solar energy sector, comprising 26% of its outstanding loans as of December 2024. This substantial investment demonstrates IREDA's strategic focus on supporting solar energy as a core part of its operations.

Sterling and Wilson Renewable Energy Limited has solidified its position as a leading solar EPC provider, consistently securing large-scale solar projects including massive domestic and international projects. The company has a robust unexecuted order book of over INR 10,167 crore by the end of September 2024, emphasizing its dominant foothold in renewable energy, particularly in the solar sector.

Gensol Engineering owns a significant order book in Solar EPC, showcasing a commitment to expanding renewable energy infrastructure in India, with multiple large-scale contracts including a major 275 MW and 245 MW solar PV project at Gujarat's Khavda RE Solar Park. This positions Gensol strongly as a key player in driving India's renewable energy transition with solar power becoming central to its growth strategy.

Chamunda Electrical Limited operates a 1.5 MW solar power park in Gujarat and has a 25-year Purchase Power Agreement (PPA) with Uttar Gujarat Vij Company Limited, reflecting its strategic commitment to renewable energy. This involvement signifies Chamunda's active role in promoting solar energy as part of India's broader renewable energy agenda.

Sahaj Solar Limited is strategically expanding its solar energy capacity significantly, with plans to increase capacity from 100 MW to 1600 MW by FY26. This substantial growth and focus on solar products, particularly solar water pumps, highlight its commitment to the renewable energy sector.

Alpex Solar Limited is a key player in the solar energy sector with major capacity expansions. Its ongoing and planned expansions in PV module and solar cell manufacturing, aiming for 2.4 GW and 1.6 GW respectively, highlight its strategic push to meet growing demand in renewable energy and position itself as a significant player in India's solar market.

Adani Green Energy Limited (AGEL) is leading India's renewable energy transition with substantial investments and operational projects in solar energy. AGEL has reached an operational capacity of 14.2 GW with plans to expand to 50 GW by 2030, demonstrating a clear strategic intent to dominate the solar energy space in India.

Solarium Green Energy Limited is a prominent player in the solar energy sector, offering comprehensive turnkey solar solutions, including design, installation, and maintenance, with significant projects across residential, commercial, industrial, and governmental sectors since its inception in 2018. Its focus on expanding and consistently executing high-value solar projects across diverse terrains and sectors underscores its strategic commitment to the renewable energy market.

GP Eco Solutions India Ltd is a leading provider of integrated solar solutions, emphasizing comprehensive, high-quality solar energy projects. The company has demonstrated a strong commitment to advancing India's sustainability goals through major upcoming solar projects across various states, with significant megawatt capacities aligning with the nation’s renewable energy mission. This showcases their strategic focus and role in the solar energy sector at a large scale.

Zodiac Energy is a fully integrated renewable energy EPC player specializing in solar solutions with over 500 MW of solar projects executed across rooftop, ground-mounted, and co-generation technologies. The company is leading India's clean energy transition and has a significant export-oriented EPC presence in Africa, aligning with its strategic focus on scalable clean energy infrastructure.

Australian Premium Solar (India) Limited is heavily invested in the solar sector, producing both Monocrystalline and Topcon solar modules, which cater to residential, commercial, industrial, and agricultural sectors. The company is expanding its manufacturing capacity to 800 MW and has announced a new 4 GW solar cell manufacturing plant. These initiatives position APS as a significant player in driving solar energy adoption in India.

Nava Limited's subsidiary, Maamba Solar Energy Limited, has signed a 20-year PPA for a 100 MW solar project with ZESCO Limited, indicating a significant investment and commitment to solar energy initiatives.

GACL has a combined renewable energy capacity of 206.45 MW, which includes significant solar power installations such as a 35 MW solar plant and a 640 kW floating solar power plant, underlining its substantial investment and operations in solar energy.

Insolation Energy Limited has announced large-scale capacity expansion plans for solar module and cell manufacturing, which will increase from 1 GW to potentially 8 GW by 2026-27. The company is strategically leveraging government partnerships and initiatives to expand its role as a key player in India's solar energy sector.

Oriana Power Limited is heavily invested in renewable energy, particularly in solar power, having delivered a cumulative capacity of 400 MW and is executing over 550 MW. Their strategic focus includes expanding solar parks across India and targeting a cumulative addition of over 1 GW by FY26. Their involvement in large-scale developmental projects demonstrates a significant commitment to solar energy.

Akanksha Power and Infrastructure Ltd., through its subsidiary Famous Power Ltd., specializes in renewable energy generation focusing on large-scale solar PPA projects in the eastern region of India. This positions the company as a significant player in the solar energy sector with potential for scaling operations in wind energy as well.

Ganesh Green Bharat Limited (GGBL) demonstrates significant involvement in solar energy through its large-scale module manufacturing capacity which is expanding to 1.1 gigawatts, and partnerships with major PSU companies like NTPC and SJVNL. The company's business model is heavily centered on renewable energy solutions, including advanced module technologies such as TOPCon, and a robust order book in this sector highlights its strategic commitment.

Oswal Pumps is a major player in India's solar energy sector, specifically in solar pumping systems. They have manufactured over 48,900 solar pumping solutions under government-backed initiatives like PM-KUSUM, achieving a market share of 31%. The company's vertical integration in solar modules and pumps further solidifies its strategic position in the renewable energy space.

Crompton Greaves Consumer Electricals Limited has made significant strides in its solar pumps business, securing the largest ever single order of Rs. 101 Cr. from the Maharashtra Energy Development Agency. They have doubled their solar pump business year-on-year, showcasing a prominent emphasis on solar energy and enhancing their order pipeline across multiple states.

Waaree Renewable Technologies Limited is a major player in the solar energy sector, leveraging a strong position within India's rapid energy transition. The company boasts an extensive portfolio of executed and ongoing EPC projects, alongside significant government-backed initiatives like the PLI Scheme and the Solar Parks Scheme, underpinning its substantial and strategic engagement in solar energy generation and EPC services.

Coal India Limited has demonstrated a strong commitment to solar energy development by signing an MoU with UPRVUNL to set up a 500 MW solar power project as part of its green and renewable energy initiatives. This move signifies significant expansion and strategic intent in promoting renewable energy sources within its existing operations.

Tata Power is a leading player in the renewable energy sector, focusing significantly on solar energy. The company has a substantial pipeline of solar projects, including the newly commissioned 4.3 GW cell and module manufacturing plant in Tamil Nadu. It also operates India's largest floating solar project and is rapidly expanding its solar EPC business which highlights its strategic emphasis on solar expansion.

KPI Green Energy Limited is heavily invested in solar energy development with an ambitious target of achieving over 10 GW capacity by 2030, indicating its strategic focus and scale in the renewable energy sector. The company is actively developing solar projects under both IPP and CPP models and has significant ongoing solar project deployments across India.

Godawari Power & Ispat Limited has a significant focus on solar energy with 165 MW already operational and an additional 125 MW in the pipeline. Their investments in renewable energy sources like solar power underline their commitment to sustainability and reducing carbon emissions.

Websol Energy System Limited has been a pioneer in the solar industry since 1990, with significant capacity expansions over the years. Currently, it is advancing with a 600MW Phase II expansion, entirely funded by internal accruals, reflecting strategic intent and transformative development. With a diversified solar cell and module portfolio serving both domestic and export markets, the company is a key player in India's solar energy transformation.

Orient Green Power Company Limited is actively constructing new solar projects, including a 7 MW AC solar project in Tamil Nadu, with plans for an additional 18 MW. This demonstrates a clear strategic intent to diversify their renewable energy mix and expand their capacity in solar energy, complementing their wind energy portfolio and aiming for sustainable growth in the renewable sector.

REC Limited has significantly contributed to India's renewable energy sector, having sanctioned loans for various renewable energy projects, including rooftop solar with massive capacity installment and projects like Khavda Renewable Energy Park. This involvement cements its role as a major player in India's growth towards renewable energy sources.

Vikram Solar Limited has made clear strategic investments in solar energy, evidenced by its robust expansion to 17.5 GW module capacity and 12 GW cell capacity by FY27. The company is a significant player in India's solar energy landscape, aligning with national goals, and participates in initiatives like the National Green Hydrogen Mission and the PM Kusum Scheme, targeting sustainable growth and energy self-reliance.

Saatvik Green Energy Limited is among India's leading solar photovoltaic module manufacturers, with a significant capacity of 3.8 GW as of June 2025. The company plans substantial further expansion with a 4.8 GW integrated cell and module facility in Odisha, highlighting its strategic focus on scaling its solar energy operations and contributing to India's renewable energy transition.

Reliance is building an integrated manufacturing ecosystem for solar energy, including polysilicon, wafer, and module production facilities. With plans to scale solar PV module production to 20 gigawatts and a focus on utility-scale deployment in Kutch, they are advancing toward becoming a key player in renewable energy.

GK Energy Limited has demonstrated substantial involvement in the solar energy sector, evidenced by its large-scale deployment of solar panels and recent empanelment for installing solar rooftop systems in collaboration with state electricity boards. The company installed over 45,000 solar pumps in FY 2025, showcasing a significant footprint in solar energy infrastructure.

Solarworld Energy Solutions Limited is a leading provider of solar EPC and clean energy solutions in India, specializing in engineering, procurement, and construction services for photovoltaic projects. As an accountable independent power producer, it operates in various segments such as Solar EPC, Module Manufacturing, and Battery Energy Storage (BESS), thus playing a significant role in India's transition towards renewable energy goals, especially in achieving 280 GW of solar capacity by 2030.

Shree Cement Limited has demonstrated a strong strategic intent in solar energy, with the recent commissioning of a 20-megawatt solar power plant in Chitrakoot, UP. This addition elevates their total green power capacity to 612 megawatts. They are also running their Jaipur RMC plant primarily on renewable solar energy, setting a benchmark for eco-friendly construction in India.

Vikran Engineering Limited has recently been awarded two prestigious turnkey EPC contracts in the Solar segment. One involves a 100 MW solar power project worth INR 355 crore from Ellume Energy MH Solar One Private Limited in Maharashtra and another order of INR 1,642 crore from Carbonminus Maharashtra One Project Limited. These projects mark Vikran's formal entry into the Solar EPC space and align with their strategic plans to diversify into renewable energy.

Sugs Lloyd Limited demonstrates a clear strategic focus on solar energy, with solar EPC accounting for 58% of its revenue for H1 FY2026. The company is actively targeting commercial and industrial markets to further expand its solar vertical, indicating a strong intention to scale within this field and capture additional market share.

Trom Industries Limited specializes in the engineering, procurement, and construction of solar projects across residential, commercial, and industrial segments. Their expertise encompasses rooftop systems, ground-mounted projects, and solar lighting, establishing them as a key player in India's renewable energy sector. With a robust order book and extensive experience, Trom Industries is well-positioned to capitalize on the ongoing momentum in solar energy, demonstrating material involvement.

Tembo Global Industries Limited has a strategic focus on expanding its solar power capabilities. The company has completed land acquisition for 21 sites, totaling 84 MW AC, for solar projects and is progressing with financing arrangements, including an IREDA-led arrangement of approximately INR 471 crores. This significant push into solar energy represents a key opportunity for advancing their renewable energy ambitions.

Pace Digitek Limited has established itself as a key player in India's renewable energy sector, specializing in solar energy solutions. Through design and implementation projects, the company actively supports India's renewable energy ambitions, providing large-scale BESS systems that optimize solar energy utilization and foster sustainable growth in energy management solutions.

NLC India Limited demonstrates a clear strategic focus on solar energy by executing large-scale projects like the 600 MW Solar project at Khavda and committing to significant expansions in renewable capacity. The company’s aim to increase renewable capacity from 1,599 MW to 10,110 MW by 2030 underscores its commitment to becoming a leader in the solar energy sector.

Emmvee Photovoltaic Power Limited is deeply integrated into the solar energy sector, with a production capacity of 7.8 GW for solar PV modules and 2.94 GW for solar cells. This extensive manufacturing capacity, aligned with India's green energy goals, positions Emmvee as a pivotal player in the solar industry, supporting large-scale projects for IPPs and utilities, both domestically and internationally.

Ceigall India Limited has strategically expanded into the renewable energy sector, with significant orders for solar power projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 in Maharashtra and a large-scale 600 MWAC grid-connected solar photovoltaic project with Battery Energy Storage Systems (BESS) in Morena, Madhya Pradesh. This demonstrates their strong involvement in solar energy as a major growth vertical.

KP Green Engineering Limited is a key player in renewable energy infrastructure, specializing in solar module mounting structures and solar installation services. The company's activities in solar rooftop installation and supplying solar electricity represent significant engagement with solar energy applications in India. This strategic focus is part of their broader commitment to advancing sustainable energy solutions in line with India's renewable energy goals.

Gujarat Industries Power Company Ltd. (GIPCL) plans significant expansion in solar energy, including a 2375 MW Khavda Renewable Energy Park and 1100 MW Solar Projects, aligning with Gujarat's renewable energy goals. This strategic intent is evident from their ongoing solar capacity enhancement strategies, having already commissioned 105 MW out of a planned 600 MW at Khavda. Their commitment to renewable energy is a core aspect of their future growth plans.

RMC Switchgears Limited demonstrated a robust strategic commitment to solar energy through their Solar EPC business verticals, featuring new project wins in PM-KUSUM, rooftop, and ground-mounted segments. Their efforts in implementing a 1 GW Solar Module Manufacturing Plant highlight their ambition to strengthen solar capabilities, pushing forward renewable energy goals and sustainable growth in alignment with India's solar energy targets.

ACME Solar Holdings Limited has made significant strides in expanding its solar energy portfolio, with a portfolio of 7,390 MW including 13.5 GWh of Battery Energy Storage Systems (BESS) capacity as mentioned in their latest earnings call. Their diverse project pipeline and strategic partnerships with Tata Power and others exemplifies their strong position in the solar energy sector.

Advait Energy Transitions Limited has established itself as a significant player in the solar energy sector by securing a 100 MW Ground-Mounted Solar EPC project with Adani Green Energy Six Ltd. This project underlines Advait's strong capabilities and clear strategic focus in solar energy, enhancing their market presence in the renewable energy landscape.