Solar as a business, not a paragraph: manufacturers, generators and EPC players tiered by real exposure, with the report passage behind each.
ANIL's solar manufacturing arm is one of the world's top 10 manufacturers with 15 GW+ cumulative shipments and an expansion of cell/module capacity from 4 GW to 10 GW.
“Adani Solar - a part of Adani New Industries – became one of the world's top 10 solar manufacturers and the only Indian company to achieve this feat.”
Solar power generation is AGEL's largest segment, with 13,515 MW operationalised and 3,412 MW added in FY 2025-26 alone, plus 30 GW under development at Khavda.
“Solar power plants operationalised 13,515 MW”
“19,294 MW operational portfolio (13,515 MW solar, 2,563 MW wind and 3,216 MW hybrid)”
World's largest non-Chinese solar PV module manufacturer with ~25.8 GW module capacity, 5.4 GW cell capacity, plus polysilicon, ingot-wafer and solar EPC/O&M operations as the principal business.
“~25.8 GW* Total Solar Module Manufacturing Capacity”
“Module production reached 12.6 GW in FY26, the highest annual output in our history.”
“Deepen MES-enabled traceability and digital monitoring across all production lines as we scale towards ~29 GW module capacity”
Emmvee is an integrated solar PV module and cell manufacturer with 10.3 GW module and 2.94 GW cell capacity, its principal business.
“Emmvee Photovoltaic Power Limited (Emmvee) is a leading integrated solar PV module and solar cell manufacturing company in India and among the largest pure-play solar module and cell manufacturers, with a strong focus on advanced photovoltaic technologies.”
“BSUL, a joint venture between NHPC Limited and UPNEDA, had undertaken the development of a 65 MW Solar PV Power Plant at the Kalpi Solar Power Project. The Company supplied photovoltaic modules for the project”
Solar EPC (utility-scale, commercial, industrial) plus rooftop, floating and ground-mounted solar, with own IPP solar portfolio — principal business driving ₹3,331 cr FY26 revenue.
“Waaree Renewable Technologies Limited ('WRTL', or 'the Company' or 'We') is one of India's leading end-to-end renewable energy EPC solution providers, offering integrated solar solutions across utility-scale, commercial and industrial segments.”
“True to our identity as a renewable energy company, we have prioritised the use of clean energy to power our own construction and operational activities.”
Vikram Solar's principal business is solar PV module manufacturing (9.5 GW capacity) with end-to-end solar EPC and O&M services.
“Our manufacturing platform delivers a portfolio of advanced solar modules, including HJT, N-type, Mono-PERC and bifacial configurations, with a strong focus on scale, consistency and quality.”
“We currently operate 9.5 GW of solar module manufacturing capacity across our facilities in Falta, West Bengal and Chennai, Tamil Nadu.”
Websol is a principal manufacturer of solar PV cells and modules with 600 MW cell and 550 MW module installed capacity, the company's primary business line.
“The Company produces high-quality photovoltaic solar cells and modules at its state-of-the-art facility located in the Falta Special Economic Zone (SEZ), West Bengal. As of March 31, 2025, the facility had an installed solar cell production capacity of 600 MW and 550MW of solar modules.”
Utility-scale solar EPC is a core business, now the single largest driver of the order book, including a 600 MW / Rs 2,035 crore project from NOPL Solar and a 400 MW project from NTPC Renewable Energy.
“Solar has rapidly become the single largest driver of VIKRAN's order book. The Company's consolidated order book grew from ₹2,044 crore as of March 2025 to ₹5,206 crore as of March 2026 - with the Power Transmission & Distribution and Solar verticals together now representing 87% of the total order book.”
“the company has diversified its EPC portfolio to include solar EPC & IPP projects, where it executes utility-scale and balance-of-system (BoS) projects.”
“develop, construct, own, operate, maintain, lease or transfer power plants and power generating stations of every kind, including solar, wind, hydro/hydel, thermal, nuclear, energy storage and other renewable energy systems”
Solar module manufacturing is the company's principal business: two operating Rajkot plants with 200 MW current capacity (~90% utilisation), expanding to ~1.4 GW, plus plans for upstream solar-cell production.
“We moved from being a long-dormant name on the BSE register to Onix Solar Energy Limited: a solar module manufacturer with two operating plants, a newly acquired subsidiary and a funded roadmap to take capacity from 200 megawatts to nearly 1.4 gigawatts.”
“The Company currently operates within a single reportable business segment — the manufacturing and sale of solar photovoltaic modules.”
Solar EPC is the company's largest revenue line at 52% of FY26 revenue (Rs 156.49 cr), executed as EPC and RESCO for government, PSU, commercial and industrial customers.
“On management's own split, revenue for the year came from Solar EPC Solutions at Rs 156.49 crore (52.0 percent), Power T&D Infrastructure at Rs 139.18 crore (46.3 percent) and Civil Construction at Rs 4.10 crore (1.4 percent).”
Solar EPC (CAPEX) and asset ownership under RESCO model are the company's principal businesses, with 100+ MWp installed and a ₹24,801 Lacs solar order book.
“Operating through both EPC (CAPEX) and RESCO business models, we combine project execution revenues with recurring annuity income. With a diversified presence across solar EPC, solar asset ownership, and LED lighting solutions, we have installed over 100 MWp of solar capacity across industrial, commercial, and institutional projects as of June 2026.”
“The Company is primarily engaged in the business of setting up of Projects in solar space, sale of electricity and manufacturing of LED Products.”
Solarium is a vertically integrated solar enterprise whose core business is solar EPC (including 50 MW ground-mounted projects), rooftop/distributed solar through the Solarium Saarthi channel network, and a new 1.2 GW fully automated solar module manufacturing line in Ahmedabad.
“The centrepiece of this move was a fully automated solar module manufacturing line in Ahmedabad with a capacity of 1.2 gigawatt and a capital outlay of more than ₹90 crore.”
Solar EPC is the company's largest revenue vertical (52% of FY2026 consolidated revenue at Rs 208.99 crore), executing ground-mounted, rooftop, agricultural feeder and solar pump projects with an Rs 125 crore order book and Rs 400 crore in active tenders.
“Solar EPC became our largest vertical in FY2026 at `208.99 crore, spanning ground-mounted, rooftop, agricultural feeder and pump segments, and we completed an 8.8 MWac installation for the Maharashtra State Power Generation Company in December 2025.”
“Solar EPC `208.99 crore 52.0% Project revenue over roughly one year, with operations and maintenance”
Madhav Infra is a leading Solar EPC contractor with end-to-end services (feasibility, engineering, procurement, construction, commissioning) plus O&M, executing numerous projects pan-India as a core business.
“As a leading provider of solar power solutions, we offer end-to-end services covering project feasibility and viability studies, engineering, procurement, construction, commissioning, as well as operation and maintenance (O&M).”
“73.15 MW Solar Power Project at various locations in Madhya Pradesh for feeder level solarization under PM-KUSUM C Scheme”
Solar power generation and PV module manufacturing is the company's principal stated business, operated through its dedicated Solar Photovoltaic Division in Hyderabad.
“The Company is engaged in the business of Generation of Solar Power.”
“Company is primarily engaged in the business of generation of solar power.”
Waa Solar's principal business is setting up and operating solar power projects (directly and through SPV subsidiaries/associates), with plans to add solar EPC capability.
“The Company is mainly engaged in solar power generation by setting up Solar Power Project and by investing in Special Purpose Vehicle ("SPV") associate and subsidiaries companies which are engaged in solar power generation activities. Our company is planning to commence the Engineering, Procurement and Construction ("EPC") in solar project.”
“48.15 MW Solar Power Project at various locations in Madhya Pradesh for feeder level solarization under PM-KUSUM C Scheme”
SBEC Systems derives its principal revenue from operating a grid-connected solar power plant commissioned in the previous year, making solar energy generation its main business.
“During the year under review, the Company derived its major revenue from solar power generation, building upon the commissioning of a grid‑connected solar plant in the previous year.”
Sterling Powergensys's primary business is sale of solar systems and execution of solar power projects, generating ₹2,380.05 Lakhs in revenue from operations in FY26.
“The Company is primarily engaged in the business of sale of solar systems, execution of solar power projects and allied renewable energy activities.”
Construction of solar plants is explicitly listed as one of the company's principal engineering activities, alongside substations and fire-fighting installations.
“The Company is principally engaged in the Engineering Sector, including installation of substations, construction of solar plants, installation of fire-fighting equipment and allied engineering activities involving designing, engineering, supply, installation, erection, testing and commissioning of transmission substations and related projects.”
“Entered the renewable energy segment by securing its first 20 MW Solar PV Plant project at NTPC Rihand.”
Reliance Industries sells solar modules and panels as a product line to its subsidiary Reliance Consumer Products Limited as part of continuing business transactions.
“The Company also sells solar modules / panels to RCPL.”
L&T's Renewables vertical is executing utility-scale solar projects like the 112.5 MW Goaltore plant in West Bengal.
“Inauguration of the 112.5 MW Goaltore solar power plant in West Bengal, making it one of the largest renewable power projects in eastern India”
“This business segment will address emerging opportunities in renewable energy (RE) infrastructure, including solar, onshore and offshore wind.”
APL operates a small 40 MWp solar power plant at Bitta in Kutch, Gujarat, acquired as part of inorganic capacity additions, alongside its core thermal generation portfolio.
“Includes 40 MWp solar power plant at Bitta, Kutch, Gujarat as part of inorganic capacity”
Group company Mahindra Susten operates renewable energy (solar and hybrid) capacity as a real business with 560 MWp commissioned and ~6.4 GWp of connectivity secured, though not core to M&M Ltd.
“Mahindra Susten Commissioned Capacity (MWp) 560 ~6.4 GWp of total connectivity secured”
ONGC acquired a stake in Ayana Renewable Power, adding solar assets to its renewable portfolio as part of its 2.5 GW renewable capacity and 10 GW by 2030 goal.
“ONGC NTPC Green Private Limited, OGL also acquired Ayana Renewable Power Private Ltd. in March 2025, bringing in 2.05 GW to ONGC out of the total 4.1 GW of wind and solar assets.”
Aditya Birla Renewables, part of Grasim, develops and operates a pan-India solar, wind, and hybrid renewable energy portfolio selling power to government utilities and C&I customers.
“Built on a strong foundation in solar, wind, hybrid, and emerging storage-led solutions, the business has developed a pan-India renewable energy portfolio across multiple states and serves both government utilities and commercial and industrial (C&I) customers.”
Polycab operates a dedicated Solar BU manufacturing string inverters (~1 million units/year), solar boxes and 350 kW utility-grade inverters, delivering 350,000+ inverters and ~1.6 GW installed capacity in FY26.
“Our Solar Business Unit (BU) has swiftly emerged as the leading contributor to growth within our FMEG portfolio. Backed by a diversified portfolio and favourable national policies, we delivered an exceptional 3.5x y-o-y growth in sales volume across all customer segments during FY 2025-26.”
BPCL operates a 251 MW installed renewable energy portfolio including a 71 MW solar project at Prayagraj, with 100.8 MW additional capacity under construction.
“We also strengthened our renewable energy portfolio through the commissioning of a 71 MW solar project at Prayagraj, taking our installed renewable energy capacity to 251 MW.”
“In FY 2025-26, our Company added 96.28 MW of solar power capacity, taking our total installed renewable energy capacity to 251.14 MW, comprising 239.34 MW of solar power and 11.80 MW of wind power.”
GAIL operates 36 MW of solar power capacity as part of its Renewables Portfolio, though it is small relative to its core gas business.
“118 MW of Wind Power and 36 MW of Solar Power capacity”
NHPC commissioned 300 MW Karnisar Solar and 300 MW Bikaner Solar plants in FY26, laying the foundation stone for a 50 MW floating solar project at West Kallada, Kerala — real solar generation capacity, though still secondary to hydro.
“Highest-ever capacity addition in a single fiscal year - 1850 MW - through commissioning of the Subansiri Lower (750 MW), Parbati-II (800 MW) and Karnisar Solar (300 MW) projects.”
“Solar Power Sanchi 8 2023-24 Floating Solar-PV (Omkareshwar) 88 2024-25 Total NHPC 9332.90”
HPCL is developing and operating renewable (solar/wind) capacity via its HPCL Renewable & Green Energy Ltd subsidiary, with 241 MW already in place.
“During the year, renewable energy capacity increased to 241 MW, advancing our pipeline of solar and wind assets.”
Solar Rooftop is listed as one of Havells' 24 product categories and the company explicitly states it has entered the renewables space to address consumer rooftop solar needs.
“With its entry into renewables space, the Company is also addressing rooftop solar and EV charging needs of the consumers.”
Torrent Power operates 1,081 MWp of utility-scale solar generation capacity, with 1,787 MWp under development, as part of its power generation business.
“we also commissioned ~227 MWp of solar capacity under the MSKVY programme, along with ~29 MWp of C&I capacity”
“As of FY26, our renewable energy portfolio stands at approximately ~5,952 MWp, comprising ~2002 MWp of operational capacity and ~3,950 MWp under development.”
CESC already operates a 18 MW DC solar plant (Crescent Power Limited) and is implementing additional utility-scale solar projects as part of its 3.2 GW renewable pipeline.
“Apart from plants catering to Kolkata operations, CESC has built independent generation capacities to benefit from the opportunities in the sector and build capabilities in the renewable energy space. This includes two thermal power projects with a capacity of 600 MW and 40 MW, as well as a solar power project with a capacity of 18 MW DC.”
Graphite India operates 4.5 MWp of solar capacity at Chunchanakatte (CCKT) and sells the generated power to third parties as part of its power business segment.
“During the year, generation from newly installed 4.5 MWp Solar at CCKT was 6.10 million units which was fully sold.”
GMDC operates a 5 MW solar project at Panandhro that sells generated power, with additional solar/hybrid C&I projects under internal evaluation.
“The 5 MW Panandhro Solar Project generated 6.4 MU during the year and contributed ₹3.1 crore in revenue.”
Crompton operates a real solar business under its New Businesses segment: market leadership in solar pumps (19,000+ systems installed, 97 MW capacity) and a growing rooftop solar presence with order book of ~Rs 500 Crore serving ~50,000 households.
“It also secured a J445 Crore rooftop solar order for 2 kW on-grid systems across 40,000+ homes and completed solar pump orders worth J500 Crore, installing 19,000+ systems with 97 MW capacity across multiple states.”
Inox Wind includes solar resource assessment, land development and EPC for solar/hybrid projects as part of its integrated renewable solutions offering, though wind remains the dominant segment.
“Our offerings encompass wind turbine manufacturing, renewable infrastructure development (wind, solar, BESS), EPC, and O&M, thereby, supporting our customers throughout the lifecycle of a renewable energy project.”
“as well as the supply, installation, and commissioning of Wind Turbine Generators (WTGs) and solar modules.”
IRCON is operating as a solar power generator with 400 MW of a 500 MW grid-connected solar plant commissioned and synchronised with the Southern Grid to sell power to South Western Railway.
“IRCON is executing a 500 MW Grid Connected Solar Power Plant Project under the Central Public Sector Undertaking (CPSU) Scheme of MNRE through latest technology Solar Modules, state-of-the-art tracker technology & waterless Robotic Cleaning System”
“Solar Power Project of Ircon Renewable Power Limited”
Dilip Buildcon is executing utility-scale solar EPC projects (1,363 MW under execution, including a ₹4,900 Cr PM KUSUM-C mandate) and is developing its own solar generation assets with 25-year PPAs; renewable energy/solar represents 18% of its order book.
“Our two solar projects have a combined contracted value of ₹25,700 crore under 25-year power purchase agreements”
Executed a 150 MW utility-scale solar PV EPC project for NTPC in Rajasthan, recognised with EPC World Awards 2026 for power EPC.
“150 MW Chhattargarh Solar PV Project for NTPC - Rajasthan Clean power harvested from Bikaner desert — a utility-scale milestone in Ashoka's Power portfolio”
Definition used: Manufactures solar modules/cells/ingots, develops or operates solar generation capacity AS A BUSINESS (selling power or capacity), or does utility-scale solar EPC. Captive/rooftop solar for the company's own consumption does NOT qualify. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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