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)”
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.”
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.”
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”
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.”
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.”
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”
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.”
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.”
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.”
IRCON has begun executing solar EPC projects (e.g., Karnataka solar for Indian Railways) and states it has 'entered into Renewable & Hydro power sector' as a diversification strategy, but it is not a principal business.
“commissioning of Solar Power in Karnataka for Indian Railways, commissioning of Modern Tunnel communication systems”
“While IRCON ventured into the field of Solar Power Development and Renewable Energy Sector, its primary focus and core strength have always remained firmly rooted in the railway sector.”
Operates a 25 MW solar power plant at Charanka, Gujarat under a 25-year PPA with GUVNL; an additional 1 MW Rajam solar plant also operates under PPAs.
“GGSPL, a wholly owned subsidiary of GEL, operates a 25 MW Solar power plant at Charanka village, Patan district, Gujarat.”
Solar is a stated business vertical of Ashoka Buildcon, including a 150 MW solar power plant built for NTPC in Rajasthan and solar assets held for monetisation under a unified platform.
“150 MW solar power plant for NTPC in Rajasthan”
GIPCL operates 262 MW of commissioned solar capacity across Gujarat as a power-generating business, with multiple additional solar projects (600 MW + 500 MW at Khavda, 75 MW at Vastan) in advanced construction or commissioning.
“The Company has total installed and commissioned capacity of 262 MW of Solar Power Projects at different sites / locations across State of Gujarat.”
Solar EPC and IPP/developer activities are VIKRAN's newest and fastest-growing vertical, including a ₹2,035 crore 600 MW NOPL Solar EPC order, now the largest single order book driver.
“The Company's newest business segment, comprising its Independent Power Producer (IPP) platform and utility-scale solar EPC, has emerged as the largest contributor to its order book.”
“Over the years, the company has diversified its EPC portfolio to include solar EPC & IPP projects, where it executes utility-scale and balance-of-system (BoS) projects.”
“power plants and power generating stations of every kind, including solar, wind, hydro/hydel, thermal, nuclear, energy storage and other renewable energy systems”
Defined Solar EPC business segment providing turnkey rooftop solar solutions for customers, with 10.56 MW commissioned across 100+ project sites.
“The Company provides turnkey Engineering, Procurement and Construction (EPC) solutions for rooftop solar projects, managing every stage from design and procurement to installation, commissioning and operations & maintenance.”
Subsidiary PESL has taken up solar power generation as a pilot project, including POWERGRID's first solar power plant at Nagda.
“POWEGRID Energy Services Limited (PESL), has recently broadened its businesses portfolio and taken up pilot projects in emerging sectors such as solar power generation, smart metering solutions, Battery Energy Storage System (BESS) and green hydrogen production”
Exide has crossed ₹1,000 crore in solar revenue, selling rooftop solar solutions under 'Exide Sunday Solar Solutions' to residential and small commercial customers, leveraging its brand and distribution network.
“Solar business crossed J1,000 crore revenue, supported by strong demand from renewable energy and backup power applications.”
KPIL executes solar EPC projects as part of its diversified EPC portfolio, including projects like the 25 MW Makoth & Koidu Solar PV Power Project in Sierra Leone, but solar EPC is a sub-segment rather than a primary revenue driver.
“Strong execution track record across Power T&D, Roads and Solar EPC”
IGL has signed an MoU to set up a 500 MWp utility-scale solar power plant via JV with RVUNL; definitive agreement is still under finalization with no revenue yet.
“Your Company has entered into a Memorandum of Understanding with the State Government of Rajasthan for setting up a greenfield Solar power plant of 500 MWp capacity through a joint venture (JV) with Rajasthan Vidyut Utpadan Nigam Limited (RVUNL) with an estimated equity investment of Rs. 382 Crores.”
“Mr. Kamal Kishore Chatiwal, Managing Director and Mr. Mohit Bhatia, Director (Commercial), signing the MoU with the Government of Rajasthan for setting up a 500 MW Solar plant facility.”
Nava is building a 100 MW utility-scale solar power plant in Maamba, Zambia, under a 20-year PPA, with commissioning scheduled to commence in Q2 FY27 – a committed project not yet generating revenue.
“The 100 MW solar project – contracted under a 20-year PPA at US$0.078 per kWh – is scheduled to commence commissioning in Q2 FY27.”
Solar is part of the company's stated strategic expansion into clean energy, supported by a recently formed JV 'GDL - Reliance Solar Pte Ltd' in Bhutan (p21), but no current revenue described.
“the Company is planing to strategically expand into high-growth areas such as defence manufacturing and clean energy solutions, including solar and battery storage, in alignment with national priorities.”
Company is proposing to expand into solar/renewable energy generation and sale through a special resolution to alter its Memorandum of Association, with INR 30 crore of NCD proceeds (secured on a 11,374 sq yard land parcel) likely directed to such projects.
“to generate, produce, store, transmit, distribute, supply and sell electricity and energy generated from renewable and other permitted sources, subject to applicable laws and approvals”
Special resolution proposed to amend the MOA to enable this NBFC to promote, finance, invest in or own solar power projects, though the company explicitly states this will not change its principal business as an NBFC and no current operations or revenue exist.
“51.2 To promote, finance, invest in and/or own projects for generation of power from solar, wind, hydro and other renewable energy sources, whether grid-connected or off-grid, directly or through SPVs”
Company is only exploring opportunities in solar energy-related manufacturing, with no committed projects or revenue disclosed.
“We are also exploring opportunities in solar energy-related manufacturing, a sector currently dominated by imports from China.”
Solar Energy is listed as one of the company's industry segments; no manufacturing or generation specifics are described.
“Nature of Industry: Ship Building, Navy, Industries, Buildings, Solar Energy”
Solar is listed only as an emerging area being explored; no solar projects in the order book or revenue disclosed.
“we are actively exploring opportunities in emerging areas such as railways, metros, river interlinking, mining, solar and tunnelling.”
Solar/wind renewables are mentioned only as a future expansion direction for the Hofincons industrial asset management vertical, with no current solar generation business.
“This will include expanding in sunrise sectors like renewables (solar/wind), deploying CMMS and Master Data Management tools for predictive maintenance, and building specialised competency hubs for niche services”
Renewable energy (which would include solar) is referenced as an end-application for Salzer's wires & cables, with no solar manufacturing or generation activity disclosed.
“BUILT FOR EVERY CONNECTION INDUSTRIAL MACHINERY POWER DISTRIBUTION INFRASTRUCTURE PROJECTS AUTOMATION & CONTROL SYSTEMS RESIDENTIAL WIRING RAILWAYS & TRANSPORTATION RENEWABLE ENERGY”
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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