Solar as a business, not a paragraph: manufacturers, generators and EPC players tiered by real exposure, with the report passage behind each.
Wholly-owned subsidiary JNK Renewable Energy Private Limited operates a Solar EPC business with reported turnover of H 41.28 million in FY25-26 (per AOC-1 on p28).
“JNK Renewable Energy Private Limited: This subsidiary is engaged in the business of Solar EPC.”
“The Company provides process-fired heaters, reformers, cracking furnaces, waste gas handling systems, hydrogen and solar EPC solutions”
Supplies solar module mounting structures and fabricated components from Telangana plants, and holds a 45% stake in ZAP91 Solar India, a module manufacturing JV whose plant progressed towards commissioning.
“We supply solar module mounting structures and related fabrication from our Telangana plants. And we hold a 45 per cent minority interest in ZAP91 Solar India Private Limited, our solar module joint venture with Zetwerk, whose plant at Sadashivpet progressed towards commissioning during the year.”
“The ZAP91 solar module program at Sadashivpet progressed towards commissioning, while automation and capacity expansion programs at Ascent in the USA moved ahead as planned.”
Operates a Solar EPC vertical under NRE, including execution of utility-scale solar EPC projects such as the 75 MW Khavda project for a customer.
“a 75 MW solar engineering, procurement and construction project delivered at Khavda”
Solar is a stated business segment; GHV is executing a 100 MW ISTS-connected solar EPC project in Gujarat (Rs.363 Cr) and a 28.83 MWp grid-connected rooftop solar project in Andhra Pradesh (Rs.123 Cr).
“Setting up of 100 MW ISTS connected Solar Power Project with Operation and Maintenance for 3 years in the State of Gujarat.”
Solar is a real but secondary business delivered through wind-solar hybrid EPCC orders and the Fulsar Wind-Solar Hybrid Project, but wind remains the dominant focus of every project and the company's identity.
“hybrid wind-solar EPC mandates of 40.8 MW from Enerparc Energy and 91.4 MW from JK Paper, including O&M scope.”
“We secured a 99 MW turnkey wind project from Inox Renewable Solutions, a 40.8 MW wind-solar hybrid project from Enerparc Energy and a 91.4 MW hybrid project from JK Paper”
DC&T Global's stated solution scope explicitly includes solar farm infrastructure alongside BESS and data center work, indicating utility-scale solar EPC as a real capability, though not a principal vertical.
“DC&T delivers high-impact infrastructure solutions across data centers, Battery Energy Storage Systems (BESS), solar farms, MEP, industrial EPC and EPF components, with modular and Made-in-India solutions at the core of its capabilities.”
“EPC Projects – End-to-end EPC solutions for Data Centres, Industrial Infrastructure and Integrated Solar Farm Projects, covering engineering, design, procurement, construction, commissioning and project management.”
The company generates and sells solar-generated power, generating Rs.7.31 crores in revenue during FY2025-26 (combined with wind), though this is a minor revenue stream relative to its chemical business.
“Total power generated, sold through Wind and Solar during the year under review is Rs.7.31 Crores.”
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.”
Solar power generation is stated as one of the company's four main business activities, with renewable-energy subsidiaries acquired in 2026, though consolidated turnover remains very small (₹205.80 Lakh).
“The Company is engaged in mainly four business activities infrastructure projects, renewable energy project of solar power generation and pharmaceutical business, renewable energy project of Bio CNG in its subsidiary, hospitality project in its LLP.”
“The Company has a widen the segment from Infrastructure, Solar Power generation and Pharmaceutical hospitality segment and it is taking all the necessary steps to increase its profit level.”
Operates 66.25 MWp of commissioned solar power capacity across Gandai (16.25 MWp) and Mohbhatta (50.00 MWp) in Chhattisgarh, listed as one of the company's four business pillars alongside sponge iron, steel billets and captive power.
“A significant milestone during the year was the commissioning and operationalisation of the Company's total planned solar power capacity of 66.25 MWp in Chhattisgarh, which became operational in phases and was fully operational by December 2025.”
Desco executes balance-of-plant, cable laying, and civil works for solar/renewable energy projects as part of its Power and Renewable EPC segment (~30% of revenue), including a contract at Adani's Gujarat Hybrid Renewable Energy Park.
“The Power and Renewable EPC segment also demonstrated stable performance with Revenue of ₹3,537.22 Lacs and PAT of ₹353.88 Lacs., delivering PAT margin of 10.01%.”
“Solar EPC Support Works • Balance of Plant (BoP) Infrastructure • Cable Laying and Termination • Civil and Structural Works”
Wholly-owned subsidiary Precision Automotive Private Limited generated revenue from solar energy generation and transmission (Rs. 1,052.69 lakhs total revenue in FY 2025-26), making it a real but secondary exposure for the NBFC parent.
“Precision Automotive Private Limited continues to be a wholly owned material subsidiary Company of RSD Finance Limited. During the financial year 2025-26, the Company earned income from investment activities and generation and transmission of solar energy.”
Through its consolidated subsidiary Dynavision Green Solutions Limited, the company operates a 6.477 MW solar power generation facility, which contributes to consolidated revenue alongside the parent's lease rental business.
“Its subsidiary, M/s. Dynavision Green Solutions Limited, continues to operate and maintain its 6.477 MW solar power generation facility, which remains the primary renewable energy asset of the group.”
Company lists EPC Projects in Power and Solar as one of its key service lines and actively participates in solar EPC projects alongside power distribution/transmission work.
“Sector(s)that the Company is engaged in Production of Lubricating Oils, Greases, Specialty Oils, SBP-Solvents, Transformer Oils, Fuels & Other products from Petroleum or bitumen Minerals. Common Treatment & Disposal/Incineration Facility (CTDF) services, EPC Projects in Power and Solar.”
“the company is actively participating in EPC projects in power and green energy sector with state and central governments.”
The company operates a solar power plant at Rajgarh, Madhya Pradesh and sells the electricity generated to the Indian Energy Exchange and Power Exchange India Limited.
“The company has solar power plant at Rajgarh Madhya Pradesh and generating electricity. The Company produced which are being sold to Indian Energy Exchange and Power Exchange India Limited.”
Company has set up a green-energy subsidiary, secured MNRE empanelment and won a rooftop solar project as a business line under its clean-energy push.
“a dedicated subsidiary, Raminfo Green Energy Private Limited, was established and empaneled under the Ministry of New and Renewable Energy following a major rooftop solar project win.”
“During the financial year 2025–26, Raminfo Limited secured a rooftop solar project valued at ₹474 crore, awarded by the Rajasthan Renewable Energy Corporation Limited (RRECL). The execution of this prestigious project will be undertaken through Raminfo Green Energy Private Limited.”
Company operates a solar power project that generated Rs. 79.49 lakhs in revenue (~1.8% of total turnover of Rs. 4,440 lakhs), up from Rs. 50.51 lakhs the prior year, making it a real but secondary revenue line alongside its core ceramics business.
“The solar power project of the Company has generated revenue of Rs. 79.49 lakhs as against Rs. 50.51 lakhs compared to previous year.”
The company operates a Solar Power Project as a separate division alongside its spinning mill, and the chairman signals plans to expand the solar footprint in the renewable energy space.
“Divisions of the Company- SPINNING MILL 382, Kamalanagar, Tamalwadi – 413 601 Tal: Tuljapur- Dist. Osmanabad SOLAR POWER PROJECT 381, Kamalanagar, Tamalwadi – 413 601 Tal: Tuljapur- Dist. Osmanabad”
“The Company is presently engaged in the business of Spinning and Doubling, manufacturing and/or dealing in Cotton etc. and generation of solar power, as provided in its existing Memorandum of Association (“MOA”).”
The company has received significant purchase orders for supplying solar PV modules and entered strategic arrangements in renewable energy, indicating active (though newly diversifying) solar operations.
“During the period, the Company also received significant purchase orders for supply of solar photovoltaic modules and entered into strategic business arrangements in connection with its renewable energy business.”
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 a JV with RVUNL for a 500 MWp greenfield solar plant (~₹450 Cr equity), floated a 200 MW solar tender, and targets 2 GWp of renewable capacity, though the projects are still in setup/registration stage with no revenue yet.
“Your Company has signed a Joint Venture Agreement with Rajasthan Vidyut Utpadan Nigam Limited (RVUNL) for setting up a greenfield Solar power plant of 500 MWp capacity and has also floated a tender for setting up a Solar plant of 200 MW in the state of Rajasthan.”
Choice formed solar-project subsidiaries and partnered with SolarEra for project development using its turnkey EPC and O&M expertise, but no solar revenue is disclosed.
“The collaboration is expected to support the efficient development of the solar projects, optimise plant performance and strengthen the Group’s presence in the renewable energy sector.”
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.”
Entered utility/institutional Solar EPC in April 2026 with a first order from DMER; company states it will be developed selectively and kept complementary to its core IFMS business.
“In April 2026, we entered the Solar Engineering, Procurement and Construction (EPC) segment and secured our first order from the Directorate of Medical Education and Research.”
Special resolution proposed to amend the MOA to add solar/renewable energy power generation and supply as a business object; no current operations or revenue disclosed.
“10 (a) To carry on the business of generating, developing, establishing, operating and maintaining solar power plants and other renewable energy projects; to generate, produce, and supply electricity from solar energy; and to transmit, distribute, supply, and sell such electricity to electricity boards, utilities, or private/public entities”
“The Company is presently engaged in the business of textile and Sugar and proposes to venture into solar energy in line with its business strategy and market opportunities.”
The company has incorporated a wholly owned subsidiary to explore opportunities in the solar sector and other green energy segments, with no revenue yet.
“the Company incorporated Capital Green Dynamic Solutions Private Limited, a wholly owned subsidiary, to explore opportunities in the solar sector and other green energy segments.”
Through its non-operating subsidiary Ramagundam Power Generation Pvt Ltd (formerly BPL Power Projects (AP)), the company has applied to repurpose land from thermal to solar/renewable use, but no operations or revenue have commenced.
“The Company has made an application to Government of Telangana seeking change in usage of land from Thermal to Solar/Renewable energy”
Proposed alteration of the main objects clause (subject to AGM approval) to permit solar PV cell and module manufacturing; no current operations or revenue in this segment.
“Solar Photovoltaic Cells and Modules: To carry on the business of researching, designing, developing, manufacturing, processing, assembling, fabricating, coating, laminating, encapsulating, testing, certifying, validating, importing, exporting, buying, selling, supplying, distributing, marketing, installing and”
Company is seeking shareholder approval at the AGM to alter its objects clause to add solar energy generation, EPC and related renewable energy businesses as permitted activities.
“To carry on the business of generation, development, production, transmission, distribution, supply, trading, installation, operation and maintenance of renewable energy including solar energy, wind energy, hybrid energy systems and other non-conventional energy sources”
Company is developing integrated stone-coated solar roofing tiles/products in advanced development stage, with planned launch soon — but no revenue yet as the core business is color-coated steel coils and profiles.
“The product is in an advanced development stage will combine the function generating energy with the help of solar panels which are integrated into the stone coated roofing. The Company will launch this product very soon. In future products company is planning to introduce Stone Coated Solar Roofing Tiles and Asphalt Shingles.”
The company is developing a distributed solar generation business under the brand 'Tahmar Solar' that is at a developmental stage with no revenue contribution in FY2025-26.
“Beyond the distillery, we have been developing a second line of business in distributed solar generation, under the name Tahmar Solar, described in the Management Discussion and Analysis.”
Company's proposed new main objects clause lists solar power generation alongside other renewable sources as a future business line.
“hydro, solar, wind, tidal, wave, ocean, geothermal, nuclear and other sources”
CPML plans to develop and finalize a solar park at Matar Kheda in future years, contingent on amendment to its object clause, with no current revenue.
“In future years as per amendment in object clause of the company. The company will Develop & finalize solar park at Matar Kheda.”
Proposed amendment to MOA (special resolution at the 41st AGM) to add solar energy generation, solar farm operations and trading in solar panels as a business object; the company also already has a wholly-owned subsidiary named 'Solareco Energy Private Limited'.
“A. To Carry on the business of Generation, Transmission, distribution, trading and supply of solar, wind hydro energy and other sustainable energy technologies.”
“SUBSIDIARY COMPANY Solareco Energy Private Limited”
A special resolution tabled for the 23rd AGM proposes to amend the Objects Clause of the MOA to formally add solar energy / solar PV project development as a permitted business, indicating a committed but not-yet-revenue-generating entry into the solar theme.
“To carry on the business of designing, developing, engineering, procuring, constructing, installing, commissioning, operating, maintaining, generating, transmitting, distributing, supplying, purchasing, selling, trading, importing, exporting and dealing in solar energy and solar power projects, including solar photovoltaic (PV) systems, solar thermal systems, rooftop solar plants, solar parks, energy storage systems and all other renewable energy solutions”
Proposed new objects clause seeks to add a renewable energy line of business covering solar panel manufacturing/trading and solar/wind/bio-mass/hydro renewable energy projects, pending shareholder approval.
“manufacturing, developing, designing, constructing, operating, assembling, importing, exporting, maintaining, distributing, trading and dealing in solar panels, batteries, inverters, controllers, and energy storage systems”
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”
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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