Solar as a business, not a paragraph: manufacturers, generators and EPC players tiered by real exposure, with the report passage behind each.
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”
Company acquired 95.24% of Helios Sustainable Energy Private Limited (Rs. 100 lakhs invested) with committed plans to set up a greenfield Solar Power Panel manufacturing facility in Jodhpur, Rajasthan, targeted for commissioning by Q1 FY 2027-28, but no revenue yet.
“The Company under Helios Sustainable Energy Private Limited plans to setup a Solar Power Panel manufacturing facility, as a Green field project, in Jodhpur in the state of Rajasthan.”
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”
Solar energy and solar power projects are explicitly listed in the proposed new objects clause for shareholder approval; alongside aspirational references to solar concentrator development and renewable energy investment.
“To carry on the business of green and renewable energy, including solar energy and solar power projects, biogas, bio-energy, green hydrogen, energy storage systems”
Company altered its Memorandum of Association via special resolution on 10.03.2026 to add solar/renewable power generation to its permitted objects, but currently remains a textiles business with no solar operations, capex or revenue.
“The new main object enables the Company to carry out the business of Construction of utility projects, Electric power generation using solar energy & other renewable or non- conventional energy sources., agricultural produce, Agriculture commodities & food products, warehouses, cold storage facilities.”
Company has altered its object clause to include Solar Energy as a diversification area, alongside forming a subsidiary (Corbel Energy Pvt Ltd) for green energy/biofuels, but no revenue yet from this segment.
“Diversification to Green Energy, Ethanol, Solar Energy, Green Hydrogen and allied businesses in both production and marketing including but not limited to setting up of dispensing stations.””
Company is actively pursuing a 20 MW solar power project at Mayiladuthurai (Tamil Nadu) to be built in phases, with an initial ~3 MW phase; project still pending approvals and financial arrangements.
“the Company is actively pursuing the development of a 20 MW solar power generation project at Mayiladuthurai, Tamil Nadu, which is proposed to be implemented in phases. The initial phase is envisaged to comprise approximately 3 MW of solar power generation capacity”
“The Company is actively pursuing the development of a solar power generation project with a proposed capacity of 20 MW in Mayiladuthurai, Tamil Nadu. The project is expected to be implemented in phases, with the initial phase comprising approximately 3 MW capacity coupled with battery energy storage systems.”
The company has formally amended its Main Object Clause to enter Solar and Renewable Energy segments but has initiated no operational steps or projects in this area during FY2025-26.
“Although the Company has successfully altered its Main Object Clause to venture into Solar and Renewable Energy segments, no specific steps for utilizing alternate sources of energy for its own internal consumption were initiated during the financial year under review.”
“The Company commenced its foray into the renewable energy sector by exploring opportunities in Solar, Bio-Mass, and Hydro power.”
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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