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 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”
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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