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.”
Solar Energy
Solar as a business, not a paragraph: manufacturers, generators and EPC players tiered by real exposure, with the report passage behind each.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
TierAll tiersCore businessGrowingAnnouncedMention-onlySortBy exposureLargest firstNewest evidence19 core · 40 growing · 28 announced · 22 mention
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”
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“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.”
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.”
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“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.”
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.”
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”
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.”
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“Solar Power Sanchi 8 2023-24 Floating Solar-PV (Omkareshwar) 88 2024-25 Total NHPC 9332.90”
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”
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“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.”
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“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”
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“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”
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.”
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“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.”
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“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.”
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“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.”
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“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.”
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“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%.”
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“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.”
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“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.”
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“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”
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“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.”
How this list is built
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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