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 evidence5 core · 22 growing · 8 announced · 6 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”
+1 more quote from the report
“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.”
+1 more quote from the report
“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.”
+1 more quote from the report
“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”
+1 more quote from the report
“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”
+1 more quote from the report
“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.”
+2 more quotes from the report
“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.”
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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