The solar power business is one of the country’s fastest-growing sectors, with the top ten solar companies in India dominating the market by expanding their sales across the country and spending extensively on R&D for technical breakthroughs. Furthermore, due to the country’s geographical location in the tropics, the solar power sector in India offers enormous opportunities for rapid growth in solar energy in India. The country gets more than 5000 trillion kWh of yearly radiation, which, if harnessed by solar companies in India, will provide a significant quantity of electricity.
While various solar firms in India provide inexpensive solar alternatives to traditional electricity, just 10 stand out. The following is a list of the top 10 solar companies in India.
1. Tata Power Solar Systems Limited
- Founded: 2015
- Headquarters: Mumbai
- Specialty: Solar Panels and Rooftops
- Notable achievement: Tata Power Renewables was recognized as a pioneer at the India Wind Energy Forum Leadership Awards 2024.
Tata Power Solar, a subsidiary of Tata Power Company Limited, is a major player in India’s solar sector, boasting a 7 GW+ project portfolio. Notable projects include the Bhadla Solar Park (2.2 GW), Ayana Solar Park (2.5 GW), and Gujarat Solar Park (1.05 GW). They offer diverse solar technologies with durable panels backed by warranties of up to 25 years. Their solutions cover rooftop and ground-mounted installations for residential, commercial, and governmental clients.
These projects deliver clean energy, support renewable targets, and cut emissions. In FY2024, Tata Power Solar company reported its financial results for the September quarter, with revenue reaching Rs 15,247 crore. Net profit (before exceptional items) saw a 51% year-on-year increase, rising to Rs 1,533 crore from Rs 1,017 crore in the same period last year. As a UN Global Compact member, they focus on research and innovation, ready to meet the surging global demand for solar energy and drive a sustainable energy future.
2. Adani Solar
- Founded: 2018
- Headquarters: Mundra
- Specialty: Solar PV Manufacturing
- Notable achievement: Adani Green Energy Ltd (AGEL) received the ‘Leaders Award’ at the Sustainability 4.0 Award 2022, organized by Frost & Sullivan and TERI.
Adani Solar, a subsidiary of Adani Green Energy Limited (AGEL), is a prominent player in renewable energy. It specializes in developing, manufacturing, and selling solar PV modules and cells. With a portfolio exceeding 10 GW of solar projects globally, Adani Solar has achieved milestones such as the world’s largest single-location solar power plant in Tamil Nadu, India, and the vast Dholera solar park in Gujarat.
Their commitment to innovation is evident in their use of various solar technologies and a dedicated R&D team. Adani Solar is a key player in the Indian solar market, with a market share of over 10% a revenue of Rs 25.28 billion for the first quarter of the 2024-25 fiscal year. Their manufacturing capacity of over 2 GW of solar modules annually positions them to meet the growing demand for clean energy on a global scale.This makes Adani Solar one of the top solar companies in India.
3. Vikram Solar Limited
- Founded: 2006
- Headquarters: Falta
- Specialty: Solar Panel and Modules
- Notable achievement: Vikram Solar received the “Gold Medal” award at the 10th edition of the National Awards for Manufacturing Competitiveness (NAMC 2023-24), presented by the International Research Institute for Manufacturing.
Vikram Solar, a global solar industry leader, excels in solar module manufacturing, EPC services, and O&M for solar projects. With a proven track record, they’ve installed over 10 GW of solar capacity worldwide, across utility-scale, commercial, industrial, and rooftop applications. Vikram Solar’s modules are prized for their high efficiency, durability, and reliability, supported by strong warranties, and are widely used in solar farms, commercial, industrial projects, and rooftops. In FY22, Vikram Solar reported revenue of Rs 25,109.90 million in FY 2024. They operate with an annual manufacturing capacity exceeding 5 GW, a global presence in 20+ countries, and received the “Best Solar EPC Company in India” award from the Indian Solar Association in 2022. Notable projects in India, Chile, and the United States highlight their commitment to top-tier solar solutions worldwide
4. Waaree Energies Limited
- Founded: 1989
- Headquarters: Mumbai
- Specialty: Solar PV Module, Installation and Commissioning of Solar Power Plants
- Notable achievement: Waaree Energies Ltd. was awarded ‘REI Company of the Year’ and ‘REI Jury Recognition for Leadership in Solar Manufacturing’ at the 2023 REI Expo
Waaree Energies has been a key player in India’s solar revolution, commissioning over 10 GW of solar projects, from ground-mounted to rooftop and floating installations. Their remarkable 500 MW solar project in Gujarat spans 1,400 acres, featuring efficient bifacial solar panels. In Andhra Pradesh, they’ve completed India’s largest 250 MW floating solar project, equipped with specialized panels for challenging conditions.
Waaree Energies utilizes cutting-edge technologies like bifacial and tracker solar panels for optimal power output, backed by rigorous quality control. For FY24, the company’s revenue from operations rose 69% year-on-year, reaching Rs 11,398 crore. As part of the Waaree Group, their commitment to sustainability is evident in their green-certified headquarters. Positioned for ongoing growth, Waaree Energies holds its position as one of the best solar companies in India.
5. Azure Power
- Founded: 2008
- Headquarters: Gurgaon
- Specialty: Commercial Scale Solar PV Power Plants
- Notable achievement: Azure Power has received the esteemed Golden Peacock Award for Sustainability for 2024.
Azure Power, a leading Indian independent solar power producer, efficiently manages a diverse 7.5 GW solar project portfolio. This collection spans utility-scale, rooftop, and commercial & industrial initiatives, employing cutting-edge technology like monocrystalline and polycrystalline solar panels, solar trackers, and smart inverters for optimal energy generation.
Serving government entities, commercial, industrial, and residential customers, Azure Power contributes significantly to India’s renewable energy transition. In the 2023-24 fiscal year, the total revenue from operations amounted to Rs 2,34,101 lakhs. Azure Power’s dedication to sustainability and a strong execution record solidify their position as a key player in India’s thriving renewable energy landscape, ready to meet growing demand. Therefore, Azure is among the top 5 solar companies in India.
6. RenewSys
- Founded: 2007
- Headquarters: Bengaluru
- Specialty: Manufacturer of Solar PV Modules, PV Cells, PV Encapsulants
- Notable achievement: RenewSys received five awards at the National Quality Convention 2024, including the “Par Excellence” and “Excellent” category honors from the Quality Circle Forum of India (QCFI).
RenewSys, is a leading solar module manufacturer with a global footprint. They are known for their high-efficiency, durable, and reliable solar modules, including monocrystalline, polycrystalline, and bifacial options, having installed over 10 GW globally. Their modules power notable solar projects worldwide, including 50 MW in Abu Dhabi, 250 MW in Dubai, and 100 MW in Rajasthan, India.
RenewSys is an innovator, pioneering bifacial solar modules to boost efficiency by up to 25%. In 2022, they achieved a 5% market share. In FY24, the total revenue was INR 96,531 million (equivalent to US$ 1,158 million). With 2,000+ employees and manufacturing facilities in India, the UAE, and Mexico, RenewSys holds certifications from TÜV Rheinland and UL, establishing itself as a key player in all solar companies in India.
7. Photon Energy Systems Limited
- Founded: 1995
- Headquarters: Hyderabad
- Specialty: PV Modules, Solar Smart Systems, Heating Systems, Solar Rooftops, Power Plants
- Notable achievement: The EPC & Solutions Division is one of India’s largest and most experienced EPC providers, having installed over 125 MWp of capacity, including India’s first 3 MWp solar power plant in Belgaum.
Photonsolar, a leading solar energy solutions provider in India, offers high-quality products and services, including solar panels, inverters, batteries, and system design/installation. They’ve successfully completed major projects across India, such as the 250 MW Pavagada Solar Park, 100 MW Bhadla Solar Park, and 50 MW Kadapa Solar Park.
Utilizing various solar technologies like polycrystalline and monocrystalline panels, thin-film panels, and solar trackers known for their efficiency and reliability, Photonsolar serves diverse applications, from rooftops to utility-scale farms and off-grid systems. With ₹378.53 crore (US$45 million) in revenue for the first half of 2024, Photonsolar continues to be a top player in the list of oldest solar companies in India. They are supported by a significant workforce, a network of service centers, and certifications from prominent industry associations.
8. EMMVEE Photovoltaic Power
- Founded: 1998
- Headquarters: Bangalore
- Specialty: Solar Panel Manufacturer
- Notable achievement: Emmvee stands out as the only Indian manufacturer to excel in all categories of Kiwa PVEL PQP testing, ranking fourth globally.
EMMVEE Photovoltaic Power, a leading Indian solar EPC and O&M company, manages a robust portfolio exceeding 2 GW across utility-scale and rooftop solar projects. Their cutting-edge technology includes bifacial modules, trackers, and energy storage systems for various applications like power generation, water pumping, and irrigation.
EMMVEE has captured a 5% market share in India’s solar sector. As of April 16, 2024, Emmvee Photovoltaic Power Private Limited announced a revenue of Rs 863.98 crore for the first ten months of the 2024 financial year. Noteworthy projects include the 500 MW Bhadla Solar Park in Rajasthan, the 250 MW Pavagada Solar Park in Karnataka, and the 100 MW Rewa Ultra Mega Solar Park in Madhya Pradesh. EMMVEE remains dedicated to advancing India’s renewable energy goals through efficient and reliable solar solutions. Therefore, EMMVEE owns its rank in the list of top solar companies in India.
9. IndoSolar
- Founded: 2005
- Headquarters: Ahmedabad
- Specialty: Manufacturer of PV Cells and PV Panel System
- Notable achievement: Indosolar Limited received the “National Excellence Award” in the category of Domestic Solar Cell Manufacturers on June 7, 2016.
Indosolar, India’s largest photovoltaic cell producer, boasts a 500 MW production capacity and leads the nation’s solar cell and module manufacturing sector. Their solar products serve utility-scale solar plants, commercial/industrial rooftops, and residential systems, driven by cutting-edge monocrystalline silicon technology for top-notch efficiency and durability.
Indosolar’s solar solutions shine with exceptional efficiency, durability, and affordability, catering to both commercial and residential projects. It has captured a substantial 15% market share in India’s solar cell market. In the first quarter of 2024, the company reported revenue of INR 1.01 million. With a proven track record in project execution, an unwavering commitment to innovation, and a strong customer-centric approach, Indosolar stands poised as a part of the top solar companies in India, making significant contributions to the nation’s renewable energy landscape.
10. Jakson Group
- Founded: 1948
- Headquarters: Mumbai
- Specialty: Solar Modules, Solar Products, Kits, Solar Rooftop, Battery and Storage Solutions
- Notable achievement: Jakson Group was awarded the “Renewable Energy Company of the Year” at the Gautam Buddha Nagar Pride Awards 2022.
Jakson Group, a prominent Indian conglomerate, specializes in diverse industries, with a strong focus on solar energy. Their extensive solar projects across India utilize cutting-edge technologies, including high-efficiency monocrystalline and cost-effective polycrystalline solar panels, as well as flexible thin-film panels. These solutions offer durability, modularity, and remote monitoring for real-time performance tracking.
These solar solutions find applications in commercial, industrial, residential, and utility-scale sectors. While specific revenue figures remain undisclosed, estimates suggest a significant contribution to Jakson Group’s overall revenue, establishing it as a key player in India’s solar market with a 5% market share. They acquired approximately ₹6,000 crore in annual revenue as of March 2024, sustaining itself in the list of notable solar companies in India. With over 1 GW in total capacity, projects span across states like Gujarat, Rajasthan, Maharashtra, and Tamil Nadu. Jakson Group is also an active member of the National Solar Alliance, furthering India’s solar energy promotion efforts.
Final Thoughts
As India strives towards the next sustainable energy target, we can turn to these organizations to propel the renewable energy sector into a new century. The Indian government’s commitment to renewable energy, as well as the low-cost, warranty-backed technology offered by these solar companies in India, will drive the country into a better future.
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FAQs
- What are the top 10 solar companies in India?
Answer: Tata Power Solar Systems Limited, Adani Solar, Vikram Solar Limited, Waaree Energies Limited, Azure Power, RenewSys, Photon Energy Systems Limited, EMMVEE Photovoltaic Power, IndoSolar, and Jakson Group are the top 10 solar companies in India.
- Which is the best solar company in India?
Answer: Tata Power Solar is the best solar company in India, boasting a 7 GW+ project portfolio. They offer diverse solar technologies with durable panels backed by warranties of up to 25 years. Their solutions cover rooftop and ground-mounted installations for residential, commercial, and governmental clients.
- What are the top 5 solar companies in India?
Answer: Tata Power Solar Systems Limited, Adani Solar, Vikram Solar Limited, Waaree Energies Limited, and Azure Power are the top 5 solar companies in India.
- Which brand of solar panel is best in India?
Answer: Premier Energies, Fenice Energy, REC Solar, and Navitas Solar are among the top brands for solar panels in India.
- Which solar company is listed in NSE?
Answer: Tata Power Solar Systems Limited, Adani Solar, Vikram Solar Limited, and Waaree Energies Limited are some of the Indian solar companies listed in the NSE.
