Top 15 solar players in India


By Richa Chakravarty

Monday, November 24, 2014:  The Indian solar industry is at a crucial juncture. On one hand, the anti dumping duty on solar cells and modules recommended by the Ministry of Commerce has attracted a lot of criticism from the industry as it may severely impact the market, if imposed. On the other, the delay in announcing the guidelines for Phase II of the Jawaharlal Nehru National Solar Mission (JNNSM) affected the growth trajectory of the sector. However, to scale up solar capacity and promote manufacturing, the Ministry of New and Renewable Energy (MNRE) announced guidelines for the Phase II Batch II bundling scheme for a capacity of 1500MW. This came as a respite for the industry as it is considered to be one of the largest tenders issued till date. Keeping this scenario in mind, Electronics Bazaar attempted to list the top solar companies that survived the recent harsh market conditions.

The Electronics Bazaar team conducted a survey among the solar companies operating in India to ascertain their performance during 2012-13. While attempting to rank the top solar companies in the country, we faced certain challenges since each company has its own strengths and is perceived as a leader in a specific domain within the industry. Hence, we ranked these companies based on their turnover for 2012-13 (as revenues for a majority of the companies for 2013-14 could not be procured).

We would also like to mention that the companies that are into EPC and installation of solar mega projects, including Welspun, Lanco, CEL, Sterling, Juwi, etc, were not a part of this ranking as these companies are also involved in multiple business verticals, other than solar energy. Also, some of the companies did not want to share their current turnover figures.

Disclaimer: While this survey is by no means comprehensive, it does provide a glimpse into many of India’s key solar companies. While Electronics Bazaar’s editorial team has taken the utmost care to contact all possible sources to make the list comprehensive, we may have inadvertently left out a few companies from this list. Information contained in the following report has been obtained from sources deemed reliable, and Electronics Bazaar makes no claims with respect to its accuracy. Neither Electronics Bazaar nor its affiliates, officers, directors, employees, owners, representatives nor any of its data or content providers shall be liable for any errors or for any actions taken by any entity on the basis of this information.

Top 15 Solar Companies IN INDIA

Ranked on the basis of revenue, FY 2012-13 



(in Rs million)


Tata Power Solar Systems Ltd



Vikram Solar Pvt Ltd



Emmvee Group



Waaree Energies Ltd



Moser Baer Solar Group



Websol Energy System Ltd



Photon Energy Systems Ltd



Swelect Energy Systems Ltd



Surana Ventures Ltd



Premier Solar Systems Pvt Ltd



Jupiter Solar Power Ltd



Indosolar Ltd



Chemtrols Solar Pvt Ltd



Titan Energy Systems Ltd



HHV Solar Technologies Pvt Ltd



Selco Solar Light Pvt Ltd


Rank 1

Tata Power Solar Systems Ltd

ajaygoelAnnual revenue 2012-13: Rs 5104.67 million

(Revenue for FY 2013-14: Rs 11,054.98 million)

Ajay Goel, CEO

Tata Power Solar is a 100 per cent subsidiary of Tata Power. It is a fully integrated solar solutions provider of cells, modules and solar products. It also offers EPC services and has completed almost 160MW of ground mounted, utility scaled projects and 40MW of rooftop projects till FY 2014. Its present module and cell manufacturing capacity is 200MW and 180MW, respectively.

  • Year of establishment: 1989

  • Headquarters located in: Bengaluru

  • Manufacturing facilities: Three units in Bengaluru

  • Manufactures: Cells, modules, lighting products, power packs and water pumps

Contact details: Ph: 91-80-6777-2000/3000,

Rank 2

Vikram Solar Pvt Ltd

hkchaudharyAnnual revenue 2012-13: Rs 3815.74 million

H K Chaudhary, chairman

Vikram Solar specialises in the manufacture of PV solar modules. It is part of the Vikram Group of companies, which is a 40 year-old company specialising in engineering and manufacturing activities. The company has an advanced solar PV module manufacturing facility in India. Its ISO 9001-2008 accredited manufacturing plant, located in the SEZ of Falta, West Bengal, is spread over a sprawling 3716.12 sq m area and boasts of a 150MW installed production capacity soon to upscale at 550MW. The company executed 40MW projects in Rajasthan and 5MW project each in Gujarat and Tamil Nadu in 2013.

  • Year of establishment (solar division): 2009

  • Headquarters located in: Kolkata

  • Manufacturing facility: Falta, Kolkata

  • Manufactures/services provided: Solar modules, EPC

Contact details: Ph: +91 33 22307299, [email protected],

Rank 3

Emmvee Group

dvAnnual revenue 2012-13: Rs 3619.11 million

D V Manjunatha, founder and MD

Emmvee is a manufacturer of mono and poly crystalline modules. The company has been offering various solar powered products and solutions since 1992. The company’s product portfolio includes high performance PV modules and solar water systems. It also offers EPC services for solar PV power projects.

  • Year of establishment: 1992

  • Headquarters located in: Bengaluru

  • Manufacturing facilities: Two units in Bengaluru

  • Manufactures: Modules, solar thermal systems, and takes up EPC projects

Contact details: Ph: 91-80-4323-3333, [email protected],

Rank 4

Waaree Energies Ltd

hiteshAnnual revenue 2012-13: Rs 2975.94 million

Hitesh Doshi, CMD

Waaree Energies Ltd is a solar PV module manufacturer and EPC service provider in India. With an annual production capacity of 110MW, Waaree manufactures a complete range (1Wp to 300Wp) of off-grid and on-grid PV modules. This year, Waaree Energies has reached the capacity of 250MW, and it is now a public limited company. In August 2013, Waaree Energies bagged a turnkey order for a 25MW power plant from the Roha Group in Rajasthan, and also an order to provide solar power in the jails across Madhya Pradesh. In May 2013, it forayed into the solar thermal space.

  • Year of establishment: 2007

  • Headquarters located at: Mumbai

  • Manufacturing facility: Surat, Gujarat

  • Manufactures: Modules, solar thermal solutions, solar water pumps, solar portable kits, solar thermal systems, rooftop solutions, etc and takes on EPC projects

Contact details: Ph: +91-22-66444444, [email protected],

Rank 5

Moser Baer Solar Group

deepakpuriAnnual revenue 2012-13: Rs 2421.67 million

Deepak Puri, MD

Moser Baer Solar Ltd and Moser Baer Solar Systems Pvt Ltd are subsidiaries of Moser Baer India Ltd, the total capacity of which, at current efficiency levels, stands at 250MW. The Moser Baer brand has a dominant position in solar EPC services and solar PV modules in the Indian as well as international markets. In 2013, the company became one of the major players in Kerala’s ANERT programme for residential rooftop systems.

  • Year of establishment: Between 2005 and 2007

  • Headquarters located in: New Delhi

  • Manufacturing facility: Greater Noida

  • Manufactures/services provided: Cells, modules, solar systems and the setting up of solar farms and solar power projects

Contact details: Ph: +91-11-40594444, 26911570/74, +91-11-41635211, 26911860,

Rank 6

Websol Energy System Ltd

sohanlalAnnual revenue 2012-13: Rs 1256.82 million

Sohan Lal Agarwal, MD

Websol Energy System Ltd is an Indian manufacturer of PV monocrystalline solar cells and modules. To enhance its competitive edge, the company undertook a 120MW expansion programme in 2006. Websol has the technical capability to handle up to 160 micron thin wafers and process multiple sized wafers. Its products range from 10W to 225W, catering to diverse needs.

  • Year of establishment: 1994

  • Headquarters located at: Falta, West Bengal

  • Manufacturing facility: Falta SEZ, West Bengal

  • Manufactures: Solar cells and modules, EPC, etc

Contact details: Ph: 91-3174-222932, [email protected],

Rank 7

Photon Energy Systems Ltd

Annual revenue 2012-13: Rs 1116.02 million

Gautham Nalamada, executive director and CEO

Photon Energy Systems is a manufacturer of solar PV modules, PV systems and solar thermal systems. With a production capacity of 50MW, its manufacturing unit is equipped with state of the art facilities, backed by a strong R&D cell and testing lab. It produces solar PV panels ranging from 3Wp to 260Wp. Photon has IEC 61215 certification for its range of panels up to 220Wp. In April 2013, it launched its solar off-grid power units for homes and other installations.

  • Year of establishment: 1995

  • Headquarters located in: Hyderabad

  • Manufacturing facility: IDA Bollaram, Andhra Pradesh

  • Manufactures: Modules, solar PV thermal systems, etc

Contact details: Ph: +91-40-23331337/1338/1339; [email protected];

Rank 8

Swelect Energy Systems Ltd

rcheppappanAnnual revenue 2012-13: Rs 1054.98 million

(Standalone revenue for FY 2013-14: Rs 497.08 million)

R Chelleppan, MD

Swelect Energy Systems (formerly Numeric Power Systems Ltd) is into power and renewable energy systems. It has commissioned 1.1MW solar power plant in Coimbatore and 1MW solar power plant in Sivagangai. The company also commissioned 15MW modular energy power at Karur. HHV Solar Technologies Pvt Ltd is a wholly owned subsidiary of Swelect Energy.

  • Year of establishment: 1984

  • Headquarters located in: Chennai

  • Manufactures: Solar modules, solar off-grid products, solar power projects

Contact details: Ph: +91-44-2499-3266, [email protected],

Rank 9

Surana Ventures Ltd

narendraAnnual revenue 2012-13: Rs 949.09 million

Narender Surana, MD

Surana Ventures (part of Surana Group), manufactures solar power systems primarily based on PV modules, with power outputs ranging from 3 to 230Wp. It has an installed capacity of 12MW. Presently, the company has a production capacity of 40MW/annum. In February 2013, Surana Ventures acquired a production line from German photovoltaic (PV) firm Schott Solar.

  • Year of establishment: 2008

  • Headquarters located at: Secunderabad, AP

  • Manufacturing facility: Cherlapally, Hyderabad

  • Manufactures: Solar modules and deals in solar lighting systems

Contact details: Ph: +91-40-44665-700, [email protected],

Rank 10

Premier Solar Systems Pvt Ltd

csalujhaAnnual revenue 2012-13: Rs 722.61 million

C Saluja, MD

Premier Solar Systems manufactures a wide range of solar products. The manufacturing unit is equipped with state of the art facilities backed by a strong R&D cell and testing lab. The manufacturing facility has the latest semi-automated production line, spread over 3716.12 sq m. In 2011, the company diversified into solar EPC through its subsidiary Premier Solar Powertech Pvt Ltd.

  • Year of establishment: 1995

  • Headquarters located at: Secunderabad, AP

  • Manufacturing facility: Medak, AP

  • Manufactures: Solar PV modules, solar streetlights, solar water pumps and solar power plants

Contact details: Ph: +91-40-27744415/27744416, +91-40-27744417, [email protected],

Rank 11

Jupiter Solar Power Ltd

alokAnnual revenue 2012-13: Rs 604.75 million

Alok Garodia, MD

Jupiter Solar Power Ltd (JSPL) is an integrated, end to end solar power solutions provider. It manufactures PV polycrystalline solar cells in India up to a capacity of 50MW. Its plant was set up in technical collaboration with Centrotherm AG. JSPL was incorporated as Jupiter Nivs Technologies Pvt Ltd in 2006, and was named JSPL in 2007.

  • Year of establishment: 2006

  • Headquarters located in: Kolkata

  • Manufacturing facility: Baddi, Himachal Pradesh

  • Manufactures/services provided: Solar cells and offers systems solutions

Contact details: Ph: +91-33-4015-9000; [email protected];

Rank 12

Indosolar Ltd

hrguptaAnnual revenue 2012-13: Rs 558.10 million

H R Gupta, MD

Indosolar is a manufacturer of solar PV cells. With a plant spread over 300,000 sq m, it accomodates four production lines with a manufacturing capacity of 450MWp pa. Its average cell efficiency is 17.40 per cent peaking at 18 per cent with machinery and technology being supplied by Schmid GmbH on a turnkey basis.

  • Year of establishment: 2008

  • Headquarters located at: Greater Noida, UP

  • Manufacturing unit: Greater Noida, UP

  • Manufactures: Solar cells

Contact details: Ph: +91-120-4762500, +91-120-4762500, [email protected],

Rank 13

Chemtrols Solar Pvt Ltd

sharadAnnual revenue for 2012-13: Rs 286.40 million

(The company claims a revenue of Rs 505.00 million in FY 2013-14)

Sharad Saxena, CEO

Chemtrols Solar is the solar ‘EPC division of the 38 year-old Chemtrols Group. The company offers turnkey EPC services for utility and small scale solar PV projects. The company offers EPC services to over 35 MW of solar PV power projects in India, ground-mounted and rooftop grid-connected as well as off-grid projects. It was honoured with the Intersolar 2013 award for solar projects in India for executing India’s first MW scale PV-Disel hybrid rooftop solar (PV) power plant at Tirupur.

  • Year of establishment: 2010

  • Headquarters located in: Mumbai

  • Manufactures/services provided: Project development, and EPC for MW and off-grid solar PV projects

Contact details: Ph: +91-22-6715-1200, [email protected];

Rank 13

Titan Energy Systems Ltd

raosysAnnual revenue for 2012-13: Rs 286.40 million

Rao S Y S Chodagam, CMD

Titan Energy Systems Ltd (TESL) is a solar energy systems integration company with experience in the design, development, construction and operation of MW scale grid interactive solar power plants. It also designs, manufactures and sells solar photovoltaic modules and solar products. It has a state of the art 100MW manufacturing facility, and full fledged in-house R&D capabilities.

  • Year of establishment: 1991

  • Headquarters located at: Secunderabad, AP

  • Manufacturing facility: Hyderabad

  • Manufactures/services provided: Modules and solar energy systems, off-grid solar energy systems

Contact details: Ph: 91-40-2779-1085/0751, [email protected],

Rank 14

HMV Solar Technologies Pvt Ltd

rcheppappanR Chellappan, MD

HHV Solar Technologies manufactures solar PV modules and offers SPV technology based solutions to meet the demands of commercial and industrial establishments around the world. It has the capability to produce both crystalline and thin film silicon PV modules. In January 2013, Swelect Energy Systems Ltd acquired a 49 per cent stake in HHV Solar. The capacity of the line is 10MW per year.

  • Year of establishment: 2008

  • Headquarters located in: Bengaluru Rural

  • Manufacturing facility: Dabaspet, Bengaluru Rural

  • Manufactures: Solar modules, building integrated photovoltaic solutions

Contact details: Ph: +91-80-22633700, [email protected],

Rank 15

Selco Solar Light Pvt Ltd

drharishAnnual revenue 2012-13: Rs 216.18 million

Dr Harish Hande, MD

Selco Solar is a social enterprise that was established in 1995. It provides sustainable energy solutions and services to under served households and businesses. Selco manufactures off-grid products and solar thermal products. Selco currently employs about 295 employees in Karnataka, Gujarat, Maharashtra, Bihar and Tamil Nadu spread across 40 energy service centres.

  • Year of establishment: 1995

  • Headquarters located in: Bengaluru

  • Manufactures/services provided: Off-grid solar products, solar thermal products, etc

Contact details: Ph: 91-8026654509, [email protected],

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