The Government of India has set an ambitious goal to install rooftop solar plants in 1 crore (10 million) households by 2026-27 as part of the PM Surya Ghar Muft Bijli Yojana (PM-SGMBY). This initiative, launched in February 2024, was highlighted in the Lok Sabha by the Union Minister for New and Renewable Energy, according to the IBEF.
The scheme is being rolled out nationwide, covering all states and Union Territories, with solar capacity allocations being determined based on individual state demands and the pace of implementation. In addition to PM-SGMBY, the government is also actively executing the Pradhan Mantri-Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), aimed at promoting the adoption of decentralised renewable energy systems.
As of 30th June 2025, Madhya Pradesh alone has installed a total renewable energy capacity of 11,279.39 MW. This includes 5,570 MW from solar power, 3,195.15 MW from wind energy, 155.46 MW from bioenergy, and 2,358.71 MW from hydro power.
Moreover, under the government’s Solar Parks and Ultra-Mega Solar Power Projects initiative, 8 solar parks with a combined capacity of 4,248 MW have been approved in Madhya Pradesh, reinforcing the state’s role in driving India’s clean energy transformation.
1. Solex Energy Limited
With a market cap of Rs. 1,390.5 crores, the stock hit a 2 percent upper circuit on NSE, rising to Rs. 1,287.2 on Tuesday. Solex Energy Limited is engaged in the manufacturing of solar photovoltaic (PV) modules and provides Engineering, Procurement, and Construction (EPC) services within the solar energy sector.
It undertakes turnkey solar projects across multiple segments, including residential rooftops, commercial and industrial installations, and utility-scale ground-mounted systems.
Vision 2030 – Solex aims to enhance its position as a fully integrated solar company by advancing solar technologies and scaling its operations. Following a recent expansion to 1.5 GW, the company plans to increase its module manufacturing capacity to 15 GW. Additionally, it is exploring the establishment of a new solar cell manufacturing facility, initially targeting 2 GW capacity with provisions for scaling up to 5 GW.
2. Insolation Energy Limited
With a market cap of Rs. 4,794.6 crores, the stock surged nearly 3 percent on BSE, rising to Rs. 225 on Tuesday. Insolation Energy Limited is engaged in the business of manufacturing a wide range of solar panels, including solar modules, solar PCUs, and solar batteries.
On the revenue front, the company expects to cross Rs. 3,000 crore in FY26, Rs. 5,500 crore in FY27, and Rs. 8,500 crore in FY28. Gross profit is projected to grow from Rs. 792 crore in FY26 to Rs. 1,320 crore in FY27 and Rs. 2,494 crore in FY28.
Looking ahead to FY27-28, the company plans to scale up to 8 GW of module capacity and integrate 3 GW of cell production. Insolation Energy also expects to generate Rs. 7,000 crore in revenue from modules, Rs. 1,100 crore from EPC contracts, with the remaining Rs. 500 crores coming from other business segments.
The company has planned a capex of over Rs. 1,300 crore, which will be funded through a mix of Rs. 300 crore from internal accruals and Rs. 1,000 crore in debt.
3. Waaree Renewable Technologies Limited
With a market cap of Rs. 10,461.6 crores, the stock surged nearly 1 percent on BSE, rising to Rs. 1,016.3 on Tuesday. Waaree Renewable Technologies Limited is engaged in the business of generating power through renewable energy sources and also providing engineering, procurement, and construction (EPC) services in this regard. Its portfolio spans a variety of clean energy solutions, including rooftop solar installations, floating solar systems, and large-scale ground-mounted solar projects.
As of Q1 FY26, the company has an unexecuted order book of 3,155 MWp, while the executed order book stood at Rs. 699 MWp. Among its key ongoing projects is a 4.25 MWp rooftop solar installation in Chittorgarh, Rajasthan.
Written by Shivani Singh
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