India’s solar industry is poised for continued growth, driven by its vast potential for solar energy production, policy support, and increasing demand for clean energy solutions. It has rapidly grown into one of the largest in the world, with over ~72 GW of installed capacity for solar module manufacturing and 8.1 GW for solar cell manufacturing as of 2024.
Listed below is all about Waaree Energies Limited which is the largest solar module manufacturer and its competitors who are the top 3 integrated players in the Solar Industry
Waaree Energies
Waaree Energies Limited the Parent company of Waaree Renewable Technologies Limited is India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12.50 GW as of June 30, 2023, and it has a 17 percent market share in India in terms of annual installed capacity.
Waaree Energies Limited commenced operations in 2007 focusing on solar PV module manufacturing to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon footprint paving the way for sustainable energy. It has four solar module manufacturing facilities in India, with an international presence
Waaree Energies Limited is coming up with its Initial Public Offering (IPO) soon as it has already been approved by the SEBI to raise funds from the public. It is going to be a mix of fresh issue and offer for sale.
The object of the IPO is to part finance the cost of establishing the 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India, with an estimated cost of Rs. 9049.95 Crores which will partly financed through IPO proceeds and other general corporate purposes.
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Waaree Energies Limited is also in the process of expanding its manufacturing operations by establishing a new up to 3 GW manufacturing facility in the United States.
Its Revenue from operations grew by 137 YoY from Rs. 2,854.26 Crores in FY22 to Rs. 6,750.87 Crores in FY23, accompanied by profits of Rs. 79.65 Crores to Rs. 500.27 Crores. Its net profit margins increased from 2.7 percent in FY22 to 7.29 percent
Tata Power
Tata Power Company Limited is India’s largest vertically integrated power company, primarily involved in the business of generation, transmission, and distribution of electricity, manufacturing solar roofs, developing EV charging stations, and many more.
Tata Power Solar the wholly owned subsidiary of Tata Power Company Limited, is its renewable energy arm, focused on solar energy solutions including manufacturing solar panels, and solar systems, and providing solar power project services.
As of FY24 Tata Power Solar is India’s 3rd largest Solar Module manufacturer, with a market share of 7 percent and an annual installed capacity of 4.97 GW. It is also India’s 5th largest solar cell manufacturer with a 6 percent market share and an installed capacity of 0.53 GW.
Recently in September 2024, Tata Power commenced production of Solar Cell at India’s largest Single-Location 4.3 GW Solar Cell and Module Manufacturing Plant in Tirunelveli, Tamil Nadu, with production, currently at 2GW capacity and peak production of 4GW will be achieved within the next few months
Its Revenue from operations grew by 13.67 percent from Rs. 15,213 Crores in Q1FY24 to Rs. 17,294 Crores in Q1FY25, accompanied by profits of Rs. 1,141 Crores to Rs. 1,189 Crores.
In Monday’s trade, the shares of Tata Power Company Limited opened at Rs. 467.10 per equity share up 0.09 percent from its previous day’s close price of Rs. 466.70.
Adani Enterprises
Adani Enterprises Limited is a holding company operating across various businesses like resource management, FMCG, Power, airports, data centers, and many more through its Joint Ventures/subsidiaries/associates.
Mundra Solar PV Limited is a subsidiary of Adani Enterprises Limited, it is involved in the manufacturing of solar photovoltaic (PV) cells and modules, providing solar project solutions, Renewable Energy Projects, and many more.
Mundra Solar PV Limited is India’s largest solar cell manufacturer with a market share of 50 percent and an annual installed capacity of 4 GW. It is also India’s 5th largest Solar Module manufacturer with a market share of 5 percent and an annual installed capacity of 4 GW.
Mundra Solar PV Limited is the manufacturing arm of Adani Solar, which is the solar photovoltaic manufacturing and EPC (Engineering, Procurement, and Construction) division of the Adani Group.
As per sources, the Adani Group is planning to build the world’s first fully integrated 10 GW solar manufacturing capacity ecosystem by 2027 at Adani’s Mundra Special Economic Zone in Gujarat.
Its Revenue from operations grew by 12.49 percent from Rs. 22,644 Crores in Q1FY24 to Rs. 24,472 Crores in Q1FY25, accompanied by profits of Rs. 677 Crores to Rs. 1,772 Crores.
In Monday’s trade, the shares of Adani Enterprises Limited opened at Rs. 3,100 per equity share down 0.31 percent from its previous day’s close price of Rs. 3,109.75.
Premier Energies
Premier Energies Limited is an integrated player in the solar ecosystem that manufactures and supplies integrated solar cells and solar panels. Its product portfolio includes Cell, Solar Module, Monofacial and Bifacial, modules, EPC Solutions, and O&M Solutions.
As of FY24 Premier Energies Limited exports more than 95 percent of India’s solar cell exports. As of July 31, 2024, it has a strong order book of Rs. 5,926.56 Crores.
Premier Energies Limited is India’s 2nd largest Solar Cell Manufacturer with a market share of 25 percent and an Installed capacity of 2GW. It is also India’s 4th largest Solar Module manufacturer with a market share of 6 percent and an annual installed capacity of 4.13 GW
It has an installed capacity of 2GW Solar cell manufacturing facility with work going on for setting up a 1GW along with goals of expanding it to 7 GW and a 4 GW Solar Module manufacturing facility with goals to expand it to 8 GW with a capex plan of Rs. 3,400 Crores by part financing it with the IPO proceeds and funding from other sources.
Its Revenue from operations grew by 117 percent YoY from Rs. 1,463.21 Crores in FY23 to Rs. 3,171.31 Crores in FY24, accompanied by a loss of Rs. 13.34 Crores to profits of Rs. 231.36 Crores.
In Monday’s trade, the shares of Premier Energies Limited opened at Rs. 1,040.25 per equity share down 0.78 percent from its previous day’s close price of Rs. 1,048.45.
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Written by: Bharath K.S
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