A solar cell, also known as a photovoltaic (PV) cell, is an electronic device that converts light energy directly into electricity through the photovoltaic effect.
As of December 2023, India has a cumulative solar module manufacturing capacity of 64.5 GW and a solar cell manufacturing capacity of 5.8 GW.
In 2023 alone, the country added 20.8 GW of solar modules and 3.2 GW of solar cell capacity, reflecting robust growth driven by government policies and anticipated export opportunities.
Looking ahead, India aims to expand its solar module manufacturing capacity to over 150 GW and its solar cell capacity to more than 75 GW by 2026.
This ambitious goal is supported by initiatives such as the Production-Linked Incentive (PLI) scheme, which encourages local manufacturing and aims to reduce reliance on imports, particularly from China.
Following are a few listed companies that are engaged in the business of manufacturing solar cells:
Solex Energy Limited
With a market cap of Rs. 1,453 crores, the shares of a leading pioneer in Solar Photovoltaic (PV) Module manufacturing in India surged by 12 percent to Rs. 1,364 on NSE, during the trading session of Friday.
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 127.3 percent from Rs. 161 crores in FY23 to Rs. 366 crores in FY24.
Similarly, its net profit increased during the same period from Rs. 3 crores to Rs. 9 crores, indicating a rise of nearly 200 percent.
Founded in 1995, Solex Energy Limited is involved in the business of manufacturing solar photo-voltaic modules, as well as engaged in the Engineering, Procurement and Construction (EPC) in the solar energy market, wherein the manufactured modules are utilised.
The company was established as “Sun Energy Systems”, and started the manufacturing of solar PV modules in 2007. In 2014, it was renamed to “Solex Energy Private Limited” and increased the Solar PV Module Manufacturing capacity to 30MW.
Brownfield expansion for achieving target capacity of 4.0-4.5 GW for Solar Module Manufacturing & exploring expansion into cell manufacturing for 2 GW.
Currently, the company is pursuing brownfield expansion to achieve a target capacity of 4.0-4.5 GW for solar module manufacturing, while also exploring expansion opportunities for cell manufacturing with a goal of 2 GW.
Insolation Energy Limited
With a market cap of Rs. 7,785 crores, the stock surged by 3 percent to Rs. 3,739.95 on BSE, during the trading session of Friday.
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 164.2 percent from Rs. 279 crores in FY23 to Rs. 737 crores in FY24.
Similarly, its net profit increased during the same period from Rs. 11 crores to Rs. 55 crores, indicating a rise of nearly 400 percent.
The stock has delivered multibagger returns of nearly 788.7 percent in one year, as well as around 371.3 percent returns year-to-date.
Incorporated in 2015, Insolation Energy Limited is mainly engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes.
By 2024-25, Insolation Energy plans to increase its solar panel manufacturing capacity to 3 GW and commence manufacturing 1,200 MT of aluminium frames. Further, the company aims to introduce a 1.2 GW solar cell manufacturing line by 2025-26.
Tata Power Company Limited
With a market cap of Rs. 1.41 lakh crores, the shares of a leading integrated power company and a part of Tata Group surged by 1.6 percent to Rs. 446.45 on BSE, during the trading session of Friday.
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 11.5 percent from Rs. 55,109 crores in FY23 to Rs. 61,449 crores in FY24.
Similarly, its net profit increased during the same period from Rs. 3,810 crores to Rs. 4,280 crores, indicating a rise of nearly 12.3 percent.
The stock has delivered positive returns of nearly 70 percent in one year, and around 34.6 percent of positive returns year-to-date.
TP Solar Limited, one of India’s largest cell and module manufacturing companies and a subsidiary of Tata Power Renewable Energy Limited (TPREL), which in turn is a subsidiary of Tata Power Company Limited, announced the commencement of commercial production from its 2 GW solar cell line at its manufacturing facility in Tirunelveli, Tamil Nadu. This facility is India’s largest single-location solar cell and module plant.
With a total cell and module manufacturing capacity of 4.3 GW, the module production line at the Tirunelveli plant was commissioned in October 2023 and has produced 1,250 MW of solar modules to date.
Tata Power Company Limited is primarily engaged in the business generation, transmission and distribution of electricity.
Written by Shivani Singh
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