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.
The Government policies, including subsidies, tax incentives, and the Production-Linked Incentive (PLI) scheme, are supporting domestic manufacturing of solar modules to reduce reliance on imports, primarily from China.
Listed below are India’s top 3 integrated players operating in the solar energy ecosystem.
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.
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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.
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 Friday’s trade with a market capitalization of Rs. 3,37,542 Crores, the shares of Adani Enterprises Limited opened at Rs. 2,960.90 per equity share, down 1 percent from its previous day’s close price of Rs. 2,991.40.
Premier Energies
Premier Energies Limited is an integrated player in the solar ecosystem engaged in manufacturing and supplying 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 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
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 Friday’s trade with a market capitalization of Rs. 51,675 Crores, the shares of Premier Energies Limited opened at Rs. 1,146.35 per equity share, up 1 percent from its previous day’s close price of Rs. 1,132.85.
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 Limited, is its renewable energy arm, focused on solar energy solutions including manufacturing solar panels, solar systems, and providing solar power project services.
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.
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.
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In Friday’s trade with a market capitalization of Rs. 1,42,688 Crores, the shares of Tata Power Company Limited opened at Rs. 446.55 per equity share, up 1.53 percent from its previous day’s close price of Rs. 439.80.
Written by: Bharath K.S
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