5 Solar Companies Set to Gain from India’s US$ 1 Billion Solar Push – EQ
In Short : India’s US$ 1 billion solar push is set to boost its renewable energy capacity, with five companies leading the charge. Adani Green Energy, Tata Power Solar, ReNew Power, Azure Power, and Waaree Energies are poised to benefit significantly. Their expertise in solar projects, manufacturing, and innovation positions them to drive India’s solar revolution, supporting sustainability and reducing fossil fuel dependency.
In Detail : India is ramping up its efforts to break China’s dominance in the solar supply chain with a US$ 1 billion (bn) capital subsidy plan aimed at boosting domestic manufacturing of wafers and ingots-critical components in solar panel production.
While the country has made significant progress in solar module and cell manufacturing, wafer and ingot production remains a weak link, with only 2 Giga Watts (GW) of capacity compared to 71 GW of modules and 11 GW of cells.
The government’s push now mirrors its successful mobile phone manufacturing strategy, which attracted global giants like Apple and Samsung with lucrative incentives. A similar approach in the solar sector could cut the reliance on imports, lower production costs, and create a competitive domestic supply chain.
However, India still lacks polysilicon production, a key input for wafers and ingots, making some dependence on foreign suppliers inevitable in the near term.
With this policy shift, several Indian solar companies are well-positioned to capitalize on government support..
1. Adani Enterprises
First on our list we have Adani Enterprises.
Adani Enterprises is aggressively scaling up its solar and renewable energy business, maintaining its 1 GW per quarter module sales run rate.
The company remains on track to expand solar manufacturing capacity to 10 GW by 2028, with current operational capacity at 4.5 GW annually.
A key differentiator for Adani is its integrated solar manufacturing approach, making it one of the very few companies in India producing wafers and ingots.
In May 2024, Adani Solar began commercial production of wafers and ingots at its Gujarat facility, strengthening India’s solar supply chain.
Having started large-scale monocrystalline silicon ingot production in December 2022, Adani remains the only Indian manufacturer producing ingots at M10 and G12 scales.
The company also plans to begin polysilicon production by 2027-28, making it India’s first fully integrated renewable energy player.
The Adani New Industries Limited saw EBITDA soar 121% YoY in 9MFY25, reflecting strong growth in renewables.
The company is actively selling solar modules externally, maintaining a balance between domestic and export markets, with a focus on utility-scale projects, Engineering, Procurement and Construction players (EPC) and retail customers.
The company’s initial FY25 capex target of Rs 800 bn has been revised to Rs 695.62 bn, with Rs 110 bn deferred due to timing shifts in green hydrogen and PVC projects. In the first nine months of FY25, it spend Rs 210 bn, with a majority allocated to renewables.
Looking ahead, the company does not plan to expedite its 10 GW solar capacity target before 2028, but renewable energy expansion remains a key priority.
2. Premier Energies
Premier Energies continues to scale up as a leading solar solutions provider. The company manufactures high-efficiency solar cells and offers mono-facial and bifacial modules tailored for projects.
It also provides EPC services for ground-mounted, rooftop and floating solar installations, along with other services and clean energy generation.
Strong domestic demand has driven exceptional growth in Q3FY25. Premier’s revenue surged 144.76% YoY, while operating margins expanded from 17.3% to 29.97%.
The net profit skyrocketed 490% YoY. The IPO proceeds strengthened the balance sheet, cutting the net debt-to-EBITDA ratio from 9.51x to 3.49x.
Premier is executing an aggressive expansion strategy. A 1 GW TOPCon (Tunnel Oxide Passivated Contact – advanced solar cell technology) cell & module line is set to go live in Q1 FY26, followed by a 4 GW line in Q1 FY27.
The company also plans to backward integrate with a 2 GW wafer facility and a 36,000 MT aluminum frame unit. While it does not manufacture wafers yet, this move will strengthen its supply chain and improve margins.
Looking ahead, the company stands to benefit from strong policy tailwinds. The PM Surya Ghar Yojana and rising Domestic Content Requirement (DCR) rooftop demand – now 25% of Premier’s DCR sales – will drive growth.
A Rs 69 bn order book (2 GW modules, 2.6 GW cells) provides 12-15 months of revenue visibility.
3. Waaree Energies
Third on our list is Waaree Energies.
Waaree Energies is India’s largest solar PV module manufacturer. The company has scaled its capacity from 4 GW in FY22 to 12 GW by mid-2024, adding another 1.3 GW in Noida via Indosolar.
With EPC, Operations and Maintenance (O&M) and renewable energy sales, Waaree is a full-spectrum solar solutions provider.
Warree’s Q3 FY25 results have been stellar, with revenue up 115% YoY, EBITDA soaring 257% YoY and margins expanding to 22.8%.
PAT jumped 260% YoY. It’s Rs 500 bn order book (26.5 GW) is split 54% exports and 46% domestic, though revenue mix remains 79% domestic due to faster execution cycles.
Waaree is pushing aggressive expansion, with its US factory commencing production in January 2025. The company is in the final trial stage for a 1.4 GW Mono PERC (Passivated Emitter and Rear Contact- high-efficiency solar cell technology) cell line, while a 4 GW TOPCon cell facility is set to go live by April-May 2025.
While it doesn’t yet manufacture ingots and wafers, Waaree is developing a 6 GW integrated facility in Odisha to produce ingots, wafers, solar cells, and PV modules. Supported by the PLI scheme, this is expected to be operational by FY27, strengthening its role in the solar value chain.
Beyond solar, the company is expanding into green hydrogen, batteries, and inverters, solidifying its leadership in India’s renewable energy transition.
4. Solex Energy
Fourth on our list is Solex Energy.
Solex Energy is rapidly expanding its footprint in the renewable energy space, with solar panels contributing nearly 95% of its revenue.
The company has delivered exceptional growth in H1 FY25, with revenue surging 192% YoY, while EBITDA rose 167.7% and PAT skyrocketed 1,697% YoY, driven by capacity expansion and a strong order pipeline.
With demand rising, Solex is scaling its module manufacturing capacity to 4 GW by June 2025, with plans to expand further to 15 GW by 2030.
The company has also initiated a 2 GW solar cell expansion, ensuring higher efficiency and better cost optimization. In a major product innovation, Solex has launched Tapi-R rectangular cell modules (Tapi Rectangular, designed for higher power output and lower costs), offering higher power output and lower costs.
While it doesn’t produce ingots and wafers yet, government support could enable seamless integration, strengthening its supply chain and cost competitiveness.
Looking ahead, Solex is targeting both domestic and international markets. It is already securing exports to Europe and Africa, with plans to enter the US market post-2025.
With a Rs 1 bn investment roadmap by 2030, Solex is positioning itself as a key OEM player, driving innovation, expanding capacity and integrating backward into solar cell manufacturing.
5. Tata Power
Last on our list is Tata Power.
Tata Power is solidifying its position as India’s energy leader, with 25 GW installed capacity, shifting aggressively towards clean energy. The company is becoming a one-stop solar solutions provider, expanding its solar manufacturing and EPC business.
While renewable energy major doesn’t manufacture wafers and ingots, it could enter the space as government policies push for domestic solar supply chains.
The company is expanding EPC and manufacturing capabilities position it well to reduce import reliance and strengthen its clean energy footprint.
Tata Power’s EPC division is thriving, securing 612 MW of orders worth Rs 28 bn. The PM Surya Ghar Yojana is set to accelerate rooftop solar adoption, with 30-40 GW capacity expected to be added in the next 2-3 years. The company is also evaluating private-sector nuclear opportunities.
Tata Power operates a 4 GW cell & module facility, while rooftop solar revenue has crossed Rs 5 bn.
The company has earmarked Rs 220 bn capex for FY25, focusing on renewables, group captive projects and T&D expansion. From FY26-FY27, Tata Power plans to add 2-2.5 GW of renewable capacity annually, strengthening its clean energy portfolio.
It is balancing internal vs. third-party module sales as Approved List of Models and Manufacturers -2 (ALMM) takes effect in June 2026.
On the financial front, Tata Power maintains a net debt of Rs 447 bn, with a debt-equity ratio of 1.1:1. The focus remains on high-return projects, ensuring net debt/EBITDA stays below 3.
With a strong project pipeline, strategic expansion and disciplined capital allocation, Tata Power is well-positioned to lead India’s energy transition.
