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By Richa Chakravarty
Monday, November 24, 2014: The Indian solar industry is at a crucial juncture. On one hand, the
anti dumping duty on solar cells and modules recommended by the Ministry of Commerce has
attracted a lot of criticism from the industry as it may severely impact the market, if imposed.

Electronics Baz

On the other, the delay in announcing the guidelines for Phase II of the Jawaharlal Nehru
National Solar Mission (JNNSM) affected the growth trajectory of the sector. However, to scale
up solar capacity and promote manufacturing, the Ministry of New and Renewable Energy

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(MNRE) announced guidelines for the Phase II Batch II bundling scheme for a capacity of
1500MW. This came as a respite for the industry as it is considered to be one of the largest
tenders issued till date. Keeping this scenario in mind, Electronics Bazaar attempted to list the

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top solar companies that survived the recent harsh market conditions.
The Electronics Bazaar team conducted a survey among the solar companies operating in India
to ascertain their performance during 2012-13. While attempting to rank the top solar
companies in the country, we faced certain challenges since each company has its own
strengths and is perceived as a leader in a specific domain within the industry. Hence, we
ranked these companies based on their turnover for 2012-13 (as revenues for a majority of the
companies for 2013-14 could not be procured).
We would also like to mention that the companies that are into EPC and installation of solar
mega projects, including Welspun, Lanco, CEL, Sterling, Juwi, etc, were not a part of this
ranking as these companies are also involved in multiple business verticals, other than solar
energy. Also, some of the companies did not want to share their current turnover figures.
Disclaimer: While this survey is by no means comprehensive, it does provide a
glimpse into many of Indias key solar companies. While Electronics Bazaars editorial
team has taken the utmost care to contact all possible sources to make the list
comprehensive, we may have inadvertently left out a few companies from this list.
Information contained in the following report has been obtained from sources
deemed reliable, and Electronics Bazaar makes no claims with respect to its accuracy.
Neither Electronics Bazaar nor its affiliates, officers, directors, employees, owners,


representatives nor any of its data or content providers shall be liable for any errors
or for any actions taken by any entity on the basis of this information.

Top 12: Battery manufacturers in India

Top 15 Solar Companies IN INDIA

Ranked on the basis of revenue, FY 2012-13



(in Rs million)

Top 15 UPS and inverter players in India

Top 15 EMS companies in India

TOP 10 LED lighting players in India
Top 10: Electronic Component Distributors in India

Tata Power Solar Systems Ltd


Leading PCB Manufacturers in India

Vikram Solar Pvt Ltd


TOP 20 EMS players in India

Emmvee Group


Waaree Energies Ltd


Top 16 solar module manufacturers

Maharastra Traders With A Turnover Below 500

Moser Baer Solar Group


million, Exempt From Paying LBT

Ensuring MSME Participation To increase Indian

Websol Energy System Ltd


Content In Defence Electronics

ELCINA Commenced Work For Its Greenfield EMC At

Photon Energy Systems Ltd


Smartstreet lighting project 'RISHTA' launched by HP

Swelect Energy Systems Ltd


Report: LED lighting industry records strong growth

Surana Ventures Ltd


over the last five years

Chennai Corporation to install 6000 LED streets lights


Premier Solar Systems Pvt Ltd


in the city
Electronics Manufacturing: Government receives 900


Jupiter Solar Power Ltd


billion investment proposals

Havells to introduce solar LED lighting products


Indosolar Ltd


electronica India and productronica India 2015 set for


Chemtrols Solar Pvt Ltd


SPGI to conduct sessions on 'New Amended PMA


Titan Energy Systems Ltd


striking success

Policy' in New Delhi

Read more


HHV Solar Technologies Pvt Ltd



Selco Solar Light Pvt Ltd


Volumes Hold The Key In The Metal Core
PCB Market

Rank 1
Industry View

Tata Power Solar Systems Ltd

Annual revenue 2012-13: Rs 5104.67 million

IN the way to light

(Revenue for FY 2013-14: Rs 11,054.98 million)

Ajay Goel, CEO

LED Lighting Industry Fuelling The

Growth Of Capacitors In India

Tata Power Solar is a 100 per cent subsidiary of Tata Power. It is a fully integrated solar
solutions provider of cells, modules and solar products. It also offers EPC services and has
completed almost 160MW of ground mounted, utility scaled projects and 40MW of rooftop projects till FY

Providing Customised Lighting Solutions

2014. Its present module and cell manufacturing capacity is 200MW and 180MW, respectively.

For Residents

Year of establishment: 1989


Headquarters located in: Bengaluru

Manufacturing facilities: Three units in Bengaluru
Manufactures: Cells, modules, lighting products, power packs and water pumps

Read more




Leading battery players

Contact details: Ph: 91-80-6777-2000/3000,

TOP 10 LED lighting players in India

Rank 2
Vikram Solar Pvt Ltd


Annual revenue 2012-13: Rs 3815.74 million

H K Chaudhary, chairman

It is important for India to become an innovation hub,

besides a manufacturing base

Vikram Solar specialises in the manufacture of PV solar modules. It is part of the Vikram
Group of companies, which is a 40 year-old company specialising in engineering and
manufacturing activities. The company has an advanced solar PV module manufacturing

Indias LED lighting demand to rise by 40 per


facility in India. Its ISO 9001-2008 accredited manufacturing plant, located in the SEZ of
Falta, West Bengal, is spread over a sprawling 3716.12 sq m area and boasts of a 150MW installed
production capacity soon to upscale at 550MW. The company executed 40MW projects in Rajasthan and

Draft guidelines for selecting 1500 MW gridconnected solar PV power projects

5MW project each in Gujarat and Tamil Nadu in 2013.

Year of establishment (solar division): 2009
Headquarters located in: Kolkata


Manufacturing facility: Falta, Kolkata

Manufactures/services provided: Solar modules, EPC
Contact details: Ph: +91 33 22307299,,

Rank 3
Emmvee Group

Annual revenue 2012-13: Rs 3619.11 million

D V Manjunatha, founder and MD
Emmvee is a manufacturer of mono and poly crystalline modules. The company has been
offering various solar powered products and solutions since 1992. The companys product
portfolio includes high performance PV modules and solar water systems. It also offers EPC
services for solar PV power projects.
Year of establishment: 1992
Headquarters located in: Bengaluru
Manufacturing facilities: Two units in Bengaluru
Manufactures: Modules, solar thermal systems, and takes up EPC projects
Contact details: Ph: 91-80-4323-3333,,

Rank 4
Waaree Energies Ltd

Annual revenue 2012-13: Rs 2975.94 million

Hitesh Doshi, CMD
Waaree Energies Ltd is a solar PV module manufacturer and EPC service provider in India.
With an annual production capacity of 110MW, Waaree manufactures a complete range
(1Wp to 300Wp) of off-grid and on-grid PV modules. This year, Waaree Energies has
reached the capacity of 250MW, and it is now a public limited company. In August 2013,
Waaree Energies bagged a turnkey order for a 25MW power plant from the Roha Group in Rajasthan, and
also an order to provide solar power in the jails across Madhya Pradesh. In May 2013, it forayed into the
solar thermal space.

+ 2,242


Year of establishment: 2007

Headquarters located at: Mumbai
Manufacturing facility: Surat, Gujarat
Manufactures: Modules, solar thermal solutions, solar water pumps, solar portable kits, solar thermal
systems, rooftop solutions, etc and takes on EPC projects
Contact details: Ph: +91-22-66444444,,

Rank 5
Moser Baer Solar Group

Annual revenue 2012-13: Rs 2421.67 million

Deepak Puri, MD
Moser Baer Solar Ltd and Moser Baer Solar Systems Pvt Ltd are subsidiaries of Moser
Baer India Ltd, the total capacity of which, at current efficiency levels, stands at 250MW.
The Moser Baer brand has a dominant position in solar EPC services and solar PV modules
in the Indian as well as international markets. In 2013, the company became one of the
major players in Keralas ANERT programme for residential rooftop systems.
Year of establishment: Between 2005 and 2007
Headquarters located in: New Delhi
Manufacturing facility: Greater Noida
Manufactures/services provided: Cells, modules, solar systems and the setting up of solar farms and
solar power projects







Rank 6
Websol Energy System Ltd

Annual revenue 2012-13: Rs 1256.82 million

Sohan Lal Agarwal, MD
Websol Energy System Ltd is an Indian manufacturer of PV monocrystalline solar cells and
modules. To enhance its competitive edge, the company undertook a 120MW expansion
programme in 2006. Websol has the technical capability to handle up to 160 micron thin
wafers and process multiple sized wafers. Its products range from 10W to 225W, catering to
diverse needs.
Year of establishment: 1994
Headquarters located at: Falta, West Bengal
Manufacturing facility: Falta SEZ, West Bengal
Manufactures: Solar cells and modules, EPC, etc
Contact details: Ph: 91-3174-222932,,

Rank 7
Photon Energy Systems Ltd

Annual revenue 2012-13: Rs 1116.02 million

Gautham Nalamada, executive director and CEO
Photon Energy Systems is a manufacturer of solar PV modules, PV systems and solar thermal systems.
With a production capacity of 50MW, its manufacturing unit is equipped with state of the art facilities, backed
by a strong R&D cell and testing lab. It produces solar PV panels ranging from 3Wp to 260Wp. Photon has
IEC 61215 certification for its range of panels up to 220Wp. In April 2013, it launched its solar off-grid power
units for homes and other installations.
Year of establishment: 1995
Headquarters located in: Hyderabad
Manufacturing facility: IDA Bollaram, Andhra Pradesh
Manufactures: Modules, solar PV thermal systems, etc
Contact details: Ph: +91-40-23331337/1338/1339;;

Rank 8
Swelect Energy Systems Ltd

Annual revenue 2012-13: Rs 1054.98 million

(Standalone revenue for FY 2013-14: Rs 497.08 million)
R Chelleppan, MD
Swelect Energy Systems (formerly Numeric Power Systems Ltd) is into power and
renewable energy systems. It has commissioned 1.1MW solar power plant in Coimbatore
and 1MW solar power plant in Sivagangai. The company also commissioned 15MW
modular energy power at Karur. HHV Solar Technologies Pvt Ltd is a wholly owned subsidiary of Swelect
Year of establishment: 1984
Headquarters located in: Chennai
Manufactures: Solar modules, solar off-grid products, solar power projects
Contact details: Ph: +91-44-2499-3266,,

Rank 9
Surana Ventures Ltd

Annual revenue 2012-13: Rs 949.09 million

Narender Surana, MD
Surana Ventures (part of Surana Group), manufactures solar power systems primarily
based on PV modules, with power outputs ranging from 3 to 230Wp. It has an installed
capacity of 12MW. Presently, the company has a production capacity of 40MW/annum. In
February 2013, Surana Ventures acquired a production line from German photovoltaic (PV)
firm Schott Solar.

Year of establishment: 2008

Headquarters located at: Secunderabad, AP
Manufacturing facility: Cherlapally, Hyderabad
Manufactures: Solar modules and deals in solar lighting systems
Contact details: Ph: +91-40-44665-700,,

Rank 10
Premier Solar Systems Pvt Ltd

Annual revenue 2012-13: Rs 722.61 million

C Saluja, MD
Premier Solar Systems manufactures a wide range of solar products. The manufacturing
unit is equipped with state of the art facilities backed by a strong R&D cell and testing lab.
The manufacturing facility has the latest semi-automated production line, spread over
3716.12 sq m. In 2011, the company diversified into solar EPC through its subsidiary
Premier Solar Powertech Pvt Ltd.
Year of establishment: 1995
Headquarters located at: Secunderabad, AP
Manufacturing facility: Medak, AP
Manufactures: Solar PV modules, solar streetlights, solar water pumps and solar power plants





Rank 11
Jupiter Solar Power Ltd

Annual revenue 2012-13: Rs 604.75 million

Alok Garodia, MD
Jupiter Solar Power Ltd (JSPL) is an integrated, end to end solar power solutions provider.
It manufactures PV polycrystalline solar cells in India up to a capacity of 50MW. Its plant
was set up in technical collaboration with Centrotherm AG. JSPL was incorporated as
Jupiter Nivs Technologies Pvt Ltd in 2006, and was named JSPL in 2007.
Year of establishment: 2006
Headquarters located in: Kolkata
Manufacturing facility: Baddi, Himachal Pradesh
Manufactures/services provided: Solar cells and offers systems solutions
Contact details: Ph: +91-33-4015-9000;;

Rank 12
Indosolar Ltd

Annual revenue 2012-13: Rs 558.10 million

H R Gupta, MD
Indosolar is a manufacturer of solar PV cells. With a plant spread over 300,000 sq m, it
accomodates four production lines with a manufacturing capacity of 450MWp pa. Its
average cell efficiency is 17.40 per cent peaking at 18 per cent with machinery and
technology being supplied by Schmid GmbH on a turnkey basis.
Year of establishment: 2008
Headquarters located at: Greater Noida, UP
Manufacturing unit: Greater Noida, UP
Manufactures: Solar cells
Contact details: Ph: +91-120-4762500, +91-120-4762500,,

Rank 13
Chemtrols Solar Pvt Ltd

Annual revenue for 2012-13: Rs 286.40 million

(The company claims a revenue of Rs 505.00 million in FY 2013-14)
Sharad Saxena, CEO
Chemtrols Solar is the solar EPC division of the 38 year-old Chemtrols Group. The
company offers turnkey EPC services for utility and small scale solar PV projects. The
company offers EPC services to over 35 MW of solar PV power projects in India, ground-mounted and
rooftop grid-connected as well as off-grid projects. It was honoured with the Intersolar 2013 award for solar
projects in India for executing Indias first MW scale PV-Disel hybrid rooftop solar (PV) power plant at
Year of establishment: 2010
Headquarters located in: Mumbai
Manufactures/services provided: Project development, and EPC for MW and off-grid solar PV projects
Contact details: Ph: +91-22-6715-1200,;

Rank 13
Titan Energy Systems Ltd

Annual revenue for 2012-13: Rs 286.40 million

Rao S Y S Chodagam, CMD
Titan Energy Systems Ltd (TESL) is a solar energy systems integration company with
experience in the design, development, construction and operation of MW scale grid
interactive solar power plants. It also designs, manufactures and sells solar photovoltaic
modules and solar products. It has a state of the art 100MW manufacturing facility, and full
fledged in-house R&D capabilities.
Year of establishment: 1991

Headquarters located at: Secunderabad, AP

Manufacturing facility: Hyderabad
Manufactures/services provided: Modules and solar energy systems, off-grid solar energy systems
Contact details: Ph: 91-40-2779-1085/0751,,

Rank 14
HMV Solar Technologies Pvt Ltd

R Chellappan, MD
HHV Solar Technologies manufactures solar PV modules and offers SPV technology based
solutions to meet the demands of commercial and industrial establishments around the
world. It has the capability to produce both crystalline and thin film silicon PV modules. In
January 2013, Swelect Energy Systems Ltd acquired a 49 per cent stake in HHV Solar. The
capacity of the line is 10MW per year.
Year of establishment: 2008
Headquarters located in: Bengaluru Rural
Manufacturing facility: Dabaspet, Bengaluru Rural
Manufactures: Solar modules, building integrated photovoltaic solutions
Contact details: Ph: +91-80-22633700,,

Rank 15
Selco Solar Light Pvt Ltd

Annual revenue 2012-13: Rs 216.18 million

Dr Harish Hande, MD
Selco Solar is a social enterprise that was established in 1995. It provides sustainable
energy solutions and services to under served households and businesses. Selco
manufactures off-grid products and solar thermal products. Selco currently employs about
295 employees in Karnataka, Gujarat, Maharashtra, Bihar and Tamil Nadu spread across
40 energy service centres.
Year of establishment: 1995
Headquarters located in: Bengaluru
Manufactures/services provided: Off-grid solar products, solar thermal products, etc
Contact details: Ph: 91-8026654509,,
Electronics Bazaar, South Asias No.1 Electronics B2B magazine
Tags: Chemtrols Solar, HMV Solar Technologies, Indosolar Ltd, Jupiter Solar Power Ltd, Selco Solar Light, Surana
Ventures Ltd, Swelect Energy, Tata Power Solar Systems Ltd, Titan Energy Systems, vikram solar, Waaree Energies,
Websol Energy System

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