By Srabani Sen and Richa Chakravarty
Wednesday, November 20, 2013: The Jawaharlal Nehru National Solar Mission (JNNSM) was launched with a bang in January 2010. And, during Phase I, Batch I, the solar industry in India received the right fillip, and was at its peak during 2010-12. In fact, 2012 was a landmark year as India’s installed capacity crossed 1 GW. The Phase 1 of the Mission ended in March 2013, but Phase II could not start off as per schedule. According to industry speculation, the already-delayed launch of Phase II may get delayed further due the upcoming assembly elections, lack of clarity over the percentage of domestic content that would be mandatory, and other procedural delays. This has dampened the spirits of the industry, which is witnessing a major dip in its growth.
In September 2013, we conducted a survey among the solar companies operating in India to ascertain their performance during 2011-12. 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 turnovers for 2011-12 (as revenues of a majority of the companies for 2012-13 could not be procured).
Several solar companies have suffered losses during 2011-12. For example, Jupiter Solar Power, Lanco Solar and Solar Semiconductor have reported losses during this period. Some of the companies that registered negative growth did not file their revenues with the government.
A few companies that are into multiple businesses do not file revenues of their solar divisions separately. Hence, we did not include them in the ranking. These companies have been listed separately in a box on Page 55, with their consolidated revenue figures.
Some companies did not respond to our survey, while a few declined to share their revenues with us.
Disclaimer: While Electronics Bazaar’s editorial team has taken the utmost care to contact all possible sources to make this list comprehensive, we may have inadvertently left out a few companies. 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 and 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 15 Solar Players in India | ||
| Rank | Company | Revenue (in Rs, million) FY 2011-12 |
| Rank 1 | Tata Power Solar Systems Ltd | 9383.31 |
| Rank 2 | Swelect Energy Systems Ltd | 5346.42 |
| Rank 3 | Emmvee Group | 4594.78 |
| Rank 4 | Photon Energy Systems Ltd | 4290.48 |
| Rank 5 | Moser Baer Solar Division | 4228.53 |
| Rank 6 | Waaree Energies Ltd | 2392.35 |
| Rank 7 | Websol Energy System Ltd | 1461.63 |
| Rank 8 | Premier Solar Systems Pvt Ltd | 1193.40 |
| Rank 9 | Indosolar Ltd | 971.85 |
| Rank 10 | HHV Solar Technologies Pvt Ltd | 840.04 |
| Rank 11 | Surana Ventures Ltd | 738.74 |
| Rank 12 | Titan Energy Systems Ltd | 476.68 |
| Rank 13 | Chemtrols Solar Pvt Ltd | 465.25 |
| Rank 14 | XL Energy Ltd | 319.17 |
| Rank 15 | Jupiter Solar Power Ltd | 309.04 |
| Other Leading Solar Players | ||
| We could not rank these companies as the revenues of their solar divisions are not disclosed | ||
| Company | Revenue (in Rs, million) FY 2011-12* |
Revenue (in Rs, million) FY 2012-13* |
| Reliance Industries Ltd | 3,299,040 | 3,602,970 |
| Bharat Heavy Electricals Ltd | 492,444 | |
| Bharat Electronics Ltd | 63531.32 | |
| Lanco Industries Ltd | 7870 | 8638.89 |
| Central Electronics Ltd | 1600.20 | |
| Euro Multivision Ltd | 622.17 | |
| Delta Energy Systems | 297.59 | |
| *Consolidated revenues of their multiple businesses, including solar | ||
| Rank 1- Tata Power Solar Systems Ltd |
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Annual revenue 2011-12: Rs 9383.31 million Annual revenue for FY 2012-13: Rs 5104.67 million  Tata Power Solar is a 100 per cent subsidiary of Tata Power. It is a fully integrated solar solutions provider of wafers, cells, modules, subsystems and systems, apart from undertaking installation, commissioning, maintenance, service and training. It has a module capacity of 125 MW and cell capacity of 180 MW. It is currently setting up a 28.8MW solar power project in Maharashtra. In July 2013, it won a 50 MW solar PV project from NTPC, and commissioned a 2 MW utility scale, grid-connected solar power plant for the Chennai Silks group. In June this year, it launched SunJeevini, a solar charger for conventional inverters.
Contact details: Ph: 91-80-6777-2000/3000; [email protected], www.tatapowersolar.com |
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Rank 2- Swelect Energy Systems Ltd |
 Annual revenue for 2011-12: Rs 5346.42 million Annual revenue for FY 2012-13: Rs 1054.98 million R Chelleppan, MD Swelect Energy Systems (formerly Numeric Power Systems Ltd) is into power and renewable energy systems. The company has over 1000 installations in rural schools, banks, ATMs, etc, amounting to over 1MW of off-grid solar power generation systems. It has also commissioned its 1MW solar power plant in Coimbatore and Sivgangai. In January 2013, Swelect Energy acquired 49 per cent of the equity and subsequently the control of the board of HHV Solar Technologies Pvt Ltd, which was bought for a consideration of Rs 220 million. Swelect plans to develop a 25MW solar power project near Coimbatore.
Contact details: Ph: +91-44-2499-3266, [email protected], www.swelectes.com |
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Rank 3 – Emmvee Group |
 Total annual revenue for 2011-12: Rs 4594.78 million Emmvee Solar Systems Pvt Ltd (Annual revenue for 2011-12: Rs 683.99 million) Emmvee Photovoltaic Power Pvt Ltd (Annual revenue for 2011-12: Rs 3910.78 million) DV Manjunatha, founder and MD Emmvee is a developer and manufacturer of high performance solar thermal systems as well as mono- and polycrystalline photovoltaic modules and systems. Emmvee Solar Systems and Emmvee Photovoltaic Power are part of Emmvee Group involved in solar business. The company has been in a joint venture with Solar CAP A/S, Denmark, since 2007, and has installed over 4,00,000 domestic and industrial solar water heating systems under the brand names ‘Solarizer’, ‘SolarizerPlus’ and ‘SolarizerSupreme’ amounting to a total capacity of around 500 000 sq m across India. In July 2013, Emmvee installed a 300kWp roof-top solar grid connected power plant for PSG Institutions in Coimbatore, Tamil Nadu. In June 2013, Emmvee bagged an 11.5MW solar PV project from Pragathi Group, Bengaluru. Emmvee Photovoltaic Power Pvt Ltd was founded in 2007. Emmvee Photovoltaic is headquartered in Bengaluru in India and has sales offices across India, Germany, Italy, France, United Kingdom and Singapore. It has recently entered the field of MW scale project development and EPC in India and in Europe with 1.4MW roof-top and 12MW ground mounted PV power plants. The company follows high-quality manufacturing standards of ISO 9001:2000, ISO 14001:2004 as well as IEC61215 Ed. II and IEC61730. Its modules are certificated by UL and MCS and have a saltwater mist corrosion certification.
Contact details: Ph: 91-80-4323-3333, [email protected], www.emmveesolar.com |
| Rank 4 – Photon Energy Systems Ltd |
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Annual revenue for 2011-12: Rs 4290.48 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 to produce affordable custom designed SPV products—all under one roof. It is one of the largest and most cost-effective producers of solar PV panels from 3 Wp to 260 Wp. Photon has IEC 61215 certification for its range of panels up to 220 Wp. In April 2013, it launched its solar off-grid power units for homes and other installations.
Contact details: Ph: +91-40-23331337/1338/1339; [email protected]; www.photonsolar.in |
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Rank 5 – Moser Baer Solar Division |
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Total annual revenue for 2011-12: Rs 4228.53 million Moser Baer Solar Systems Pvt Ltd (Annual revenue for 2011-12: Rs 215.28 million) Moser Baer Photo Voltaic Ltd (Annual revenue for 2011-12: Rs 4013.25 million) Deepak Puri, MD Moser Baer Solar Systems Pvt Ltd and Moser Baer Photo Voltaic Ltd (MBPV) are subsidiaries of Moser Baer India Ltd. Its total capacity at current efficiency levels is of 250 MW. Through both these companies Moser Baer serves customers across the solar value chain through world-class products and services. Moser Baer brand has a dominating position in solar EPC services and solar PV modules in domestic as well as international market. In year 2008, Moser Baer Photo Voltaic announced strategic sourcing tie-up with LDK Solar along with its successful trials of first Gen 8.5 thin-film plant. In 2012, it commissioned 5MW solar farm at village Tinwari, Rajasthan, which has helped in saving carbon emissions equivalent to 8400 tonnes annually. In 2013, the company became one of the major players in Kerala’s ANERT residential roof-top system through newly established channel partners. When this is split along technology lines, crystalline cells amount to 185 MW, crystalline modules to 200 MW and thin-film modules to 50 MW. This year, Moser Baer’s PV business ramped up its module manufacturing up to 62.5 MW (annual run rate) on account of sustained high demand from the Japanese market. Moser Baer Solar has also been awarded the JIS Q8901:2012 certification this year. It is a quality standard established in Japan as a reliability assurance system. The company has recently adopted metal and intrinsic layer semiconductor technology (MIST) to upgrade its PV cell efficiency to 21 per cent, in order to meet the current industry challenges.
Contact details: Ph: +91-11-40594444, 26911570/74, +91-11-41635211, 26911860, www.moserbaersolar.com |
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Rank 6 – Waaree Energies Ltd |
 Annual revenue 2011-12: Rs 2392.35 million Annual revenue for FY 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 110 MW, 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 250 MW, and it is now a public limited company. In August 2013, Waaree Energies bagged a turnkey order for a 25 MW power plant from the Roha Group in Rajasthan, and also an order to provide solar power in jails in Madhya Pradesh. In May 2013, it forayed into the solar thermal space.
Manufactures: Modules, solar thermal solutions, solar water pumps, solar portable kits, solar thermal systems, EPC projects, rooftop solutions, etc Contact details: Ph: +91-22-66444444, [email protected], www.waaree.com |
| Rank 7 – Websol Energy System Ltd |
|
Sohan Lal Agarwal, MD
Websol Energy System Ltd (formerly Websol Energy Systems Ltd) is a manufacturer of PV monocrystalline solar cells and modules in India. Websol has picked up many awards and accolades in addition to international certifications making it one of the few technologically independent manufacturers of solar cells and modules in India. Websol was awarded the prestigious PV GAP mark in 2005. To enhance its competitive edge, the company has undertaken 120MW expansion programme in 2006. Company has technical capability to handle up to 160-micron thin wafers and process multiple size wafers. Its product ranges from 10 watt to 225 watt catering to the needs ranging from rural electrification to big power plants.
Contact details: Ph: 91-3174-222932, [email protected], www.webelsolar.com |
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Rank 8 – Premier Solar Systems Pvt Ltd |
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Annual revenue 2011-12: Rs 1193.40 million C Saluja, MD Promoted by technocrats with wide experience in industry, Premier Solar Systems manufactures a wide range of solar products namely mono/multi crystalline solar PV modules, solar lanterns, solar streetlights, solar water pumps and a host of other customised solar products. The manufacturing unit is equipped with state-of-the-art facilities backed by strong R&D cell and testing lab to produce affordable custom designed SPV products. The company has all facilities to manufacture and test the products under one roof. Its manufacturing facility installed with latest semi-automated production line is spread over 3716.12 sq m. In 2011, the company diversified into solar EPC through subsidiary Premier Solar Powertech Pvt Ltd. Recently, the company purchased a fully automated module manufacturing line and increased production capacity to 75 MW from 50 MW per year
Contact details: Ph: +91-40-27744415/27744416, +91-40-27744417, [email protected], www.premiersolarsystems.com |
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Rank 9 – Indosolar Ltd |
 Annual revenue 2011-12: Rs 971.85 million Annual revenue for FY 2012-13: Rs 558.10 million HR Gupta, MD Indosolar is a manufacturer of solar PV cells. With a plant that is spread over 27,870 sq m (300,000 sq ft), its current manufacturing capacity is 160 MWp with an average efficiency rating of 16+ per cent, peaking at 17.2 per cent. In FY 2013-14, its production capacity will be expanded to 360 MWp, and Line C will have the capability to produce both multi and mono crystalline cells. It has entered into arrangements with Schmid Technology Systems GmbH (Schmid) for the delivery, installation and commissioning of the plant and machinery at the facility, on a turnkey basis.
Contact details: Ph: +91-120-4762500, +91-120-4762500, [email protected], www.indosolar.co.in |
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Rank 10 – HHV Solar Technologies Pvt Ltd |
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Annual revenue 2011-12: Rs 840.04 million 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. Its facility in Bengaluru has the capability to produce both crystalline and thin film-silicon PV modules. HHV’s ability to offer total solutions includes partnering with clients for systems optimisation and customised design options. It also provides hands-on training for customers requiring turnkey and technology-transfer solutions in these areas. In January 2013, Swelect Energy Systems Ltd acquired a 49 per cent stake in HHV Solar. HHV has won the Indian Semiconductor Association’s coveted Technovation Award in 2011 for indigenously developing an automated line for high volume production of 1 m by 1 m amorphous silicon thin-film solar photovoltaic modules. The capacity of the line is 10 MW per year.
Contact details: Ph: +91-80-22633700, [email protected], www.hhvsolar.com |
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Rank 11 – Surana Ventures Ltd |
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Annual revenue 2011-12: Rs 738.74 million *Annual revenue for FY 2012-13: Rs 949.09 million Narender Surana, MD A part of the Surana Group, Surana Ventures manufactures solar power systems primarily based on PV modules, with power outputs ranging from 3 to 230 Wp. It has an installed capacity of 12 MW. Presently, the company has a production capacity of 40 MW/annum and is catering to the demands of the domestic and overseas markets. The company is in the process of setting up a chain of about 200 outlets across the country to offer solar power-based installations on a turnkey basis and other solar products. In February 2013, Surana Ventures acquired a production line from German photovoltaic (PV) firm Schott Solar, thus doubling its production capacity to 140 MW.
Contact details: Ph: +91-40-44665-700, [email protected], www.suranaventures.com |
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Rank 12 – Titan Energy Systems Ltd |
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Annual revenue 2011-12: Rs 476.68 million Rao SYS Chodagam, CMD Titan Energy Systems Ltd (TESL) is a solar 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. In March 2012, it partnered with Ortiz Energia, a subsidiary of Grupo Ortiz of Spain. Under the terms of this partnership, Titan Energy will provide PV modules and other services to PIH Energy for a 100MW solar project in Gujarat.
Contact details: Ph: 91-40-2779-1085/0751, [email protected], www.titan-energy.com |
| Rank 13 – Chemtrols Solar Pvt Ltd |
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Annual revenue for 2011-12: Rs 465.25 million Sharad Saxena, CEO Chemtrols Solar Pvt Ltd is a part of the 38-year old Chemtrols Group of Mumbai. It aims to provide world-class solar solutions with a commitment to reliability, excellence and quality. It has already executed projects in Gujarat and Maharashtra, and plans to execute projects to the tune of 50 MW in 2013. In June 2013, Chemtrols Solar unveiled India’s first MW scale PV-diesel hybrid solar power plant in Tirupur, Tamil Nadu. In 2012, it had bagged the EPC contract for a 5.25MW solar PV power plant project in Ahmednagar, based on thin-film technology.
Manufactures/services provided: Project development, project financing, comprehensive EPC and solutions for off-grid PV applications Contact details: Ph: +91-22-6715-1200, [email protected]; www.chemtrolssolar.com |
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Rank 14 – XL Energy Ltd |
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Annual revenue 2011-12: Rs 319.17 million *Annual revenue for FY 2012-13: Rs 111.75 million Dinesh Kumar, MD XL Energy Ltd (formerly XL Telecom & Energy Ltd) is an end-to-end solutions provider in the field of solar power with expertise in the production of solar PV modules. XL is planning to set up a state-of-the-art crystalline manufacturing facility. The company has entered into a joint venture with SDEM TEGA SA, a leading Spain-based company with significant experience in implementing solar power projects as an EPC contractor in Europe.
Contact details: Ph: +91-40-2788 3333, [email protected], www.xlenergy.co |
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Rank 15 – Jupiter Solar Power Ltd |
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*Annual revenue 2011-12: Rs 309.04 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 50 MW. 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. The company is promoted by Jupiter International Ltd.
Contact details: Ph: +91-33-4015-9000; [email protected]; www.jupitersolarpower.com |
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