Company Explorer

Aluminium and copper upstream; key input for solar frames and electricals.

Integrated PSU aluminium producer; upstream solar frame beneficiary.

Diversified metals and power; aluminium, zinc and power exposure.

C&I solar developer with on-site, off-site and rooftop solutions. ~42% ROCE, 48% ROE in FY24.

Captive + open-access solar developer in Gujarat; aggressive C&I rollouts driving 50%+ revenue CAGR.

Electricals and consumer goods with solar product range.

India's largest cable manufacturer; structural renewable capex beneficiary.

Power and EHV cables; growing solar and EPC contribution.

Cables and electricals; rooftop and BOS opportunity.

Wires and cables; growing exposure to renewable and electrical infra.

Conductors, specialty cables and transformer oils; clear renewable evacuation winner.

India's only integrated copper producer; renewable evacuation beneficiary.

Global utility-scale solar EPC; Reliance and Shapoorji Pallonji-backed. Returning to profitability after a difficult cycle.

Solar EPC and EV-leasing platform. Trading halted in 2025 amid governance scrutiny — high risk.

C&I and rooftop solar EPC with growing IPP and O&M arms.

Solar EPC and renewable services arm of Refex group.

PSU NBFC focused exclusively on renewable energy financing — purest financing play.

Power-sector financier with growing renewable book.

Largest power-sector financier; renewable energy disbursement scaling rapidly.

Solar inverters, EV chargers and rooftop solutions positioned for PM Surya Ghar tailwind.

Electrification and automation; partial renewable exposure via grid and motion.

Integrated utility — 6.1 GW RE operational scaling to 16 GW (incl. under construction). Cell capacity 4,813 MW ALMM-II listed (FY26E prod 3,683 MW at 76% utilisation). FDRE/RTC pipeline implies ~3x oversizing on modules.

India's largest pure-play renewables IPP — 17.2 GW operational targeting 50 GW by FY30. Khavda solar park anchors multi-year build-out.

Pure-play solar IPP — 2.9 GW operational scaling to 10 GW by FY30. 1.5 GW AC commissioning in FY27 requires ~3.3 GW DC modules.

PSU renewable IPP carved out of NTPC — 9 GW RE scaling to 24 GW (incl. under construction). Sovereign-backed offtake via NTPC parent.

Largest power utility transitioning fleet mix toward renewables; majority parent of NTPC Green Energy.

Hydro PSU diversifying into solar and pumped-hydro storage projects.

Hydro + solar PSU; expanding renewable pipeline with SECI and state DISCOMs.

Diversified power producer — 5.7 GW operational scaling to 16.5 GW. Heavy storage-linked solar / RTC tilt including Vijayanagar 1 GW / 6 GWh BESS.

Wind OEM; solar-adjacent via hybrid renewables theme. Recovered from near-bankruptcy with debt cleanup.

Wind OEM with growing hybrid renewable orderbook.

Power exchange; green markets, REC and term-ahead market growth.

Smart meter market leader; rooftop and DISCOM modernization beneficiary.

Smart meters and electrical equipment; rising metering order intake.

Integrated cell + module manufacturer. ALMM-II cell capacity 3,283 MW (FY26E production 2,235 MW at 80%), expanding from 3.6 GW to 10.4 GW by FY28E. Key ALMM-II / DCR beneficiary.

Cell and module manufacturer in West Bengal. ALMM-II listed cell capacity 1,202 MW (FY26E production 699 MW at 77% post Q3FY25 commissioning). Brownfield TOPCon expansion underway.

Diversified conglomerate building Jamnagar GW-scale solar manufacturing complex (cells 1,238 MW ALMM-II listed but yet to start production at scale) + giga-factories for batteries and electrolysers under New Energy strategy.

India's only large-scale solar glass manufacturer. >20% domestic share + 65% of Germany's solar glass market through overseas subsidiaries. Currently loss-making on cyclical glass pricing.

India's largest solar PV module manufacturer. ALMM-II cell capacity 5,251 MW (FY26E production 2,283 MW at 44% utilisation), expanding cell capacity from 5.4 GW to 15.4 GW by FY27E. Source: VQ Research, MNRE / DCR Portal.

Solar module manufacturer scaling capacity to ~6 GW. Surat-based.

Rajasthan-based module maker; expanding to cell manufacturing.

Module maker pivoting from aluminium business; small but rising scale. Strong ROCE.

Houses Mundra Solar — the only Indian player today with operational wafer + cell + module integration. Mundra cell capacity 4,237 MW ALMM-II listed (FY26E prod 2,693 MW at 62%), expanding to 10 GW by FY28E. Pursuing polysilicon (Wave 4).

Zinc and silver; minor solar input linkage via silver pastes.

Soda ash (solar glass input) and battery materials, including lithium-ion R&D.

Major soda ash producer; solar glass demand uplift.

Specialty chemicals and films; secondary solar exposure via fluoropolymers and films.

Lead-acid leader investing in lithium-ion cell manufacturing.

Battery maker investing in lithium-ion gigafactory in Telangana.

Specialty batteries and electronics; storage and rail electrification tailwinds.

National transmission monopoly; renewable evacuation capex super-cycle. ₹4.9 L Cr transmission capex through FY32 per NEP.

Transmission, distribution and smart-metering platform — second-order renewable beneficiary.

Diversified T&D EPC; major renewable evacuation order pipeline.

Transmission and infrastructure EPC; international + domestic renewable evacuation work.

Substation EPC and smart-grid; renewable integration tailwind.

Power transformers benefitting from RE evacuation and grid modernization.

Motors, transformers, switchgear; semiconductor + renewables diversification.

Diversified electrification and automation; T&D demerger to focus grid bets.