Updated on: 2nd June 2016

List of Solar Panel/ Module Manufacturing Companies in India

1) Tata Power Solar

Headquartered in Bangalore, Tata Power Solar has a 200 MW and 180 MW of module and cell manufacturing facility located in Bangalore. The company is engaged in manufacturing and EPC services. The company is trying to increase solar awareness in the remote parts of India. The company has commissioned 175 MW of EPC projects, 43 MW of solar rooftop projects, and exported 600 MW of modules till date. Tata Solar has a presence in industrial, commercial, both on-grid and off-grid solar projects and residential. The company is backed by the Tata Group in India. The solar panels consist of 36, 60 and 72 six inch multi-crystalline cells and have a 25-year warranty, with power range varying from 0.3 W to 305 W. The modules come in two makes:

i) Standard modules – TP250, TP300 and TS 250 series, ideal for rooftop installations and utility-scale projects.

ii) Specialty modules – Tata Solar Gold and Platinum series, ideal for indoor, outdoor, street, billboard lighting, remote telecom sites and standalone systems for the home.

The company has also executed certain projects in UK.

Compare and buy the best selling Solar Panels in India here.

2) Su-Kam

Su-Kam is considered to be India’s largest power solutions company. The company is the largest solar inverter manufacturer in the country. Su-Kam also has a presence in the residential EPC market in India. Su-Kam Solar panels come in a wide range from 10W – 250W. These panels come with 25 years warranty and are designed to withstand the extreme weather conditions in India. These panels are shock resistant with thick iron glass and an anodized aluminium frame. They can generate a maximum of ~16V-30V, depending upon the wattage.

3) Vikram Solar 

Headquartered in Kolkata, Vikram Solar is a manufacturer of PV solar modules. The manufacturing plant has a 150 MW installed capacity in West Bengal. They manufacture polycrystalline modules and are available in six series under the name Eldora. Read more details here.

i) Micro series – 18/36 celled having applications in Home and Street Lighting

ii) Mini, Core, Ultima and Grand series 48, 54, 60 and 72- celled respectively, used in On-grid rooftop domestic and commercial systems & Off-grid residential systems.

4) Waaree Solar

The company has a 250 MW solar panel manufacturing unit in Surat, having a presence across the solar power value chain. These are monocrystalline/ multicrystalline silicon solar panels. The company has an experience with solar thermal and EPC utility grid projects. Waaree manufactures a wide range of solar products ranging from solar modules, to solar water pumps and rooftop solutions. Read more here.

i) Surya series – with either 18 cells or 36 cells. These modules can be used in solar chargers, solar gadgets, solar lanterns and other home lighting solutions.

ii) Arka series – with 36 cells. These modules can be used in home lighting solutions, street lighting, water pump and off grid systems.

iii) Ravi Series – with 36 cells or 72 cells. These modules can be used in home lighting solutions, street lighting, water pump and off grid systems.

iv) Marica series – either 54 cells or 60 cells, used in used in off grid and grid tied systems.

v) Aditya series – 60 cells, 72 cells or 80 cells modules, used in utility scale, off grid and grid tied systems.

vi) Color & flexible series – 36 celled modules and BIPV modules.

5) Indo Solar 

Is a manufacturer of solar cells and modules, located in Greater Noida Uttar Pradesh. The current manufacturing capacity is 450 MWp, with an average efficiency rating of 17.4%. They manufacture 36 celled polycrystalline silicon panels, with 5 years workmanship warranty. Their modules are of two types:

ISL 40W – 100W and ISL 120W – 150W.

6) Loom Solar

Loom Solar is a fully integrated solar module manufacturing company with an annual manufacturing capacity of 100 MW. The company manufactures both polycrystalline (10-345 W) and monocrystalline (50-340 W) modules. These panels come with a 25-year limited warranty on 80% power output and 10-year limited warranty on materials or workmanship. Some features of the solar panels manufactured by Loom Solar include positive power tolerance, usage of 5 busbar technology, low-light performance and are PID resistant.

Other international suppliers in India

Besides these eminent producers in India, there are certain international players gaining traction in India. First Solar a leading thin film manufacturer has captured a sizeable portion of the Indian solar market. The hot climate of India is ideal for its thin-film modules. According to Bridge to India report, Trina Solar and Canadian Solar were top-selling international brands in India in 2014. Others like Jinko Solar, ReneSola and Yingli Green Energy are also selling panels in India. These international panels are of good quality and also less expensive than the domestic ones. The average selling price in India is still ~60 cents per watt, whereas Jinko Solar panels will be available to you at approximately 40-45 cents per watt. However, with India’s new solar target of achieving 100 GW of solar power by 2022 and the Prime Minister’s “Make in India” initiative, we hope to see more of such India panels in the market.

Other Local Suppliers in India

In addition to the list above, there are numerous small companies also engaged in the manufacturing and supplying of solar panels in India. Look into this space to find out more about the state wise solar panel distributors present in India.

Note: Interested companies may also list with us by an email to greenworldinvestor@gmail.com or by entering their details in the Business leads section above on the website, for getting business leads.


The Indian stock market has been on a roll since end 2013, as poll forecasts started to predict the end of the corruption ridden and rudderless, leaderless Congress government and the potential win of the BJP led by reformist Narendra Modi. Since then the stock markets have climbed up by more than 50% as the predictions came true and the new government started to slowly but surely unveil reforms and cut wasteful expenditure. There has also been no new scams under the new government unlike the old one where every month there was a new scandal – oil, telecom, realty, sports, coal, media etc.

The Indian stock market touched a new high with Sensex crossing 30,000 for the first time in its history. However, the markets have started to fall since then and fell by around 3% in the last week. Not a significant fall and cannot really be said to be a change in trend. However, the global macro picture has become darker and darker by every week. Emerging markets such as Turkey, Russia, Brazil etc. have been falling sharply as dollar increases in strength. These countries are suffering from the sharp falling commodity prices and issues with their political management. Inflation is rising in these countries and confidence is falling. They are also suffering from deep corruption problems – Petrobas in Brazil, while Russia is basically institutionally corrupt with some putting Putin’s wealth at more than $100 billion.

Though India has remained almost totally insulated to the macro issues with foreign investors pouring billions of dollar every month, it cannot remain immune to the global decrease in equity valuation for emerging markets. While European and USA stock markets remain near the peaks, valuation for emerging markets have come down. India is a huge beneficiary of falling oil prices which has helped cut inflation and trade deficit. So falling oil is not a problem but there is a reverse side. Falling oil is not only due to higher supply, but portends slowing and falling demand. This will hurt India’s exports as main markets in Europe and China slow down. India’s currency has appreciated sharply against Euro, Yen and other currencies which makes it harder to export and grow its economy.

Some commodity price falls are hurting domestic companies such as Hindalco, Cairn, ONGC etc. These companies will have to lay off workers as they see slowing growth. This will offset some of the large gains being made by Indian consumers and manufacturing companies. A global risk off could hurt India immensely, as it is still trying to grow back its manufacturing and service engine. Sentiment has improved sharply but situation on the ground has not. If there is a financial event globally, then sentiment could reverse dealing a strong blow to India’s growth chances. India is dependent on foreign capital for growth given the high cost and limited capital in India. If foreign investors turn their backs due to risk aversion, then it will decrease India’s potential growth.

All said, India will remain one of the world’s best growth stories over the next 5 years. However, growth rates may not be that high.

Corruption In India

Indians have to deal with blatant corruption in their faces every day, as political parties indulge in shameless looting of billions of dollars every year. This is not isolated to one party but all mainstream political parties and their corporate cronies are responsible. Some industries like real estate, telecom, liquor etc. which are heavily regulated by the government are more prone to corruption. These monopolies generate vast rents for the politicians and their associated business entities. In fact some of the biggest corporate names in India such as Sun TV etc. have reached their current business heights by building on their political associations.

Some of them like Wave Group have become billion dollar entities by constantly bribing and snoozing with political parties. The Wave Group has made billions in real estate and by cornering liquor licenses in some of the largest states in India. Every Tom, Dick and Harry knows that the Wave group is massively corrupt but no one can do a thing about it. The Group is not a shadowy figure but is making a huge mall in one of the upcoming cities of India. Similar is the case with other robber baron business groups either run by a political party or by paying vast sums of money as patronage.

Tamil Nadu is another state which sees massive corruption by two major regional parties DMK and AIDMK. Both parties are totally seeped in corruption and arrogance. The whole liquor and cable TV monopolies are controlled by the parties in power. They dole out licenses and factors to their favored businesses blatantly. Earlier the DMK government made it impossible for any of the major cable national companies to operate in the state, with the Sun TV cable company dominating. Similar is now the case with the liquor license. The monopoly marketer TASMAC now buys liquor from an AIDMK controlled liquor manufacturer, while top national companies such as USL cry foul in their national annual reports.

Nothing comes out of corruption investigations. Earlier DMK ruled politicians wreaked havoc with India’s telecom industry through massive scams. The kingpins and queen pins like Kanimozhi are out free enjoying life after spending a few months in jail, as India’s lethargic judicial system fails to punish the guilty. This only emboldens more people to operate massive scams. Despite these corruption scandals being run openly and public money loot happening, nothing gets done. This continuously erodes faith in India’s legal system and constitution as powerful people freely violate laws.


Why TASMAC and its inner workings have never really been exposed is possibly due to the unsaid code among politicians — live and let live. Both DMK and AIADMK leaders have close associates running distilleries and breweries. During a DMK regime, the DMK’s associates are favoured but the AIADMK associates are not completely wiped out — vice versa in the AIADMK regime.

Infosys Q3 2015 Results

Infosys (INFY) is one of the largest software services company in the world based out of India. The company is a bellwether of the Indian software sector and recently came out with a good set of quarterly results. The stock increased by 6% in the Indian markets, as the company surprised the market with Operating margin increasing by almost 60 bps. Infosys has been transforming itself under their new CEO Vishal Sikka. Infosys had fallen behind its other Indian software peers in the last couple of years. This necessitated the return of Infosys founder Mr. Murthy. A lot of the top management was fired/left and finally Mr. Sikka (from SAP) was appointed. The company is making all the right moves under the new CEO. It is focusing on innovation and on retaining employees (gifting of 3000 new iPhones to top performers). Infosys seems a good stock to invest under Mr. Sikka.

Q3 2015 performance

Infosys reported a good set of results for Q3 FY 2015. There was an increase in the margins and revenue growth. It also did well on the employee front by reducing the attrition level and increased its focus on innovation.

1) Revenues – Revenue increased to $2.218 billion from $2.1 billion a year ago. Volume growth was 4.2%, which was the highest quarterly growth in the last 3 years. Dollar revenue growth was 2.6% in Q3 in constant currency and 0.8% in reported currency.

2) Sharp rise in Margins – Gross margin for the quarter stood at 38.7%, which increased by 20 basis points. Operating margins for the quarter achieved a 10-quarter high at 26.7%. Operating margin increased by 63 bps as compared to the last quarter. Net margin for the quarter was 23.5%.

3) Beats Earnings – The company reported net income of $522 million versus $463 million in the last year. The company reported EPS at $0.46 for the quarter. It beat analyst estimate of 43 cents per share.

4) Robust Project Pipeline – Infosys has a pipeline 56 projects in open Infosys’ Information Platform (IIP), which is fast gaining traction and around 12 projects based on artificial intelligence technologies. In Finacle, the company won 18 projects and 20 go-lives across the different regions of EMEA, America and APAC. The momentum is getting better particularly in the Western markets. Finacle is a core banking platform, capable of processing over 21,000 payments per second.

5) Focus on retaining Employees – The company is providing more flexible work-from-home and maternity leave policies and easier transfer policies across centers. For Q3, the company announced a 100% variable bonus pay out. The attrition rate declined in Q3 2015. Employee utilization increased to 83.7% which was the highest in 11 years. Infosys has a high attrition rate as compared to other software service companies. The company is now focusing on reducing the attrition rate and retaining top performers.

6) Future Outlook – The company surprised the market by retaining its full year dollar revenue guidance for FY15 (ending March 2015) of 7-9% y/y growth. The management anticipates Q4 operating margins to be in the 24-26% range.


a) Slowing Global Economy – While the USA economy continues to grow strongly, other regions such as Europe are facing economic headwinds. World Bank recently lowered the global economic growth forecast to 3% for 2015. Infosys generates most of its revenues from exports and a slowing world economy is a concern for the company. Many finance companies in the US are cutting down their budget of IT spend, partly because of the fairly significant fines that have been levied.

b) Currency headwinds – The sharp depreciation of the major currencies is also impacting Infosys revenues. The company’s sequential revenue growth in Q3 was adversely impacted to the extent of 1.8% due to USD appreciation against other major currencies.

Stock Performance

INFY performed well in the last one year and gave better returns of 13.82% than the broader S&P market (9.8%). INFY also outperformed its Indian peers like IBM (IBM) and Wipro (WIT) which were down -16.23% and -10.3%. Its stock performance was even better in Rupee terms, given that the Indian currency has depreciated against the USD.

Source: Google Finance

Stock Valuation

The stock is currently trading at $33.86 and has a market capitalisation of $ 38.7 billion. The company’s P/B is 4.7x, which is lower than industry average of 5.4x. IBM has a P/B of 10.9x. The stock is trading at a forward P/E of 18.3x, which is lower that other large competitors such as TCS which is trading above 20x. Given that the company has become more aggressive on capturing marketshare and increasing growth, there is some headroom for the valuation multiple to increase.


The company witnessed growth in finance, insurance sectors but observed headwinds in retail & CPG, telecom, energy, life science sectors. Clients are focusing more on new technologies and portfolio simplification, cloud apps, marketing operations, building online presence etc. Infosys like other software service companies like TCS are shifting their priorities to the SMAC (Social Media, Mobile, Analytics and Cloud). Technology is becoming more important to company operations around the world with the advent of Internet 2.0 technologies. Infosys is focusing its energies on capturing this new wave of growth, as companies adopt these new technologies. Investors are becoming more positive towards Infosys, as the company is making the right moves and meeting expectations on growth.

Procter & Gamble

Procter & Gamble (PG) is amongst the leading consumer goods companies globally. It came into existence in 1837. The company has presence in more than 180 countries today, serving around 5 billion people across the globe. The company is a leading house hold brand name owning more than 180 brands currently. Though Procter & Gamble products have a 60% share of US laundry market sales, they earn approximately 85% of the profit and cash generated in the category. Likewise, the company has a 70% share of blades and razors sales globally but a 90% share of the profit. Procter & Gamble has shown a strong growth trend in the past few years and has a history of increasing dividend payments to stockholders. I would recommend a buy for the stock, given its strong brand name, robust distribution network globally and its leadership position in the consumer goods segment.

Why P&G deserves to be in your portfolio

i) King of the Consumer Segment – P&G as a company, understands the needs of the common people and succeeds in converting them into potential consumer products. Today the company is a common name in each household across different countries. The company is an industry leader in terms of innovation. Procter & Gamble was the forerunner for the 2013 New Product Pacesetters list, since it launched 7 of the top 10 most successful non-food products of the year.

ii) Dividends – Procter & Gamble has a history of 58 years of consecutive dividend increases. The reason being that the company was able to grow its free cash flow by an annualized 10.3% every year since the last twenty years. That means that the investors were able to bag almost 800% in dividend pay outs, even though the total return from the company amounted to 500% for the same time frame. The current dividend yield is 2.8%.

iii) Multiple Billion Dollar Brands -The company owns 23 brands with annual sales of $1 billion to more than $10 billion, and 14 with sales of $500 million to $1 billion. P&G’s brands can be segmented into four broad categories:

  1. Beauty, Hair and Personal care – There are more than 30 brands under this segment. Leading ones like Pantene, Head & Shoulders, Wella, Olay, Hugo Boss, D&G etc.
  2. Baby, Feminine and Family care – 7 Brands for personal hygiene for the whole family
  3. Fabric and Home care – Leading brands like Tide, Ariel etc.
  4. Health & Grooming – Leading brands like Gillette, Oral B, Braun etc. Gillette has an 88% share of this segment.

iv) Focusing on core segments – Procter & Gamble is currently focusing on shedding off its stagnant brands and thus strengthening its portfolio of stronger revenue generating brands. The management is thus streamlining its business and wants to get rid of its 90 to 100 slow growing product lines. P&G has divested 28 brands to date. Most recent one being its exchange of Duracell business for Berkshire Hathaway’s P&G stock. The company now plans to sell its $ 7 billion Wella hair care brand too and is looking for a potential buyer. P&G recently sold two of its pet care brands – Iams and Eukanuba in Taiwan, Singapore, Malaysia and Brunei to Mars, Inc. P&G wants to be more focused on its other 80 strong brands like Tide and Pampers, which are the top revenue generating brands for the company. They generate nearly 90% of current P&G sales and more than 95% of current profit.

v) Market Expansion – Procter & Gamble is present globally. Almost 39% of its total sales were in North America, followed by 28% in Europe and 16% in Asia. Remaining 17% sales were in Latin America, India, Middle East and Africa. Approximately 39% of the net sales is from developing markets. There has been a rise in consumerism in the developing economies because of the steadily rising incomes and population in these markets. The company has innovation facilities in US, England, Switzerland, and Brussels. It recently announced innovation hubs in Beijing and Singapore.

vi) Annual Performance – The company scores strongly on all major financial parameters. It has a good cash flow, positive and expanding profit margins and decent debt levels. P&G recently gave its 2014 annual results. As can be seen from the picture below, there has been an increase in net sales, cash flow and EPS. The current debt-equity ratio is 0.50, which is below the industry average.

We met our business and financial objectives for fiscal year 2014. Organic sales grew 3%, in line with the market. Core earnings per share increased 5%. We generated $10.1 billion of free cash flow, with 86% free cash flow productivity. We increased the dividend 7% – the 58th consecutive year that P&G’s dividend has been increased – and we returned $12.9 billion in cash to shareowners through $6.9 billion in dividends and $6 billion in share repurchase – A.G. Lafley (Chairman of the Board, President and Chief Executive Officer).

Source: P&G


a) Competition – The company faces tough competition from other multinational consumer goods giants such as Unilever and Nestle. Even on a segment level, P&G faces competition. For example, its beauty segment faces competition from Estee Lauder Co., Loreal; home care from Colgate-Palmolive, Henkel, and Reckitt Benckiser etc. All these brands are also quite popular globally.

(click to enlarge)

Source: Statistica

b) Loss making Brands – Procter & Gamble owns several brands under its umbrella. Most of them are leading names in the industry, though some of them are slow growing and have become stagnant with time. The company is planning to shed off such brands to concentrate more on the strong revenue generating ones. This could be a limiting factor for the company as it will need to spend time or even cash (as in the latest Duracell deal) to find the buyers for such segments.

c) Cost Fluctuations – The company is directly affected by any changes in commodity prices, raw materials, labor costs, energy costs, pension and healthcare costs. Other factors to consider are foreign exchange and interest rates. P&G therefore needs to play the market forces well, in order to mitigate any effects of changes in the above parameters.

Stock Valuation

The P&G stock is currently trading at ~$90, which is very close to its 52 high price of $ 91.17. The company has a market capitalization of $ 245.2 billion with a P/B of 3.8x and P/S of 3.2x. In contrast the UL stock has a P/B of 7.5x and P/S of 2.1x, having a market cap of $ 127.8 billion. P&G (~7.37%) gave better returns than Unilever (~4.04%) in the last one year. The stock price has steadily risen in the last few years, moving in an upward trend since the mid of 2012 and reaching the peak high currently. The stock gave 44.17% returns in the last five years.

P&G 5 years stock price

Source: Google Finance


The annual average returns to shareholders of US listed consumer goods companies increased by 10% over the last 25 years. It outperformed not only the broader S&P 500 index but also IT, energy and telecom industries, which were fast growing during that time. One of the reasons for the fast growth in this segment is the emergence of consumerism especially in the emerging markets. P&G alone gave an astounding ~3464% returns since in 1978, when S&P returned ~2197%. P&G is a rock solid stock and can even form an integral part of one’s retirement plans too. With the company’s rich dividend pay outs, strong cash balance, management’s focus on streamlining the business and the consumer trust on its brands, it definitely deserves to be a part of your portfolio. However given the peak high prices it is now trading, I would advise investors to wait for a suitable entry point.

Solar installation business has gained massive popularity in the last couple of years. Previously the solar companies used to just manufacture solar cells, wafers, modules or other components, but today no solar company is complete without a solar installation arm. With solar energy reaching grid parity across various parts of the globe, the cost of solar energy is getting affordable with each passing day. People have realized the significance of going solar – it is cheap and green. Hence more and more communities, industries on a commercial, industrial or residential scale are shifting to solar energy for their energy needs.

Here is the list of Solar Installers in India:

1) SunEdison – SunEdison is a MEMC company. It was bought by MEMC in 2009. MEMC manufactures and sells wafers and related products to the semiconductor and solar industries, while SunEdison was amongst the biggest system installers in the US then. MEMC since then is strongly expanding the system installation business not only in the US, but other parts of the world like India, Europe, Korea, Canada and other places. SUNE though a subsidiary of MEMC operates under its own name. SunEdison India deals with both ground mounted and rooftop solar installations. The company has experience of building the world’s largest utility scale solar power plant (72 MW solar plant in Rovigo, Italy).

2) TATA Power Solar – is a wholly owned subsidiary of TATA group of companies. The company was ranked no. 1 as a third-party EPC player in India Solar Map 2014. TATA Power has rich experience in solarizing the rooftops and has done it for big business firms, power producers and the Government of India too. TATA Power Solar is a manufacturer of many solar products including solar lights, water pumps, heaters and power packs. IIT Roorkee went solar with TATA Power Solar in India. The company deals with both rooftop and ground mounted installations. The company has also solarized the grids, from where energy is being not only for captive consumption by big industries and power producers, but also sold for community consumption.

3) Waaree Solar – Came into existence in 2007 in India. The company has experience in EPC utility grid projects and rooftop solutions. Investing in Waaree Rooftop solutions also provides various tax benefits for a commercial establishment. The company has a 250 MW solar panel manufacturing unit in Surat, India. The Waaree group is present in more than 68 countries and 26 sales offices in India. The company has 8 offices globally in UAE, Europe, USA and Australia. The company has an experience with solar thermal and EPC utility grid projects. Waaree manufactures a wide range of solar products ranging from solar modules, to solar water pumps and rooftop solutions.

4) Vikram Solar – Vikram Solar is a manufacturer of PV solar modules. The company has its headquarters in Kolkata, India. It is a part of the Vikram Group of companies, having an experience of 40 years in engineering and manufacturing activities. The manufacturing plant has a 150 MW installed capacity spread across 40,000 sq ft area in Falta, West Bengal. Vikram Solar has offices across the whole of India and global offices in Europe and Africa. The company has delivered various ground mounted and rooftop solar projects (utility, commercial and residential) across the whole of India.

5) RelyOn Solar – Founded in 2010 the company has a 10 MW solar power plant at Osmanabad Maharashtra. RelyOn Solar has been accredited as a channel partner by the Ministry for Off-Grid and Decentralized Solar Applications under JNNSM. The company has done more than 500 solar power installations till date be it in hospitals, government buildings, telecom towers, petrol pumps or banks. The company has experience in utility, commercial and residential installations. Other than installation and EPC business, the company also provides centralized solar street lightning system, solar rooftops for homes, off-grid solar power plant and solar powered water pumps.

6) Azure Power – The company came into existence in 2007 and has been amongst the leading solar companies in the Indian industry. Azure Power has experience with grid connected, rooftops and off-grid systems in the country. The company has done such installations in villages, remote areas and residential complexes in India. The company has the longest operating history in India in terms of power plants.

7) Solon – Solon India is apart of the Solon Group. The company has its office in Secunderabad in Andhra Pradesh India. The company has installed more than 300MW of solar systems worldwide. It provides single-axis tracking solutions, fixed-tilt ground mount solutions, rooftop solutions and shade structure solutions.

8) Solairedirect – Solairedirect Energy India Pvt. Ltd. is a subsidiary of the Solairediect Group headquartered in Paris. The company has presence across all the PV value chain of solar. It is engaged in modules production, integration, project development, financing, installation, operation and sales.

You can also read List of Solar Installers in USA.