India’s solar industry is expanding rapidly as developers and manufacturers invest in generation, domestic manufacturing and battery storage. Solar capacity reached 150.26 GW as of March 31, 2026, after India added 44.61 GW during FY2025-26.
Competition is also moving beyond installed solar capacity. Companies are investing billions of rupees in modules, cells, ingots, wafers, storage and firm renewable power.
This Top 10 Solar Companies in India 2026 ranking considers generation scale, project pipelines, manufacturing capacity, investment, execution and strategic positioning across the solar value chain.
1. Adani Green Energy: 14.2 GW Solar and 30 GW Khavda Project
Adani Green Energy crossed 20 GW of operational renewable capacity by July 2026, including approximately 14.2 GW solar, 2.7 GW wind and 3.3 GW hybrid capacity, supported by 3.55 GWh of operational battery storage.
Its flagship Khavda renewable energy complex in Gujarat had approximately 9.5 GW of commissioned solar capacity, within a renewable development planned at up to 30 GW.
Adani Green added more than 4.3 GW of renewable capacity over the preceding year and is targeting 50 GW by 2030, making it one of India’s biggest utility-scale renewable developers.
2. ReNew: 20 GW Portfolio and ₹4,200 Crore Manufacturing Investment
ReNew combines renewable generation with increasingly integrated solar manufacturing.
As of March 31, 2026, it had a gross renewable portfolio of approximately 20 GW, including 12.6 GW commissioned and 1.7 GW of battery storage.
Manufacturing included approximately 6.4 GW of operational module capacity and 2.5 GW of cell capacity. During FY2025-26, ReNew produced more than 4.1 GW of modules and 1.86 GW of cells.
ReNew’s 6.5 GW ingot-wafer project in Andhra Pradesh involves an investment of approximately ₹4,200 crore, while another 4 GW of cell capacity is under development.
3. Tata Power Renewable Energy: 11.6 GW Portfolio
Tata Power Renewable Energy operates across utility solar, rooftop installations, EPC and manufacturing.
Its renewable portfolio reached approximately 11.6 GW, including 5.1 GW under construction, while operational capacity was around 6.3 GW.
The company commissioned 2.5 GW during FY2025-26 and crossed 10 GW of cumulative solar EPC execution.
TP Solar produced approximately 3.83 GW of modules and 3.76 GW of cells during FY2025-26. Tata Power has also approved approximately ₹6,500 crore for a 10 GW photovoltaic ingot and wafer facility.
Its rooftop solar business has exceeded 4.8 GWp across more than 370,000 installations.
4. NTPC Green Energy: 10,126 MW Operational Capacity
NTPC Green Energy reached 10,126 MW of operational renewable capacity by March 31, 2026, after adding 4,225 MW during FY2025-26.
Major additions included 2,560 MW at Khavda, 500 MW at Bhadla, 250 MW at Pavagada and 250 MW at Kadapa.
The government-backed renewable developer is targeting 60 GW by 2032, making it a major participant in India’s long-term utility-scale solar expansion.
5. JSW Energy: 32.4 GW Pipeline and 29.6 GWh Storage
JSW Energy is integrating solar into a broader renewable and storage portfolio.
By September 2026, it had approximately 15 GW of operational generation capacity, including 9.07 GW of renewables. Solar represented around 2.43 GW.
The more significant number is its 32.4 GW of locked-in generation capacity, encompassing operational, construction and development-stage projects.
JSW Energy also has approximately 29.6 GWh of locked-in storage capacity and is targeting 30 GW of generation and 40 GWh of storage by 2030.
6. Avaada Energy: 17.7 GWp Portfolio and ₹12,800 Crore Financing
Avaada Energy reported a renewable portfolio exceeding 17.7 GWp, comprising more than 7.2 GWp operational and 10.5 GWp under construction.
The company secured approximately ₹12,800 crore from State Bank of India, Canara Bank and REC to finance a 2.15 GW portfolio in Gujarat and Maharashtra.
Projects covered by the financing include approximately 800 MW of utility-scale solar and 1.35 GW of hybrid capacity, highlighting Avaada’s move toward larger hybrid and dispatchable renewable projects.
7. Waaree Energies: 12.6 GW Production and ₹10,100 Crore Expansion
Waaree Energies produced approximately 12.6 GW of solar modules during FY2025-26 and is expanding upstream.
The company has started construction of a 10 GW integrated ingot and wafer facility in Nagpur, involving approximately ₹6,200 crore.
Waaree has separately approved ₹3,900 crore for a 2,500-tonne-per-day solar glass plant and commissioned another 3 GW module facility at Samakhiali.
The two major investments represent around ₹10,100 crore, demonstrating Waaree’s strategy of controlling more of the domestic solar supply chain.
8. Premier Energies: 11.1 GW Module Capacity
Premier Energies had approximately 11.1 GW of module capacity and 3.6 GW of cell capacity by March 2026, following commissioning of a new 5.6 GW module plant.
Its expansion plans include approximately 10 GW of ingot and wafer capacity and up to 10.6 GW of cell manufacturing.
Premier is also moving beyond conventional solar components, with plans for a 12 GWh battery storage container facility and 3 GW inverter manufacturing capacity.
The company reported approximately ₹8,026 crore in FY2026 revenue, positioning it among India’s rapidly expanding integrated solar manufacturers.
9. Vikram Solar: Manufacturing Capacity Reaches 15.5 GW
Vikram Solar crossed 10 GW of cumulative global module deployments in April 2026 and subsequently inaugurated a 6 GW module manufacturing facility at Gangaikondan, Tamil Nadu.
The expansion increased annual module manufacturing capacity to approximately 15.5 GW.
Vikram Solar is also developing solar cell manufacturing capacity as part of its vertical-integration strategy and plans approximately 5 GWh of battery storage capacity by FY2027.
10. ACME Solar: 8.07 GW Portfolio and 3.62 GWh Storage
ACME Solar Holdings is increasingly focusing on solar-plus-storage and dispatchable renewable energy.
Its portfolio reached approximately 8.07 GW, including 2.99 GW of operational contracted capacity and 5.08 GW under construction.
ACME operationalised approximately 3.62 GWh of battery storage projects in Rajasthan during 2026.
It also secured ₹2,646.64 crore from REC for a 450 MW/1,800 MWh firm and dispatchable renewable energy project.
The storage strategy positions ACME to benefit as electricity buyers increasingly seek renewable power beyond daylight generation hours.
India’s Solar Race Shifts to Manufacturing and Storage
India’s solar competition is increasingly divided between large project developers and rapidly expanding manufacturers.
Adani Green and NTPC Green Energy stand out for utility-scale development. ReNew and Tata Power combine generation with manufacturing, while JSW Energy and Avaada are building substantial renewable and storage pipelines.
Domestic manufacturing is undergoing an equally important transformation. Waaree’s 10 GW ingot-wafer facility, Tata Power’s planned 10 GW project, Premier Energies’ 10 GW plan and ReNew’s 6.5 GW investment show manufacturers moving upstream into components traditionally dependent on imports.
Battery storage is becoming another competitive differentiator. JSW Energy has 29.6 GWh of locked-in storage, ACME has operationalised 3.62 GWh, and Premier and Vikram Solar are expanding into storage manufacturing.
With India already at 150.26 GW of solar capacity after adding 44.61 GW in FY2025-26, leadership will increasingly depend on more than installed generation. Manufacturing scale, investment, storage integration, project execution and supply-chain control are likely to determine which solar companies emerge strongest through 2030.
SHAFANA FAZAL
