Jupiter International

What Jupiter International does

Jupiter International Limited is a Kolkata-headquartered pure-play solar photovoltaic cell manufacturer operating in the Indian renewable energy sector. The legal entity was incorporated in 1978, but the solar cell manufacturing business commenced in 2009 with an initial 30 MW production line. By June 2026 the company had scaled to 3.25 GW of installed solar cell manufacturing capacity, anchored by four production units at its Baddi, Himachal Pradesh campus (Units I and II in Mono PERC, Unit III commissioned February 2026 adding 1 GW of Mono PERC, and Unit IV commissioned June 2026 adding 1.25 GW of TOPCon). The company is concurrently executing a transition from Mono PERC to TOPCon (Tunnel Oxide Passivated Contact) cell technology.

Jupiter's core product is the M10 Mono-PERC solar cell, featuring optimised cell design, low sealing damage, minimal potential-induced degradation, color sorting, and a single-cell traceability system. The company is expanding its product set into integrated solar modules, rooftop solar EPC solutions, off-grid and grid-connected solar installations, solar water pumping systems, battery energy storage systems, and solar plant consulting and engineering services. Process integration and technology development are supported by two contracted PV industry experts, Dr. Johannes Rostan and Dr. Osama Tobail. Cell pricing is publicly disclosed at ₹12.36/Wp for A-grade and ₹10.89/Wp for B-grade M10 Mono-PERC 10BB cells (June 2026 pricelist).

Jupiter operates a B2B direct sales motion targeting solar project developers, EPC companies, and module manufacturers, with government work secured through competitive tenders. Key commercial relationships include a 2 GW ALMM-compliant cell supply agreement with Vikram Solar (June 2026), a ₹64.95 crore MSEDCL solar pump empanelment under the Magel Tyala Saur Krushi Pump Yojana, and an MoU with the Maharashtra Government for an integrated solar manufacturing facility. The AMPIN Solar One Private Limited joint venture with AMPIN Energy, operating a 1.3 GW integrated cell-and-module facility in Bhubaneswar, Odisha under India's Production-Linked Incentive (PLI) scheme, represents the company's move toward vertically integrated manufacturing. To date the company has raised approximately ₹970 crore across three private equity rounds (Edelweiss Alternative Asset Advisors in March 2022, ValueQuest SCALE Fund in July 2024 and April 2025) and is preparing for a $300 million IPO with IIFL, Axis Capital, Nomura, and ICICI Securities appointed as bankers.

Name

Jupiter International

Legal name

Jupiter International Limited

Website

https://jil-jupiter.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Jupiter International Limited is a Kolkata-headquartered pure-play solar photovoltaic cell manufacturer with 3.25 GW of installed capacity, transitioning from Mono PERC to TOPCon technology and expanding into integrated solar modules for the Indian market.

Ownership category

akta.pro rank

Product category

Solar Cell Manufacturing

NAICS

Solar Electric Power Generation (221114)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC)

Keywords

• Solar cell manufacturing
• Photovoltaic cells
• Mono PERC technology
• Solar EPC services
• TOPCon solar cells

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Solar Cell Sales: Manufacturing and selling high-efficiency M10 Mono PERC solar cells to solar project developers, EPC companies, and module manufacturers. Both wholesale and project-based procurement contracts.
2. Solar Modules: Integrated solar cell and module manufacturing under development, expanding into module production to become fully integrated solar manufacturer.
3. EPC Solutions: Engineering, procurement, and construction services for solar installations including rooftop and ground-mounted solar projects. As of June 30, 2025, successfully executed 11.80 MW of solar projects.
4. Solar Pump Solutions: Off-grid solar photovoltaic water pumping systems for agricultural applications under government schemes like Magel Tyala Saur Krushi Pump Yojana.
5. Rooftop Solar Projects: Rooftop solar installation and implementation services for commercial and industrial customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Jupiter International is a pure-play solar cell manufacturer that produces M10 and M10R Mono PERC (Passivated Emitter and Rear Cell) photovoltaic cells at its Baddi, Himachal Pradesh facility, with total installed capacity of 0.96 GW as of June 30, 2025, scaling to 3.25 GW by June 2026 with the commissioning of its TOPCon Unit IV. Beyond solar cells, the company offers integrated solar modules (via its AmpIn Energy joint venture), rooftop and ground-mounted EPC solutions, off-grid solar water pumps for agriculture, battery energy storage systems, and consulting/design/engineering services for solar plants.

Product overview

Jupiter International is a pure-play solar cell manufacturer that has expanded into integrated solar solutions. The company's core product is the M10 Mono-PERC Solar Cell, manufactured at their Baddi, Himachal Pradesh facility. The company is transitioning from mono PERC to TOPCon technology, with new TOPCon capacity being added. Beyond solar cells, Jupiter offers Solar Modules (upcoming manufacturing expansion), and a comprehensive suite of Solar Solutions including EPC services, Solar Rooftop Solutions, Solar Water Pumps, Off Grid & On Grid Solar Solutions, Consulting and Engineering services, and Battery Energy Storage Systems. The product portfolio ranges from components (cells, modules) to full-service solutions (engineering, installation, operations, maintenance), supporting India's clean energy transition from residential to utility-scale applications.

Differentiator

Problem solved

Functional benefit

Products and services

• M10 Mono-PERC Solar Cell High-efficiency solar cell using Passivated Emitter and Rear Cell (PERC) technology in M10 wafer format (182.2×183.75 mm, 10 BB), featuring optimised cell design, lower sealing damage, minimal potential induced degradation resistance, robust packaging and colour-sorting, and single cell traceability. Sold as A Grade at ₹12.36/Wp and B Grade at ₹10.89/Wp (GST excluded) to solar project developers, EPC companies, and module manufacturers.
• Solar Modules Solar modules manufactured through Jupiter's expanding integrated solar cell and module manufacturing units, including the 1.3 GW integrated facility at Bhubaneswar, Odisha developed under the AMPIN Solar One joint venture with AmpIn Energy under India's PLI scheme, plus upcoming module capacity at Baddi.
• Solar Rooftop Solutions Rooftop solar installation services including engineering, procurement, construction, and maintenance of rooftop solar systems for residential, commercial, and industrial applications.
• Solar Water Pumps Off-grid solar photovoltaic water pumping systems for agricultural applications, including manufacture, supply, installation, testing and maintenance services supplied under government schemes such as the Magel Tyala Saur Krushi Pump Yojana in Maharashtra.
• EPC Solutions Comprehensive Engineering, Procurement, and Construction services for solar projects including ground-mounted and rooftop installations, with 11.80 MW of solar projects successfully executed across India as of June 30, 2025.
• Battery Energy Storage System Energy storage solutions integrated with solar installations to provide backup power and load management capabilities for solar power systems.

Quantifiable outcome

• Capacity growth from 30 MW in 2009 to 0.96 GW as of June 30, 2025
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Vikram SolarcoreChannel Partner/ Reseller/ Distributor · 16 June 2026Strategic cell sourcing arrangement. Jupiter International supplies 2 GW of ALMM-compliant solar cells to Vikram Solar, bridging the gap before Vikram's backward integration into cell manufacturing.
• Maharashtra State Electricity Distribution Company Limited (MSEDCL)minorOthers · 21 January 2026Solar pump project partnership. Jupiter secured a Letter of Empanelment worth ₹64.95 crore for manufacturing, supply, installation, testing and maintenance of off-grid solar photovoltaic water pumping systems under the Magel Tyala Saur Krushi Pump Yojana.
• AmpIn Energy Transition Private LimitedcoreStrategic or Co-development Partner · 16 July 2024Joint venture partnership for integrated solar manufacturing. Jupiter and AmpIn established AMPIN Solar One Private Limited for 1.2 GW solar cell and 1.2 GW module manufacturing capacity. An integrated facility was inaugurated in Bhubaneswar, Odisha in April 2026 under PLI scheme.

Scale indicators13 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Waaree Energies: India's largest solar module manufacturer and a major ALMM-listed player. Closest Indian peer given overlap in domestic module manufacturing, ALMM compliance, and shared end customers among Indian project developers.
• Premier Energies: Indian integrated solar cell and module manufacturer that recently went public. Directly comparable on product mix (cells + modules), TOPCon technology adoption, and PLI scheme participation, and serves as a benchmark for Jupiter's IPO path.
• Vikram Solar: Leading Indian module manufacturer and Jupiter's largest disclosed customer (2 GW ALMM-compliant cell supply agreement). Comparable on Indian-focused module manufacturing footprint and ALMM strategy, with backward integration plans.
• Avaada Group: Indian renewable energy company with solar manufacturing and large-scale project development. Comparable on India-focused, vertically integrated solar value chain participation and overlap in EPC contracting.
• Goldi Solar: Indian module manufacturer with TOPCon and DCR technology offerings. Comparable as a mid-scale domestic manufacturer pursuing ALMM listing and competing in the same Indian cell/module supply pool.

Broad incumbents

• Adani Solar (Adani Group): Integrated solar manufacturing arm of Adani Group covering cells, modules, and generation. Broad incumbent with vertically integrated scale that dwarfs Jupiter, competing for the same ALMM/PLI-backed Indian project pipeline.
• Tata Power Solar Systems: Tata Group's solar manufacturing and EPC subsidiary. Competes across cells, modules, and rooftop/utility EPC in India; broader conglomerate backing and larger installed base make it an incumbent peer.
• LONGi Green Energy Technology: World's largest solar cell/module manufacturer and global TOPCon technology leader. Not a direct Indian competitor but sets the technology and pricing benchmark Jupiter's TOPCon roadmap must match.
• Trina Solar: Global vertically integrated solar manufacturer and TOPCon pioneer. Relevant as a global scale and technology benchmark, though it does not directly target the Indian ALMM-restricted market.

Emerging players

• Jakson Group: Indian energy and solar EPC/manufacturing company with module and cell-related operations. Comparable as a domestically diversified competitor participating in India's ALMM and project-development ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Jupiter.international
• Facebookfacebook.com/61565473688219
• LinkedInlinkedin.com/company/jil-jupiter

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jupiter International