Gautam Solar

What Gautam Solar does

Gautam Solar is an Indian solar photovoltaic module manufacturer founded in 1997 and headquartered in New Delhi, operating in the utility-scale, commercial, industrial, agricultural (PM-KUSUM), residential, and data center customer segments. The company produces N-Type TOPCon modules and Mono PERC modules and offers engineering, procurement and construction (EPC) services for solar power plants, with a 5 GW module manufacturing capacity of which 4 GW is ALMM-approved. It is ranked 4th in India by JMK Research for Q4 2025 and among the Global Top 30 by Wood Mackenzie for 2025.

The company's core technology is its solar PV module manufacturing line, anchored by patented AI-Assisted Electroluminescence (EL) Testing for quality control and patented Non-Destructive Cutting (NDC) technology for cell processing. Modules range up to the 630 Wp R Series TOPCon line, and product lines are NZIA and FER-X compliant to access European markets under the EU Net-Zero Industry Act framework. Production is supported by domestic procurement and a 96% domestic shipment share.

Gautam Solar's business model combines module sales and project EPC, monetizing through per-watt pricing on shipped modules and project-based EPC contracts. Forward integration is underway via an announced Rs. 4,000 Crores (approximately USD 475 million) investment in 5 GW solar cell manufacturing capacity, alongside plans for 2 GW of ingot and wafer manufacturing. The company is promoter-owned, with three Mohanka family members in leadership, and reports 250%+ revenue growth between FY24 and FY25 alongside a CRISIL A-/Stable credit rating upgraded from BBB+/Stable.

Name

Gautam Solar

Legal name

Gautam Solar Private Limited

Website

https://gautamsolar.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Gautam Solar is a New Delhi-headquartered Indian solar PV module manufacturer founded in 1997, producing N-Type TOPCon and Mono PERC modules for utility-scale, C&I, agricultural, residential, and data center customers, with EPC services and an announced Rs. 4,000 Crores investment in cell manufacturing.

Ownership category

akta.pro rank

Product category

Solar Photovoltaic Modules

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

Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Solar Roofing & Roof-Mounted PV Systems (IMADAFAO)

Keywords

• Solar module manufacturing
• Photovoltaic modules
• Solar EPC services
• Renewable energy products
• Utility-scale solar

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Solar Module Sales: Sale of N-Type TOPCon and Mono PERC solar modules to developers, EPCs, C&I businesses, and government projects. Revenue is generated through one-time hardware sales with 10-year product warranty and 25-year performance warranty.
2. EPC Services for Solar Power Plants: Engineering, procurement, and construction services for solar power plants including open access, ground-mounted, rooftop, and PM-KUSUM projects for commercial, industrial, agricultural, and residential segments.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Gautam Solar designs, manufactures, and supplies high-efficiency N-Type TOPCon and Mono PERC photovoltaic solar modules for utility-scale, commercial, industrial, and agricultural applications. As a vertically integrated manufacturer, the company also provides Engineering, Procurement, and Construction (EPC) services for solar power plants including open access, ground-mounted, rooftop, and PM-KUSUM installations.

Product overview

Gautam Solar is an Indian solar module manufacturer offering two primary product lines: N-Type TOPCon Solar Modules and Mono PERC Solar Modules, both available in monofacial and bifacial configurations. The company operates as a vertically integrated manufacturer combining module manufacturing with EPC services for Solar Power Plants, including Open Access, Ground-Mounted, and Rooftop installations for commercial and industrial applications. Additional offerings include PM-KUSUM scheme solutions for agricultural sectors and Battery Energy Storage Systems (BESS) for C&I behind-the-meter applications.

Differentiator

Problem solved

Functional benefit

Products and services

• N-Type TOPCon Solar Modules

Quantifiable outcome

• Module efficiency up to 23.69% (G12 R 640 Wp)
• +6 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Waaree Energies: India's largest solar module manufacturer with vertically integrated cell-to-module operations. Directly comparable as a domestic Indian module manufacturer serving utility-scale, C&I, and rooftop segments with both TOPCon and PERC technology.
• RenewSys India: Indian manufacturer of solar PV modules and encapsulants, serving domestic and international markets. Comparable as a domestic module manufacturer with mid-tier scale and similar C&I/utility customer focus.
• Adani Solar: Vertically integrated solar module and cell manufacturer within the Adani Group, one of the top Indian manufacturers with significant utility-scale and EPC exposure. Closely comparable in product line, customer base, and vertical integration strategy.
• Tata Power Solar: Indian solar module manufacturer and EPC provider, part of the Tata Group, serving utility-scale, C&I, and rooftop customers. Direct peer with similar vertically integrated model and strong brand/bankability profile.
• Vikram Solar: Indian solar PV module manufacturer with significant module manufacturing capacity and EPC operations, serving domestic and international markets. Closely comparable on product portfolio, customer segments, and bankability positioning.
• Premier Energies: Indian solar cell and module manufacturer with integrated operations and a recent public listing. Comparable in product mix (TOPCon cells and modules), scale of capacity, and target customer segments in India.

Broad incumbents

• First Solar: US-based thin-film solar module manufacturer with utility-scale focus and strong bankability profile. Comparable as a globally bankable module supplier, though operating in a different technology track (CdTe thin-film vs. crystalline silicon TOPCon/PERC).
• Trina Solar: Global top-tier solar module manufacturer with strong TOPCon and N-type technology portfolio. Comparable in product technology and module efficiency benchmarks, but Chinese-domiciled and excluded from many Indian government tenders.
• Jinko Solar: One of the world's largest solar module manufacturers with vertically integrated cell-to-module operations. Comparable in product technology (TOPCon) and global market presence, though Chinese-domiciled and therefore less directly competitive in ALMM/NZIA-restricted markets.

Emerging players

• Goldi Solar: Indian solar module manufacturer with growing module capacity and EPC operations, focused on domestic C&I and utility markets. Comparable in product offering and customer segments, though at a smaller scale than Gautam Solar.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/GautamSolar2
• Facebookfacebook.com/gautamsolarprivatelimited

Compliance19 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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 Gautam Solar