Solarium Green Energy is a solar company that does everything from making the panels to installing and maintaining the finished power plant - a one-stop shop for anyone wanting to go solar. It was founded in 2018 by two first-generation entrepreneurs who bootstrapped the business from a small panel-making unit into a full-service engineering and construction firm, a pivot that turned it into one of India’s largest organised players in rooftop solar. The recurring idea is backward integration: the company makes the two most expensive parts of a solar project itself - the module and the mounting structure - and then feeds them into its own installation business, so it captures the margin at both stages and controls its own supply chain. # Business segments A single integrated solar business with three reinforcing layers - a turnkey installation engine that is the core of revenue, a captive module factory that feeds it, and a distribution network that sells components to other installers - all built around the same rooftop and ground-mounted project capability. ## 1. Turnkey solar EPC: building power plants for homes, businesses and government **The company designs, procures, builds and maintains complete solar installations under fixed-price contracts - it is paid when the project is finished, and it now handles everything from a single house to a 50 MW utility-scale field.** - **The core revenue engine** - turnkey EPC (engineering, procurement and construction) grew at a 117% three-year compound rate and now accounts for 86% of revenue, a deliberate shift from simply distributing other people’s panels to installing its own. - **Four customer types, one delivery model** - the company works across residential rooftops, commercial and industrial buildings, government schemes and large ground-mounted projects, with a dedicated team of 10 operations and maintenance professionals looking after completed sites. - **Ground-mounted projects improve cash flow** - large utility-scale contracts were added as a deliberate new line to reduce reliance on government distributed-solar programmes, where customers can take longer to pay; on ground-mounted jobs, the company receives payment within 15-30 days of delivering modules and other materials. - **The order book is the forward story** - as of June 2026, the total order book stood at ₹852 crore, split between ground-mounted projects (₹468 crore), module supply contracts (₹310 crore) and other segments (₹74 crore), with a pipeline of over 300 MW of projects under active discussion. - **Proven at scale** - the company has executed residential rooftop projects totalling over 109 MW, ground-mounted projects over 40 MW, and handled more than 200-250 sites for NTPC, including a single 50 MW ground-mounted project in Maharashtra. ## 2. Residential rooftop solar: the homeowner engine and a kit business for other installers **The company is the second-largest vendor among more than 20,000 under India’s flagship rooftop solar scheme, with over 10,000 installations recognised by the government - and it has now launched a parallel business selling pre-configured solar kits to other local installers.** - **Market leadership in a fragmented space** - with 10,280 residential rooftop installations recognised by the Ministry of New and Renewable Energy under the PM Surya Ghar scheme, the company has built a position in a market where 98% of players are unorganised. - **The kit business unlocks scale** - instead of only doing installations itself, the company now supplies pre-customised residential solar kits to the more than 20,000 empanelled EPC vendors under the government scheme, acting as their single point of supply; this added ₹14 crore in revenue in its first year, separate from the core installation business. - **A distributor network with skin in the game** - the go-to-market model uses 450-plus “Saarthi” partners across 25-plus cities, with each partner paying a commitment fee of ₹11,000 to ensure serious engagement. ## 3. Solar module manufacturing: the captive factory that feeds the EPC engine **A fully automated plant in Gujarat can produce one panel every 16 seconds - enough for 4,000 panels a day - and its output goes first into the company’s own projects, with the rest sold to other EPC players.** - **Backward integration into the biggest cost item** - the solar module represents 50-60% of a project’s total cost, so making it in-house captures that margin and insulates the EPC business from supplier price swings. - **ALMM approval unlocks the government market** - the plant was included in the government’s Approved List of Models and Manufacturers in July 2026, meaning its panels can be used in projects that require domestically made modules. - **A cost-plus model with captive demand** - the manufacturing business targets gross margins above 15% and runs on a cost-plus basis; at roughly 85% utilisation, it could generate over ₹1,000 crore in annual revenue if all modules were sold externally, but a significant portion is consumed by the company’s own EPC order book. ## 4. Distribution and product sales: supplying components to the wider market **A network of more than 2,700 dealers and 14,000 touch points sells solar panels, inverters and meters to other installers - a legacy business that now also channels the company’s residential solar kits.** - **A broad reach for third-party products** - the distribution arm generated ₹61 crore in revenue in FY26, selling PV modules, inverters and ABT meters (devices that track electricity drawn from the grid) through a multi-state dealer network. - **Value-added partnership with an inverter maker** - the company became a Value Added Partner for WattPower Systems Private Limited, which serves as the manufacturing arm of Wattkraft Group and was founded in Germany, to distribute its smart string inverters across Madhya Pradesh and Maharashtra, focusing on ground-mounted projects. - **The kit business sits here** - revenue from the residential solar kit business, where the company supplies pre-configured kits to local EPC players, is accounted for within the distribution vertical. # Group structure and partners **A lean corporate structure with one wholly owned subsidiary and a web of technology and supply partnerships that extend the company’s reach into defence heating and advanced R&D.** - **Solarium Ventures Private Limited** is the sole subsidiary, incorporated in Gujarat and held 100% by Solarium Green Energy; it was set up to manufacture solar panels and cells and to provide IT and digital technology services, though it had nil turnover as of the latest filings. - **DRDO licence for defence heating** - the company holds a 10-year non-exclusive technology licence from two Defence Research and Development Organisation labs for a solar thermal space-heating system designed to replace diesel boilers in cold-weather military shelters; it can sell to the Indian Armed Forces and government agencies, with a royalty payable only on non-defence sales. - **R&D tie-up with the National Institute of Solar Energy** - a two-year memorandum of understanding covers joint development of solar-based heating systems for Himalayan regions, including prototyping and field testing in Ladakh, Himachal Pradesh and other cold-weather states. - **Supply partnerships secure panel inventory** - the company signed memoranda of understanding with Citizen Solar and Navitas Solar in March 2025 to secure 78 MW of solar panels for its projects, and with four counterparties in November 2025 to supply 100 MW of modules from its own new factory.