Winsol Engineers is fundamentally a construction company for renewable energy - it builds everything a wind or solar farm needs except the turbines and panels themselves, then stays to run the plant and, increasingly, to own it. Founded in 2015 in Jamnagar, Gujarat, by two brothers with deep roots in the power industry, it has grown from a regional contractor into a national player listed on the NSE Emerge platform. The recurring approach is to start by building the project, lock in long-term maintenance contracts, and then use that cash flow and know-how to develop its own power-generating assets - a ladder from service provider to asset owner. # Business segments A single integrated business that builds, maintains, and owns renewable energy projects - the construction arm feeds the maintenance arm, and both fund the company's own growing portfolio of solar power plants. ## 1. Balance of Plant construction: the turnkey builder for wind and solar farms **The company takes full responsibility for all the civil, electrical, and grid-connection work that turns a patch of land into a functioning power plant - clients hand over a site and get back a project ready to generate electricity.** - **Everything except the generator** - it builds the foundations for wind turbines and solar module mounting structures, lays the underground cables, erects the transmission towers, and constructs the substations and control rooms that connect the project to the grid; the client supplies only the turbines or solar panels. - **Single-point responsibility** - the work is delivered on a turnkey EPCC (Engineering, Procurement, Construction and Commissioning) basis, meaning Winsol designs the solution, buys all the materials, executes the construction, and tests the system until it is live, so the client deals with one contractor, not a dozen. - **Right-of-way is part of the package** - the company secures the legal permissions and land access needed to string transmission lines across private and public land, a messy, relationship-heavy task that many competitors leave to the client. - **Clients are established power developers** - its order book, which has crossed ₹225 Crores cumulatively, includes work for Adani Green Energy, Suzlon, Juniper Green Energy, and state transmission utilities like Gujarat Energy Transmission Limited. - **Moving up the voltage ladder** - recent project wins include a 400 kV extra-high-voltage transmission line, a step beyond typical wind-farm voltages that signals the company can now bid for larger, more complex grid-infrastructure work. ## 2. Operation and maintenance: the steady income that follows construction **Once a plant is built, Winsol stays on to run it - monitoring performance, fixing breakdowns, and supplying the skilled technicians who keep turbines spinning and solar panels producing, often for decades.** - **Remote eyes on every turbine** - the company uses SCADA-based monitoring to track real-time performance from a central control room, spotting anomalies and dispatching crews before a small fault becomes a costly shutdown. - **Manpower as a service** - it places trained engineers and technicians on-site for continuous operations, which matters because renewable plants are often in remote locations where skilled labour is scarce. - **Contracts that last a generation** - the company commits to O&M obligations stretching 25 years on some projects, such as the solar plants it builds under the government's PM KUSUM scheme, creating a recurring revenue stream that outlasts the construction phase by decades. - **Third-party clients too** - it also wins standalone O&M contracts for plants it did not build, such as the solar plant it now maintains for CleanMax Enviro Energy Solutions in Kalavad, proving the service sells on its own merits. ## 3. Independent power production: the company's own solar and wind assets **Winsol does not just build for others - it develops, owns, and operates its own grid-connected solar power plants, selling the electricity directly to business customers and state utilities under long-term purchase agreements.** - **Two plants already live** - it commissioned a 2.5 MW (AC) solar plant in Vanana, Jamnagar, in December 2025, and a second 4 MW (AC) plant in Darsali, Junagadh, in February 2026, both under the PM KUSUM-C scheme that solarises rural feeders. - **Power sold, not just generated** - revenue comes from Power Purchase Agreements (PPAs) with offtakers like Paschim Gujarat Vij Company Limited, meaning the company earns a fixed or formula-based price for every unit of electricity fed into the grid. - **It owns the evacuation infrastructure** - the company has built its own 66 kV and 11 kV transmission lines to connect its solar plant at Vanavad to the state grid, so it controls the entire chain from generation to delivery. - **A natural hedge** - by owning generation assets alongside its construction and O&M businesses, the company earns when it builds, when it maintains, and when the sun shines, with each leg supporting the others. # Group structure and partners **A tightly held, promoter-led group that is using subsidiaries to stretch into new geographies and adjacent supply chains - from aluminium solar frames in India to power infrastructure in Zambia.** - **Founders still in full control** - promoters Ramesh and Kishor Pindariya, along with their family members, held 99.90% of the company's shares as of March 2024, with the Chairman and Managing Director personally holding 75%. - **An African foothold** - in March 2025, the company took a 51% stake in Winsol Engineers Zambia Limited, a Lusaka-based entity licensed for power generation, transmission, and electrical equipment manufacturing, marking its first step outside India. - **Backward integration into materials** - in May 2025, it formed Alunova Profiles Private Limited (51% stake) to manufacture insulated wires and cables made of steel, copper, and aluminium - components it previously had to buy from third parties for its own EPC projects. - **A widening mandate** - shareholders have approved adding trading in fire-fighting equipment, safety gear, and industrial products to the company's charter, along with broader borrowing powers, suggesting an appetite for diversification beyond pure-play renewables.