Mumbai, Solar products maker Solaryaan expects a twofold growth in revenue to over Rs 400 crore in the current fiscal year, driven by the expansion of its product portfolio, strengthening of channel network, and increasing demand for clean energy solutions, a top company official said on Tuesday.
The company is also making a long-term initial investment of around Rs 150 crore towards establishing a lithium-ion battery manufacturing facility, Solaryaan CEO Chirag Patel said.
"In the last financial year, Solaryaan recorded a revenue of over Rs 200 crore. Building on our strong growth momentum, we are targeting revenues of over Rs 400 crore in the current financial year, driven by the expansion of our product portfolio, strengthening of our channel network, and increasing demand for clean energy solutions," Patel said.
He said that the company has unveiled Solaryaan 2.0, marking a significant milestone in its growth journey as it evolves from a solar inverter-focused company into a comprehensive energy solutions provider.
The company is strengthening its focus on hybrid energy solutions, battery storage systems, and integrated energy technologies to support India's clean energy transition as it targets revenue of Rs 1,000 crore by FY29 and expansion in over 15 states.
"Under Solaryaan 2.0, the company will drive future growth through three strategic business pillars Grid-Tied Inverters (GTi), Hybrid Energy Solutions, and Battery Energy Storage Systems (BESS)," Patel said.
These focus areas are designed to address the growing demand for reliable power, energy storage, self-consumption, and intelligent energy management.
"As part of Solaryaan 2.0, we will set up approximately Rs 550-600 crore cell manufacturing facility over the next couple of years to support manufacturing of Made in India cells & battery," Manoj Patel, Founder & CMD, Solaryaan said.
"Solaryaan 2.0 reflects our ambition to become a comprehensive energy solutions partner for homes, businesses, and industries while contributing meaningfully to India's energy independence journey," Patel said.
