Solarium Green Energy Ltd. – Company Report
1. Company Overview
Solarium Green Energy Ltd. (SGEL), founded in 2018 and headquartered in Ahmedabad, Gujarat, is a fast-emerging leader in India’s renewable energy sector. The company specializes in end-to-end solar EPC solutions, manufacturing high-efficiency solar panels and executing turnkey solar projects across India.
Led by Ankit Garg, an alumnus of IIT/ISM Dhanbad, SGEL operates with a team of over 265 professionals and maintains offices across six states. Its integrated solar panel manufacturing facility in Ahmedabad boasts a 100 MW annual capacity, with plans underway to significantly scale this up. Solarium’s strong quality control framework is validated by BIS, ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.
- Incorporated: 2018
- Headquarters: Ahmedabad, Gujarat, India
- Promoter & MD: Ankit Garg
- Employees: 265+
- Certifications: BIS, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
- Manufacturing Capacity: 100 MW/year (Ahmedabad facility)
- Market Cap (Aug 2025): ~₹796 crore
- Listed On: BSE SME (recent/ongoing listing)
- Reach: Pan-India, offices in 6+ states
2. Products and Services
Solarium Green Energy delivers comprehensive solar and renewable solutions tailored to residential, commercial, industrial, and institutional clients.
Turnkey Solar EPC Solutions:
- Rooftop and ground-mounted solar power systems
- Full project cycle: design, procurement, construction, commissioning, maintenance
O&M (Operations & Maintenance):
- System inspections, cleaning, repairs, and component replacement
- AMC services for government and private sector clients
Manufacturing:
- Solar PV modules (40Wp to 550Wp) certified under BIS and other standards
- Advanced line for monocrystalline and polycrystalline panels
Product Range:
- Solar modules, inverters, mounting systems, smart meters, and BoS hardware
Customer Segments:
- Residential (Solar for Home) – personalized rooftop systems for cost savings
- C&I (Solar for Business) – custom large-scale solar plants for business energy optimization
- Government Projects – extensive project credentials with public sector entities
Project Services:
- Grid connection, compliance handling, logistics, financing solutions
Innovation & R&D:
- Partnership with NISE for solar heating solutions in Himalayan regions
- In-house innovation for quality, efficiency, and cost optimization
3. Recent News and Financial Performance
Key Business Developments:
- R&D MoU:
- Signed with National Institute of Solar Energy (NISE) for advanced solar heating applications in extreme climates.
- Signed a 10-year Licensing Agreement with DRDO’s ARDE and DIHAR for solar thermal technology to provide space heating in cold regions like Ladakh.
Bold Project Wins:
Suntek Energy Systems Private Limited (Truzon Solar) (November 2025):
- Awarded a ₹12.18 crore for 715wp N-Type i-TOPCon Bifacial Dual Glass Monocrystalline Modules N-DCR.
- Secured a ₹31.53 lakh for the same type of modules.
Solluz Energy Private Limited (November 2025):
Awarded a ₹6.12 crore for 715Wp N-Type Bifacial Solar PV Modules for a Rajasthan project.
NTPC Vidyut Vyapar Nigam (September 2025):
Secured a ₹8.05 crore for the 2083 kW Rooftop Solar Project at Salem Steel Plant, Tamil Nadu.
Awarded a ₹4.35 crore for a 1320 kW Rooftop Solar Project at AIIMS-Rishikesh, Uttarakhand. The project includes plant and equipment supply (₹3.03 crore), installation and civil works (₹0.48 crore), and 10-year 0&M services (₹0.84 crore).
Numaligarh Refinery Limited (September 2025):
Awarded a ₹3.63 crore contract from Numaligarh Refinery Limited for developing grid-connected rooftop solar PV projects. The contract includes three projects: 140 kW and 760 kW in Assam, and 280 kW in West Bengal. The contract value is divided into supply (₹2.91 crore), service (₹55.49 lakh), and O&M (₹16.43 lakh) components.
NTPC Vidyut Vyapar Nigam (September 2025):
Solarium Green Energy Limited has received Notification of Awards (NOAs) totaling approximately Rs. 18.78 crore for Rooftop Solar PV Projects with a combined capacity of 5,996 kW across multiple GAIL sites in India.
NTPC Vidyut Vyapar Nigam for DRDO (September 2025):
Awarded a ₹8.22 crore from NTPC Vidyut Vyapar Nigam Limited for Defense Research and Development Organisation projects across India. The contract includes three projects: a 1000 kW system in Chennai (₹3.48 crore), an 860 kW system in Visakhapatnam (₹2.99 crore), and a 505 kW system in Chandipur (₹1.76 crore).
NTPC Vidyut Vyapar Nigam (July 2025):
Secured a Rs 12.99 crore from NTPC Vidyut Vyapar Nigam (NVVN). This contract, dated July 24, 2025, is for the development of a 3319 kW rooftop solar project at various sites in India’s Northeastern States under the Ministry of Home Affairs.
The company bagged a second order from NVVN on the same day, valued at about Rs 13.63 crore. This project entails developing a 3443 kW rooftop solar project, also for the Ministry of Home Affair in the Northeast.
Kirloskar Solar Technologies (June 2025):
- Awarded a ₹35.32 crore project for supplying and executing 11.775 MW grid-connected rooftop solar systems across facilities under the Ministry of Home Affairs, including Central Armed Forces units.
- Timeline: 6-month completion.
- Scope: EPC + Supply of all components.
NTPC Vidyut Vyapar Nigam (February 2025):
- Awarded a ₹71.55 crore for the development of grid-connected rooftop solar projects and the supply of solar PV modules. The company has received contracts from NTPC Vidyut Vyapar Nigam Ltd.(NVVN) for the execution of grid-connected rooftop solar projects at various locations of the Central Armed Forces and Departments under the Ministry of Home Affairs across multiple zones.
Border Security Force (BSF), Jammu (February 2025):
- Secured a ₹3.09 crore order to install a 25 KWp solar PV system with backup lighting and battery control rooms across 10 Border Out Posts (BOPs).
Manufacturing Expansion:
- Announced the setup of a new 1 GW solar panel manufacturing plant in Ahmedabad.
- Objective: Enhance supply-chain resilience and backward integration.
- Outcome: Lower EPC costs, higher margins, and captive sourcing.
Strategic Partnership:
- Partnered with WattPower Systems to distribute solar inverters in Madhya Pradesh and Maharashtra, expanding SGEL’s product footprint in India’s central and western regions.
- Signed MOUs for the supply of 100 MW of solar photovoltaic (PV) modules, valued at approximately Rs. 140 crore. The MOUs, dated November 4, 2025, were signed with Solergy India (35 MW), Sunstore Solar Private Limited (30 MW), ARM Renewables (20 MW), and Suntek Energy Systems Pvt Ltd (Truzon Solar) (15 MW). The modules will feature advanced G12 and G12R technology, with power outputs of 720 WP and 620 WP, respectively.
- Inked two memorandum of understanding (MoUs) with Citizen Solar Private Limited and Navitas Solar Private Limited, both the companies are suppliers of solar panels.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Revenue | ₹231 crore |
| Net Profit (PAT) | ₹18.6 crore |
| Operating Profit Margin (OPM) | 11.3% |
| Net Profit Margin | 8% |
| Earnings Per Share (EPS) | ₹8.92 |
| Debt/Equity | Prudent; minimal leverage |
| Dividend | None (profits reinvested) |