Mumbai-based renewable energy company Solaryaan has announced an ambitious expansion plan, aiming to more than double its revenue to over ₹400 crore in FY27 while investing ₹150 crore in a new lithium-ion battery manufacturing facility. The company is expanding beyond its core solar inverter business as demand for clean energy and energy storage solutions continues to grow in India.

More than ₹200 crore worth of revenue was generated in the previous financial year. The estimated growth for FY27, as per Solaryaan, will be fuelled by diversification in terms of products, better distribution channels, and the use of renewable energy technology.

Solaryaan 2.0 Marks a New Growth Phase

In order to achieve this goal, "Solaryaan 2.0" will be the new growth strategy of the company which will help it grow beyond producing only solar inverters to becoming a full-fledged solution provider for clean energy sources. Instead of focusing on a single product, the company will concentrate more on providing a diverse product portfolio consisting of grid-tied inverters, hybrid energy solutions, and battery energy storage systems.

₹150 Crore Battery Facility Planned

One of the key elements of the company’s growth strategy is creating a lithium-ion battery plant that requires an investment of ₹150 crore. The installation of such equipment plays a crucial role in India's shift towards using sustainable energy since it allows storing the energy produced by using solar or wind power sources.

Apart from the planned project that requires a smaller budget, the firm has many plans for future growth. In accordance with its long-term development plan, Solaryaan will create a cell manufacturing plant whose estimated cost is between ₹550-600 crores.

Clean Energy Demand Drives Expansion

The renewable energy industry in India has been growing quite quickly, leading to greater demands for items like solar inverters, batteries, and hybrid energy systems. In view of increasing usage of solar energy by industries, business houses, and residential buildings, there has been an increasing need for efficient energy storage.

Battery Energy Storage Systems (BESS) have become very important in providing energy security and ensuring uninterrupted energy supply during peak demand times.

Company Targets ₹1,000 Crore Revenue by FY29

For the years after FY27, the company Solaryaan has set itself a target to generate revenues worth ₹1,000 crores by FY29. In addition, the company intends to expand its reach to over 15 states of India.

The company invests heavily in battery production, hybrid power sources, and integrated energy solutions in order to promote cleaner energy in India as well as contribute to the development of domestic renewable energy manufacturing in India.