Solarium Green Energy Limited: Company Profile

Background

Overview

Solarium Green Energy Limited, established in 2015 by Ankit Garg, an alumnus of the Indian School of Mines, Dhanbad, is a leading provider of turnkey solar solutions in India. The company specializes in the design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M) of solar power plants. Its diverse clientele spans residential, commercial, industrial, and government sectors. Headquartered in Ahmedabad, Gujarat, Solarium has a significant presence across over 80 cities in India.

Mission and Vision

Solarium's mission is to drive the adoption of clean and renewable energy solutions by providing innovative and sustainable solar power systems. The company's vision is to become a leading clean and renewable energy provider, contributing to a sustainable future through technological innovation and responsible practices.

Industry Significance

As a prominent player in India's renewable energy sector, Solarium contributes to the nation's efforts to meet its growing energy demands through sustainable means. The company's comprehensive approach, encompassing manufacturing and turnkey project execution, positions it as a significant entity in the solar energy landscape.

Key Strategic Focus

Core Objectives

Expansion of Market Reach: Solarium aims to broaden its footprint across India, targeting both urban and rural areas to promote solar energy adoption.

Technological Innovation: The company focuses on integrating cutting-edge technologies to enhance the efficiency and reliability of its solar solutions.

Sustainability: Emphasizing eco-friendly practices, Solarium strives to reduce carbon footprints through the widespread implementation of solar energy systems.

Areas of Specialization

Residential Rooftop Systems: Designing and installing solar solutions tailored for residential properties.

Commercial and Industrial Projects: Providing scalable solar installations for businesses and industrial facilities.

Government Projects: Engaging in large-scale solar initiatives for governmental bodies.

Solar-Wind Hybrid Projects: Developing integrated systems combining solar and wind energy sources.

Key Technologies Utilized

Polycrystalline Solar Panels: Manufacturing high-efficiency panels with power ratings ranging from 40Wp to 550Wp.

Advanced Inverters: Utilizing state-of-the-art inverters to optimize energy conversion and system performance.

Energy Storage Solutions: Implementing battery storage systems to enhance energy reliability and availability.

Primary Markets Targeted

Residential Sector: Homeowners seeking sustainable and cost-effective energy solutions.

Commercial and Industrial Sectors: Businesses aiming to reduce energy costs and carbon footprints.

Government and Public Sector: Government agencies and institutions investing in renewable energy projects.

Financials and Funding

Funding History

Solarium Green Energy Limited went public with an Initial Public Offering (IPO) on the BSE SME platform in February 2025. The IPO was priced between ₹181 and ₹191 per share, with a lot size of 600 shares. The primary objective of the IPO was to meet working capital requirements, with an allocation of ₹71 crores from the net proceeds for this purpose.

Financial Performance

FY 2024: Revenue from operations stood at ₹177.40 crores, with an EBITDA of ₹23.78 crores and a Profit After Tax (PAT) of ₹15.59 crores.

H1 FY 2025: Reported revenue from operations of ₹81.99 crores, EBITDA of ₹11.59 crores, and PAT of ₹7.55 crores.

Pipeline Development

Key Projects and Milestones

Residential Projects: Between April 2021 and September 2024, Solarium successfully completed 11,195 residential rooftop installations.

Commercial and Industrial Projects: The company executed 172 C&I projects during the same period.

Government Projects: Completed 17 government projects by September 2024.

Ongoing Projects: As of December 2024, Solarium is managing ongoing projects worth ₹185 crores, with approximately ₹45 crores in revenue recognized by September 2024.

Technological Platform and Innovation

Proprietary Technologies

Solar PV Modules: Manufacturing high-quality polycrystalline solar panels with power ratings from 40Wp to 550Wp, adhering to international certifications and BIS standards.

Significant Scientific Methods

In-House R&D: Maintaining a state-of-the-art R&D facility to drive innovation in solar technology and system integration.

Advanced Manufacturing Processes: Employing cutting-edge automation lines to support both small series and high-volume production of solar modules.

Leadership Team

Ankit Garg: Founder and Managing Director. An IIT/ISM Dhanbad alumnus, Ankit established Solarium in 2015, bringing substantial cross-functional experience and a deep understanding of the renewable energy sector.

Pankaj Gothi: Director. With extensive experience in the renewable energy industry, Pankaj oversees the design and installation of solar power systems, contributing to the company's growth and success.

Competitor Profile

Market Insights and Dynamics

The Indian solar energy market is experiencing rapid growth, driven by government initiatives and increasing awareness of renewable energy benefits. The market is characterized by a diverse range of players, from large multinational corporations to emerging domestic companies.

Competitor Analysis

KPI Green Energy Limited: An Indian company specializing in solar power projects, offering EPC and O&M services.

Greencells Group: A Germany-based company providing EPC and O&M services for large-scale photovoltaic systems, with a total installed capacity of over 3 GWp.

Strategic Collaborations and Partnerships

Solarium has established strong relationships with suppliers and clients, contributing to reliable procurement and operational continuity. The company has also been recognized as the L1 bidder for projects worth ₹6,035.80 lakhs, pending administrative approvals.

Operational Insights

Solarium's integrated operations, encompassing manufacturing and turnkey project execution, provide a competitive edge in delivering high-quality and comprehensive solar solutions. Its diversified portfolio across residential, commercial, industrial, and government sectors ensures broad market reach and risk mitigation.

Strategic Opportunities and Future Directions

Expansion Plans

Solarium aims to expand its presence in states like Uttar Pradesh, Maharashtra, and Rajasthan, reducing regional revenue concentration and tapping into new markets.

Technological Advancements

The company is committed to continuous innovation, focusing on enhancing the efficiency and scalability of its solar solutions through advanced technologies.

Sustainability Initiatives

Solarium plans to increase its contribution to India's renewable energy targets, aligning with the nation's goal of achieving 500 GW of non-fossil fuel energy by 2030.