Q. Can you elaborate on Gautam Solar’s 27+ years of experience in the solar industry, and how this experience has contributed to the company’s growth and success?
Gautam Solar’s 27+ years of experience have been crucial to the growth and success of not only our company but the industry as a whole. When sustainability and renewable energy were just buzz words, we started working as manufacturer of solar components in 1997. We then shifted our focus to manufacturing of high-quality Solar PV panels and are now one of the Top 10 Indian Solar Panel manufacturers.
Over time, we have built expertise in latest solar technology, adapted to market changes, and developed strong industry relationships.
This has helped establish our reputation for reliability and long-term customer trust.
Q. Can you elaborate on the significance of the ‘CRISIL BBB+/Stable’ long-term rating and ‘CRISIL A2’ short-term rating, and how they reflect Gautam Solar’s financial stability and operational capabilities?
The ‘CRISIL BBB+/Stable’ long-term rating and ‘CRISIL A2’ short-term rating highlight Gautam Solar’s solid financial stability and strong operational capabilities. These ratings are among the highest for Indian solar module manufacturers and signal confidence to large project developers and EPC players, reassuring them of Gautam Solar’s capacity to honour warranties and support long-term solar projects, which is crucial for ensuring return on investment and project performance over 25+ years lifetime of a solar power plant.
Q. Gautam Solar has demonstrated a 200% increase in revenue in FY23-24, to what factors do you attribute this growth to and What are Gautam Solar’s plans for further expansion and growth?
Gautam Solar’s impressive 200% revenue growth in FY23-24 can be attributed to several key factors. First, we significantly increased our production capacity and optimized capacity utilization, meeting the rising demand for indigenous solar panels.
Our deep industry expertise, has allowed us to consistently grow and maintain profitability, even in a highly competitive market.
We have strong relationships with project developers and EPC players who trust us for supplying high-quality solar panels to ensure long-term performance. Additionally, favourable government policies like implementation of Approved List of Models and Manufacturers (ALMM) and Basic Customs Duty (BCD) on import of Solar Cells and Modules have further strengthened our market position.
Looking ahead, we are focused on further expansion with a new manufacturing unit in Haryana’s Bhiwani district, set to enhance our production capabilities.
We are expanding our total module capacity to 3 GW by 2024-25 and further to 5 GW by 2025-26. Additionally, we have plans to set up a 2 GW solar cell manufacturing facility to align with MNRE’s guidelines on including solar cells in ALMM to provide a push to domestic manufacturing while reducing the dependency on imports.
With no debt-funded expansion, we remain financially stable and well-positioned for continued growth.
Q. Gautam Solar has recently come out with white paper on ‘minimum Capacity Utilization Factor (CUF) of 19% over the 25-year lifetime of solar plants, as required by the PM-KUSUM Scheme’, Can you walk us through the practical implementation strategies outlined in the white paper, and how they can be applied in real-world scenarios?
In our white paper on achieving the ‘minimum Capacity Utilization Factor (CUF) of 19% over the 25-year lifetime of solar plants, as required by the PM-KUSUM Scheme’, the practical implementation strategies revolve around selecting high-efficiency solar panels, such as Gautam Solar’s N-type TOPCon and Mono PERC panels, to ensure consistent long-term performance. The white paper also emphasizes managing factors that impact CUF, like solar irradiance and system losses (e.g., shading, dust, wiring inefficiencies). Additionally, it provides a theoretical case study to demonstrate how to model and maintain optimal CUF over 25 years, offering actionable guidance for solar developers, EPC companies, and farmers to meet regulatory requirements and ensure sustainable solar power generation.
Q. What is the company’s outlook on the demand for solar power plants, and how is it positioning itself to cater to this demand?
We are quite optimistic on the demand for solar power plants, especially with schemes like PM-KUSUM Yojana and PM-Surya Ghar Yojana and the MNRE setting annual targets for renewable energy capacity auctions of 50 GW for five years to meet the ambitious targets of 500 GW by 2030.
To meet these targets, ALMM-enlisted domestic solar panel manufacturers will play a major role and as a leading supplier of high-quality TOPCon & Mono PERC solar panels, Gautam Solar is well positioned to cater to this demand.
Q. What emerging technology trends do you foresee in solar panel manufacturing, and which technologies do you believe will drive growth in the future?
Among emerging technologies, AI is reshaping industries across the board, and solar energy is no exception. At Gautam Solar, we’re early adopters of AI technology, using AI-driven Electroluminescence (EL) testing to detect micro-cracks in solar panels with precision, ensuring superior quality and reliability. We believe that other use cases of AI will emerge which will revolutionize solar manufacturing.
In terms of module technology, HJT and TOPCon represent the future due to their high efficiencies. However, HJT’s complexity and high production costs make it less viable in cost-sensitive markets like India.
Gautam Solar has strategically embraced TOPCon technology, launching high-efficiency panels with up to 22.84% efficiency. In fact, we are among just 11% of Indian Solar manufacturers producing ALMM-enlisted TOPCon panels, positioning us at the forefront of this shift towards next-generation solar solutions.
Q. As the manufacturing landscape in India evolves with government support and the introduction of advanced panels by Indian players, do you foresee Indian panel manufacturers competing on a global scale in the future? What further steps are necessary for India to establish itself as a global hub for panel manufacturing?
Absolutely, Indian panel manufacturers have the potential to compete on a global scale as the government supports initiatives like “Make in India” and PLI schemes, alongside technology advancements by domestic players. Vertical integration and the growth of ancillary industries will be key to overcoming supply chain challenges and establishing India as a global hub for panel manufacturing.
Q.How does Gautam Solar see the Indian solar industry evolving in the next 2-3 years, and what opportunities and challenges does the company anticipate?
In the next 2-3 years, Gautam Solar sees the Indian solar industry growing rapidly, with total solar module manufacturing capacity potentially reaching 150 GW by FY26.
The company anticipates substantial opportunities through government initiatives like the PLI scheme, ALMM, and BCD, which support domestic manufacturing and reduce import dependency.
However, challenges include having a sufficient capacity of local solar cell manufacturing, especially after MNRE’s decision for the inclusion of solar cells in ALMM by 1st April, 2026, to meet the growing demand for indigenous solar panels.
Gautam Solar is addressing this by planning a new 2 GW solar cell manufacturing facility and aligning with government guidelines to boost local production and reduce reliance on imports.
