By Nidhi Dua and Karan Sharma
The financial results for all four quarters of FY 2025-26, ended March 31, 2026, have been announced by several renewable energy manufacturing companies. The renewable manufacturing sector demonstrated resilience throughout the year, with several manufacturers reporting healthy growth in revenues, profitability and order books despite a challenging global environment characterised by global trade disruptions and geopolitical uncertainties in West Asia.
The industry’s sustained growth during FY 2025-26 was driven by robust domestic demand for domestically manufactured equipment, supportive government policies aimed at strengthening renewable energy manufacturing, increasing localisation across the supply chain, and a growing focus on backward integration and expanding exports.
Renewable Watch takes a close look at the financial performance of select renewable energy manufacturers across FY 2025-26…
Emmvee Photovoltaic Power
Emmvee Photovoltaic Power Limited reported revenue from operations of Rs 50,499 million in FY 2025-26, representing an increase from Rs 23,356 million in FY 2024-25. Profitability also improved considerably during the year, with earnings before interest, taxes, depreciation and amortisation (EBITDA) increasing to Rs 17,344 million and profit after tax (PAT) reaching Rs 10,816 million.
The company’s growth was underpinned by its expanding manufacturing operations and increasing scale in solar cell and module production. By the end of FY 2025-26, Emmvee’s installed module manufacturing capacity stood at 10,308 MW, while cell manufacturing capacity reached 2,943 MW. The company produced 2,999 MW of solar modules and 1,520 MW of solar cells during the year.
Furthermore, order inflows also recorded strong performance, with the company’s order book standing at 9.4 GW at the end of FY 2025-26, providing strong revenue visibility for the coming years. The company also witnessed important business developments during the year that supported its growth trajectory. In December 2025, Emmvee Energy, a subsidiary of Emmvee Photovoltaic Power Limited, signed an agreement with a domestic customer for the supply of TOPCon crystalline silicon solar photovoltaic cells. Meanwhile, in September 2025, the company received approval from the Securities and Exchange Board of India to proceed with its proposed initial public offering, marking an important milestone in its growth journey and supporting its long-term expansion plans.
Inox Wind
Inox Wind reported a steady financial performance in FY 2025-26, supported by continued order inflows and growing activity in the wind energy sector. The company’s revenue increased to Rs 45,690 million from Rs 37,020 million in FY 2024-25, while EBITDA rose to Rs 12,320 million.
The company’s growth was supported by efforts to strengthen its manufacturing and execution capabilities. In October 2025, Inox Wind announced plans to invest Rs 4 billion in a wind turbine blade manufacturing facility in Karnataka. Order inflows remained healthy throughout the year, enabling the company to maintain a robust order book of over 3.1 GW at the end of FY 2025-26. The order pipeline was diversified across customer segments, with auction-based projects accounting for 58 per cent of the order book, followed by commercial and industrial (C&I) projects at 36 per cent and PSU projects at 6 per cent. The order book included projects from several prominent customers, including Inox Clean, NTPC Limited, CESC Limited, NLC India, Hero Future Energies, and Continuum.
Several order wins during the year further strengthened the company’s market position. In November 2025, Inox Wind secured a 100 MW equipment supply order. This was followed by an order of 100 MW from Jakson Green in December 2025 for wind projects being developed in Gujarat. These orders, combined with the company’s diversified order book and manufacturing expansion, supported its operational momentum and financial performance during FY 2025-26.
Suzlon Group
The Suzlon Group’s strong financial performance in FY 2025-26 was driven by robust order inflows, higher turbine deliveries and growing demand from both utility-scale and C&I customers. The company’s revenue from operations increased to Rs 166,790 million from Rs 108,510 million in FY 2024-25, while EBITDA rose to Rs 30,220 million. PAT also recorded significant growth, reaching Rs 31,630 million during the year.
Annual wind deliveries increased to 2,456 MW in FY 2025-26 from 1,550 MW in the previous year. Order deliveries gained pace throughout the year, rising from 565 MW in the second quarter (Q2) to 617 MW in Q3 and reaching a record 830 MW in Q4. The company also continued to strengthen its manufacturing capabilities, announcing plans in December 2025 to establish three artificial intelligence (AI)-enabled smart blade manufacturing facilities aimed at enhancing productivity and supporting future growth.
Furthermore, the company’s order book increased from 5.7 GW in Q1 FY 2025-26 to 6.4 GW in Q3 before closing the year at approximately 5.9 GW. Notably, 66 per cent of the year-end order book came from the PSU and C&I segments, reflecting growing diversification in its customer base. Among the major orders secured during the year was a 248.85 MW wind turbine supply contract from the ArcelorMittal Group in January 2026. This was followed by a 195 MW wind turbine order from Sunsure Energy in May 2026.
Suzlon now looks to expand its strategic focus beyond its wind business. In June 2026, the company unveiled its Suzlon 2.0 strategy, under which it aims to evolve from a pure-play wind original equipment manufacturer into a wind-first, full-stack renewable energy solutions provider. The new business architecture spans renewable energy technology solutions, project development, project execution, energy storage and renewable energy asset management.
Vikram Solar
Vikram Solar’s strong financial performance in FY 2025-26 was driven by capacity expansion and sustained demand for domestically manufactured solar modules. The company’s revenue from operations increased to Rs 48,022.51 million in FY 2025-26 from Rs 34,234.53 million in FY 2024-25. Profitability also improved, with EBITDA rising to Rs 9,170 million and PAT increasing to Rs 4,704.21 million.
The company’s performance was supported by strategic investments aimed at strengthening its manufacturing base. In November 2025, Vikram Solar commissioned a 5 GW solar module manufacturing facility in Vallam, Tamil Nadu. Such capacity additions strengthened the company’s manufacturing footprint during the year. As a result, the company’s installed module manufacturing capacity stood at 9.5 GW by the end of FY 2025-26.
Order inflows remained healthy throughout the year, supporting an order book of 8.2 GW at the end of FY 2025-26. Furthermore, the company secured several large module supply contracts during the year. In August 2025, Vikram Solar received an order from the Bondada Group to supply 250 MW of high-efficiency solar modules for a project in Maharashtra. This was followed by a 336 MW module supply order from L&T Construction in September 2025 for deployment at the Khavda Solar Park in Gujarat. Further strengthening its order pipeline, the company secured an order in February 2026 to supply 378.75 MW of solar modules for a project tendered by NTPC Green Energy Limited. These orders, coupled with the company’s expanded manufacturing capacity, played a significant role in supporting its financial and operational growth during FY 2025-26.
Waaree Energies
Waaree Energies delivered a strong financial performance in FY 2025-26. The company reportedRs 265,367.7 million of revenue from operations, an 83.72 per cent year-on-year increase from Rs 144,445 million in FY 2024-25. Both EBITDA and PAT also increased compared to FY 2024-25. In FY 2025-26, EBITDA for the company stood at Rs 56,086.4 million, whereas PAT stood at Rs 38,841.5 million.
A key factor behind this financial growth was the company’s continued investment in expanding its manufacturing footprint. In April 2025, Waaree inaugurated a 5.4 GW solar cell manufacturing facility in Chikhli, Gujarat. Furthermore, in March 2026, the company began construction of a solar ingot and wafer manufacturing facility in Nagpur, Maharashtra. The expansion in manufacturing capacity translated into higher output during FY 2025-26, with solar module production reaching 12.6 GW and cell production touching 2.3 GW.
Order inflows also remained strong throughout the year for the company, contributing to an order book exceeding 100 GW, valued at around Rs 530 billion at the end of FY 2025-26. This strong order pipeline was supported by several large module supply contracts. Among the notable developments, Waaree secured an order in December 2025 to supply 300 MW of solar modules to Sembcorp Green Infra. This was followed by a 1,500 MW module supply order in January 2026 from a domestic power sector entity engaged in generation, transmission and distribution activities.
Outlook
The financial and operational performance of these select leading solar and wind equipment manufacturers improved in FY 2025-26. In the solar segment, companies such as Waaree Energies, Vikram Solar and Emmvee Photovoltaic Power reported growing revenues, profits and production volumes. Demand remained strong across the utility-scale, C&I and rooftop segments during the year, while manufacturers continued to invest in cell, module, wafer and ingot facilities to strengthen domestic supply chains.
The wind segment also recorded a strong year, with manufacturers like Suzlon and Inox Wind reporting growth in revenues, profits, turbine deliveries and order books. The increase in deliveries indicates that wind project execution is gaining momentum after several years of relatively slow growth. Rising C&I orders reflect growing corporate demand for renewable energy procurement.
In the wake of ongoing uncertainty in West Asia, the focus on energy independence has become stronger, making the case for a strong domestic manufacturing supply chain. Manufacturers with stronger integration across the value chain and greater control over critical inputs will be better positioned going forward. While renewable manufacturers will look to tap this opportunity and plan domestic expansion, the growing risk of supply outpacing demand will remain their key concern.
