Surat-based Navitas Solar has unveiled a ₹10,000 crore investment plan to build an integrated renewable energy ecosystem. The project aims to expand manufacturing from solar modules to cells and wafers, while also venturing into battery storage and power generation, as the company prepares for a potential IPO within two years.
Navitas Solar, a private renewable energy firm based in Surat, has announced an ambitious capital spending plan of ₹10,000 crore to create a fully integrated renewable energy network across Gujarat and Maharashtra. This plan signals a major shift for the company, moving it from a pure module manufacturer to a diversified player across the entire solar value chain.
The company currently operates a 3-gigawatt solar module facility in Surat. As part of this new expansion, Navitas Solar is moving toward producing more critical components, including a 2.4-gigawatt solar cell manufacturing line expected to be operational by July 2027. This shift is designed to reduce reliance on imported components, allowing the company to control a larger part of its supply chain. Additionally, the firm is currently conducting pilot tests for ingot and wafer production, which are essential raw materials in solar panel manufacturing.
Beyond hardware manufacturing, the expansion strategy includes the development of two solar parks in Maharashtra and a 5-gigawatt-hour battery energy storage facility in Vadodara, with an initial allocation of ₹100 crore. By entering the power generation and storage space, the company aims to diversify its revenue beyond just selling hardware, protecting itself against the volatility often seen in global solar supply chains.
Financially, the company reported revenue of ₹1,300 crore in FY26 and has set a projection of ₹2,000 crore for FY27. While the current founding team holds a 67 per cent stake and has secured ₹300 crore in operational funding to kickstart these plans, the total ₹10,000 crore requirement is substantial. The company is now planning an initial public offering in the next two years to provide the capital needed to sustain this investment cycle.
For investors monitoring the sector, several risks and monitorables stand out. Large-scale manufacturing, especially in high-tech areas like wafers and ingots, carries significant execution risks and requires deep technical expertise. Furthermore, the solar manufacturing sector in India is highly capital-intensive. While the company has secured initial funding, the ability to successfully raise the remaining capital, execute these complex projects on time without cost overruns, and maintain profit margins in a competitive market will be critical. Investors should track the progress of the cell manufacturing line, the commissioning of the battery storage facility, and any updates regarding the company’s IPO filing process.