UTL Solar to boost solar product portfolio with 5GW unit in Madhya Pradesh; Plans Rs 500 crore investment over four years

New Delhi, Oct 14, 2024: UTL Solar, India’s leading solar company that produces a range of products from solar panels to solar batteries, aims to set up a new manufacturing unit with an estimated investment of INR 500 crore over the next four years at Ratlam in Madhya Pradesh. The facility will produce 5 GW of solar panels, solar inverters, and solar batteries each and will be spread over an area of 100 acres on the Delhi-Mumbai Expressway. The company, which is aiming for a topline of Rs 1400 crore in the current financial year, has four manufacturing plants in Himachal, Haryana, Delhi and Greater Noida in Uttar Pradesh. 

 

“We have already achieved a capacity of 1 GW each in solar batteries and solar inverters while we will attain 1 GW capacity in production of solar panels in the near future. The Ratlam unit will further boost our manufacturing capabilities, where we plan to add 1-1.5 GW of capacity every year across solar panels, solar inverters and solar batteries. UTL already has a strong presence in North India across states like Uttar Pradesh, Haryana, Punjab and Rajasthan. As we expand our capacity, we are now aiming for significant expansion across South India. This will help us emerge as a formidable pan India player in the solar space,” said UTL Solar Joint Managing Director Yogesh Dua. 

 

The proposed unit in Ratlam will be primarily funded through internal accruals though the help from banks will also be taken for project funding. Beyond India, UTL is already a key exporter to 10 countries across South Asia and Africa and is open to exporting to more countries after meeting domestic demand for solar products. 

 

Among its key manufacturing units, UTL has a 2-acre site with a 3-story building in Greater Noida. The company has dedicated an entire floor to solar panels. At Bawal in Delhi, UTL has a 5-acre plant producing lead-acid batteries and solar panels. The company has rented 100,000 sq. ft. space in Uttar Pradesh as it plans to add 500 MW capacity in solar panels in the next 3-5 months and take the total capacity to 1 GW.

 

According to Dua, India’s solar market is brimming with opportunities with rooftop solar installations now gaining popularity among households. 

 

“Retail is our primary avenue for growth as solar is gaining more recognition among the average Indian household. There are currently around 8 lakh houses that are part of an on grid solar system and if we talk about targeting one crore houses, then the opportunity is 10X. That’s the segment that we intend to address where the government’s flagship scheme, PM Muft Surya Ghar Bijli Yojana is expected to play a major role and drive demand with its comprehensive subsidies,” Dua said. 

 

According to Dua, while the government is providing subsidies to on-grid solar that is primarily aimed at urban centres, there is also a need for a hybrid model that can take subsidies to solar installations that are off-grid. The latter is hugely popular in rural areas that at times suffer from long power cuts. 

 

 UTL Solar’s current fiscal performance reflects the company’s strong growth trajectory. In FY24, the company achieved a topline of Rs 934 crore and it is aiming for a nearly 50% growth in revenue for the current financial year that will take its topline to Rs 1400 crore. According to Dua, sales in the current financial year have already crossed Rs 700 crore and the momentum is expected to continue in the remaining six months of FY25. UTL Solar’s extensive dealer network, comprising 3,000 dealers, has been instrumental in helping the brand reach customers. As part of its broader strategy, UTL Solar plans to introduce innovative solutions catering to smart, eco-friendly consumers by promoting solar systems that integrate inverters and batteries, making them more accessible and cost-effective for households across India. 

 

About UTL Solar: 

UTL solar is a renowned brand registered under the name Fujiyama Power Systems Private Limited, and has been in the market of manufacturing solar inverters, batteries, PCUs, solar panels, and more for more than 28 years. Over the years, the company has helped numerous households and businesses harness solar power, reduce electricity bills, and become immune to the regular power cuts.