Ratlam, Madhya Pradesh: UTL Solar, India’s leading solar company, has announced plans to set up a new manufacturing unit in Ratlam, Madhya Pradesh. The facility will be spread over 100 acres on the Delhi-Mumbai Expressway and will have an estimated investment of INR 500 crore over the next four years.
The new unit will produce 5 GW each of solar panels, solar inverters, and solar batteries. This will significantly boost UTL Solar’s manufacturing capabilities, as the company aims to add 1-1.5 GW of capacity every year across these products.
“UTL Solar already has a strong presence in North India and is now aiming for significant expansion across South India,” said Yogesh Dua, Joint Managing Director of UTL Solar. “This will help us emerge as a formidable pan India player in the solar space.”
The proposed unit in Ratlam will be primarily funded through internal accruals, with additional support from banks. Beyond India, UTL Solar is already a key exporter to 10 countries across South Asia and Africa and is open to expanding its exports further.
UTL Solar has four existing manufacturing plants in Himachal, Haryana, Delhi, and Greater Noida. The company has achieved a capacity of 1 GW each in solar batteries and solar inverters, and is nearing 1 GW capacity in solar panels.
The company’s focus on retail sales is driving its growth, as solar solutions are becoming increasingly popular among Indian households. UTL Solar aims to tap into the vast potential of the residential solar market, with an estimated 10X growth opportunity in the coming years.
The government’s flagship scheme, PM Muft Surya Ghar Bijli Yojana, is expected to play a significant role in driving demand for solar installations by providing comprehensive subsidies. While the scheme currently focuses on on-grid solar, UTL Solar advocates for a hybrid model that can extend subsidies to off-grid solar installations, which are particularly popular in rural areas.
UTL Solar’s strong financial performance reflects its growth trajectory. In FY24, the company achieved a topline of Rs 934 crore and is targeting a 50% increase in revenue for the current financial year. Sales have already crossed Rs 700 crore, and the momentum is expected to continue.
UTL Solar’s extensive dealer network of 3,000 dealers has been instrumental in reaching customers. The company 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.
