Tata Power Solar, Vikram Solar, Bharat Heavy Electricals (BHEL), Adani Infra India, and Hild Energy emerged as the top utility-scale solar engineering, procurement, and construction (EPC) service providers in the calendar year (CY) 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023.

The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. The report notes notable shifts in market share rankings compared to the previous year.

Tata Power Solar topped with a market share of 28%, followed by Vikram Solar and BHEL with 6% and 5%, respectively. Adani Infra and Hild Energy had a market of 4% each.

The top five utility-scale solar EPC service providers accounted for almost 46% of the total market share.

Tata Power Solar’s major EPC projects included 300 MW for Brookfield Renewables, 300 MW at the Dholera Solar Park, and 320 MW for NTPC, including a 70 MW floating solar project.

Recently, Tata Power Solar was awarded an EPC contract for a 300 MW domestic content requirement-based solar project by NLC India.

Vikram Solar’s EPC installations increased by almost 22% YoY. The company rose to the number two position in 2022 from number five in 2021. The company also received SEBI’s nod to raise funds through an initial public offering (IPO). The IPO consists of a fresh issue of up to ₹15 billion (~$188.9 million) and an Offer-for-Sale of up to 5 million equity shares by the selling shareholders.

Bharat Heavy Electricals moved to the third position compared to the ninth in the previous year.

BHEL has commissioned some of the country’s largest floating solar power projects – NTPC Ramagundam (100 MW), NTPC Simhadri (25 MW), NTPC Kayamkulam (22 MW).

BHEL has a solar EPC portfolio of more than 1.2 MW, of which more than 1.1 GW capacity consists of large-scale, floating solar, rooftop, and canal-top solar projects that are commissioned. According to Mercom’s India Solar Tender Tracker, BHEL floated 950 MW of solar tenders in 2022.

Adani Infra India and Hild Energy entered the top 10 list in 2022.

The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here. Also, our Market Share Tracker gives insights into the solar market competitors and their growth rates on a quarterly basis.