RAYZON Solar: From Startup Ambition to India’s Solar Manufacturing Powerhouse

From being an early adopter of TOPCon technology to expanding into solar cells, aluminium frames and future wafer manufacturing, the company is building an increasingly integrated manufacturing ecosystem to strengthen its position in India’s rapidly expanding solar industry

India’s renewable energy sector has witnessed an extraordinary growth story over the last decade, and equally remarkable has been the rise of the manufacturing companies supporting this transformation. Among them, RAYZON Solar has emerged as one of the industry’s brightest success stories, consistently delivering a CAGR of over 100% in recent years and securing the No. 2 position in India’s solar module market.

Founded in 2017 by entrepreneurs Hardik Kothiya and Chirag Nakrani, RAYZON Solar has grown from a startup venture into one of India’s leading solar modules manufacturing companies, building an ALMM-listed capacity of 11.33 GWp.

“We wanted to build a business that was new-age, scalable, futuristic, and environmentally responsible,” says Hardik Kothiya, Co-founder and Chairman, RAYZON Solar.

The company’s early years were characterized by steady growth in an already competitive market served by established players. Recognizing that differentiation would be critical for long-term success, RAYZON focused on technology leadership, operational agility, and the ability to adapt quickly to evolving industry policies.

Betting Early on Technology

A key differentiator in RAYZON’s journey has been its focus on technology and quality.

The company established a dedicated Reliability Laboratory in 2022. The investment reflected the company’s commitment to product quality and long-term customer obligations. Given the extended warranty commitments associated with solar modules, management prioritized reliability testing even though the investment delayed the addition of a solar module manufacturing line by nearly a year. Reliability Laboratory is now NABL accredited.

The second milestone was the company’s early adoption of TOPCon solar technology in 2023. At a time when many competitors were still evaluating whether to continue with Mono PERC technology or transition to TOPCon, RAYZON decisively moved ahead.

This strategic shift delivered significant benefits. Early TOPCon adoption enabled the company to gain market share rapidly while simultaneously improving margins due to the limited availability of TOPCon module suppliers in India. Leveraging these advantages, RAYZON accelerated its growth journey and expanded its manufacturing capacity from a few gigawatts to 11.33 GWp of ALMM-listed module capacity by the end of the last financial year.

Today, RAYZON serves a diversified customer base across multiple market segments, including: Commercial & Industrial (C&I) customers; Independent Power Producers (IPPs); Original Design Manufacturers (ODMs); Government-backed KUSUM projects and Distribution partners serving residential and SOHO consumers.

According to Chirag Nakrani, Co-founder and Managing Director, the company’s broad market presence reflects its commitment to delivering reliable products and creating enduring customer relationships.

Building an Integrated Manufacturing Ecosystem

Alongside rapid module capacity expansion, RAYZON has remained focused on value creation through supply chain integration, cost optimization, and enhanced product availability.

A major step in this direction was the commissioning of:
• A 5.1 GW TOPCon solar cell manufacturing facility
• A 19,800 MTPA aluminum extrusion and anodizing plant for solar module frames

The project was commissioned in July 2025 and significantly strengthened the company’s backward integration strategy.
Despite challenging capital market conditions and tight industry timelines associated with the implementation of ALCM (Approved List of Cell Manufacturers) requirements, RAYZON successfully achieved debt closure with a leading public sector bank. The solar cell manufacturing project remains on schedule and is expected to commence commercial operations in December 2026. The company had also filed its DRHP with SEBI during the previous year.

“With our solar cell project timeline aligned with the government’s ‘Made in India’ cell manufacturing mandate, RAYZON is uniquely positioned to capitalize on the opportunities emerging from domestic manufacturing requirements,” says Amit Barve, CEO, RAYZON Solar.

Driving Innovation Beyond Manufacturing

Operating in a highly competitive and increasingly commoditized solar module market, RAYZON continues to invest aggressively in technology and product differentiation. The company has already filed three patents and is actively collaborating with technology innovators for the development and early commercialization of:
 • Tandem-junction solar modules
• Nano-coating technologies that convert UV radiation into visible light
• Advanced thermal management solutions designed to reduce cell operating temperatures and improve module performance

RAYZON has also completed a joint research project with the University of New South Wales (UNSW), Australia, focused on understanding and mitigating UV-induced degradation in photovoltaic modules. The findings from this collaboration have provided valuable insights and contributed significantly to the company’s technology roadmap.

The Next Phase of Growth

With the solar cell manufacturing project nearing completion, RAYZON is already preparing for its next wave of expansion. The company is formulating capital expenditure plans exceeding ₹2,500 crore, with the majority of investments earmarked for an integrated Ingot Casting and Wafer Slicing Facility. The project is expected to commence commercial production by June 2028, aligning with the government’s evolving domestic manufacturing framework for wafers and ingots.

As India advances toward greater energy independence and domestic solar manufacturing capability, RAYZON Solar is positioning itself as a fully integrated renewable energy manufacturing company with a strong focus on technology, quality, innovation, and sustainable growth. From a bold entrepreneurial vision in 2017 to becoming one of India’s leading solar manufacturers, RAYZON’s journey reflects the power of long-term thinking, technological leadership, and unwavering execution in one of the world’s fastest-growing renewable energy markets.