Gautam Solar receives CRISIL highest-ever credit rating to Indian solar module manufacturer – EQ

• ·Rating backed by strong financial standing and operational capabilities

• ·A 200% increase in revenue (FY23-24), attributed to increased production capacity, better capacity utilization, and strong demand

• ·Operations scaled significantly, reflecting a healthy CAGR of 72% over the past three fiscals

New Delhi : Gautam Solar Private Limited (GSPL), a Top 10 Indian solar module manufacturer, has demonstrated robust financial stability and growth, as highlighted in recent ratings report by CRISIL. The company has been assigned a ‘CRISIL BBB+/Stable’ long-term rating and a ‘CRISIL A2’ short-term rating, underscoring its solid financial standing and operational capabilities. This rating is amongst one of the highest credit ratings given to an Indian solar module manufacturer ever.

This achievement is especially relevant for Project Developers and Large EPC players who purchase Solar Panels with a long-term product warranty spanning anywhere between 25 yrs to 30 yrs. Developers get their IRR and ROI based on high unit generation and consistent performance of solar panels over long tenures and large EPC players commit on a minimum Capacity Utilization Factor (CUF) for the solar plant and have their Bank Guarantees tied to the performance of the project. Hence, choosing a financially stable solar module manufacturer becomes an imperative when implementing large MW-scale projects. A financially stable Solar Module manufacturer with long history in the industry will be able to support the warranty during project duration.

Gautam Solar has shown a 200% increase in revenue, in FY23-24 attributed to increased production capacity, better capacity utilization, and strong demand. It is also pertinent to note that the firm has been in solar business over past 27+ years and have consistently grown and is profitable since the very beginning.

Gautam Solar’s established market position is bolstered by the extensive experience of its promoters, who have over three decades of expertise in the solar equipment industry. This experience has enabled the company to develop strong relationships with customers, navigating through intense competition in the market. The company’s operations have scaled significantly, reflecting a healthy compound annual growth rate (CAGR) of 72% over the past three fiscals.

“Given our strong financial stability and operational capabilities, Gautam Solar is well-positioned to cater to large-scale solar power plants. We have consistently scaled up production and maintained a strong balance sheet over the years. This has allowed us to honor our warranties and we have established ourselves as a reliable partner for large-scale solar projects,” said Mr. Gautam Mohanka, CEO of Gautam Solar.

The report further highlights Gautam Solar’s strong market position due to the favorable demand outlook for the solar industry, supported by government policies such as the Basic Customs Duty (BCD) and Production-Linked Incentive (PLI) scheme. These measures enhance the cost competitiveness of domestic modules against imported ones, boosting demand for Gautam Solar’s products.

Gautam Solar is on track to further enhance its production capabilities, with the addition of an upcoming manufacturing unit in Haryana’s Bhiwani District, spread over nearly 50 acres of land.

The company’s financial risk profile is expected to remain healthy, with no debt-funded capex plans and continued healthy accretion to reserves.

Gautam Solar’s robust financial health, established market position, and strong growth trajectory make it a standout player in the Indian solar panel manufacturing industry. The company’s ability to honor warranties and commitments, supported by strong financials and favorable government policies, positions it as a preferred partner for large-scale solar power projects.

About Gautam Solar

Gautam Solar (www.gautamsolar.com) is a leading Indian Solar Module Manufacturer with 27+ years of solar industry experience. It has a total of 4 factories, 3 in the state of Uttarakhand and 1 in Haryana, both in India. With its corporate office in New Delhi, India, Gautam Solar is in process of expanding its solar module capacity to 2.5 GWp this calendar year and to 5 GWp in FY2025-26. Using the latest machines and technology, Gautam Solar’s solar panels are manufactured using First-hand top-line machines. It has multiple Patents & IPs registered in its name and is known for its technically superior and innovative solar modules.