New Delhi, Oct 14, 2024: UTL Solar, a prominent player in India’s solar industry, is set to establish a new manufacturing facility in Ratlam, Madhya Pradesh, with a projected investment of INR 500 crore over the next four years. This state-of-the-art unit will span 100 acres along the Delhi-Mumbai Expressway and is expected to produce 5 GW of solar panels, solar inverters, and solar batteries each.

With a goal of achieving a topline of Rs 1400 crore in the current financial year, UTL Solar currently operates four manufacturing plants located in Himachal Pradesh, Haryana, Delhi, and Greater Noida in Uttar Pradesh. The company has already reached a capacity of 1 GW for both solar batteries and solar inverters, with plans to achieve a similar capacity for solar panels soon. The Ratlam facility will enhance UTL Solar’s manufacturing capabilities, allowing for an annual increase of 1-1.5 GW across its product lines. UTL Solar has established a strong foothold in North India, particularly in states like Uttar Pradesh, Haryana, Punjab, and Rajasthan, and is now focusing on expanding its presence in South India to solidify its status as a leading pan-India solar provider.

Joint Managing Director Yogesh Dua emphasized the importance of the Ratlam unit, stating, “This expansion will significantly bolster our manufacturing capabilities. As we grow, we are targeting substantial market penetration in South India, which will position us as a formidable player in the solar sector.”

The Ratlam manufacturing unit will primarily be financed through internal accruals, with additional support from banks for project funding. UTL Solar is also a key exporter, currently supplying solar products to ten countries across South Asia and Africa, with plans to expand its export reach once domestic demand is met.

Among UTL Solar’s existing facilities, the Greater Noida site features a 2-acre area with a three-story building dedicated to solar panel production. Additionally, the company operates a 5-acre plant in Bawal, Delhi, focused on lead-acid batteries and solar panels. In Uttar Pradesh, UTL Solar has secured a 100,000 sq. ft. space to increase its solar panel capacity by 500 MW within the next 3-5 months, bringing the total capacity to 1 GW.

Dua highlighted the burgeoning opportunities within India’s solar market, particularly with the rising popularity of rooftop solar installations among households. “Retail is our primary avenue for growth as solar becomes increasingly recognized by the average Indian household. Currently, around 8 lakh homes are part of an on-grid solar system, and targeting one crore houses presents a tenfold opportunity. The government’s flagship scheme, PM Muft Surya Ghar Bijli Yojana, is expected to significantly drive demand through its comprehensive subsidies,” he stated.

Dua also noted the need for a hybrid model to extend subsidies to off-grid solar installations, which are particularly beneficial in rural areas that experience frequent power outages.

UTL Solar’s fiscal performance underscores its robust growth trajectory. In FY24, the company reported a topline of Rs 934 crore and is targeting nearly 50% revenue growth for the current financial year, aiming for Rs 1400 crore. Sales have already surpassed Rs 700 crore in the current financial year, with expectations of continued momentum in the remaining six months of FY25. UTL Solar’s extensive dealer network, comprising 3,000 dealers, has been crucial in reaching customers. The company plans to introduce innovative solutions tailored for eco-conscious consumers, promoting solar systems that integrate inverters and batteries to enhance accessibility and affordability for households across India.

About UTL Solar: UTL Solar, operating under the name Fujiyama Power Systems Private Limited, has been a key player in the solar manufacturing sector for over 28 years. The company specializes in producing solar inverters, batteries, PCUs, solar panels, and more, helping countless households and businesses harness solar energy, reduce electricity costs, and mitigate the impact of power outages.

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