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Havells Partners with Goldi Solar in Rs600 Crore Deal to Tap Growing Solar Market

In a strategic move to deepen its presence in India’s growing solar energy sector, Havells India, a leading fast-moving electrical goods (FMEG) company, has announced a Rs 600 crore investment in Goldi Solar, a major domestic solar module manufacturer. The deal marks Havells’ entry into module manufacturing via a partnership model, rather than setting up its own facility.

This investment forms part of Goldi Solar’s Rs 1,300 crore fundraise, expected to be completed within the next 75 days. Havells will acquire a stake between 8.90% and 9.24%, depending on the final size of the funding round, which is expected to range from Rs 1,050 crore to Rs 1,300 crore.

A Strategic, De-risked Approach

In a statement, Havells shared that this decision followed an internal evaluation of multiple options, including establishing its own manufacturing capacity. The Board ultimately preferred a "relatively de-risked approach" by partnering with an established player with scale and backward integration plans in solar cell production.

Havells has already been active in the solar space through its sales of inverters, solar cables, and DC switchgear, with a strong footprint in the residential rooftop and commercial & industrial (C&I) segments.

The agreement gives Havells customary shareholder rights, including a board seat and investor reserve matters, and is subject to Competition Commission of India (CCI) approval and other closing conditions.

Goldi Solar’s Rapid Growth

Established in 2011, Goldi Solar has seen rapid expansion in recent years. Its solar module manufacturing capacity surged from 2.9 GW in March 2024 to 10.7 GW in March 2025, with plans to add another 4 GW by July 2025. The company also aims to establish domestic solar cell manufacturing capacity within the next 18 months.

Goldi’s financials reflect this growth trajectory:

• FY24 Revenue: Rs 1,757 crore (Audited)
• FY25 Revenue: Rs 3,420 crore (Unaudited)
• EBITDA margin: 8–9% historically
• Strong order book for H1 FY26 and a robust pipeline for H2 FY26

Solar Sector Outlook

India's renewable energy capacity is projected to grow at a CAGR of 16% till 2030, with solar expected to contribute around 300 GW out of the targeted 500 GW non-fossil capacity. This places solar at the center of India’s clean energy transformation, representing a multi-billion-dollar opportunity over the next five years.

Havells’ strategic stake in Goldi Solar aligns with this trajectory, positioning the brand to play a larger role in the value chain of India’s solar ecosystem.