RAYZON is preparing for its next phase of expansion, primarily through an integrated Ingot Casting and Wafer Slicing facility expected to commence commercial operations by June 2028.
October 15, 2026. By News Bureau
RAYZON Solar, India's second-largest solar module manufacturer by market share, continues its rapid growth trajectory with a CAGR exceeding 100 percent over the past few years, driven by early technology adoption, manufacturing excellence, and strategic backward integration.
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 module manufacturing companies, building an ALMM-listed capacity of 11.33 GWp.
A key differentiator in RAYZON's journey has been its focus on technology and quality. The company established a dedicated Reliability Laboratory in 2022, which is now NABL-accredited, reinforcing its commitment to long-term product performance and warranty obligations. In 2023, RAYZON became one of the early adopters of TOPCon technology, enabling the company to gain significant market share while improving profitability through the supply of high-efficiency modules.
Today, RAYZON serves a diversified customer base across Commercial & Industrial (C&I), Independent Power Producers (IPPs), KUSUM projects, OEM/ODM partners, distributors, and the residential sector.
Strengthening its integrated manufacturing ecosystem, the company is at an advanced stage of completing a 5.1 GW TOPCon solar cell manufacturing facility by the end of the calendar year, while its 19,800 MTPA aluminium extrusion and anodizing plant for module frames became operational last July. The solar cell project remains on schedule for commercial operations by December 2026, aligning with India's domestic content requirements and the growing demand for "Made in India" solar products.
With the company's solar cell manufacturing project aligned with evolving domestic manufacturing mandates, RAYZON is uniquely positioned to capitalise on India's next phase of solar growth.
Innovation remains central to the company's strategy. RAYZON filed three patents last year and is actively engaged in the development of next-generation solar technologies, including tandem-junction modules and advanced nano-coating solutions that enhance module efficiency and durability. The company has also completed a collaborative research program with the University of New South Wales (UNSW), Australia, focused on reducing UV-induced degradation in TOPCon solar modules.
Looking ahead, RAYZON is preparing for its next phase of expansion, primarily through an integrated Ingot Casting and Wafer Slicing facility expected to commence commercial operations by June 2028. This initiative will further strengthen the company's position as a fully integrated solar manufacturing enterprise.
From its entrepreneurial beginnings in 2017 to becoming one of India's fastest-growing renewable energy manufacturers, RAYZON Solar continues to advance its mission of delivering innovative, high-quality, and sustainable solar solutions while supporting India's clean energy ambitions.
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 percent in recent years and securing the No. 2 position in India's solar module market.
Founded by two young entrepreneurs who chose to chart their own path rather than join their family businesses, RAYZON Solar was established in 2017 with a vision to build a future-focused manufacturing enterprise.
The company wanted to build a business that was new-age, scalable, futuristic, and environmentally responsible.
The company's early years were characterised by steady growth in an already competitive market served by established players. Recognising 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
Two strategic decisions played a pivotal role in shaping the company's growth trajectory.
The first was RAYZON's decision to invest in a state-of-the-art 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 prioritised reliability testing, even though the investment delayed the addition of a solar module manufacturing line by nearly a year.
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
· Distribution partners serving residential and SOHO consumers
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 optimisation, 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 aluminium extrusion and anodising 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 the company's solar cell project timeline aligned with the government's 'Made in India' cell manufacturing mandate, RAYZON is uniquely positioned to capitalise on the opportunities emerging from domestic manufacturing requirements.
Driving Innovation Beyond Manufacturing
Operating in a highly competitive and increasingly commoditised 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 commercialisation 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 INR 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.
– Rayzon Solar Limited
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