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RenewSys India Private Limited
Sector: Renewable Energy, Solar Component Manufacturing | HQ: Hyderabad, Telangana | Founded: 2011 | Employees: ~1,400
Listed as: Subsidiary of Enkay Group (privately held; parent media interests listed) | , | Website →
RenewSys India Private Limited is not separately listed on Indian stock exchanges. Refer to the parent entity or cooperative federation noted under "Listed as" above.
Key people
- Avinash Hiranandani (CEO)
Company overview
RenewSys India Private Limited is one of the very few integrated solar manufacturers in India that produces all three principal solar component categories (solar cells, encapsulant films, and back-sheets) under one roof. Founded in 2011 as part of the privately held Enkay Group, RenewSys is headquartered in Hyderabad and operates manufacturing facilities at Hyderabad, Pune, and Bengaluru. Total module capacity is approximately 1.5 GW with cell capacity at 600 MW. The integrated component manufacturing positions RenewSys as a strategic input supplier to other Indian module manufacturers in addition to producing its own modules.
Business model
RenewSys operates a dual business model. First, sale of EVA encapsulant films and POE backsheets to other Indian and global module manufacturers, where RenewSys is one of the largest non-Chinese global suppliers. Second, sale of finished modules under its own brand to Indian utility-scale developers, EPCs, and the rooftop segment. The component-supply business is high-margin and relatively stable; the module business is lower margin and cyclical.
Operating segments
EVA Encapsulant Films
Largest non-Chinese global producer of EVA films for solar modules. Strong export book to Korea, Vietnam, Turkey, US.
Backsheets
POE backsheets for module manufacturers. Supply position with most Indian module manufacturers.
Solar Cells and Modules
600 MW cell and 1.5 GW module manufacturing. Mono PERC technology.
Financial performance and recent trajectory
RenewSys is privately held and does not publish detailed financials. Industry estimates suggest FY24 revenue of approximately ₹2,200 crore growing to ₹3,000 crore in FY25 with EBITDA margin in the high teens supported by the component-supply premium. The Enkay Group parent has diversified interests including media (Entertainment Network India Limited, parent of Radio Mirchi) which is separately listed (NSE: ENIL).
Stock performance and shareholder context
RenewSys is privately held; exposure routes through the Enkay Group structure. ENIL (Entertainment Network India Limited) is separately listed but operates the media business and is not a proxy for RenewSys operations.
Competitive position
RenewSys' competitive position is unique in India: it is the only manufacturer with integrated component manufacturing (EVA films, backsheets) alongside cells and modules. Globally, RenewSys competes with First Solar (US-listed) on the component supply side and with the Korean and Japanese EVA producers. In modules, it competes with Waaree, Adani, Vikram Solar, Premier Energies.
Key risks
EVA film and backsheet pricing competition from Chinese suppliers; module margin compression; concentration on smaller customer set; privately-held capital structure constrains expansion pace versus listed competitors.
Outlook
Stable outlook on the component supply business with growing export book. The module business is challenged by scale disadvantage versus Waaree and Adani but the component supply book provides margin stability. RenewSys is most relevant for module manufacturers procuring EVA films and backsheets and for solar EPCs sourcing modules from a smaller diversified supplier.
KAMRIT point of view
Building or competing with RenewSys?
KAMRIT advises promoters, family offices, and global enterprises evaluating greenfield entry into the renewable energy sector. Our Bankable DPR with Cost Model and ROI benchmarks your project economics against the listed-company cost structure of RenewSys and peers. The Execution Partnership tier covers everything from incorporation through commissioning. A 20-minute scoping call with our partners is free.
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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.