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 →

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

Recent developments

Jan 2026

RenewSys India has marked substantial operational and strategic milestones over the past two years. A notable development is the February 2024 signing of a Memorandum of Understanding with the Telangana Government for a INR 6,000 crore investment in solar manufacturing [8], representing a major commitment to expanding domestic renewable energy production capacity. This follows confirmed progress on the Hyderabad solar cell facility, evidenced by VA Tech Wabag securing a ₹46.5 crore contract in August 2025 to provide advanced water solutions for the facility [1][6].

On the product innovation front, RenewSys unveiled a sheet encapsulant specifically designed for busbars and junction boxes in solar modules in January 2026 [2], reflecting continued R&D investment in component-level solar technology. The company's executive leadership remains anchored by Avinash Hiranandani as Global CEO and Managing Director [7], providing continuity in strategic direction as the company scales its manufacturing operations under the Telangana investment framework.

Sources (5)

1. Va Tech Wabag secures ₹46.5 crore order for RenewSys solar cell facility in Hyderabad - ETEnergyworld.com · ETEnergyworld.com · Thu, 21 Aug 2025
2. RenewSys unveils sheet encapsulant for busbars and junction boxes in solar modules - Renewable Watch Magazine · Renewable Watch Magazine · Wed, 28 Jan 2026
3. Va Tech Wabag Secures ₹46.5 Crore Contract for Advanced Water Solutions in Solar Manufacturing - scanx.trade · scanx.trade · Wed, 20 Aug 2025
4. Avinash Hiranandani: Global CEO and Managing Director, RenewSys India Private Limited - Indian Infrastructure Magazine · Indian Infrastructure Magazine · Wed, 04 May 2022
5. RenewSys Signs MoU with Telangana Government for INR 6,000 Crore Investment in Solar Manufacturing - Energetica India Magazine · Energetica India Magazine · Mon, 26 Feb 2024

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

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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.