HVR Solar

HVR Solar Pvt. Ltd. – Overview Your New Energy Partner Founded: 2016 Headquarters & Manufacturing: Sonipat, Haryana Core Business: Solar PV Module Manufacturing & Solar EPC Solutions Company Snapshot HVR Solar is an integrated renewable energy company focused on manufacturing high-efficiency solar PV modules and delivering turnkey solar EPC solutions. With steady capacity expansion and a growing national and international footprint, the company positions itself as a disciplined, scalable player in India’s accelerating solar transition. Manufacturing Strength Current Capacity: 75 MW semi-automatic solar PV module line Planned Expansion: 1.2 GW annual manufacturing facility (FY26) Focus on automation, efficiency, and quality control Aims to emerge as a Tier-1 OEM & turnkey supplier Geographic Presence India: Operations across 15 states including Haryana, Delhi, Rajasthan, Gujarat, UP, MP, and North-East India International: Presence in 9 countries across Asia & Africa (UAE, Oman, Kenya, Uganda, Rwanda, Nepal, Sudan, South Sudan) Key Projects & Achievements 3.5 MW rooftop installations across C&I segment Solar-integrated street lighting across 178 Jawahar Navodaya Vidyalayas 2 MW Smart City rooftop solar project in Shillong Strong government, institutional, and corporate engagements Business Model Solar PV Modules (Primary Revenue Driver) Solar EPC (Commercial & Industrial projects) Market Opportunity India’s solar market projected to grow from US$45B (2024) to US$1.25T by 2034 Industry CAGR: 41.5% (2025–2034) Driven by rising electricity demand, falling solar costs, corporate sustainability goals, and rural electrification Financial Performance (₹ Crore) FY Revenue EBITDA PAT FY20 19.31 1.69 0.04 FY22 33.42 2.40 0.32 FY24 66.12 5.29 1.39 FY25 101.37 13.31 7.01 Key Ratios (FY25): EBITDA Margin: 13.13% PAT Margin: 7.28% ROE: 68.79% ROCE: 59.84% Growth Outlook (Projections) FY26 Revenue: ₹172 Cr FY27 Revenue: ₹748 Cr EBITDA margins expected to expand steadily to ~15% GP margins stabilizing above 16% post scale-up Leadership Rishabh Aggarwal (Founder & MD): 10+ years in solar sector, engineering background Harsh Aggarwal (Director): 35+ years, strategic and industrial leadership Veena Aggarwal (Director): 20+ years in management & policy Sagar Sachdev (Executive Director): Project finance & renewable infrastructure expert Investment Rationale Proven execution with consistent revenue and margin expansion Clear scale-up roadmap to 1.2 GW capacity Strong ROE/ROCE reflecting capital efficiency Aligned with India’s long-term energy transition Operating at the intersection of manufacturing + EPC, reducing cyclicality Website: https://hvrsolar.com