Havells India Announces INR 600 Cr Investment in IPO-Ready Goldi Solar

In a major push to deepen its commitment to India’s renewable energy revolution, Havells India, a leading player in the fast-moving electrical goods (FMEG) and consumer durables space, has announced a strategic minority investment of INR 600 crore in Goldi Solar, a rapidly growing solar module manufacturer based in Surat, Gujarat.

This investment is part of Goldi Solar’s larger primary fundraise of INR 1,050 to 1,300 crore, which will be completed within the next 75 days. Post this transaction, Havells will get 8.90% to 9.24% equity stake in Goldi Solar, depending on the final size of the fundraise.

About Goldi Solar: A Rising Star in the Renewable Energy Space

Founded in 2011 by Mr. Ishverbhai Dholakiya, a prominent entrepreneur from the diamond sector, Goldi Solar has swiftly emerged as a leading name in India’s solar manufacturing ecosystem. Over the last 14 years, Goldi has grown exponentially.

• As of 31 March 2025, Goldi has scaled up its solar module manufacturing capacity to 10.7 GW from 2.9 GW in March 2024.
• The company plans to add 4 GW by July 2025.
• Goldi also plans to set up domestic solar cell manufacturing capacity within the next 18 months, a big step towards backward integration.

Financially, Goldi has demonstrated robust growth:

• Revenue from operations reached INR 1,757 crore in FY24 (Audited).
• FY25 (Unaudited) revenue is projected at approximately INR 3,420 crore, with historical EBITDA margins of 8–9%.
• A strong order book for H1 FY26 and a visible pipeline for H2 FY26 underscores its growth momentum.
• The current deal values the company at 20x EV/EBITDA, based on FY25 provisional EBITDA.

Goldi Solar is also preparing for an IPO within the next 12 to 15 months, aligning with its expansion plans and rising prominence in the domestic solar sector.

Havells’ Strategic Rationale: Partnering for the Future

With its presence in electrical equipment, Havells already has a foot in the solar space through inverter, modules, solar cables and DC switchgears. The company has strong brand presence in residential rooftop and Commercial & Industrial (C&I) solar segments.

Driven by policy-led emphasis on domestically manufactured modules, Havells evaluated multiple routes to deepen its role in the sector. Rather than setting up its own manufacturing facilities, the company opted for a de-risked strategic partnership with a high-growth, backward-integrating player like Goldi Solar. This approach will ensure a consistent supply of modules and cells, as well as flexibility to scale with market demand.

As part of the investment, Havells will secure customary shareholder rights, including a board seat and investor reserve matters. The deal is subject to standard Conditions Precedent, including regulatory clearance from the Competition Commission of India (CCI). Additionally, a Master Supply and Service Agreement will be executed between the two entities to formalize long-term cooperation.

India’s Solar Sector at an Inflection Point

India’s renewable energy journey is accelerating, supported by favorable government policies and unit economics across the solar value chain. According to projections:

• India’s renewable energy capacity is expected to grow at 16% CAGR till 2030, reaching 500 GW.
• Of this, 300 GW will be solar energy, massive opportunity for companies like Goldi and strategic investors like Havells.

This INR 600 crore investment is Havells’ biggest bet on solar manufacturing so far, a big step towards the company’s ambition to be present across the entire energy transition value chain – from generation to consumption.

Conclusion

Havells’ investment in Goldi Solar is a convergence of India’s industrial ambition with its sustainability goals. By partnering with a fast growing, IPO-bound solar manufacturer, Havells gets a front row seat in India’s solar surge and becomes a key enabler of India’s energy transition journey. As Goldi gets ready to list, this partnership can be a template for collaborative, forward thinking models in the renewable energy space.