Section 1 – Overview

HVR Solar Pvt Ltd is a leading manufacturer of solar PV modules, solar allied products and delivers EPC solutions. Headquartered in Pitampura Delhi, the company has manufacturing facility in Sonipat Haryana. HVR stands for Harsh, Veena and Rishab – founder of the company. Origin of the company states back to 35 years as an electrical appliances manufacturer – started by Harsh Aggrawal. Second generation entrepreneur Rishab took the firm to next, seeking to capitalize on India’s growing green energy sector with accelerated penetration rate. With the aim to achieve 2 GW annual production capacity, HVR is launching its new 1.2 GW solar module manufacturing plant. In FY 23, HVR reported operating revenue of 43 Cr., 66 Cr in FY 24, and 100 Cr in FY25. The company is currently unlisted but floats well in unlisted market well. Coupled with future plans and past performance, HVR will list itself soon – signaling a wealth creation opportunity for investors. Growing interest in HVR Solar Share and HVR Solar Unlisted Share transactions reflects investor confidence in the company's expansion plans and future listing prospects. Investors closely tracking a potential HVR Solar IPO often review the company's growth trajectory, manufacturing capacity expansion, and market positioning. Comprehensive HVR Solar Company Details indicate a strong presence in India's rapidly growing renewable energy sector. 

Section 2 – What does HVR do? – Operational Model

HVR is the manufacturer of Solar PV modules, and allied products and also delivers EPC solutions. 

• Cells and glass are sourced from supplier that is raw material for the company

• Robotic inspection checks for defects and quality of each unit, after successful inspection cells are grouped to ensure that every panel has equal number of cells

• Now cells are interconnected with solder 

• Then these cells are laid on attached with a high transmission tempered glass

• Now the sheet passes through vacuum lamination that makes it 100% waterproof and durable. Afterwards excessive plastic is removed and trimmed – making into a finished product

• Afterwards, the panels are audited and tested for quality.

This is standard process followed to produce each solar panel. The final product is delivered to clients.

Other factors:

• HVR source most of its raw material from Teir-1 global manufacturers like China and Southeast Asia. 

• HVR produce silicon pv modules in following range:

  • 5 Wp – 20 Wp panels:  these are ultra-low power panels carrying portable capacity of 12V. Small retailer and off-grid electricity manufactures use it power solar lanterns, solar torches, battery-operated street lights, rural home lighting kits and etc.

  • 40 Wp – 150 Wp: this range is dominated by consumers they use to power solar-powered fans and small solar refrigerators. Panels in this range is also purchased for telecom towers, billboard illumination, and small-scale battery backup systems. Rural households and small business owners are top buyers of this category.

  • 160 Wp – 335 Wp: Panels in this range is utilized for generating electricity in off-grid residential setup, farmers use it to run water pumps for irrigation.

  • 340Wp – 425 Wp+: used by commercial offices, schools, and small factories. 

Section 3 – How does HVR Make Money? – Revenue Model

Stream 1: Production of Solar PV Modules 

This business division is the core revenue generating engine of HVR, where is manufactures a wide array of crystalline silicon PV modules. Revenue of this segment is driven by:

• Volume (MW) sold 

• Average Selling Price 

Product Shelf: HVR offers wide range of PV modules, manufactured with different technology. Earlier the company was producing Polycrystalline and Twin-Peak Mono PERC panels in the range of 5-424 Wp. Now the company uses advanced technology and expanded in high-efficiency N-Type, TOPcon, HJT, and bifacial modules. 

Who are buyers: System Integrators, Utility developers, Wholesalers, large-scale commercial, industrial (C&I).

Segment Performance: This segment has taken HVR to the next level, owing to its growth the company has been able to touch 100 Cr. revenue milestone. And this growth is driven by automated line efficiencies. In FY 23, HVR reported operating revenue of 43 Cr., 66 Cr in FY 24, and 100 Cr in FY25.

Stream 2: Solar Products

This is the ancillary segment of HVR where it manufactures solar and allied products to fill demand gaps commercial micro retail application products. 

Product Shelf: HVR has intentionally diversified into trading components like solar street lights, solar water pumps, tubular battery inverters, lithium-ion storage units and some consumer oriented daily appliances. 

Who are Buyers: Micro-entrepreneurs, MSME, agriculture buyers, public infra developers and retail buyers. 

Segment Performance: Financial Statements of the companies has reported increased capex in the segment from 10.54 Cr in FY24 to 34.38 Cr in FY25. 

Stream 3: EPC and Project Turnkey

This is the recurring revenue segment of HVR where it develops and delivers ready to use Engineering, Procurement and Construction solutions. This is a high-margin product.

Product Shelf: EPC deliverables include pre-project feasibility modelling, design consultancy, mechanical installation, plant health audits and etc. 

Who are Buyers: Corporates, factories, commercial land or building owners

Segment Performance:

This is the high margin segment of HVR, it enables cross and help in pushing top line of the company. Operating margin of HVR has improved from 7.95% in FY24 to a healthier 12.44% in FY25.

Section 4 – Competitive Landscape

Power & Energy sector is one of the most crowed sectors, while acting as a emerging player HVR faces intense competition from Tier 1 Domestic Giants and Tier 2 Mid-size agile competitors. 

Tier 1 Domestic Giant

• Waaree Energies: Waaree is publicly listed with the market share of 17.3% as of early 2025. The company has reported strong revenue touching 26500 crores. The domestic production capacity is more than 16 GW and the company has global footprints as well – export. The company operates at such a huge level that often leads to delays and rigid terms – HVR differentiates itself through superior lead times and deep client customization.

• Adani Solar: Adani Solar currently operates over 4 GW of module manufacturing capacity with deep integration across cell, modules and backward linking with ingots and wafers. HVR avoiding the direct capex in ingots and wafers; it sources from global strategic suppliers and maintains high efficiency.

• Jinko Solar/BYD/LONGi: These are global manufacturers mainly from China trying to get a strong foothold in Indian domestic market by competing aggressively on prices that is achieved by economies of scale. 

Imported modules faces 40% of basic custom duty and are mandatorily required to get registered under ALMM. 

After accounting for custom duty, domestic logistics and compliance cost, HVR’s local cost becomes competitive against Chinese players.

Tier 2 Mid-Size Competitors

• Insolation Energy: INA Solar is a BSE listed company based in Rajasthan/Haryana. The company is highly regarded for high growth potential that can be confirmed with INA’s upcoming 4.5 GW TOPcon cell line. Company’s top line has surged 61% reaching 2163 crores and has expanded operational capacity upto 5.5 GW. 

• Loom Solar: Loom Solar is D2C and retail heavy focusing on consumer-oriented products such as micro-inverters, rooftop panels, and others. The company is based out of Faridabad and expanding its geographic footprints in Haryana. Loom Solar is well funded and reported INR 399 crores in FY25 revenue. 

HVR differentiates by focusing on high-volume b2b clients.

Competitive Positioning of HVR Solar 

• At 50 MW capacity HVR is eligible for state utility tenders, PSU block-tenders and battery energy storage system tenders but prohibits from central government tenders because that require 500+ MW capacity. This positioning is often considered during HVR Solar Stock Analysis, particularly when comparing the company with listed and unlisted peers in the solar manufacturing industry. 

Section 5 – Promoters

• Rishabh Aggrawal: Co-founder, MD, CEO

• Harsh Aggrawal: Co-founder & director 

• Veena Aggrawal: Co-owner and Director