The Rise of Solar and Infrastructure: A New Era for Indian EPC Market
November 20, 2024, 5:10 pm
Location: India, Karnataka, Bengaluru
Employees: 201-500
Founded date: 2015
Total raised: $30M
The Indian engineering, procurement, and construction (EPC) market is witnessing a seismic shift. In the first half of 2024, Tata Power Solar, Jakson Green, and Ashoka Buildcon have emerged as the titans of the solar EPC sector. Their dominance is not just a flash in the pan; it signals a broader trend toward renewable energy and infrastructure development in India.
Tata Power Solar leads the charge with a commanding 32.7% market share. This is no small feat. The company has amassed a cumulative installed capacity of 6.4 GW in EPC mode. It recently completed India’s largest solar and Battery Energy Storage Systems (BESS) project in Chhattisgarh. This 100 MW solar power plant, coupled with a 40 MW/120 MWh BESS system, is a beacon of innovation. It showcases the potential of solar energy to power the future.
Jakson Green follows closely, holding a 32.1% market share. With a cumulative capacity of 2.8 GW, Jakson is not just a player; it’s a game-changer. The company delivered a 40 MW solar project in Ayodhya, awarded by NTPC Green Energy. This project is a testament to Jakson's commitment to sustainable energy solutions.
Ashoka Buildcon, often recognized for its prowess in infrastructure, has carved a niche in the solar EPC sector. With a 6.5% market share, the company has made significant strides. Its first 150 MW solar project, part of NTPC’s 1,070 MW EPC auction, propelled it to third place in the rankings. This achievement underscores Ashoka's versatility and ambition.
The top five companies—Tata Power Solar, Jakson Green, Ashoka Buildcon, Gensol Engineering, and InSolare Energy—collectively hold an impressive 82.6% of the market. This concentration indicates a robust competitive landscape, ripe for innovation and growth.
But the solar sector is not the only arena where Ashoka Buildcon is making waves. The company recently emerged as the lowest bidder for two National Highways Authority of India (NHAI) projects in West Bengal, valued at Rs 27.91 billion. These projects, executed under the Hybrid Annuity Model (HAM), are set to enhance the country’s infrastructure significantly.
The first project involves developing a four-lane economic corridor between Bowaichandi and Guskara-Katwa Road. Valued at Rs 13.91 billion, it is expected to be completed within 910 days. The second project spans 41 km of NH 116A, with a bid price of Rs 14 billion and a similar timeline. These projects are crucial for improving connectivity and boosting economic growth in the region.
Ashoka Buildcon's stock has soared, rallying 65% this year. This surge reflects investor confidence in the company’s strategic direction. In Q2 FY25, Ashoka reported a staggering 334.27% year-on-year growth in net profit, reaching Rs 4.62 billion. Revenue from operations also rose by 15.5% YoY to Rs 24.89 billion. These figures paint a picture of a company on the rise, capitalizing on the booming infrastructure sector.
The success of these companies is not just about numbers. It’s about vision. The Indian government’s push for renewable energy and infrastructure development is creating a fertile ground for growth. The National Solar Mission aims to achieve 100 GW of solar power by 2022, a target that has since been extended. This ambitious goal is driving investments and innovations in the sector.
Moreover, the post-pandemic recovery has spurred demand for sustainable solutions. Companies like IndiQube are also making strides in this landscape. With over 100 properties across 14 cities, IndiQube is reshaping the workplace solutions market. Its expansion into tier II cities reflects a growing trend toward flexible workspaces, catering to the evolving needs of businesses.
The synergy between renewable energy and infrastructure development is palpable. As solar projects rise, so do the opportunities for companies involved in construction and engineering. The EPC market is becoming a playground for innovation, where companies must adapt to changing demands and technologies.
In conclusion, the Indian EPC market is at a crossroads. The rise of Tata Power Solar, Jakson Green, and Ashoka Buildcon signifies a shift toward a more sustainable future. Their achievements in solar energy and infrastructure projects are paving the way for a greener, more connected India. As these companies continue to innovate and expand, they are not just building projects; they are building a legacy. The future is bright, and the potential is limitless.
Tata Power Solar leads the charge with a commanding 32.7% market share. This is no small feat. The company has amassed a cumulative installed capacity of 6.4 GW in EPC mode. It recently completed India’s largest solar and Battery Energy Storage Systems (BESS) project in Chhattisgarh. This 100 MW solar power plant, coupled with a 40 MW/120 MWh BESS system, is a beacon of innovation. It showcases the potential of solar energy to power the future.
Jakson Green follows closely, holding a 32.1% market share. With a cumulative capacity of 2.8 GW, Jakson is not just a player; it’s a game-changer. The company delivered a 40 MW solar project in Ayodhya, awarded by NTPC Green Energy. This project is a testament to Jakson's commitment to sustainable energy solutions.
Ashoka Buildcon, often recognized for its prowess in infrastructure, has carved a niche in the solar EPC sector. With a 6.5% market share, the company has made significant strides. Its first 150 MW solar project, part of NTPC’s 1,070 MW EPC auction, propelled it to third place in the rankings. This achievement underscores Ashoka's versatility and ambition.
The top five companies—Tata Power Solar, Jakson Green, Ashoka Buildcon, Gensol Engineering, and InSolare Energy—collectively hold an impressive 82.6% of the market. This concentration indicates a robust competitive landscape, ripe for innovation and growth.
But the solar sector is not the only arena where Ashoka Buildcon is making waves. The company recently emerged as the lowest bidder for two National Highways Authority of India (NHAI) projects in West Bengal, valued at Rs 27.91 billion. These projects, executed under the Hybrid Annuity Model (HAM), are set to enhance the country’s infrastructure significantly.
The first project involves developing a four-lane economic corridor between Bowaichandi and Guskara-Katwa Road. Valued at Rs 13.91 billion, it is expected to be completed within 910 days. The second project spans 41 km of NH 116A, with a bid price of Rs 14 billion and a similar timeline. These projects are crucial for improving connectivity and boosting economic growth in the region.
Ashoka Buildcon's stock has soared, rallying 65% this year. This surge reflects investor confidence in the company’s strategic direction. In Q2 FY25, Ashoka reported a staggering 334.27% year-on-year growth in net profit, reaching Rs 4.62 billion. Revenue from operations also rose by 15.5% YoY to Rs 24.89 billion. These figures paint a picture of a company on the rise, capitalizing on the booming infrastructure sector.
The success of these companies is not just about numbers. It’s about vision. The Indian government’s push for renewable energy and infrastructure development is creating a fertile ground for growth. The National Solar Mission aims to achieve 100 GW of solar power by 2022, a target that has since been extended. This ambitious goal is driving investments and innovations in the sector.
Moreover, the post-pandemic recovery has spurred demand for sustainable solutions. Companies like IndiQube are also making strides in this landscape. With over 100 properties across 14 cities, IndiQube is reshaping the workplace solutions market. Its expansion into tier II cities reflects a growing trend toward flexible workspaces, catering to the evolving needs of businesses.
The synergy between renewable energy and infrastructure development is palpable. As solar projects rise, so do the opportunities for companies involved in construction and engineering. The EPC market is becoming a playground for innovation, where companies must adapt to changing demands and technologies.
In conclusion, the Indian EPC market is at a crossroads. The rise of Tata Power Solar, Jakson Green, and Ashoka Buildcon signifies a shift toward a more sustainable future. Their achievements in solar energy and infrastructure projects are paving the way for a greener, more connected India. As these companies continue to innovate and expand, they are not just building projects; they are building a legacy. The future is bright, and the potential is limitless.