Gautam Solar Expects to be Preferred Solar Module Manufacturer for Large Projects on Ratings Boost

In a landmark achievement, Gautam Solar Pvt.Ltd. (GSPL), one of India’s top solar module manufacturers, has earned a historic credit rating from CRISIL. The company has been awarded a ‘CRISIL BBB+/Stable’ long-term rating and a ‘CRISIL A2’ short-term rating, representing one of the highest credit ratings ever granted to an Indian solar module manufacturer.

As per the firm, "This achievement holds significant importance for project developers and large EPC (Engineering, Procurement, and Construction) players who rely on solar panels with long-term warranties, typically ranging from 25 to 30 years. For these developers, their internal rate of return (IRR) and return on investment (ROI) depend on the high efficiency and consistent performance of solar panels over extended periods. Meanwhile, large EPC firms commit to a minimum Capacity Utilisation Factor (CUF) for solar plants and tie their bank guarantees to project performance. Therefore, selecting a financially stable solar module manufacturer is crucial for the success of large-scale projects. A manufacturer with a strong financial standing and extensive industry experience, like GSPL, is well-positioned to support long-term warranties and ensure reliable project execution."

The firm pointed out that the impressive ratings reflect GSPL’s solid financial foundation and operational efficiency and further added, "In a remarkable fiscal year (FY23–24), Gautam Solar achieved a staggering 200 percent increase in revenue, driven by a substantial boost in production capacity, improved utilisation rates, and strong market demand. Over the past three years, the company has demonstrated a robust compound annual growth rate (CAGR) of 72 percent, underscoring its significant operational expansion."

Commenting on this, Gautam Mohanka, CEO of Gautam Solar, said, “Given our strong financial stability and operational capabilities, Gautam Solar is well-positioned to cater to large-scale solar power plants. We have consistently scaled up production and maintained a strong balance sheet over the years. This has allowed us to honour our warranties, and we have established ourselves as a reliable partner for large-scale solar projects."

"With a legacy spanning over 27 years in the solar industry, Gautam Solar has leveraged extensive experience and robust customer relationships to secure its market position. "The company’s ongoing expansion includes the development of a new manufacturing unit in Haryana’s Bhiwani District, covering nearly 50 acres," the firm further informed.

Expressing confidence in the government's policies, the firm said in its note, "Government policies such as the Basic Customs Duty (BCD) and the Production-Linked Incentive (PLI) scheme are set to further enhance demand for domestic solar modules, benefiting GSPL. The company is positioned as a reliable partner for large-scale solar projects, backed by its financial stability and commitment to honouring long-term warranties."

Going forward, GSPL’s healthy financial profile is bolstered by its strategy of avoiding debt-funded capital expenditure, ensuring continued financial strength and stability. This recent credit rating highlights Gautam Solar’s leadership and reliability in the Indian solar panel manufacturing sector.