Havells Strengthens Solar Portfolio with ₹600 Crore Strategic Investment in Goldi Solar

In a strategic move aimed at enhancing its presence in the renewable energy sector, Havells India Ltd. has announced a substantial investment of ₹600 crore in Goldi Solar Private Limited.

This investment underscores Havells’ commitment to bolstering its capabilities in the solar energy domain, ensuring reliability and consistency in its supply chain.

Rationale Behind the Investment

Goldi Solar, headquartered in Surat, Gujarat, is a prominent manufacturer and supplier of solar modules and inverters, with a growing operational base.

 Havells’ decision to invest comes in light of Goldi’s strong financial trajectory; reporting audited revenues of ₹1,757 crore in FY24 and an estimated ₹3,420 crore for FY25. With historical EBITDA margins of 8–9%, the company demonstrates a healthy financial standing.

The acquisition, which does not fall under related party transactions, is positioned as a minority stake with Havells expected to hold between 8.9% and 9.24% in Goldi post-transaction. 

The transaction will be completed through an all-cash consideration and is expected to close by June 30, 2025, pending necessary approvals including that of the Competition Commission of India (CCI).

Integration with Havells Existing Solar Ecosystem

Havells has already established its footprint in the solar energy space through the sale of modules, inverters, solar cables, and DC switch gears. This investment further solidifies its strategy by ensuring a consistent and secure supply of essential components like solar modules and cells. 

As a condition precedent, Havells plans to sign a master supply and service agreement with Goldi Solar, cementing a long-term partnership that supports both supply chain stability and sustainable growth.

Founded in 2011, Goldi Solar has developed an impressive 10.7GW manufacturing capacity for solar modules as of March 2025. Its operations are entirely based in India, and the company has shown consistent revenue growth over the past 3 years, from ₹546 crore in FY22 to ₹1,757 crore in FY24.

Havells Share Performance

As of April 15, 2025, at noon, Havells Share Price is trading at ₹1,158.60, reflecting a 1.68% surge from the previous closing price. 

Over the past month the stock has surged by 2.67%. The 52-week high and low of the stock stands at ₹2,106 and ₹1,381.30 per share respectively.

Conclusion

Havells India’s ₹600 crore investment into Goldi Solar marks a well-calculated move to deepen its stake in the fast-evolving solar power segment. By partnering with a reliable manufacturer, Havells aims to future-proof its supply chain and reinforce its position as a key player in the Indian renewable energy sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.