Goldi Solar : Company Overview
Goldi Solar, founded in 2011 and headquartered in Surat, Gujarat, is recognized as India’s most quality-conscious solar brand. The company specializes in manufacturing high-end photovoltaic modules at competitive prices, offering EPC services, and operating as an independent power producer (IPP). Over the past decade, Goldi Solar has grown its capacity from 10 MW to 500 MW.
By FY22-23, it expanded further to 2.5 GW, supported by the establishment of a new 2 GW plant in Navsari. The company plans to reach a production capacity of 6 GW in modules and 5 GW in solar cells by 2025. Listed under ALMM and holding BIS certification, Goldi Solar supplies its high-quality modules to more than 20 countries, including the USA, UAE, and Germany.
| Company Name | Goldi Solar |
| Company Type | Unlisted Public Company |
| Industry | Solar Energy |
| Founded | 2011 |
| Registered Address | Surat, Gujarat 395003 |
Key Clients
Industry Overview
The India Solar Energy Market is expected to register a CAGR of 19.80% during the forecast period. India’s solar market is estimated to be at 79.07 GW by the end of this year and is projected to reach 195.11 GW after five years.
The Indian solar energy market is growing due to declining solar technology costs, increased flexibility, and its green benefits. Government policies, such as those from MNRE, further support the market. However, challenges like transmission losses and power supply unpredictability persist. Despite this, India’s high solar irradiance, especially in regions like Rajasthan and Gujarat, along with foreign investments and R&D, offer significant growth opportunities.
The solar PV segment is expected to dominate the market, driven by decreasing module costs and widespread applications. India’s solar PV capacity rose 31% in 2022, and major projects like NTPC’s 56 MW solar plant and Reliance’s $80.61 billion renewable investment are expected to boost growth.
Product Portfolio
Heloc Pro
The Heloc Pro solar panels generate 7.5% more energy per square meter compared to traditional solar panels, making them ideal for maximizing power in limited space. These panels offer a maximum power output of up to 560 Wp and boast a high module efficiency of up to 21.70%. Their half-cell structure enhances efficiency while reducing resistance, and Multi Busbar technology minimizes current losses. The panels also feature advanced glass and cell surface textures, enabling excellent performance even in low-light conditions. With superior Anti-PID performance, they limit power degradation, and their strong mechanical design can withstand snow loads of up to 5400 Pa and wind loads of 2400 Pa. The innovative frame design further improves structural support.
Heloc Plus
The HELOC Plus is India’s largest solar panel, designed with advanced technology to deliver superior performance. It generates 30% more power from the front side and up to 25% additional power from the back, offering high efficiency with a conversion rate of up to 22.85%. The panel features a 132-cell Heterojunction Bifacial Half Cut design, which enhances its efficiency. Named HELOC, standing for “High Efficiency Low on Carbon,” it symbolizes a commitment to clean, green energy.
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Vama Inverters
Vama Inverters represent Goldi Solar’s forward integration strategy to offer efficient solar on-grid inverters. These inverters are designed to provide high-quality solar solutions for both households and industrial equipment. As India’s third-largest solar module manufacturer, Goldi Solar is a leader in clean energy innovation. The company remains committed to sustainability and reducing carbon footprints through its advanced PV modules and inverters.
EPC Services
Goldi Solar’s value-centric approach and meticulous planning, combined with high efficiency, ensure the timely completion of projects, resulting in a higher-than-average Capacity Utilization Factor (CUF). The company offers a wide range of solar products and systems, including on-grid, off-grid hybrid, solar pumps, and diesel PV hybrid solutions. These products cater to various sectors, such as residential, commercial, industrial, and agricultural. In addition, Goldi Solar provides comprehensive services that encompass manufacturing, system design and engineering, supply, installation, and commissioning of solar solutions.
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Timeline
- 2011: Foundation of Goldi Solar with 10 MW production at the facility in Pipodara, Gujarat.
- 2014: Increase in production capacity by 10-fold to 100 MW.
- 2016: Business diversification to include integrated and comprehensive EPC solution.
- 2017: Added 2000+ customers to its EPC portfolio.
- 2018: Brand transformation from Goldi Green to Goldi Solar.
- 2020: Development of Goldi Solar Park at Amod, Bharuch, Gujarat with 8 MW installation.
- 2021-2022: Goldi Solar to increase its manufacturing capacity to 2.5 GW with a new facility in Navsari on the outskirts of Surat, Gujarat.
- 2022-2023: Launch of Navsari Factory with 2 GW Module Manufacturing.
- 2023-2024: Setting up 2GW cell Manufacturing.
- 2024-2025: 3 GW Module + 3 GW cell Manufacturing. Vision 6 GW Module + 5 GW cell Manufacturing.
Management
Ishver Dholakiya | Founder & Managing Director |
Ishver Dholakiya, born in Gujarat, embarked on his entrepreneurial journey at the age of 33 by founding Goldi Solar. Following in the footsteps of his father and uncle, who were partners in SRK Exports, he began his career in the diamond industry in 1997, gaining 14 years of experience in diamond cutting and polishing, along with 7 years in marketing in the USA. Driven by a passion for sustainable energy, he established Goldi Solar in 2011 to harness the power of solar energy. A flying enthusiast, Ishver obtained his Private Pilot License in 2018 and went on to launch Ventura Airconnect, a venture recognized for innovation in tourism. He is also actively involved in social work, contributing to healthcare, education, and disaster relief efforts.
Shareholding Pattern
| Shareholding Above 5% | Holding % |
| Ishverbhai Arjanbhai Dholakiya | 88.9 |
| Numeric Commodeal | 10.5 |
| Bharat Kumar | 5.9 |
Financial Highlights
| Financials (in crores) | 31st March 2023 | 31st March 2022 | YoY change |
| Revenue | 1,491 | 551 | 170.68% |
| EBITDA | 91.2 | 21 | 334.29% |
| PBT | 60.3 | 13.5 | 346.67% |
| PAT | 48.4 | 9.4 | 415% |
| PAT Margins | 3.25% | 1.71% | 90.22% |
Awards & Achievements
- Bharat Ratna Award (for exemplary contributions in solar energy)
- Best Solar Module Manufacturer Award
- Excellence in Solar Rooftop Projects Award
- Emerging Entrepreneur of the Year (ET India Inc. Summit)
- Best Employer Brand Award
- Recognition as one of India’s Top Solar Brands
Official Partner
Goldi Solar has partnered with Mumbai Indians as the Official Partner and Official Solar Energy Partner for the season. This collaboration underscores Goldi Solar’s dedication to promoting solar energy and supporting India’s goal of achieving 100% renewable energy by 2070. Through this partnership, the company aims to raise national awareness and establish itself as a household name in the renewable energy sector.
Recent News
18 Jun,2024
Goldi Solar earned the prestigious ‘Top Performer’ ranking in Kiwa PVEL’s 2024 performance assessment, a recognition achieved by only 50 manufacturers worldwide. Sixteen of Goldi Solar’s modules were featured in the Kiwa PVEL Module Reliability Scorecard, with four modules excelling in tests such as TC (thermal cycling), DH (damp heat), PID (potential-induced degradation), and LID+LETID (light-induced degradation + elevated temperature-induced degradation). Additionally, twelve modules were recognized for their strong performance in LID+LETID tests. This achievement underscores Goldi Solar’s commitment to precision, durability, and customer satisfaction.
(Source: Solar Quarter)
SWOT Analysis
Strengths:
- Goldi Solar is recognized as one of India’s largest solar module manufacturers and a Bloomberg Tier 1 rated company.
- The company leverages cutting-edge technology, offering efficient products like Heterojunction Bifacial Modules and solar inverters with high efficiency and reliability.
- A strong commitment to renewable energy and sustainability, aligning with global green energy goals.
- Collaborates with diverse sectors for EPC projects, contributing to its reputation and growth.
Weaknesses:
- Solar products, although cost-effective long-term, might have higher upfront costs, limiting access in cost-sensitive markets.
- The solar industry heavily relies on government incentives and subsidies, and any policy changes could affect growth.
Opportunities:
- Increasing global focus on clean energy and India’s ambitious renewable energy goals offer vast growth potential.
- Further innovation in solar technology, like more efficient PV modules, could increase market share.
- The company can capitalize on global markets for solar power as more countries aim to reduce carbon footprints.
Threats:
- The renewable energy sector is becoming highly competitive with the emergence of new players and existing competitors globally.
- Changes in tariffs, government incentives, or international trade policies could affect profitability.
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