Rayzon Solar Limited reported a significant surge in financial performance for the fiscal year 2024–25, with revenue more than doubling to Rs 2,833 crore from Rs 1,275.5 crore in the previous year, according to its consolidated filings with the Registrar of Companies.
The company’s growth was largely fueled by strong demand for solar photovoltaic modules, which contributed Rs 2,794 crore to total operating revenue in FY25. Additional operational income stood at Rs 24.8 crore, while other income added Rs 14.3 crore, supporting the overall topline expansion.
Total expenses also saw a steep rise, doubling to Rs 2,394 crore in FY25 compared to Rs 1,193.7 crore in FY24. The cost of goods sold remained the largest expense head, accounting for nearly 85 percent of total expenditure and increasing substantially to Rs 2,048.5 crore. Rising operational scale also pushed employee benefit expenses up to Rs 61.3 crore from Rs 31.3 crore a year earlier.
Other cost components included finance expenses of Rs 19.8 crore, depreciation of Rs 29.8 crore, and freight expenses amounting to Rs 128.5 crore during the fiscal year, reflecting expansion in both production and distribution.
Despite the increase in costs, the company recorded a strong improvement in profitability. Net profit jumped more than five times to Rs 328 crore in FY25, up from Rs 61 crore in FY24. Operational efficiency also improved, with the company spending Rs 0.85 to generate every rupee of revenue, compared to Rs 0.94 in the previous year.
Headquartered in Surat, Rayzon Solar has grown rapidly since its establishment in 2017. Founded by Chirag Nakrani and Hardik Kothiya, the company has scaled from a small 40 MW operation to a major player in India’s solar manufacturing sector.
The firm has also expanded its footprint internationally, with operations and market presence across the United States, Europe, and the Middle East. In addition to its industrial growth, Rayzon Solar has built brand visibility through partnerships in sports, serving as the renewable energy partner for IPL franchises Chennai Super Kings and Gujarat Titans.
Its product portfolio includes a range of high-efficiency solar modules catering to residential, commercial, and industrial segments, such as TOPCon modules, bifacial panels, and specialized series designed for diverse energy needs.
