Yes, I have, but I’m not bullish on solar PV module and cell manufacturer companies overall. India’s cumulative capacity could reach a point potentially far exceeding domestic demand.
Management said in the last con-call that a significant portion of announced capacities in the industry often shows no progress years after the announcement.
Add to that the rising costs of key materials like silver paste and aluminum pose a risk. Silver paste alone accounts Significant percentage of the cell price.
Growth is heavily tied to government mandates like the ALMM. Any delays or changes in these mandates could impact order inflows. We need to see the ALMM List II for cells coming in June 2026. Plus, don’t take China lightly; they can flood and dump here.
INDIA POWER MIX – 53% NON-FOSSIL, BUT COAL STILL DOMINATES
Clean capacity is rising fast, but a complete coal exit is not in the near term.
With large solar capacity unutilised due to connectivity issues/ purchase agreement, we are facing a curious case. Also it is reported that there is a deficit of night pick load of 5 gwt, which has given tise to unit price rising to above Rs 10 compared to solar unit price of roughly Rs 1.5 in day time. So it is clear that BESS has a big role, at least in near future, and especially during surge in night pick demand. Which are the companies with large upcoming capacities in this sector? Can anyone help me here?
Made a BESS Tracker Excel. Hope This Helps.
BESS Tracker.xlsx (11.7 KB)
Oriana Power explores compact pumped storage for C&I customers, raises BESS target to 20 GWh by 2030
Oriana Power Limited – Incorporation of Wholly Owned Subsidiary
Oriana Power Limited has announced the incorporation of a wholly owned subsidiary, OPL BESS Services Private Limited, on January 20, 2026, as part of its strategic expansion in the power and renewable energy space. The subsidiary has been incorporated in India and has received the Certificate of Incorporation from the Ministry of Corporate Affairs.
OPL BESS Services Private Limited will operate in the generation, EPC, operation and maintenance of power projects, with a strong focus on Battery Energy Storage Systems (BESS), renewable energy solutions, green hydrogen, compressed biogas, and other conventional and non-conventional energy segments. The new subsidiary will support Oriana Power’s long-term vision of expanding its clean energy portfolio and strengthening capabilities across the energy value chain.
Oriana Power Limited holds 99.99% equity shareholding in the subsidiary, making it a fully controlled entity. The company has confirmed that no regulatory approvals were required for incorporation, and business operations are expected to commence in due course.
News
Oriana Power Secures Rs 465 Crore BESS Project from NTPC Subsidiary, Strengthens Rs 2,500+ Crore Order Book
[
Oriana Power Bags ₹27 Crore BESPA for 100 MWh Battery Storage Project in Tamil Nadu
](https://www.venturasecurities.com/news/stocks/oriana-power-bags-27-crore-bespa-for-100-mwh-battery-storage-project-in-tamil-nadu/)
Oriana Power to build 75 MW solar + 111.57 MWh BESS in Rajasthan | Suresh Kiran posted on the topic | LinkedIn
TrueRE Oriana Power bags EPC orders for solar-plus-BESS projects - Renewable Watch
Source for all of this information is Google Finance.
Disclaimer: I have a modest investment in it. No recommendation. Correctness of information not cross-checked.
Thanks a lot for your help. It appears that projects which will complete first will get much benefit as it will be a crowded place after some time and power rates may crash thus rendering many projects unviable.
Yes, it looks most likely Adani Green is the front runner to win it seems, as of now but keeping close eye on EPC players like Pace Digitek.
I think GPIL capex into BESS is not included into the trackers and charts