Rays Power Infra

Covers the full project value chain from land aggregation and approvals through EPC, commissioning and O&M.

One of the earliest companies to popularize the 'ready-to-build' Co-Development model for solar developers in India.

50 renewable power projects executed and commissioned across India and abroad as of July 31, 2025.

Developers such as Serentica Renewables India Limited, Radiance KA Sunshine Seven Private Limited and Ampin Energy Transition Private Limited who contract Rays for Co-Development or EPC projects.

PSUs and government/municipal customers such as SJVN Green Energy Limited and Indore Municipal Corporation.

For open-access/co-development solar, Rays structures the customer relationship around a long-term PPA between the power consumer (off-taker) and the Rays-owned solar project.

Rays provides ongoing, assisted support to open-access customers via real-time analytics and remote monitoring of generation, and manages monthly billing settlement on the customer's behalf.

Post-commissioning, Rays sustains the customer relationship through preventive, proactive, scheduled and breakdown O&M services intended to keep project performance ratios on target.

Rays maintains a head office in Jaipur plus corporate, registered and regional offices in Gurugram, Mumbai and Hyderabad, giving it on-the-ground presence for direct engagement with developers, PSUs and C&I customers across India.

The corporate website carries a persistent "Get a Quote" call-to-action linking to a contact form, functioning as a direct inbound channel for prospective customers.

Land aggregation, grid connectivity, regulatory approvals and PPAs for a project SPV, which is then transferred to the customer.

Full-range EPC services for solar power projects, with or without module supply.

Setting up a 1.5 GW PV Solar n-type TOPCon G12R cell manufacturing plant through wholly-owned subsidiary Rays Green Energy Manufacturing Private Limited, part-financed by the planned IPO.

A team of 12+ named senior managers spans business development, finance, engineering/project management, supply chain, HR, IT and compliance, e.g. CFO Ashish Jain and Head of Engineering Sanjay Dixit.

Rays holds ISO 9001:2015 (quality management), ISO 14001:2015 (environmental management) and ISO 45001:2018 (occupational health & safety) certifications.

The company reports a 400-person workforce and, as of March 31, 2026, having commissioned approximately 2.4 GWp of renewable energy projects across Indian states and international locations.

Rays has been ranked among the top global solar EPC players and has won industry awards, reputational assets that support new-business wins.

Revenue from designing, procuring, constructing, testing and commissioning solar power projects for customers.

Revenue from developing 'ready-to-build' solar SPVs and transferring/selling them to customers. Per the DRHP's business-model revenue-contribution table: Fiscal 2025 ₹3,106.48 million (25.45%), Fiscal 2024 ₹859.11 million (8.19%), Fiscal 2023 ₹3,609.57 million (46.49%).

Revenue from operations and maintenance services and sale of electricity, and (historically) the discontinued EV business.