Rishabh Instruments said this week its solar string inverter business recorded 298% year-on-year growth in revenues, reaching INR 11 crore, in the first half (Jan.-Sep. period) of FY 2025. The company designs, develops and manufactures solar string inverters end to end, with technology acquired from GEFRAN S.pA., Italy.
The Indian solar string inverter market was valued at $778.1 million (INR 6,567 crore) in 2022 and is forecasted to grow at a CAGR of 10.6% to reach $1,290 million (INR 10,887.32 crore) in 2027. We have been able to successfully gain strong momentum as we go forward with the solar string inverter business, stated the company.
The company is working on improving operational excellence and cost efficiency to increase its margins as it targets an increased share in the solar inverter market which is dominated by Chinese products.
Narendra Goliya, executive chairman, Rishabh Instruments, said, “we have managed to cut production costs for solar inverters by about 5%-6% to increase profitability. We need to achieve further cost reduction of about 10%-15% to be very competitive in this very challenging market which is dominated by Chinese inverters. We are certain that we will meet our goals and reach INR 100 crores company in next 3-4 year’s time.”
Currently, Rishabh Instruments offers string solar inverters from 10 kW to 50 kW. It plans to introduce a new range of inverters from 2.5 kW to 6 kW, aligning its products to government solar schemes to remain competitive in the Indian market.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.