Synopsis:- India’s push for solar-led agriculture is gaining pace, with multiple players securing PM-KUSUM orders worth ₹30–356 crore. Rising solar pump deployments, 51.3 MW feeder solarisation projects, and 30–50% subsidies are improving rural energy access while strengthening order books and revenue visibility across the sector.
In 2025, India overtook Japan to emerge as the world’s third-largest solar power producer. Data from the International Renewable Energy Agency (IRENA) shows India generated 1,08,494 GWh of solar power, comfortably ahead of Japan’s 96,459 GWh, highlighting the country’s rapid progress in renewable energy.
India’s solar manufacturing ecosystem now spans key components such as modules, PV cells, ingots, and wafers. Local production strengthens the domestic economy and reduces import dependence. Within a year, module capacity nearly doubled from 38 GW to 74 GW, while PV cell capacity rose from 9 GW to 25 GW. The commissioning of the first 2 GW ingot-wafer plant marked a major step toward a fully integrated solar supply chain.
The government has launched several flagship initiatives to promote the adoption of solar energy across the country, one of which is PM-KUSUM. The PM-KUSUM scheme promotes the use of solar energy in agriculture by helping farmers reduce dependence on diesel. By offering subsidies of 30–50% for solar pumps, the scheme lowers operating costs, improves irrigation reliability, and provides farmers with a cleaner, more affordable energy solution for daily farming needs.
Beyond irrigation, the scheme also enables farmers to generate additional income by setting up solar power plants of up to 2 MW on their land and selling surplus electricity to DISCOMs. At a broader level, PM-KUSUM supports rural energy security and contributes to India’s goal of sourcing 50% of power capacity from non-fossil fuels by 2030.
Here are the stocks that have secured major orders under the PM-KUSUM Scheme
Oswal Pumps Ltd is an Indian manufacturer of submersible and solar-powered pumps, catering mainly to agriculture and water management needs. The company benefits from rising solar pump adoption under government schemes, a strong dealer network, and growing demand for energy-efficient irrigation solutions across rural and semi-urban markets. With a market capitalisation of Rs 6,078.42 crore, the shares closed at Rs 533.30 per share, increased around 2 percent as compared to the previous closing price.
The company has secured a Letter of Empanelment from MSEDCL for supplying an additional 6,500 off-grid DC solar water pumps under the PM-KUSUM B scheme. Valued at around Rs 180 crore, the order strengthens revenue visibility and execution pipeline, with completion scheduled within one year, reinforcing its position in the solar pump segment.
Shakti Pumps (India) Ltd is a leading player in stainless steel and solar pump manufacturing. With a strong export presence and focus on renewable energy solutions, the company benefits from government-backed solar irrigation schemes, improving farmer adoption, and global demand for sustainable water pumping systems. With a market capitalisation of Rs 9,164.15 crore, the shares closed at Rs 742.65 per share, increased around 0.45 percent as compared to the previous closing price.
Today, Shakti Pumps (India) Ltd secured its third order from Jharkhand, receiving a work order for 1,000 off-grid solar water pumping systems under the PM-KUSUM Component-B scheme. Awarded by the Jharkhand Renewable Energy Development Agency, the order is valued at around Rs 21 crore, strengthening the company’s presence in government-led solar irrigation projects.
On 23 December, Shakti Pumps (India) Limited secured a major order from Maharashtra State Electricity Distribution Company Limited for 12,883 off-grid DC solar water pumps under the PM-KUSUM B scheme. Valued at Rs 356.77 crore, the project strengthens the company’s order book, boosts revenue visibility, and reinforces its leadership in solar-powered agricultural irrigation solutions.
Recently, Shakti Pumps (India) Limited secured multiple solar pump orders under the PM-KUSUM scheme between 31 December 2025 and 2 January 2026. The orders, worth over ₹260 crore, cover 7,500+ solar water pumping systems across Haryana and Madhya Pradesh, to be executed within 90–120 days, improving near-term revenue visibility and order book strength.
Alpex Solar Ltd
Alpex Solar Ltd operates in the solar energy space, primarily engaged in manufacturing solar modules and EPC-related activities. The company focuses on rooftop and utility-scale solar projects, benefiting from India’s expanding renewable energy push, rising domestic manufacturing capacity, and policies encouraging reduced reliance on imports. With a market capitalisation of Rs 2,108 crore, the shares closed at Rs 825 per share, increased around 0.95 percent as compared to the previous closing price.
Alpex Solar Limited has secured a significant Rs 65 crore order under the PM-KUSUM B scheme from Maharashtra State Electricity Distribution Co Ltd. The project is for the supply of Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) of 3HP, SHP & 7.5 HP capacity.
Saatvik Green Energy Ltd
Saatvik Green Energy Ltd is a fast-growing solar module manufacturer with a focus on high-efficiency photovoltaic modules. The company benefits from capacity expansion, increasing domestic demand, and supportive government policies aimed at strengthening India’s solar manufacturing ecosystem and building a self-reliant renewable energy supply chain. With a market capitalisation of Rs 4,932 crore, the shares closed at Rs 388 per share, increased around 3.37 percent as compared to the previous closing price.
Saatvik Green Energy Limited has strengthened its order book with an additional Rs 16.74 crore contract from Maharashtra State Electricity Distribution Co Ltd under the PM-KUSUM B scheme for installation and commissioning of Solar Photovoltaic Water Pumping Systems (SPWPS). With this, the total order rises to 1,815 solar pumps worth about Rs 30.24 crore, improving revenue visibility and reinforcing its position in solar-powered irrigation solutions.
Surana Telecom and Power Ltd operates across renewable energy generation and telecom-related businesses. In recent years, it has focused on solar power projects, leveraging India’s clean energy transition. Its diversified operations and renewable assets position it to benefit from long-term green energy demand growth. With a market capitalisation of Rs 267 crore, the shares closed at Rs 19.6 per share, decreased around 1.90 percent as compared to the previous closing price.
Recently, Surana Telecom and Power Limited has secured eight LOAs for setting up 51.3 MW of grid-connected solar power plants under the PM-KUSUM-C scheme in Madhya Pradesh. With an estimated investment of Rs 175 crore, the project enhances its renewable portfolio, ensures long-term power sales, and strengthens its presence in government-backed solar infrastructure initiatives.
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