The investment will give Havells an 8.90% to 9.24% stake in Goldi Solar, depending on the final size of Goldi’s ongoing primary fundraise of ₹1,050–1,300 crore, expected to conclude in 75 days.
This marks Havells’ most significant move yet into solar manufacturing, leveraging Goldi’s rapid capacity expansion to 10.7 GW as of March 2025, with an additional 4 GW expected by July 2025. Goldi also plans to establish domestic cell manufacturing capacity within 18 months.
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The investment values the transaction at a 20x EV/EBITDA multiple, based on Goldi’s FY25 provisional unaudited EBITDA. Havells will gain customary shareholder rights, including a board seat, and the deal is subject to CCI approval and other conditions precedent.
Goldi Solar, led by Ishverbhai Dholakiya, has evolved from a family-owned venture into a major solar module manufacturer, growing from ₹1,757 crore in FY24 revenue to ₹3,420 crore in FY25, with EBITDA margins in the 8–9% range.
Havells, which currently sells solar inverters, modules, DC switchgear, and cables, has a strong presence in the rooftop and C&I solar segments. The company opted for a de-risked strategic alliance with Goldi over setting up its own manufacturing, ensuring consistent module sourcing amid India’s increasing emphasis on domestic production.
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On Friday (April 11), shares of Havells India Ltd ended at ₹1,531.90, up by ₹61.10, or 4.15%, on the BSE.
