"The Cuban revolution became a beacon light for all revolutionary and progressive movements in Latin America and inspired the Left advances there.
"Fidel Castro became a revolutionary icon for the third world countries and inspired generations of young people. He played a leading role in the non-aligned movement," CPI(M) Politburo said in a statement.
Lauding Castro for being a "creative practitioner of Marxist theory and practice", the CPI(M) said he emerged as the most eloquent champion of socialism in the second half of the 20th century.
Party general secretary Sitaram Yechury described Castro's demise as "end of an era".
"But revolutionaries like Fidel Castro live forever," Yechury said in a tweet.
"He was great friend of Indian Communist movement and India. He played a remarkable role in the non-aligned movement, giving it a new orientation," the party said.
Joining these parties, the All India Forward Bloc (AIFB) said it has lost a "best friend and a guide due to his death".
Expressing "deep sorrow" over the demise of the former Cuban President, the CPI said, "his demise is not just a loss for Cuba but for the whole world and for all revolutionary."
Castro, who led a rebel army to improbable victory in Cuba, embraced Soviet-style communism and defied the power of 10 US presidents during his half century rule, died in Havana on Friday night.
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