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Solar energy stocks India are buzzing now after the launch of the Rooftop Solar plan by Prime Minister of India, Shri Narendra Modi on 30/07/2022. The subsidy for rooftop solar installations increased to about 60% under the new Pradhan Mantri Suryoday Yojana from 40% earlier. Under the plans, solar power is expected to be over 50% of the total renewable capacity of 500 GW by 2030.
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Besides the government’s focus on solar energy, private investments in solar PV are also expected to increase. The electricity generation from solar energy globally is likely to grow by an average of 25% between 2022 to 2030 to meet the Net Zero Emissions Scenario by 2050.
Globally, the solar power installation has gone up by approximately 189 GW of solar PV capacity in 2022 to take the total installed capacity to 1,055 GW, a growth of 22% over the previous year. According to the IEA, the global cumulative solar PV capacity would triple by 2027, surpassing natural gas by 2026 and coal by 2027.
Solar Energy Stocks India
The solar industry has been doing very well in India with the push-through government policies. According to the Ministry of Renewable Energy, the installed solar energy capacity has increased by 30 times during the last 9 years to reach 82.63 GW by Apr 2024 from 2.6 GW in 2014. Still, India has a lot of potential in the solar energy industry. According to the National Institute of Solar Energy (NISE), the potential of India in solar power is estimated to be 748 GWp. The major solar energy stocks in India are in the below table.
Solar Energy Stocks
Let us find out all the solar energy stocks in India to understand the total solar market and the player in the industry in India.
| Stock Name | Products/ Services | Market Cap (Rs. Cr.) | PAT (Rs. Cr.) | Debt Equity Ratio | ROE (%) | ROC (%) |
|---|---|---|---|---|---|---|
| Adani Green Energy Ltd. | Solar Power Generation | 299595.98 | 973 | 9.23 | 27.52 | 8.46 |
| Tata Power Company Ltd. | Solar Power Generation | 139604.38 | 3809.67 | 1.7 | 14.87 | 13.3 |
| JSW Energy Ltd. | Solar Power Generation | 107111.99 | 1480.12 | 1.34 | 8.24 | 7.99 |
| SJVN Ltd. | Solar Power Generation | 54663.45 | 1359.3 | 1.01 | 10.06 | 9.08 |
| Waaree Renewable Technologies Ltd. | Solar Power Generation | 21589.1 | 55.33 | 0.46 | 96.9 | 84.06 |
| KPI Green Energy Ltd. | Solar Power Generation | 10765.57 | 109.63 | 2.02 | 53.26 | 29.71 |
| Reliance Power Ltd. | Solar Power Generation | 10026.36 | -361.36 | 1.84 | -3.13 | 6.58 |
| Gujarat Industries Power Company Ltd. | Solar Power Generation | 2739.16 | 188.69 | 0.15 | 6.09 | 8.08 |
| India Power Corporation Ltd. | Solar Power Generation | 1674.92 | 15.84 | 0.54 | 2.26 | 5.54 |
| Gita Renewable Energy Ltd. | Solar Power Generation | 66.08 | 7.86 | 0 | 52.92 | 28.97 |
| IndoSolar Ltd | PV Solar Cell Manufacturer | 123 | -15 | -6.9 | ||
| Sterling and Wilson Renewable Energy Ltd. | Solar Power Generation | 16,423 | -210.79 | 0.49 | -56.7 | 2.83 |
| Borosil Renewables | Solar Glass Manufacturer | 5,822.64 | -51.19 | 0.65 | 8.01 | 9.47 |
| Zodiac Energy Ltd | Service provider in Solar Power Connetion | |||||
| Servotech Power Systems | Solar Power Equipment manufacturer | |||||
| Vikram Solar | Solar Module Manufacturer | |||||
| Goldi Solar | Solar Panel Manufacturer and EPC service provider | |||||
| Saatvik Green Energy | Solar Module Manufacturer | |||||
| Renewsys India | Manufacturer of Solar PV Modules and its key components |
Top 8 Solar Energy Stocks in India
Here are the top 8 solar energy stocks in India for further analysis.
| Stock Name | Symbol | Market Cap (Rs. Cr.) | PAT (Rs. Cr.) | Debt Equity Ratio | ROE (%) | ROC (%) |
|---|---|---|---|---|---|---|
| Adani Green Energy Ltd. | ADANIGREEN | 299595.98 | 973 | 9.23 | 27.52 | 8.46 |
| Tata Power Company Ltd. | TATAPOWER | 139604.38 | 3809.67 | 1.7 | 14.87 | 13.3 |
| JSW Energy Ltd. | JSWENERGY | 107111.99 | 1480.12 | 1.34 | 8.24 | 7.99 |
| SJVN Ltd. | SJVN | 54663.45 | 1359.3 | 1.01 | 10.06 | 9.08 |
| Waaree Renewable Technologies Ltd. | 534618 | 21589.1 | 55.33 | 0.46 | 96.9 | 84.06 |
| KPI Green Energy Ltd. | KPIGREEN | 10765.57 | 109.63 | 2.02 | 53.26 | 29.71 |
| Gujarat Industries Power Company Ltd. | GIPCL | 2739.16 | 188.69 | 0.15 | 6.09 | 8.08 |
| Sterling and Wilson Renewable Energy Ltd. | SWSOLAR | 16,423 | -210.79 | 0.49 | -56.7 | 2.83 |
What is National Solar Mission India
The objective of National Solar Mission India is to make India a hub for solar energy.
What is the rooftop solar scheme in 2024?
The rooftop solar scheme is aiming to provide free solar electricity to one crore households. This scheme will help to reduce electricity costs, create employment, and promote renewable energy.
How to apply for rooftop solar scheme?
You can directly registered in National Portal for Rooftop Solar. This portal is operated and maintained by Ministry of New and Renewable Energy of India.
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