Best solar energy stocks India
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India is ambitious to be the third economy from its current 5th position globally, by 2027 surpassing Japan and Germany. The World Bank and International Monetary Fund (IMF) predict a GDP growth rate of 6.5% to 7.0% for the 2024-2025 fiscal year.
To achieve this economic growth India needs a higher energy supply. To meet the increasing energy demand, India is focusing on clean energy. India’s energy consumption is expected to grow at a rate of 4.5% annually.
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Best Solar energy stocks India
Renewable energy sources like solar and wind will take up a much larger share of the energy mix to reduce the dependence on coal and fossil fuels.
In the Interim Budget for 2024-2025, the allocation for solar power grid infrastructure development increased to Rs. 8,500 Crore (US$ 1.02 billion) from the previous year’s Rs. 4,970 Crore (US$ 0.60 billion). This reflects the government’s intention to increase renewable energy into its overall energy mix to achieve net-zero emissions by 2070
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India Solar Energy Market and Solar Energy Stocks
The India Solar Energy Market was estimated at USD 38 billion in 2022 and is expected to reach around USD 238 billion by 2030, growing at a CAGR of roughly 40% between 2023 and 2032.
By 2030, India wants to have installed 280 GW of solar out of the targeted 450 Gigawatts (GW) of renewable energy, which is more than 60% of the total targeted renewable energy.
Looking at the past performance of the solar energy capacity, the installed capacity has increased by 30 times in the last 9 years to reach 84.27 GW by May 2024. Again, 50 solar parks with an aggregate capacity of 37.49 GW have been approved in India.
Why to Invest Solar Energy Stocks in India
While focusing on the Made in India policy, as of December 2023, the country reached 64.5GW solar module manufacturing capacity cumulatively and solar cell manufacturing capacity totaled 5.8GW.
The government of India is aiming to increase its export of solar modules. The government implemented “The Approved List of Models and Manufacturers (ALMM)” program in 2024 to boost exports in the solar energy sector.
Solar module exports reached ₹2,64,984.96 lakh in March 2024 before the implementation of this policy. This initiative incentivizes domestic manufacturers to scale up production, aligning with India’s renewable energy targets.
According to the Department of Commerce, in the first three months of 2024, India’s total solar PV exports, comprising both modules and cells, surpassed ₹5,53,525.15 lakh. Among these exports, solar modules accounted for ₹5,47,827.39 lakh, while solar cells accounted for ₹5,697.76 lakh.
Hence, there is huge potential for solar energy stocks India to benefit from this initiative and offer a good return.
The top 10 manufacturers of Solar PV in India accounted for 62% of the module and 100% of cell production capacity as of December 2023.
Let us find out the best solar energy stocks in India to consider for further analysis.
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Solar Energy Stocks to Buy
Solar Energy Stocks top 10
| Market Cap Name | Market Cap (Cr) | P/E | |
|---|---|---|---|
| Adani Green Energy Ltd | Large Cap | 2,83,241 | 257.49 |
| Tata Power Company Ltd | Large Cap | 1,40,755 | 38.08 |
| JSW Energy Ltd | Large Cap | 1,28,391 | 74.53 |
| Suzlon Energy Ltd | Mid Cap | 72,041 | 771.06 |
| SJVN Ltd | Mid Cap | 51,696 | 56.31 |
| Waaree Renewable Technologies Ltd | Small Cap | 20,513 | 137.73 |
| Jaiprakash Power Ventures Ltd | Small Cap | 13,426 | 19.57 |
| KPI Green Energy Ltd | Small Cap | 10,879 | 104.89 |
| Borosil Renewables Ltd | Small Cap | 6,576 | 0 |
| Urja Global Ltd | Small Cap | 1,185 | 666.58 |
Top 5 Solar Energy Stocks in India
Adani Green Energy Ltd
Adani Green Energy Limited (AGEL) is one of the best green energy companies in India. The current project portfolio of the company is 20,434 MW including wind, solar, and hybrid energy. AGEL is also venturing into the green hydrogen energy segment which is the main focus area of government and future energy.
The most important about the company is its execution capacity. The company has experience in world-class project execution with equipment sourced from tier-1 suppliers through strategic alliances and in-time or ahead-of-schedule completion of projects.
AGEL aims to be among the top 10 companies in the world in ESG benchmarking of the electric utility sector by FY25. The company generates 15,543 MW of Solar energy out of the total renewable energy generated. Adani Green Energy has set an ambitious target to achieve 45,000 MW of renewable energy by 2030.
This is one of the best solar energy stocks in India to invest in.
Tata Power Company Ltd
Tata Power is one of the leading integrated power generation companies. The company also manufactures solar cells and modules with a capacity of 5000 MW per annum. Tata Power has a portfolio of 9,000 MW of renewable energy which is under operation.
To support the government mission in solar energy, Tata Power launches the ‘Ghar Ghar Solar’ initiative in Uttar Pradesh, rolling out rooftop solar offerings from the city of Varanasi in July 2024.
Tata Power Company Ltd reported a 15.19% year-on-year (YoY) growth in net profit at ₹895 crore for the fourth quarter that ended March 31, 2024. Revenue from operations increased by 27.2% to reach ₹15,846.6 crore as against ₹12,453.8 crore in the corresponding period of the preceding fiscal.
TATA Power is one of the best Solar energy stocks in India to invest in for long-term gain. This is a large-cap company with a strong order book of 4+ GW Utility-scale Solar EPC. Keep an eye on the stock for any dip to buy.
JSW Energy Ltd
JSW Energy is one of the leading power generation companies in India with total power generated of 6,677 MW, out of which 3,158 MW is thermal power, 1,391 MW is hydropower, 1,461 MW is wind power, and 667 MW is solar power.
In July 2024, JSW Energy signed an agreement for 25 years with SJVN Limited to supply 700 MW of solar power at a tariff of Rs 2.52/kilowatt-hour (KWh). The company aims to achieve a total power generation capacity of 20 GW by 2030 from its current capacity of 7,290 MW.
JSW Energy is planning for a significant capacity expansion with an ambitious investment plan of Rs 1.15 trillion to expand renewable energy capacities. The company is in a sweat spot to cash on an emerging trend in the green energy initiative by the government of India. This is one of the best solar energy stocks in India to invest in.
Waaree Renewable Technologies Ltd
Waaree Renewables Technology Limited (WRTL) which is a part of the Waaree Energies Limited. The company operates in the Solar EPC sector. Waaree has successfully installed over 10,000 solar projects, with a total operating capacity of over 600 MW. The company helps by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open-access solar plants). Waaree Energies Ltd claims to be the number one manufacturer of solar modules in India.
In July 2024, Waaree Renewable Technologies Ltd (WRTL) got a contract to set up a 412.5-megawatt solar project in Rajasthan from Acciona Energy’s subsidiary Juna Renewable Energy. The company will provide services, including design, EPC, and commissioning of the project.
Waaree Energies is one of the best solar stocks in India to invest for the long term. Before investing please look at the valuation and other parameters of the company suggested here.
Borosil Renewables Ltd
Borosil Renewables Ltd. is the leading solar glass manufacturer in India. The company manufactures and sells solar glasses under the well-known brand “BOROSIL”. The company has a manufacturing capacity of 450 TPD which is equivalent to solar glass for 2.8 GW of solar modules.
In October 2022, the company acquired Interfloat Group, the largest solar manufacturer in Europe with a capacity of 300 TPD which is equivalent to solar glass for 2 GW of solar modules. This indicates the intention of the company to strengthen its market leadership globally. The company is also working to expand its capacity in India.
The company reported a 21% rise in its total revenues in Q4 FY24. However, the quarterly losses remain a concern for the company at present. The total revenue of the company reported Rs 23,254 lakh in Q4 of FY24 against its earlier revenue of Rs 19,162 in Q4 of FY23. The company reported a loss in Q4 on a YoY basis at Rs 1,336.75 lakh compared to Rs 1,168 lakh in Q4 of FY23. However, on an annual basis, the company incurred a loss of Rs 1652 lakh in FY24.
The company is one of the best solar energy stocks in India to invest in. However, you need to wait for the company to deal with its losses before you put your money.
Solar Energy Stocks List
| Stock Name | Symbol | Market Cap(Rs. Cr.) |
| Adani Green Energy Ltd. | ADANIGREEN | 283240.9 |
| JSW Energy Ltd. | JSWENERGY | 128391.1 |
| Adani Energy Solutions Ltd. | ADANIENSOL | 111320.6 |
| SJVN Ltd. | SJVN | 51696.46 |
| Waaree Renewable Technologies Ltd. | 534618 | 20512.72 |
| KPI Green Energy Ltd. | KPIGREEN | 10878.6 |
| Reliance Infrastructure Ltd. | RELINFRA | 7922.62 |
| Urja Global Ltd. | URJA | 1185.18 |
| Ravindra Energy Ltd. | 504341 | 985.68 |
| Globus Power Generation Ltd. | 526025 | 333.65 |
| WAA Solar Ltd. | 541445 | 245.7 |
| Sungarner Energies Ltd. | SEL | 94.58 |
| Gita Renewable Energy Ltd. | 539013 | 73.16 |
| Karma Energy Ltd. | KARMAENG | 65.6 |
| KKV Agro Powers Ltd. | KKVAPOW | 63.44 |
| Veer Energy & Infrastructure Ltd. | 503657 | 30.76 |
| Amalgamated Electricity Company Ltd. | 501622 | 13.24 |
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