The solar industry sector in India is growing at a fast pace as the government adopts initiatives for green renewable energy sources.
For example, to achieve the target of 280 GW of installed solar capacity by the year 2030, the budget 2023 allocated ₹19,500 crore.
Having said that, these initiatives mean growth for solar companies, and as a result, for solar stocks.
In this blog, we will check out the top 9 best solar energy company stocks in India.
Top 9 Best Solar Stocks in India
The following are some of the best solar stocks in India to invest in 2024. (data as of 17th May 2024).
- Urja Global
- Adani Green Energy
- WAA Solar
- Websol Energy System
- Surana Solar
- NTPC
- Reliance Power
- Tata Power
- JSW Energy
1. Urja Global
Urja Global has a great reputation for developing and operating grid-connected and off-grid solar power plants.
The company offers various products including PV modules, solar charge controllers, lanterns, solar inverters, etc. It reported ₹39 Crores in revenue and a net profit of ₹1 Crore in 2023.
- Share Price: ₹21.56
- Market Cap: ₹1,147 Crores
2. Adani Green Energy
Among the fastest-rising solar energy firms is Adani Green Energy. It specializes in developing and maintaining grid-connected solar projects at a utility scale.
The company posted a revenue of ₹7,792 Crores in 2023 and a net profit of ₹914 Crores.
- Share Price: ₹1,789.65
- Market Cap: ₹2,87,193 Crores
3. WAA Solar
WAA Solar focuses on the construction and engineering of solar power projects.
Their top projects include a solar photovoltaic grid in Nayka, Gujarat, and a 100-kilowatt capacity solar power plant in Bhopal.
It posted a revenue of ₹25 Crores in 2023 and a net profit of ₹6 Crores.
- Share Price: ₹185.50
- Market Cap: ₹244 Crores
4. Websol Energy System
One of the top producers of modules and solar cells, Websol Energy Solutions offers industrial and commercial products to both Indian and international companies.
After being established in 1994, the company has grown rapidly and its crystalline photovoltaic cells are of the best quality. Its revenue for 2023 was ₹17 Crores.
However, the company reported a net loss of ₹23 Crores. Thus, invest as per your risk appetite.
- Share Price: ₹597.60
- Market Cap: ₹2,599 Crores
5. Surana Solar
Surana Solar focuses on manufacturing photovoltaic PV modules with their main units set up in Hyderabad.
Their price-performance ratio is among the best in India because of their commitment to high quality.
Also, they have invested over $650 million to boost their manufacturing capacity annually by 3.3 GW. It posted a revenue of ₹42 Crores and ₹2 Crores net profit in 2023.
- Share Price: ₹38.80
- Market Cap: ₹195 Crores
6. NTPC
NTPC was set up in 1975 to boost the country’s power development and it has turned out to be the biggest energy conglomerate in India.
Apart from solar energy, the company also undertakes power trading, rural electrification, coal mining, consultancy, and more.
NTPC posted a revenue of ₹1,76,206 Crores and a net profit of ₹16,341 Crores in 2023.
- Share Price: ₹364.10
- Market Cap: ₹3,50,438 Crores
7. Reliance Power
Reliance is a major player in almost every industry and the same goes for the solar energy sector as well.
The company is a big producer of concentrated solar power segments and photovoltaic cells.
Reliance Power has a huge capacity to generate power and is active both in Indian and international markets.
Its revenue was ₹7542 Crores and net loss was ₹361 Crores in 2023. The stock requires a very long-term goal.
- Share Price: ₹30.83
- Market Cap: ₹12,436 Crores
8. Tata Power
Tata Power has a wide offering as it operates in solar plants along with thermal and wind power facilities.
Ports, railways, refineries, and municipal corporations, all are clients of Tata Power.
Also, being part of Tata makes it a trustworthy player in the solar sector. Its revenue was ₹55,109 Crores and net profit was ₹610 Crores in 2023.
- Share Price: ₹442.35
- Market Cap: ₹1,44,286 Crores
9. JSW Energy
One of the largest companies in the solar sector, JSW Energy has 4543 MW of generating capacity.
It provides O&M and EPC services for solar plants for in-house and external clients.
JSW Energy reported a revenue of ₹10,331 Crores and a net profit of ₹1460 Crores in 2023.
- Share Price: ₹698.40
- Market Cap: ₹1,23,628 Crores
Conclusion
These are the best solar energy stocks in India that investors can consider for their portfolios.
The Government is actively promoting the use of solar and other renewable energy resources.
Thus, the solar sector is growing and it presents a great chance for investors. However, it is important to invest as per financial goals and risk profile.
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Disclaimer: Our blogs are not to be construed as investment advice. Trading and investing in the securities market carries risk. Please do your own due diligence or consult a trained financial professional before investing.
