Green stocks have gained significant popularity in recent years. As the world becomes more conscious towards sustainable and environment-friendly approaches, demand for stocks in sectors like clean energy, electric vehicles, and sustainable agriculture is growing.
There are many green stocks available in the stock market, and that’s why choosing the best ones for you might be overwhelming. That’s why we have compiled the best green energy stocks for 2024 in India.
But first, let’s understand what green energy stocks mean exactly.
What Are Green Stocks?
Green energy stocks are shares of companies that offer clean energy solutions and promote sustainable energy usage. These companies focus on researching, designing, and deploying renewable energy solutions related to solar, wind, geothermal, and hydro energy.
Green energy stocks can be an opportunity for diversification for investors who wish to leverage the popularity of this sector.
Overview of Top Green Energy Stocks in India
Here are the top stocks for green energy investing in India for 2024.
| Stock Name | CMP (Rs.) | Mar Cap(Cr.) | |
| 1. | BF Utilities Ltd (BFUTILITY) | 907.20 | ₹3,560 Cr |
| 2. | KPI Green Energy Ltd(KPIGREEN) | 855.65 | ₹11,369 Cr |
| 3. | SJVN Ltd (SJVN) | 130.84 | ₹52,129 Cr |
| 4. | KKV Agro Powers Ltd (KKVAP) | 670.00 | ₹ 38.0 Cr. |
| 5. | Orient Green Power Company Ltd (ORIENTGREEN) | 20.71 | 2.43KCr |
| 6. | WAA Solar Ltd (WAASOLAR) | 163.70 | 2.43KCr |
| 7. | Adani Green Energy Ltd (ADANIGREEN) | 1,888.85 | 2.98LCr |
| 8. | NHPC Ltd (NHPC) | 95.08 | 95.48KCr |
| 9. | Suzlon Energy Ltd. (SUZLON) | 79.85 | 1.09LCr |
| 10. | JSW Energy Ltd. (JSWENERGY) | 722.00 | 1.26LCr |
1. BF Utilities Ltd (BFUTILITY)
A wind energy company set up in 2000, this company of size produces electricity and is involved in infrastructural development. Their revenue has increased by 48.45% in FY2024.
- BF Utilities Share Price as of Sept 2024: ₹907.20
- Market Cap: ₹3,560 Cr.
- PE Ratio: 26.00
- ROE: 37.69%
2. KPI Green Energy Ltd (KPIGREEN)
Gujarat’s solar power plant company deals with renewable energy power under the brand Solarism. KPI Green Energy has been in the spotlight owing to its exceptional execution and order flow. This stock has skyrocketed, with over 500% gains in a year and upper circuit limitations.
- KPI Green Energy Share Price as of Sept 2024: ₹855.65
- Market Cap: ₹11,369 Cr
- PE Ratio: 58.00
- ROE: 19.34%
3. SJVN Ltd (SJVN)
A large integrated hydropower organization by the Indian government that undertakes a large hydropower plant in India. SJVN has set bold growth targets, aiming for an installed capacity of 25,000 MW by 2030 and 50,000 MW by 2040.
- SJVN Ltd. Share Price as of Sept 2024: ₹130.84
- Market Cap: ₹52,129 Cr.
- PE Ratio: 56
- ROE: 6.48%
4. KKV Agro Powers Ltd (KKVAP)
Coimbatore’s diversified renewable energy company specializes in establishing and running solar and wind power plants. Its installed capacity is 10.6 MW.
- KKV Agro Powers Ltd. Share Price as of Sept 2024: ₹670
- Market Cap: ₹38 Cr.
- ROCE: 11.05%
- ROE: 1.27%
5. Orient Green Power Company Ltd (ORIENT GREEN)
It is an established renewable energy provider company emphasizing wind energy conversion. They control a wind power capacity of more than 500 MW and are committed to sustainable development at the same time.
- Orient Green Power Company Ltd. Share Price as of Sept 2024: ₹20.74
- Market Cap: ₹2402 Cr.
- PE Ratio: 108
- ROE: 4.91%
6. WAA Solar Ltd (WAASOLAR)
WAA Solar is one of the significant providers of solar electricity and power and is investing in other solar programs. It is also part of the PAN-India renewable energy group of Madhav Corp.
- WAA Solar Ltd. Share Price as of Sept 2024: ₹163.70
- Market Cap: ₹187 Cr.
- PE Ratio: 28
- ROE: 3.66%
7. Adani Green Energy Ltd (ADANIGREEN)
It is one of the Adani group companies and owns one of the largest solar photovoltaic plants in the world. It also offers solutions for wind and hybrid energy solutions. The company has a goal of building a 25GW renewable energy portfolio by the year 2025.
- Adani Green Energy Ltd. Share Price as of Sept 2024: ₹1884.95
- Market Cap: ₹3,01,457 Cr.
- PE Ratio: 218
- ROE: 6.30%
8. NHPC Ltd (NHPC)
NHPC is the largest hydropower producer company in the country, and it is involved in solar, wind, and other sources of power generation. The company started its operation in 1975 and is also a Navratna.
- NHPC Ltd. Share Price as of Sept 2024: ₹95.05
- Market Cap: ₹95,358 Cr.
- PE Ratio: 26
- ROE: 8.26%
9. Suzlon Energy Ltd.(SUZLON)
Suzlon Energy is one of India’s leading wind energy companies. After overcoming financial obstacles, the company is concentrating on revitalizing its operations and growing its wind energy footprint. Suzlon stands to gain from this change in policy as the Indian government pushes for increased wind energy.
- Suzlon Energy Ltd. Share Price as of Sept 2024: ₹79.74
- Market Cap: ₹1,08,399 Cr.
- PE Ratio: 118
- ROE: 16.84%
10. JSW Energy Ltd.(JSWENERGY)
In line with India’s drive for cleaner energy, JSW Energy hopes to reach 10 GW of renewable energy capacity by 2025, making it a significant contender in the green energy sector. The company has been expanding its portfolio with a focus on renewable energy projects, particularly wind and solar power.
- JSW Energy Ltd. Share Price as of Sept 2024: ₹723.45
- Market Cap: ₹1,28,111 Cr.
- PE Ratio: 66
- ROE: 8.20%
Conclusion
The Indian green energy industry is expanding. Investing in this industry can be a lucrative opportunity. The above list of top renewable energy stocks in India will help you understand the best renewable energy stocks of 2024 and diversify your investment portfolio.
Investing in stocks can be a smart way to grow your wealth over time. While it comes with risks, historically, stocks have offered higher returns than many other investment options. With a diverse portfolio, you can tap into the growth of various companies and industries.
