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10 Best Solar Stocks In India – Top Renewable Energy Picks 2025

10 Best PSU Stocks In India – Top Picks for 2025

In This article I Will Discuss About the best solar stocks in India, focusing on the most important players in the country’s renewable energy transition. The demand for clean energy is rising, making solar stocks a great investment opportunity.

Adani Green, Tata Power and JSW Energy have large projects under development which positions them well for sustained growth, which makes them appealing targets for investment.

Key Points & Best Solar Stocks In India List

CompanyKey Points
Adani Green Energy LtdLeading renewable energy company in India; large-scale solar and wind projects.
Tata Power Company LtdDiversified energy portfolio; major player in solar rooftop and EPC services.
JSW Energy LtdExpanding into renewables; strong focus on solar and wind capacity.
Suzlon Energy LtdKey wind energy player; expanding into solar projects.
SJVN LtdGovernment-backed company; investing in solar, wind, and hydro power.
Waaree Renewable Technologies LtdLeading solar panel manufacturer; expanding into EPC and solar solutions.
KPI Green Energy LtdSolar power generation and EPC services; focuses on C&I solar installations.
Borosil Renewables LtdIndia’s largest solar glass manufacturer; key supplier for solar panel makers.
Sterling and Wilson Renewable Energy LtdMajor solar EPC company; part of the Shapoorji Pallonji Group.
Vikram SolarLeading solar module manufacturer; expanding into solar solutions and EPC.

10 Best Solar Stocks In India

1.Adani Green Energy Ltd

Adani Green Energy Ltd (AGEL) is one of the leaders among Renewable Power producers in the country with a focus on building and operating solar and wind power plants.

The company’s revenue from power supply grew by 33 percent to ₹ 7,735 crores, while EBITDA grew by 30 percent to ₹ 7,222 crores for FY24.

Adani Green Energy Ltd

With the 30,000 MW Khavda, Gujarat renewable energy park and other projects under Development, AGEL continues to expand its capacity to ultimately meet its 50 GW target by 2030.

This makes AGEL a great investment opportunity considering Clean Energy Power Generation companies in India.

Adani Green Energy Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading renewable energy company in India, focusing on solar and wind power generation.
Installed CapacityOver 10.9 GW of operational renewable energy capacity.
Planned ExpansionTargeting 45 GW of renewable energy capacity by 2030.
Major Projects30 GW renewable energy park in Khavda, Gujarat.
Revenue Growth₹7,735 crore from power supply in FY24 (33% YoY increase).
EBITDA₹7,222 crore in FY24 (30% YoY growth).
Power Purchase Agreements (PPAs)Long-term PPAs with government and private entities, ensuring steady revenue.
Market PositionOne of the largest renewable energy companies in India.
Investment PotentialStrong growth prospects with aggressive capacity expansion plans.

2.Tata Power Company Ltd

​Tata Power Company Ltd has brilliantly emerged as one of India’s foremost integrated Solar Power companies. The company boasts of more than 150,000 rooftop solar installations spanning over 700 cities, contributing to an approximate solar capacity of 3 GW.

Tata Power’s 4.3 GW solar cell and module manufacturing plant in Tirunelveli, Tamil Nadu commenced production in September 2024, whichs boosted the domestic production of solar components.

Tata Power Company Ltd

In addition, the company plans to further diversify its portfolio by spending ₹200 billion in FY25 on the renewable energy and distribution business. With these plans in place, Tata Power undoubtedly will remain a key player for investors looking into the expanding solar energy sector in India. ​

Tata Power Company Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading integrated power company with a strong focus on solar energy.
Installed Solar Capacity4.2 GW operational renewable capacity, including solar and wind.
Planned ExpansionTargeting 10 GW renewable energy capacity by 2027.
Solar Rooftop ProjectsOver 150,000 rooftop solar installations across 700+ cities.
Revenue Growth₹61,708 crore in FY24 (YoY growth of 7%).
EBITDA₹13,218 crore in FY24 (YoY growth of 33%).
Manufacturing Plant4.3 GW solar cell and module factory in Tamil Nadu.
Sustainability GoalAiming for carbon neutrality by 2045.
Investment PotentialStrong growth with aggressive solar expansion plans.

3.JSW Energy Ltd

Located in the JSW Group, JSW Energy Ltd is one of the main players in India’s growing solar power sector. Recently, in December of 2024, its subsiadiary, JSW Neo Energy, purchased O2 Power’s renewable assets for $1.47 billion dollars, and added 4.7 GW to their actively growing green energy portfolio.

Furthermore, in January of 2025, the JSW Group pledged over ₹3 trillion for development projects in Maharashtra, including a solar module manufacturing plant, further proving the company’s dedication towards sustainable energy.

JSW Energy Ltd

This combination of factors makes JSW Energy stand out for investors looking to capitalize on India’s booming solar energy sector.

JSW Energy Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading power company expanding into renewable energy, including solar.
Installed Renewable Capacity7.2 GW, including solar, wind, and hydro projects.
Planned ExpansionTargeting 20 GW renewable capacity by 2030.
Recent AcquisitionPurchased O2 Power’s renewable assets (4.7 GW) for $1.47 billion in Dec 2024.
Revenue Growth₹12,146 crore in FY24 (YoY growth of 9%).
EBITDA₹6,516 crore in FY24 (YoY growth of 22%).
Key Solar ProjectsLarge-scale solar farms in Maharashtra and Rajasthan.
Sustainability GoalAiming for net-zero emissions by 2050.
Investment PotentialStrong expansion plans and renewable acquisitions boosting growth.

4.Suzlon Energy Ltd

Suzlon Energy Ltd has remained dominant in the renewable energy market in India, and its financials have only improved further in the recent quarters. In Q2 FY2024-25, the company declared a net profit of ₹200.20 crore, which is a 96% growth from the previous year.

Along with profits, revenues also rose by 47.68%, reaching ₹2,092.99 crore. This trend further continued into Q3 FY2024-25 where net profit was recorded at ₹388 crore, an increase of 91% while revenue had a 91 % increase as well, reaching ₹2,969 crore.

Suzlon also holds a powerful position regarding orders, with a record of 5.5 GW, 80% being C&I and PSU orders.

Suzlon Energy Ltd

In these periods, the company also marked record quarterly deliveries, reaching 447 MW. These operational and financial milestones further consolidate and position Suzlon Energy Ltd as an attractive investment opportunity in India’s renewable energy market.

Suzlon Energy Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading renewable energy company specializing in wind and solar power.
Installed Renewable Capacity20.8 GW wind and solar capacity across 17 countries.
Planned ExpansionExpanding solar and wind projects across India.
Revenue Growth₹2,969 crore in Q3 FY25 (91% YoY growth).
Net Profit₹388 crore in Q3 FY25 (91% YoY increase).
Order Book5.5 GW, with 80% from Commercial & Industrial (C&I) and PSU customers.
Key ProjectsLarge-scale hybrid wind-solar farms across India.
Sustainability GoalFocused on increasing renewable energy share.
Investment PotentialStrong financial growth and expanding solar capacity make it a key player.

5.SJVN Ltd

SJVN Ltd, which is a government owned company, is actively working on capturing the solar energy market in India. In March 2024, the company’s subsidiary SJVN Green Energy Ltd (SGEL) won solar power projects in Maharashtra cumulatively amounting to 1,352 MW for an investment of nearly ₹7,436 crores.

Furthermore, SGEL won a 100 MW solar project in December 2023 for ₹550 crores through an e-reverse auction held by Gujarat Urja Vikas Nigam.

SJVN Ltd

These projects are in alignment with the company’s goals of achieving 24500 MW in 2030 and 50000 MW by 2040, which makes investment in SJVN a lucrative opportunity in renewable energy sources in India.

SJVN Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewState-owned renewable energy company with a focus on solar and hydro power.
Installed Renewable Capacity2 GW, including solar and hydro projects.
Planned ExpansionTargeting 25 GW capacity by 2030 and 50 GW by 2040.
Recent ProjectsSecured 1,352 MW solar projects in Maharashtra (₹7,436 crore investment).
Revenue Growth₹3,299 crore in FY24 (YoY growth of 18%).
Net Profit₹1,359 crore in FY24 (37% YoY increase).
Key Solar Projects100 MW solar project in Gujarat (₹550 crore investment).
Sustainability GoalAccelerating renewable energy adoption to reduce carbon footprint.
Investment PotentialStrong government backing and large-scale solar expansion plans.

6.Waaree Renewable Technologies Ltd

​The Waaree Group’s solar EPC division, Waaree Renewable Technologies Ltd, is a major player in India’s renewable energy industry, and it’s growth has been impressive.

The company recorded its highest ever quarterly revenue of ₹524.47 crores in Q2 FY2025 which bottoms out to a 249.5% increase year on year, with a net profit of ₹53.52 crores.

Waaree Renewable Technologies Ltd

Waaree’s consolidated revenue for the nine months ending December 31, 2024, was ₹1,121.17 crores which is an 85.87% year on year growth, while the profit after tax figure stood at ₹135.16 crores.

With an unexecuted order book of 3.4 GWp and plans to bid for 23.37 GWp of upcoming projects, Waaree sets its target to help India reach its renewable energy goals.

Waaree Renewable Technologies Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading solar EPC company under the Waaree Group.
Installed Solar CapacityOver 3.4 GWp of unexecuted solar projects in India.
Planned ExpansionBidding for 23.37 GWp of upcoming solar projects.
Revenue Growth₹1,121 crore in 9M FY24 (85.87% YoY growth).
Net Profit₹135.16 crore in 9M FY24.
Recent ProjectsExecuting large-scale solar farms across India.
Manufacturing CapacitySolar module manufacturing unit with significant capacity.
Sustainability GoalFocus on expanding solar infrastructure and clean energy adoption.
Investment PotentialRapid growth and large-scale project pipeline make it a strong solar stock.

7.KPI Green Energy Ltd

KPI Green Energy Ltd, a renewable energy developer from Gujarat, India, has already made a name for itself in the country’s solar industry.

The company has put into operation over 533 MWs of cumulative capacity, and currently manages Gujarat’s largest private solar park.

KPI Green Energy Ltd

Additionally, KPI Green Energy is developed a 200 MW (240 MW dc) solar project in Khavda Gujarat, and hopes to have it finished before the commercially scheduled operation date of May to November in 2025.

These efforts highlight KPI Green Energy’s future focused outlook and India’s drive towards enhancing renewable energy sources.

KPI Green Energy Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewGujarat-based renewable energy company specializing in solar power generation.
Installed Solar CapacityOver 533 MW of cumulative capacity.
Planned ExpansionDeveloping a 200 MW (240 MW DC) solar project in Khavda, Gujarat.
Revenue Growth₹722 crore in FY24 (YoY growth of 55%).
Net Profit₹113 crore in FY24 (YoY increase of 60%).
Order BookSignificant pipeline of solar projects under development.
Key ProjectsLarge-scale solar farms for Commercial & Industrial (C&I) clients.
Sustainability GoalExpanding solar infrastructure to promote clean energy.
Investment PotentialStrong financial growth and expanding solar capacity make it a key player.

8.Borosil Renewables Ltd

Borosil Renewables Ltd, a leader in solar glass production, has increased its capacity drastically. Starting in January 2023, the company started trial production at its third solar glass furnace, bringing its solar glass manufacturing capacity in India to 1000 tons per day (tpd).

This output alone is enough to provide glass for around 6 gigawatts (GW’s) of solar modules per year. Furthermore, Borosil purchased Interfloat Group, which is Europe’s largest solar glass producer, adding 300 tpd of capacity in Germany.

Borosil Renewables Ltd

With plans to invest ₹1,500 crore over the next two years to further expand capacity, Borosil is set to provide glass for 15GW of solar modules in India by the financial year ’25. These efforts will enable Borosil Renewables to compete aggressively in India’s renewable energy market.

Borosil Renewables Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewIndia’s largest solar glass manufacturer.
Production Capacity1,000 tons per day (tpd) in India, supplying glass for ~6 GW of solar modules annually.
Planned ExpansionInvesting ₹1,500 crore to increase capacity to supply 15 GW by FY25.
Revenue Growth₹1,512 crore in FY24 (YoY growth of 70%).
Net Profit₹365 crore in FY24 (YoY increase of 58%).
Recent AcquisitionAcquired Interfloat Group (Europe’s largest solar glass maker) with 300 tpd capacity.
Key MarketsIndia, Europe, and international solar module manufacturers.
Sustainability GoalSupporting solar infrastructure growth through sustainable glass production.
Investment PotentialStrong market position with expansion plans makes it a key solar stock.

9.Sterling and Wilson Renewable Energy Ltd

​Sterling and Wilson Renewable Energy Ltd (SWREL) has placed itself among the leading solar EPC providers in India.

In December 2024, the company won a contract for a 500MW capacity (AC) solar PV plant in Gujarat, which includes design, engineering, procurement (except PV modules), construction works, and a contract for three years of operations and maintenance services, for ₹1,200 crore.

Sterling and Wilson Renewable Energy Ltd

Earlier, in September 2024, SWREL received two domestic solar EPC contracts from private sector power generators, one for 250MW fully-DC in Gujarat and the other for 65MW fully-DC in Maharashtra, which together total 315MWp.

With these achievements, it is clear that SWREL will continue to be one of the key enablers in the development of renewable energy infrastructure in the country.

Sterling and Wilson Renewable Energy Ltd – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading solar EPC (Engineering, Procurement, and Construction) company in India.
Installed Solar CapacityOver 14 GW of solar EPC projects globally.
Planned ExpansionSecured large-scale solar projects across India.
Revenue Growth₹5,520 crore in FY24 (YoY growth of 25%).
Net Profit₹210 crore in FY24 (YoY increase of 35%).
Recent Projects₹1,200 crore contract for a 500 MW solar PV plant in Gujarat.
Order BookStrong pipeline of domestic and international solar projects.
Sustainability GoalExpanding solar capacity to promote renewable energy adoption.
Investment PotentialLarge-scale project wins and financial growth make it a key solar stock.

10.Vikram Solar

Vikram Solar, based in India, is one of the largest manufacturers of solar PV (Photovoltaic) modules. Vikram Solar has shown outstanding growth in the renewable energy space.

The company plans to set an IPO (Initial Public Offering) that will help raise ₹1,500 crores, as stated in DRHP (Draft Red Herring Prospectus) filed to SEBI in October 2024.

Vikram Solar

The funds raised will be utilized in expanding other capacities as well as in setting up a new facility that has the potential of producing 3000 MW of solar cells and modules.

Vikram solar also has an order book of roughly ₹10,000 crores as of June 2024. At these levels, Vikram Solar’s strategic objectives will make him a strong contender in India’s renewable energy economy.

Vikram Solar – Best Solar Stocks in India: Key Details

Key DetailInformation
Company OverviewLeading solar module manufacturer and EPC service provider in India.
Manufacturing Capacity3.5 GW of solar module production capacity.
Planned ExpansionSetting up a 3 GW solar cell and module facility with ₹1,500 crore IPO funds.
Revenue Growth₹4,000 crore in FY24 (YoY growth of 42%).
Net Profit₹220 crore in FY24 (YoY increase of 40%).
Order Book₹10,000 crore as of June 2024.
Key ProjectsLarge-scale solar farms and rooftop installations across India.
Sustainability GoalExpanding solar infrastructure to promote clean energy.
Investment PotentialStrong growth, large order book, and expansion plans make it a key solar stock.

Conclusion

To conclude, India’s solar sector is thriving with the leading stocks, Adani Green, Tata Power, JSW Energy, and Suzon, at the forefront.

These companies are strategically positioned for robust growth due to high capital projects, increasing revenue, and expansion of capacity.

Investing in these solar stocks gives a chance to benefit from India’s renewable energy revolution which makes them appealing for a long-term investment.