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
| Company | Key Points |
|---|---|
| Adani Green Energy Ltd | Leading renewable energy company in India; large-scale solar and wind projects. |
| Tata Power Company Ltd | Diversified energy portfolio; major player in solar rooftop and EPC services. |
| JSW Energy Ltd | Expanding into renewables; strong focus on solar and wind capacity. |
| Suzlon Energy Ltd | Key wind energy player; expanding into solar projects. |
| SJVN Ltd | Government-backed company; investing in solar, wind, and hydro power. |
| Waaree Renewable Technologies Ltd | Leading solar panel manufacturer; expanding into EPC and solar solutions. |
| KPI Green Energy Ltd | Solar power generation and EPC services; focuses on C&I solar installations. |
| Borosil Renewables Ltd | India’s largest solar glass manufacturer; key supplier for solar panel makers. |
| Sterling and Wilson Renewable Energy Ltd | Major solar EPC company; part of the Shapoorji Pallonji Group. |
| Vikram Solar | Leading 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.
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 Detail | Information |
|---|---|
| Company Overview | Leading renewable energy company in India, focusing on solar and wind power generation. |
| Installed Capacity | Over 10.9 GW of operational renewable energy capacity. |
| Planned Expansion | Targeting 45 GW of renewable energy capacity by 2030. |
| Major Projects | 30 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 Position | One of the largest renewable energy companies in India. |
| Investment Potential | Strong 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.
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 Detail | Information |
|---|---|
| Company Overview | Leading integrated power company with a strong focus on solar energy. |
| Installed Solar Capacity | 4.2 GW operational renewable capacity, including solar and wind. |
| Planned Expansion | Targeting 10 GW renewable energy capacity by 2027. |
| Solar Rooftop Projects | Over 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 Plant | 4.3 GW solar cell and module factory in Tamil Nadu. |
| Sustainability Goal | Aiming for carbon neutrality by 2045. |
| Investment Potential | Strong 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.
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 Detail | Information |
|---|---|
| Company Overview | Leading power company expanding into renewable energy, including solar. |
| Installed Renewable Capacity | 7.2 GW, including solar, wind, and hydro projects. |
| Planned Expansion | Targeting 20 GW renewable capacity by 2030. |
| Recent Acquisition | Purchased 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 Projects | Large-scale solar farms in Maharashtra and Rajasthan. |
| Sustainability Goal | Aiming for net-zero emissions by 2050. |
| Investment Potential | Strong 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.
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 Detail | Information |
|---|---|
| Company Overview | Leading renewable energy company specializing in wind and solar power. |
| Installed Renewable Capacity | 20.8 GW wind and solar capacity across 17 countries. |
| Planned Expansion | Expanding 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 Book | 5.5 GW, with 80% from Commercial & Industrial (C&I) and PSU customers. |
| Key Projects | Large-scale hybrid wind-solar farms across India. |
| Sustainability Goal | Focused on increasing renewable energy share. |
| Investment Potential | Strong 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.
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 Detail | Information |
|---|---|
| Company Overview | State-owned renewable energy company with a focus on solar and hydro power. |
| Installed Renewable Capacity | 2 GW, including solar and hydro projects. |
| Planned Expansion | Targeting 25 GW capacity by 2030 and 50 GW by 2040. |
| Recent Projects | Secured 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 Projects | 100 MW solar project in Gujarat (₹550 crore investment). |
| Sustainability Goal | Accelerating renewable energy adoption to reduce carbon footprint. |
| Investment Potential | Strong 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’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 Detail | Information |
|---|---|
| Company Overview | Leading solar EPC company under the Waaree Group. |
| Installed Solar Capacity | Over 3.4 GWp of unexecuted solar projects in India. |
| Planned Expansion | Bidding 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 Projects | Executing large-scale solar farms across India. |
| Manufacturing Capacity | Solar module manufacturing unit with significant capacity. |
| Sustainability Goal | Focus on expanding solar infrastructure and clean energy adoption. |
| Investment Potential | Rapid 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.
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 Detail | Information |
|---|---|
| Company Overview | Gujarat-based renewable energy company specializing in solar power generation. |
| Installed Solar Capacity | Over 533 MW of cumulative capacity. |
| Planned Expansion | Developing 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 Book | Significant pipeline of solar projects under development. |
| Key Projects | Large-scale solar farms for Commercial & Industrial (C&I) clients. |
| Sustainability Goal | Expanding solar infrastructure to promote clean energy. |
| Investment Potential | Strong 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.
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 Detail | Information |
|---|---|
| Company Overview | India’s largest solar glass manufacturer. |
| Production Capacity | 1,000 tons per day (tpd) in India, supplying glass for ~6 GW of solar modules annually. |
| Planned Expansion | Investing ₹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 Acquisition | Acquired Interfloat Group (Europe’s largest solar glass maker) with 300 tpd capacity. |
| Key Markets | India, Europe, and international solar module manufacturers. |
| Sustainability Goal | Supporting solar infrastructure growth through sustainable glass production. |
| Investment Potential | Strong 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.
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 Detail | Information |
|---|---|
| Company Overview | Leading solar EPC (Engineering, Procurement, and Construction) company in India. |
| Installed Solar Capacity | Over 14 GW of solar EPC projects globally. |
| Planned Expansion | Secured 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 Book | Strong pipeline of domestic and international solar projects. |
| Sustainability Goal | Expanding solar capacity to promote renewable energy adoption. |
| Investment Potential | Large-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.
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 Detail | Information |
|---|---|
| Company Overview | Leading solar module manufacturer and EPC service provider in India. |
| Manufacturing Capacity | 3.5 GW of solar module production capacity. |
| Planned Expansion | Setting 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 Projects | Large-scale solar farms and rooftop installations across India. |
| Sustainability Goal | Expanding solar infrastructure to promote clean energy. |
| Investment Potential | Strong 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.
