India’s solar energy sector has been on a remarkable growth path in recent years. With increasing demand for clean energy and strong government support, solar power is quickly becoming one of the key pillars of India’s energy landscape. As an investor, this opens up exciting opportunities to ride the wave of this renewable energy boom.
But with so many companies entering the market, how do you pick the right ones? In this blog, we’ll help you uncover the best solar energy stocks in India for 2024, highlighting the top players and even some hidden gems like penny stocks.
As India's solar energy sector continues to surge, investors are eager to tap into the top-performing stocks with strong growth potential. Below is a list of the best solar energy stocks in India for 2024, showcasing companies with solid fundamentals and impressive returns over the past three years.
| Best Solar Energy Stocks in India | 3-Year Returns (%) |
|---|---|
| 1. Waaree Renewables Ltd. | 4871.41 |
| 2. KPI Green Energy Ltd | 3439.24 |
| 3. SJVN Ltd | 322.47 |
| 4. NTPC | 183.97 |
| 5. Australian Premium Solar | 151.98 |
| 6. Tata Power Company Ltd | 106.85 |
| 7. JSW Energy Ltd | 74.95 |
| 8. Adani Green Energy Ltd. | 45.13 |
| 9. Gensol Engineering Ltd | - |
| 10. Premier Energies Ltd | - |
These top 10 solar energy stocks offer a combination of strong past performance and exciting future growth potential, making them great candidates for your investment portfolio in 2024.
India’s solar energy sector is shining bright, with the country emerging as one of the global leaders in renewable energy. India generates around 5,000 trillion kWh of solar energy annually, with most regions receiving 4-7 kWh per square meter daily. This makes India an ideal location for solar power generation on both large and small scales.
Key numbers driving the solar energy boom in India:
GW stands for Gigawatt, which is just a way to measure large amounts of power. 1 GW equals 1,000 megawatts (MW), and 1 MW is enough to power about 1,000 homes for a year
The government has played a critical role in this growth, launching schemes like the Production Linked Incentive (PLI) and the Solar Park Scheme, which aim to boost domestic manufacturing and develop large-scale solar projects. Additionally, solar energy makes a real difference in rural India by providing clean, decentralised energy to millions of households, reducing dependency on traditional energy sources.
Below is an overview of the best solar energy stocks in India for 2024, focusing on their key areas of specialization. Each stock's Current Market Price (CMP), Market Cap, ROCE, PE ratio, and past returns (1 year, 3 years, and 5 years).
Waaree Renewables is one of the best solar energy stocks in india, it is an leading solar power producer in India, known for its strong presence in both solar module manufacturing and EPC services. The company focuses on large-scale solar energy projects and is positioned as a key player in India's growing renewable energy space.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 574.86 | 4871.41 | 61065.52 |
KPI Green Energy specializes in solar power generation through both captive and Independent Power Producer (IPP) models. With a robust portfolio of solar projects, the company has established itself as a reliable player in the solar infrastructure space, catering to industrial and commercial clients.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 189.75 | 3439.24 | NA |
SJVN is also one of the best solar energy stocks in india, it is a government-backed company with a diversified portfolio in hydro, thermal, and solar power generation. The company has been expanding aggressively into solar energy and has several projects in the pipeline, contributing to its long-term growth strategy.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 57.9 | 322.47 | 387.86 |
NTPC, India’s largest power conglomerate, has been increasingly investing in solar energy as part of its diversification into renewables. With large-scale solar projects and a focus on energy transition, NTPC is set to be a major player in the solar energy market.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 74.27 | 183.97 | 261.37 |
Australian Premium Solar, although not as widely recognized as some of the bigger players, has made significant inroads into the Indian solar market with its high-efficiency solar modules and products. The company is known for its innovation in solar technology.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 151.98 | NA | NA |
Tata Power is a household name in India’s energy sector, with a significant focus on renewable energy, especially solar. The company is heavily involved in solar rooftop solutions, solar pumps, and utility-scale solar projects, making it a major force in the sector.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 80.71 | 106.85 | 692.51 |
JSW Energy has shifted its focus from traditional power generation to renewable energy, with solar playing a critical role. The company is aggressively expanding its solar portfolio and is on track to become a leading renewable energy provider in the country.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 71.81 | 74.95 | 965.38 |
Adani Green Energy is one of the best solar energy stocks in india and also one of largest renewable energy companies in India, specializing in solar and wind power. The company is renowned for its massive solar power plants and ambitious growth targets, positioning itself as a dominant player in the global green energy landscape.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 86.52 | 45.13 | 2081.99 |
Gensol Engineering offers a range of services, from solar power project consultancy to operations and maintenance. Its expertise in the EPC space has made it a go-to partner for many large solar installations in India,
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| 4.59 | NA | NA |
Premier Energies is a well-established solar cell and module manufacturer in India. The company focuses on delivering high-quality products and has expanded its production capacity to meet the growing demand for solar installations in both the domestic and international markets.
Returns:
| 1Y Return (%) | 3Y Return (%) | 5Y Return (%) |
|---|---|---|
| Listed on 3Sept | Listed on 3Sept | Listed on 3Sept |
For investors seeking high-growth opportunities at a lower entry cost, penny stocks in solar energy in India offer an exciting pathway. While these stocks come with higher risk, they provide access to the booming solar sector without a large initial investment. Below is a list of solar energy penny stocks in India for 2024, showcasing their current market price and 3-year returns.
| Best Penny Stocks in Solar Energy | CMP | 3-Year Returns (%) |
|---|---|---|
| HS India | 17.05 | 166.41 |
| Orient Tradelink Ltd | 15.20 | 143.2 |
| La tim Metal | 15.70 | 95.52 |
| La Tim Metal | 51.82 | 43.94 |
| Syncom Formulations | 21.24 | NA |
Solar energy stocks refer to the shares of companies involved in the solar energy sector, including manufacturers of solar panels, operators of solar power plants, and firms developing solar technologies. These stocks allow investors to tap into India's rapidly growing renewable energy industry. With solar energy being one of the cleanest and most abundant energy sources, companies in this sector are becoming increasingly attractive to investors looking for sustainable, long-term growth opportunities.
In India, solar energy stocks have gained significant attention due to the country’s ambitious renewable energy targets and government policies promoting green energy. By investing in these stocks, you’re betting on the future growth of solar power and its role in transforming India’s energy landscape.
India's National Stock Exchange (NSE) is home to several major players in the solar energy sector. Here are some key features to look for when evaluating the best solar energy stocks NSE:
Here’s a quick guide to getting started with solar stocks:
The Union Budget 2024-25 introduced key measures likely to boost India’s solar sector:
These initiatives advance India’s 500 GW renewable energy goal by 2030 and strengthen the solar industry’s foundation, offering new investment opportunities.
While solar energy stocks in India have growth potential, there are several risks to keep in mind:
Here’s a quick guide to picking top solar energy stocks in India:
Investing in the best solar energy stocks in India offers a unique opportunity to benefit from the country's rapid shift toward renewable energy. With strong government backing, increasing household adoption, and technological advancements, the solar sector is positioned for significant growth. However, as with any investment, it’s essential to thoroughly research and understand the potential risks, especially when exploring options like solar penny stocks. India’s solar energy market is not just a chance for profit—it’s a chance to support sustainable development.
The best solar energy stocks to buy in India are Waaree Renewables, KPI Green Energy, SJVN, Adani Green Energy and Tata Power which have shown strong performance and have solid growth prospects, making them popular choices for long-term investors.
Yes, solar power investment in India is considered promising due to the government’s aggressive renewable energy targets and rising demand for clean energy. However, like all investments, it comes with risks, so research and diversification are key.
Penny stocks in solar energy can be highly volatile, with risks including market instability, limited financial transparency, and potential regulatory changes. While they offer high-reward potential, they are best suited for risk-tolerant investors.
Solar energy stocks in India can be profitable, especially as the sector grows with government support and increasing energy demand. However, profitability varies, and factors like company performance, market conditions, and policy shifts can impact returns.
When choosing solar energy stocks, consider financial health, project pipeline, government support, and the company's innovation efforts. Established market leaders with diversified projects often offer more stability.
You can invest in solar stocks even with a small budget by exploring penny stocks or fractional shares. However, smaller investments in high-risk stocks should be approached cautiously.
The Union Budget can significantly influence solar stocks by introducing incentives, subsidies, or tax exemptions that benefit solar companies. For instance, the 2024-25 budget included measures to support rooftop solar adoption and local manufacturing, boosting the sector's growth potential.
Disclaimer: This article is intended for educational purposes only. Please note that the data related to the mentioned companies may change over time. The securities referenced are provided as examples and should not be considered as recommendations.
