Nowadays everyone is turning towards environment-friendly things, which is why the business of solar energy is growing very fast in India. By investing in this growing business, you can get good profits!

In this article, we will learn in detail about the major solar energy companies in India. We will consider their qualities, their position in the market, and their future growth prospects.

Whether you are an experienced investor looking to diversify your portfolio or a new investor eager to learn new things, these solar stocks related to solar energy stocks can prove beneficial for you.

So, let us step into the world of best solar stocks to buy in India and learn about the companies that are at the forefront of innovation, environment-friendly work, and profit-making in the stock market.

Criteria for Selecting the Best Solar Stocks in India

Here are some things to keep in mind to make a good choice:

• Revenue growth: Choose companies whose earnings are continuously growing. This means that the demand for their solar energy-related products and services is high.
• Profitability: Find out how much profit the company is making. For this, look at things like their gross margin, operating margin and net margin. If the company is continuously making profits then it is good because it shows that the company can survive for a long time.
• Market share: See how big a share this company has in the solar panel stocks market. The higher the market share, the better because it means they have a stronger position in the market and can earn more profits.
• Technological innovation: Look at how much the company is spending on R&D and whether they are trying to create new technology or not. If the company creates new technology or works to further improve solar energy, then it can benefit in the future.
• Project pipeline: Pay attention to how many new projects the company has. The more projects there are, the better because it means that the company’s income will continue to increase in the future.
• Geographic diversification: See in which countries of the world the company is operating. If the company works in many countries then it is good because it benefits them. For example, even if the rules related to solar energy change in a country or the demand there decreases, the company will not lose out on profits from other countries.
• Financial strength: Look at things like how much money the company has, how much they have borrowed, and how easily it can pay its bills. The financial condition of the company should be strong so that it can continue to operate even in difficult times and can progress in the future.
• Government regulations: See what regulations governments solar stocks in the countries where the company operates are making to promote solar energy. If governments take any steps to make solar stock energy cheaper or to provide help to companies, then the entire industry benefits from it.
• Earnings sustainability: Choose companies whose earnings are growing every year and are expected to grow in the future as well. Continuously increasing earnings indicates that the company can give good profits to its shareholders.

Top 10 Solar Stocks in India

Let’s see the top Indian Solar Stocks companies to invest in.

1. Borosil Renewables

Borosil Renewables were included in the first list of solar stocks in India. It is involved in the manufacture of high-definition glass and low-metallic solar glass for use in photovoltaic panels, flat plate collectors and greenhouses. It has grown more than 7.5 times over the past five years, from 180 tonnes per day in 2018 to 1350 tonnes per day in 2023.

Financial performance

• It has experienced impressive growth recently. Their third quarter FY24 revenue has increased by 49% year-on-year due to the new plant being commissioned in February 2023.
• Currently, Borosil Renewables solar stocks have a market cap of ₹6,278 Crore.
• The current (29 May 2024) Borosil Renewables share price is ₹481 per share.
• The highest price it reached in the recent past was ₹669 and the lowest was ₹391.
• The book value of ₹66.9 per share represents the company’s net assets per share.
• The borosil renewables solar stocks are expected to have a good quarter
• The borosil renewables solar stocks median sales growth has been 27.5% for the last 10 years

2. Waaree Renewables Technologies Ltd

Incorporated in 1999, Waaree Renewable Technologies Ltd was included in the second list of best solar stocks in India. It engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard.  Wari Energy is one of the largest vertically integrated renewable energy companies. It has India’s largest solar power plant capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat.

Financial performance

• The total market capitalization (Market Cap) of the company’s shares is Rs 22,668 crore.
• At present (29 May 2024) Waare Renewables Tech Ltd’s share price is trading at Rs 2,176.
• Recently the high price of this share has been Rs 3,038 and the low price has been Rs 164.
• The book value of ₹22.3 per share shows how much net worth the company has per share. The company is not currently providing any dividends, so the dividend yield is 0.01%.
• The wearer renewables tech solar stocks are expected to have a good quarter
• The wearer renewables tech solar stocks have delivered good profit growth of 145% CAGR over the last 5 years
• The waaree renewables solar stocks have an excellent return on equity (ROE): 3-year ROE 87.3%.

3. SJVN Ltd.

SJVN Limited is included in the third list of solar stocks to invest in. It also known as Sutlej Jal Vidyut Nigam, is a major public sector undertaking (PSU) of India engaged in the field of hydropower generation and transmission. It was established in the year 1988 as an Indo-UK joint venture with financial participation from the government of India and the government of Himachal Pradesh. Today, SJVN has emerged as a company making significant contributions to meeting India’s clean energy goals.

Financial performance

• The total market capitalization (Market Cap) of the SJVN Ltd share is Rs 54,880 crore. This means that the total value of all the issued shares of the company is ₹54,880 crore.
• At present (29 May 2024) sjvn share price nse is trading at Rs 140.
• Recently the high price of this share has been Rs 170 and the low price has been Rs 35.5.
• The P/E ratio is 61.4, which indicates that investors are willing to pay ₹61.4 for one rupee of the company’s earnings.
• Book value ₹36.5 indicates that the company has a net worth of ₹36.5 per share.
• The company also offers dividends, and the current dividend yield is 1.26%.

4. Zodiac Energy Ltd

Zodiac Energy Ltd is included in the fourth list of solar panel stocks in India. It is a leading energy solutions provider in India, specializing in power generation, particularly solar energy. Established in 1992 under the name “Zodiac Genset Pvt Ltd”, the company changed its name to “Zodiac Energy Pvt Ltd” in 2007 and eventually became publicly listed in 2017 as “Zodiac Energy Ltd.

Financial Metrics

• The current market capitalization is ₹992 crore. This means that the total value of all the issued shares of the company is ₹992 crore.
• At present one Zodiac Energy Ltd share price is currently (29 May 2024) trading at Rs 678.
• Recently the high price of this share has been Rs 695 and the low price has been Rs 99.
• The P/E ratio is 90.5, which indicates that investors are willing to pay ₹90.5 for every rupee of the company’s profit.
• The book value is ₹32.5 per share, which suggests that the company has net assets of ₹32.5 per share.

5. Synergy Green Industries Ltd

Synergy Green Industries Limited (SGIL) is included in the fifth list of solar stock companies to invest in India. It is a leading Indian company specializing in castings for wind turbines and other heavy engineering applications. Established in 2010, SGIL has carved a niche in the foundry industry, meeting the growing demand for clean energy infrastructure.

Financial Metrics

• The market capitalization of Synergy Green Industries Limited is currently ₹473 crore.
• Synergy Green Industries Ltd’s share price is currently (29 May 2024) trading at Rs 335.
• Recently the share price has been at a high of Rs 436 and a low of Rs 151.
• The P/E ratio is 40.9, which indicates that investors are ready to pay ₹40.9 for one rupee of the company’s earnings.
• The book value is ₹33.0 per share, which shows that the company has net assets of ₹33.0 per share.

6. KPI Green Energy Ltd

Established in 2008, KPI Green Energy Limited is part of the KP Group. They design, construct, own, execute and operate Renewable Power Plants (Solar and solar/wind hybrid power projects) both as an IPP and CPP/Service Provider under the brand name ‘Solarism’.

Financial Metrics

• The total market capitalization (Market Cap) of the company is ₹10,838 crore. This means that the total value of all the issued shares of the company is ₹10,838 crore.
• At present one share of the company is trading at Rs 1,798.

• The KPI green energy solar stocks have delivered good profit growth of 101% CAGR over the last 5 years
• The KPI green energy solar stocks have a good return on equity (ROE) track record: 3 Years ROE 35.4%

• Recently the high price of this share has been Rs 2,109 and the low price has been Rs 326.
• The P/E ratio of the stock is 66.9, which indicates that investors are willing to pay ₹66.9 for one rupee of the company’s earnings.
• The book value of the company is ₹139 per share, which indicates that the company has net assets of ₹139 per share.

7. BF Utilities Ltd

BF Utilities Limited has solar stocks to buy, ItF is a diversified infrastructure company based in India. The company operates primarily in the energy and infrastructure sectors, with a focus on power generation, transmission and distribution. The company operates in two sectors: wind turbines and infrastructure.

Financial Metrics

• BF Utilities Ltd.’s market capitalization is ₹ 3,470 crore.
• The current(29 May 2024) BF Utilities Ltd share price is ₹ 922,
• It is trading between a 52-week high of ₹ 1,015 and a 52-week low of ₹ 355.
• The stock’s price-to-earnings ratio (P/E) is 25.2.

• The BF utilities solar stocks have delivered good profit growth of 41.0% CAGR over the last 5 years
• The bd utilities Solar Stocks company’s working capital requirements have been reduced from 29.8 days to 11.8 days

8. CESC Ltd

CESC Limited is a leading solar stocks power sector company in India. This company works in both electricity production and distribution. They have power generated and distributed from thermal and renewable energy plants. This company supplies electricity to millions of customers in Kolkata and parts of Rajasthan. Established in 1879, the company is Kolkata’s main electricity supplier and has also been expanding its business in recent years.

Financial Metrics

• CESC Ltd solar stocks company has a market capitalization of ₹ 19,267 crore.
• The current (29 May 2024) Cesc Ltd stock price is ₹ 145.
• trading between a 52-week high of ₹ 158 and a 52-week low of ₹ 68.7.
• The stock’s price-to-earnings ratio (P/E) is 14.0,
• The book value per share is ₹ 86.3,
• The current dividend yield is 3.10%.

9. KKV Agro Powers Ltd

KKV Agro Powers Ltd is an Indian-based renewable energy production company from Coimbatore, Tamil Nadu. The company focuses on developing, owning and operating solar and wind farms to generate electricity. They have a current capacity of 10.6 megawatts (MW) spread across wind and solar power generation.

Financial Metrics

• KKV Agro Powers Ltd. has a market capitalization of ₹70.3 crore.
• The current solar stocks price is ₹1,240 per share,
• It is trading between a 52-week high of ₹1,365 and a 52-week low of ₹543.
• The solar company stock has a price-to-earnings ratio (P/E) of 56.7.
• The book value per share is ₹382,
• The KJV agro solar stocks company’s current dividend yield is 0.40%.

10. Orient Green Power Company Ltd

Orient Green Power Company Ltd is an Indian company, which was established in 2006. This company focuses on renewable energy generation through wind power plants. Their total capacity in India is 402.3 megawatts (MW) and their projects are spread across the states of Tamil Nadu, Andhra Pradesh, Gujarat and Karnataka. In addition, they also have a 10.5 MW wind farm in Croatia.

Financial Metrics

• Orient Green Power Company Ltd. has a market capitalization of ₹1,971 crore.
• The current (29 May 2024) Orient Green Power Company Ltd share price is ₹20.1,
• It is trading between a 52-week high of ₹34.6 and a 52-week low of ₹7.88.
• The Orient green power solar stocks have a price-to-earnings ratio (P/E) of 61.7.
• The book value per share is ₹8.04.

Conclusion

So overall, India has a lot of potential to generate electricity from sunlight and it can become a big hub for things running on sunlight. Experts say that as the Indian government continues to promote the best solar energy stocks list companies in the country, the share prices of these companies will also increase.

For more information on how to maximize your returns, check out our guide on investment strategies for 2024.

Disclaimer: This blog is for informational purposes only and should not be treated as financial advice. As with any investment advice, you should always consult a financial professional before investing. Investing in the stock market is subject to risks, and the information given in this blog does not guarantee future performance. It’s important to do your research and consider your personal financial goals and risk tolerance before investing in any company’s stock.

FAQs

1. What factors should I consider when evaluating solar energy stocks?

When researching solar energy stocks, pay attention to the following factors:

• Revenue Growth and Profitability: Look for companies with consistent revenue growth and healthy profits.
• Market share and geographic diversification: Companies with strong market presence and presence in multiple territories can provide stability.
• Technological innovation: Investment in research and development for new solar energy technologies can signal a commitment to future growth.
• Government Regulations: Supportive government policies for solar power can benefit the industry.

2. Are there any risks associated with investing in solar power stocks?

Yes, there are some inherent risks involved in investing in solar energy stocks, including:

• Market Volatility: Share prices may fluctuate significantly, resulting in potential losses.
• Competition: The solar industry is increasingly competitive, which can affect profit margins.
• Changes in Government Policy: Changes in government policies can impact the growth of the industry.
• Dependence on weather: Solar power production depends on sunlight, so weather patterns can affect performance.

3. Which are the best stocks for solar energy?

Some of the best options to invest in solar energy stocks in India are:

• Borosil Renewables
• Waaree Renewables Technologies Ltd
• SJVN
• Zodiac Energy Ltd
• Synergy Green Industries Ltd