With India’s renewable energy sector booming, are you bracing up to invest in green energy stocks? As the country strides towards a cleaner future, investors look for the potential of companies specializing in green energy like wind, solar power, and sustainable infrastructure.
In this blog, we have curated a list of the top six renewable energy company stocks to invest in.
Top 6 Renewable Energy Stocks to Watch
Here are the best renewable energy stocks in India to include in your portfolio.
1. Suzlon Energy
Suzlon Energy is a pioneer in the renewable energy sector in India, particularly streamlining the wind energy sector. Over the last five years, the company’s shares have recorded a 2350% growth.
The company has also managed its liabilities efficiently, achieving a debt-to-equity ratio of -120.32%, which beats the industry average of -116.72%. With governmental support for renewable initiatives and ongoing innovations in wind turbine technology, Suzlon is likely to benefit.
2. L&T
Larsen & Toubro is a key player in the sustainable energy sector, noted for its strong performance. Its renewable energy portfolio includes several projects including solar and wind energy. Bolstered by contracts from the government, the renewable energy portfolio of L&T continues to expand.
It has made significant strides in solar photovoltaic (PV) technology and established partnerships in offshore wind projects, i.e. Rs. 5000 cr deal from ONGC.
3. NTPC
Currently, NTPC is one of the largest energy conglomerates in India. Originally known for thermal power, NTPC has diversified significantly and aims to achieve 60 GW of renewable capacity by 2032.
This is a part of the ambitious goal of the country to achieve 50% non-fossil fuel capacity by 2030. In recent years, the company has taken several green energy initiatives, which include solar parks, wind farms, and hydroelectric projects.
4. Adani Green
As a part of the Adani Group, Adani Green has been a frontrunner among renewable energy companies in India. Its Kamuthi Solar Power Project is one of the largest photovoltaic solar plants globally.
The stock price of Adani Green has risen around 64% in the last four years. In FY2024, the company achieved an annual revenue growth rate of 57.31% for revenue.
5. Inox Wind
Inox Wind is a prominent player in India’s wind energy sector. It provides end-to-end wind power solutions and is known for its innovations in the renewable energy industry.
The company manufactures wind turbine generators and offers various services ranging from project development to operations and maintenance. Thanks to government incentives, the company has expanded its operations in states like Gujarat and Maharashtra significantly.
6. Waaree Renewable Technologies
Another key player in the solar power industry of India, Waaree Renewable Technologies specializes in manufacturing solar panels and EPC. The company benefits from its vertically integrated structure, as it covers every stage from production to installation. Its IPO recently made a debut with a successful subscription 79.44 times.
As the government of India focuses on expanding its solar power capacity, Waaree can benefit from the waivers on import duties and other incentives.
7. Orient Green Power
Orient Green Power Company Limited is a leading player in the renewable energy sector of India. It specializes in wind and biomass power generation. The company is planning to build a 39.6 MW solar capacity under the name of its subsidiary Delta Renewable Energy Private Limited.
Its strategic approach to renewable energy, along with its robust financial performance, makes it an attractive option for those looking to ride the growth trajectory of green energy stocks.
8. Azure Power
As an independent solar power producer in India, Azure Power Global Limited is a good bet among green energy stocks. It largely focuses on utility-scale solar projects. Currently, Azure Power has a portfolio of 4.3 GWs in renewable energy assets.
Azure Power has a proven track record of delivering efficient solar power solutions. It is driving the adoption of solar power energy in India.
9. Tata Power
Tata Power is a leading integrated company with a strong performance in the power sector in India. It is currently expanding its renewable energy portfolio. The company is gearing up to invest $9 billion in the renewable energy sector. Currently, it has a renewable energy capacity of 5GW in large projects. In the next couple of years, the company is likely to add another 5 GW capacity. Its goal is to expand its capacity to more than 20 GW by 2030.
The focus of the company presently lies on solar and wind power projects. With a strong financial position and a diversified stream of revenue, Tata Power can be a reliable investment option for long-term growth.
10. ReNew Power Private Limited
ReNew Power is a leading renewable energy player in India. The strong project pipeline of the company includes both solar and wind energy projects. With its innovation and technological advancements, it is well-positioned to capitalize on the growing demand for clean energy.
Its 39 MW solar power project in Kurnool, Andhra Pradesh generates around 70 MUs of clean power annually. It also provides electricity to 40,000 households and reduces carbon emissions by 60 MT. Other renewable energy projects of this company span throughout the country, including Madhya Pradesh and Rajasthan.
Conclusion
As the world shifts towards sustainable power, investing in renewable energy company stocks brings you growth potential. India, too, has entered a transition stage, and marches towards its green energy goals. Top green energy companies, with adequate support from the government, continue to be top picks for investors.
