Best Solar Stocks in India to invest in 2024

India has been struggling with insufficient energy for its factories and businesses, relying heavily on risky fossil fuels from other countries. However, due to climate change and the government's commitment to reducing carbon emissions, India must adopt renewable energy sources like solar power. With India's abundant sun, it can generate 5000 trillion units of energy annually. As other advanced countries are already using solar power, investors are increasingly investing in companies that produce solar panels and other renewable energy products in India. This investment supports India's commitment to clean energy and encourages people to buy shares in these companies to support clean energy in the country. Let’s look into some of the best solar stocks in India.

What are Solar Energy Stocks in India?

Solar energy stocks in India are shares or investments in companies involved in the production, installation, or distribution of solar energy products and services. The solar energy sector in India has experienced significant growth and development, driven by factors such as increasing environmental awareness, government incentives, technological advancements, and declining costs of solar energy systems. Companies involved in solar energy stocks typically manufacture solar panels, inverters, and other components used in solar energy systems, and may also provide services such as installation, maintenance, and monitoring for both industrial and residential customers.

Investing in solar energy stocks offers several benefits, including supporting the transition to clean and sustainable energy sources, supporting environmental conservation efforts, and diversifying an investment portfolio. Overall, solar energy stocks in India provide an opportunity for investors to align their financial goals with environmental values and potentially benefit from the growth and expansion of the renewable energy sector.

Popular Indian Solar Stocks to invest in 2024

Below is the table with the solar company share price list in India that are worth investing in 2024:

Note: This list of solar energy stocks contains data updated as of March 2024. However, it's important to conduct thorough research before making any investment decisions in these stocks.

An overview of the Best Solar Energy Stocks in India -

The top solar energy stocks in India, including three top companies or solar penny stocks, are listed in the stock market. These companies are renowned for their innovative and sustainable practices.

Adani Green Energy Ltd:

It is a leading Indian renewable energy corporation, focused on developing, constructing, operating, and maintaining renewable power projects, including solar and wind energy initiatives. 

Borosil Renewables Ltd:

It was formerly known as Borosil Glass Works Limited rebranded in 2020 and primarily focuses on acquiring industrial and engineering operations, highlighting its prominence in the renewable energy sector.

Gensol Engineering Ltd:

It was established in 2012 as 'Gensol Engineering Private Limited', and transitioned into a public limited company in 2019, specializing in engineering services, with Anmol Singh Jaggi and Puneet Singh Jaggi as promoters.

Insolation Energy Ltd: 

It was established in 2015 and transitioned from a Private Limited to a Public Limited in 2021. Located in Jaipur, Rajasthan, the company changed its name to Insolation Energy Limited in 2022, showcasing its growth in the renewable energy sector.

JSW Energy Ltd:

It is a subsidiary of the JSW Group and operates in various energy sectors including thermal, wind, hydro, and solar power. It manages transmission lines and holds lignite mining capacity.

KPI Green Energy:

It was founded in 2008. It specialises in solar power generation under the brand "Solarism" and serves as an Independent Power Producer and service provider to Captive Power Producer customers in India.

NHPC Ltd:

It is a hydroelectric power generation specialist, that operates and constructs power plants, including run-of-the-river and storage-based projects, demonstrating its commitment to sustainable energy practices.

NTPC Ltd:

India's largest power utility company focuses on bulk power generation and aims to achieve a 130 GW installed capacity by 2032. Integrating advanced technology into its plants, NTPC continues to lead the way in the nation’s energy transition.

Reliance Industries Ltd:

It is a prominent private sector entity in India, and boasts diversified manufacturing facilities across the country, highlighting its commitment to industrial innovation and development.

Sterling and Wilson Renewable Energy Ltd:

This company is included in the solar energy stocks list which has made significant strides in the renewable energy sector since absorbing the Solar EPC Division of Sterling and Wilson Private Limited in 2018, formerly Sterling and Wilson Solar Limited, becoming a key player in the solar energy domain.

Why invest in Solar Energy Stocks?

Investing in the best solar stocks in India is a wise move as the country's solar sector is on the rise. With 125 GW of solar capacity installed, India plans to reach 450 GW by 2030, potentially powering 90 crore homes by 2030. The growth of solar stocks in India is expected to increase the market by 3.5 times, making India the third-largest solar market globally after China and Europe. The abundance of sunlight in India and the potential for exporting solar energy contribute to the positive outlook for the solar sector. 

The government is actively supporting the growth of the solar sector through incentives, subsidies, and policies aimed at boosting solar energy adoption. This presents an opportunity to capitalize on the growing demand for clean and renewable energy, with strong government support and favourable market conditions offering substantial growth and returns on investment.

How to invest in Solar Energy Stocks via BlinkX?

Investing in the best solar stocks in India can be done through stocks, mutual funds, and ETFs. By selecting renewable energy as the sector, you can generate a potential solar energy stocks list and customize your search by considering factors like net income and total debt. Conducting thorough individual evaluations using resources like BlinkX can provide insights into past performance and prospects of each stock. 

Alternatively, if you prefer investing in mutual funds or ETFs, explore options that focus on the solar stocks sector and conduct a detailed evaluation of these funds, considering factors such as investment objectives, past performance, expense ratios, and portfolio composition. By doing thorough research and due diligence, you can make informed choices that align with your financial objectives and make informed decisions in the solar stocks sector in India.

Factors to consider before investing in Solar industries 

To make a wise investment in solar industry shares in India, consider factors such as the performance of these shares and the current status of top solar stocks. Here are some things to think about before investing in solar energy stocks in India:

• The success of the Solar industry: Government policies and incentives can significantly impact the success of solar industry shares, as they facilitate the growth of companies producing solar equipment and increase the value of solar company shares. 
• Diversify investment: Diversifying your investments, including solar energy stocks, is crucial for a balanced financial picture. This helps to assess the impact of these investments on your overall portfolio. 
• Government influence:  The global economy can significantly influence the solar industry, as the COVID-19 pandemic disrupted global supply chains, affecting the availability of materials for solar energy equipment and subsequently affecting the prices of solar energy stocks in India.
• Affecting solar stock prices: The solar industry in India faces competition from traditional energy sources like coal, oil, and gas, which are still widely used, potentially impacting changes in solar energy stock prices.
• To make an informed investment decision in solar energy stocks in India, it's crucial to conduct thorough research and carefully consider all factors before investing.

Conclusion

India's transition towards sustainable energy sources presents a lucrative opportunity for investors to invest in solar energy stocks. The country's abundant sunlight and favourable government policies make the solar sector a promising investment avenue. Supporting companies involved in solar energy production not only benefits investors financially but also contributes to India's clean energy goals and environmental sustainability. This aligns with both financial objectives and environmental values, making it a wise and impactful investment choice in the future. Experience the fastest online trading app, It is an Indian trading app with zero brokerage fees.