Solar Stocks in India to Invest in 2024

In India, the solar energy sector is emerging as a major player in the campaign for cleaner and greener power solutions. For investors in 2024, solar stocks present a great opportunity amidst growing environmental concerns and increasing demand for renewable energy. The solar industry has an investment potential of Rs 2,94,000 crores by 2030. India's solar energy market generated a revenue of USD 10.4 billion in 2023. The solar energy industry in India is expected to develop at a 13.4% CAGR between 2024 and 2030. By 2030, India's solar energy business will be worth USD 24.9 billion. In this blog, we will explore solar stocks in India that may be best for your portfolio, based on their PE ratio, the key factors influencing the industry, and provide insights to help you make informed investment decisions.
 

What are Solar Energy Stocks in India

Solar energy stocks in India are shares or investments in companies involved in producing, installing, or distributing solar energy products and services. The sector has grown significantly due to environmental awareness, government incentives, technological advancements, and decreasing costs. These stocks typically manufacture solar panels, inverters, and provide services for industrial and residential customers. Investing in solar energy stocks supports the transition to clean energy, supports environmental conservation, and diversifies investment portfolios.
 

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List of Solar Stocks in 2024

Disclaimer: The information provided on the above stocks is for informational purposes only. It is crucial to conduct thorough research before making any investment decisions regarding these stocks. We do not recommend trading any stocks without comprehensive research and professional financial advice. Always consult with a certified financial advisor to ensure informed and appropriate investment choices.
 

An Overview of the Solar Energy Stocks in India

Here is an overview of solar energy stocks in India:

1. KPI Green Energy Ltd

• KPI Green Energy Ltd was established in 2008.
• The company is primarily involved in the generation of solar power and operates in the renewable energy sector. 
• KPI Green Energy has shown strong financial growth, driven by the increasing demand for renewable energy in India. 
• KPI Green Energy aims to expand its solar power capacity and become a leading player in the renewable energy sector, contributing to India's transition to sustainable energy solutions.

Get more details about KPI Green Energy Ltd share price today here.

Know the KPI Green Energy Ltd share price history here.   

2. Zodiac Energy Limited 

• Zodiac Energy Limited was founded in 1999, the company operates in the renewable energy sector, primarily focusing on providing solar power solutions. 
• The company offers a range of services including the design, supply, installation, and maintenance of solar power systems for residential, commercial, and industrial clients.
• Zodiac Energy has shown steady growth in its financial performance, driven by the increasing demand for renewable energy solutions in India. The company benefits from government incentives and the rising awareness of sustainable energy practices.
• The company aims to expand its footprint in the renewable energy sector by increasing its project portfolio and contributing to India’s goals of achieving greater reliance on solar energy.

Get more details about Zodiac Energy Ltd share price today here.

Know the Zodiac Energy Ltd share price history here.
 

3. Adani Green Energy Ltd 

• Adani Green Energy Ltd was established in 2015 as part of the Adani Group.
• The company is a leading player in the renewable energy sector, focusing on the development and operation of large-scale solar and wind energy projects. 
• Adani Green Energy has one of the largest renewable energy portfolios in India, with projects across various states.
• Adani Green Energy has shown impressive financial performance, with rapid growth in revenue and profitability. 
• The company aims to achieve significant growth in renewable energy capacity, targeting 45 GW by 2030, and become one of the largest renewable energy companies globally, contributing to India's clean energy goals.

Get more details about Adani Green Energy Ltd share price today here.

Know the Adani Green Energy Ltd share price history here. 
 

4. Suzlon Energy Ltd

• Suzlon Energy Ltd was established in 1995.
• Suzlon is one of India's leading wind energy companies, involved in the design, development, and maintenance of wind turbine generators. The company also provides end-to-end solutions for wind energy projects, including engineering, procurement, and construction (EPC) services.
• Suzlon has faced financial challenges in recent years, including debt restructuring. However, the company remains a key player in India's wind energy sector, with a focus on improving its financial health through operational efficiencies and strategic partnerships.
• Suzlon aims to stabilize its financial position, enhance its technological capabilities, and expand its presence in the renewable energy sector, particularly in wind energy, both in India and globally.

Get more details about Suzlon Energy Ltd share price today here.

Know the Suzlon Energy Ltd share price history here. 
 

5. Jaiprakash Power Ventures Ltd

• Jaiprakash Power Ventures Ltd was established in 1994 as part of the Jaypee Group.
• The company operates in the power generation sector, with a diversified portfolio that includes hydroelectric, thermal, and solar power projects. It is involved in the development, ownership, and operation of power plants in India.
• Jaiprakash Power Ventures has faced financial difficulties, including high debt levels. The company is working on restructuring its finances and focusing on optimizing its operations to improve profitability.
• The company aims to stabilize its financial position, reduce debt, and continue to develop its power generation capacity, with a focus on sustainable and efficient energy production.

Get more details about Jaiprakash Power Ventures Ltd share price today here.

Know the Jaiprakash Power Ventures Ltd share price history here. 

6. Orient Green Power Company Ltd

• Orient Green Power Company Ltd was established in 2006.
• The company operates in the renewable energy sector, with a focus on wind and biomass power generation. It develops, owns, and operates renewable energy projects across various states in India.
• Orient Green Power has experienced moderate financial performance, with efforts focused on expanding its renewable energy capacity and improving operational efficiencies. The company is working to increase its revenue base and profitability by enhancing its project portfolio.
• The company aims to expand its renewable energy portfolio, particularly in wind and biomass, and contribute to India's renewable energy targets, while improving its financial performance and operational efficiency.

Get more details about Orient Green Power Company Ltd share price today here.

Know the Orient Green Power Company Ltd share price history here. 

7. Rec Ltd

• Founded in 1969, REC Ltd is a public sector enterprise under the Ministry of Power, Government of India. 
• It provides financial assistance to state electricity boards, rural electric cooperatives, and other organizations involved in power generation, transmission, and distribution. REC plays a crucial role in funding infrastructure projects that improve rural electrification and strengthen India’s power sector.
• REC Ltd has shown strong financial performance, marked by consistent revenue growth and profitability. 
• Its robust financial position is supported by a diversified portfolio of projects and a stable source of income from lending activities.

Get more details about REC Ltd share price today here.

Know the REC Ltd share price history here. 

8. SJVN Ltd

• SJVN Ltd was established in 1988 as a joint venture between the Government of India and the Government of Himachal Pradesh.
• SJVN operates primarily in the hydroelectric power sector, with several large hydro projects in India and neighbouring countries. The company is also expanding into solar and wind energy, aiming to diversify its energy portfolio.
• SJVN has demonstrated strong financial performance, with stable revenue and profitability supported by long-term power purchase agreements and government backing. The company has been steadily expanding its renewable energy capacity.
• SJVN aims to increase its power generation capacity to 25 GW by 2040, with a focus on renewable energy sources, including hydro, solar, and wind, and to become a leading energy company in South Asia.

Get more details about SJVN Ltd share price today here.

Know the SJVN Ltd share price history here.

9. NHPC Ltd 

• NHPC Ltd was established in 1975 as a government-owned corporation.
• NHPC is a major player in the hydroelectric power sector in India, involved in the development, construction, and operation of hydroelectric projects. The company also has plans to diversify into solar and wind energy.
• NHPC has maintained a solid financial performance, benefiting from its large-scale hydro projects and government support. The company continues to invest in new projects and expand its capacity.
• NHPC aims to increase its installed capacity, with a target of 13 GW by 2025, and to diversify into other renewable energy sources to contribute to India’s energy security and sustainable development goals.

Get more details about NHPC Ltd share price today here.

Know the NHPC Ltd share price history here.

10. NTPC Ltd 

• NTPC Ltd was established in 1975 as a public sector undertaking under the Government of India.
• NTPC is India’s largest power generation company, with a diversified portfolio that includes coal, gas, hydro, and renewable energy projects. The company is also involved in consultancy, project management, and power trading.
• NTPC has consistently delivered strong financial performance, with robust revenue and profitability driven by its large-scale operations and strategic investments in renewable energy.
• NTPC aims to become a global leader in power generation, with a target to achieve 130 GW of capacity by 2032, including a significant share from renewable energy sources. 

Get more details about NTPC Ltd share price today here.

Know the NTPC Ltd share price history here.  

How to Invest in Solar Energy Stocks via BlinkX?

Here's a step-by-step guide to investing in Solar Energy Stocks via BlinkX:

• Open a Demat Account: Create a brokerage account with BlinkX and get access to a variety of stocks, and research tools.
• Conduct Research: Conduct your research on various solar energy companies listed on the BlinkX app. You can evaluate their financial performance, market standing, growth prospects, and any recent developments or news. 
• Place your Orders: Once the stock has been selected, you can place order by using the BlinkX platform. You need to specify the number of shares you want in your portfolio and the desired buying price.
• Monitor Your Investments: Regularly check for updates about your solar energy stock investment, as this could impact the companies or the solar energy sector as a whole.
• Explore Diversification: You can reduce risk by diversifying your investments across multiple stocks or other segments. 
  
   

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:

1. 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. 
2. 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.  
3. 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.
4. 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 favorable 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, an Indian trading app with zero brokerage fees.