The solar energy industry in India is thriving, offering lucrative investment opportunities. Both seasoned investors and newcomers are flocking to solar stocks, expecting substantial returns. With support from the Indian government and multinational corporations, the solar sector promises a bright future for investors.
If you want to explore India’s leading energy sectors, look no further. Our article offers insights into both government and private energy industries. Discover India’s top 10 energy sector stocks for 2024 and key Performance.
Top 10 Solar Energy Stocks In India 2024 Lists
In 2024 We will shortlist top-rated energy Sources Company Stocks and the shortlist criteria include their overall Yearly performance and Quarter Reports.
Reliance Industries Limited
Reliance Industries Limited, led by Mukesh Ambani, stands as a prominent player in India’s private sector. The company operates across various segments, including oil refining, petrochemicals, gas, retail, and textiles.
As of 2024, Reliance Industries boasts a substantial market capitalization of $242.87 billion, marking a notable 15.49% increase from the previous year’s figures. This impressive growth solidifies its position as one of the top 10 energy sector stocks in India for 2024. It is one of the Top 10 Solar Energy Stocks In India 2024
| Current Share Price (March, 23) | 2,906.55 INR |
| Mkt cap | 19.69LCr |
| P/E ratio | 28.11 |
| 52-wk high | 3,024.90 |
| 52-wk Low | 1,995.47 |
Tata Power Company Ltd
Tata Power, a giant in India’s power sector, boasts a 14,110 MW generation capacity, with over 30% from green sources like solar and wind. Founded in 1919, it’s a pioneer in hydropower and is actively expanding its clean energy portfolio.
Beyond generation, Tata Power handles transmission, and distribution, and offers next-gen customer solutions like rooftop solar and EV charging stations.
Tata Power Company Limited stands out as a leading force in India’s energy sector, playing a pivotal role in the distribution and management of power supply across the nation. With a diverse portfolio of plants including Tata Hydro-Electric Power Supply Co. Ltd.,
The Andhra Valley Power Supply Co. Ltd., and The Tata Power Co., Ltd., the company ensure a reliable energy supply to meet the demands of India’s dynamic landscape. In 2024, Tata Power Company Limited’s market capitalization reached an impressive Rs 1.21 lakh crore.
| Current Share Price(March, 23) | 390.80 INR |
| Mkt cap | 1.25LCr |
| P/E ratio | 34.92 |
| 52-wk high | 433.30 |
| 52-wk Low | 182.35 |
Adani Green Energy
Adani Green Energy Limited (AGEL) stands as a renowned distributor in India’s power sector. Specializing in utility-scale grid-connected solar, wind, and hybrid renewable power plants,
AGEL plays a crucial role in advancing sustainable energy solutions. Under the leadership of Chairman Mr. Gautam Adani, the company continues to make significant strides in the renewable energy landscape.
Adani Green Energy Limited (AGEL) reigns supreme as India’s largest renewable energy company. Boasting an operational solar and wind portfolio exceeding 9.6 GW across 12 states, AGEL is a powerhouse in the clean energy sector.
Their vision is equally impressive, with an aggressive expansion plan targeting a staggering 45 GW by 2030, a commitment that mirrors India’s push for clean energy. Beyond solar, AGEL also delves into wind and hybrid power plants, showcasing their expertise in diverse renewable energy solutions.
Sustainability is a core principle, with AGEL offsetting over 41 million tonnes of CO2 emissions and implementing sustainable practices throughout its operations. Their recent feat of operationalizing 1 GW at the world’s largest renewable energy park in under a year underlines their exceptional execution capabilities.
With a dominant presence, ambitious goals, and a commitment to sustainability, Adani Green Energy stands out as a leader in shaping India’s solar future.
As of 2024, it is one of the Top 10 Solar Energy Stocks In India 2024.
| Current Share Price(March, 23) | 1,845.00 INR |
| Mkt cap | 2.93LCr |
| P/E ratio | 213.07 |
| 52-wk high | 2,018.95 |
| 52-wk Low | 795.60 |
Suzlon Energy Ltd
Established in 1995, Suzlon Energy Ltd (SUZLON) is a wind turbine manufacturing titan, dominating India’s renewable energy landscape with over 20 GW of wind power installations worldwide.
Their expertise extends beyond manufacturing, encompassing the entire wind farm lifecycle – from project execution to operation and maintenance. This comprehensive approach, coupled with their focus on research and development for efficient and reliable turbines, has cemented Suzlon’s position as a leader. Further solidifying their success,
they were recognized as India’s fastest-growing company in 2023. While wind remains their core strength, Suzlon is strategically diversifying. Recognizing the growing importance of solar power,
they’re venturing into the solar sector, transforming into a more comprehensive renewable energy powerhouse. This strategic shift positions Suzlon as a key player in shaping India’s transition to a clean energy future. it is one of the Top 10 Solar Energy Stocks In India 2024
| Current Share Price(March, 23) | 37.50 INR |
| Mkt cap | 50.76TCr |
| P/E ratio | 68.46 |
| 52-wk high | 50.60 |
| 52-wk Low | 6.95 |
Gas Authority of India Limited (GAIL)
Gas Authority of India Limited (GAIL) is a prominent public sector entity in India, operated by the Government of India. The energy sector in India experiences significant demand and supply dynamics, particularly in the realm of gases.
GAIL in India most likely refers to GAIL (India) Limited, the country’s largest natural gas company. Founded in 1984, it’s a major player in natural gas transmission, marketing, processing, and distribution.
They also handle liquefied petroleum gas (LPG) and petrochemicals. GAIL owns a vast network of pipelines exceeding 14,500 kilometers and plays a critical role in supplying natural gas to various industries like power and fertilizer.
While their core business is natural gas, they’ve also diversified into city gas distribution, renewable energy, and exploration & production ventures. Committed to sustainability, GAIL is actively investing in solar and wind energy projects.
As of 2024, GAIL’s market capitalization stands at Rs 118,253 crore, solidifying its position as a leading player in the Indian energy sector. It holds a prominent position among India’s top energy sector stocks for 2024. It is one of the Top 10 Solar Energy Stocks In India 2024.
| Current Share Price(March, 23) | 174.35 INR |
| Mkt cap | 1.14LCr |
| P/E ratio | 14.20 |
| 52-wk high | 196.35 |
| 52-wk Low | 101.90 |
National Thermal Power Corporation(NTPC)
The National Thermal Power Corporation (NTPC) is a significant player in India’s energy sector, operating as a public sector unit. It specializes in thermal power generation, utilizing various sources such as coal, gas, and renewable energy.
NTPC boasts an impressive power generation capacity of 73,958 MW. This translates to a significant chunk (over 25%) of India’s total power generation. While traditionally reliant on coal,
NTPC is embracing a greener future with over 3 GW of renewable energy operational and a target of reaching 50% non-fossil fuel-based capacity by 2032. Their focus extends beyond generation, offering consultancy services and managing entire power plant projects from engineering to operation. It is one of the Top 10 Solar Energy Stocks In India 2024
| Current Share Price(March, 23) | 324.00 INR |
| Mkt cap | 3.14LCr |
| P/E ratio | 16.10 |
| 52-wk high | 359.95 |
| 52-wk Low | 166.80 |
National Hydroelectric Power Corporation(NHPC)
The National Hydroelectric Power Corporation (NHPC) is a key player in India’s energy sector, operating as a public sector unit. It plays a vital role in meeting the nation’s power demands through hydroelectric projects for power generation.
the National Hydroelectric Power Corporation (NHPC) reigns supreme in India’s hydropower sector. Established in 1975, they’ve been the go-to for hydroelectric projects, managing everything from conception to operation, with a current capacity exceeding 7,000 MW.
Recognizing the shift towards a greener future, NHPC is actively diversifying its portfolio. Solar, wind, and even geothermal energy are now part of their repertoire. Backed by the Indian government’s Ministry of Power, NHPC plays a vital role in driving the nation’s commitment to renewable energy.
As of 2024, NHPC commands a market capitalization of Rs 92,163 crore, solidifying its position as a top player in the Indian energy sector. it is one of the Top 10 Solar Energy Stocks In India 2024
| Current Share Price(March, 23) | 85.20 INR |
| Mkt cap | 85.42TCr |
| P/E ratio | 23.02 |
| 52-wk high | 115.85 |
| 52-wk Low | 38.70 |
Borosil Renewables Ltd
Borosil Renewables Ltd (BORORENEW) is transforming itself into a solar energy leader. Though maintaining its heritage in scientific glassware, the focus is shifting towards solar. This makes BORORENEW a compelling option for investors seeking exposure to renewable energy.
Their strength lies in manufacturing high-quality solar glass, a vital component of solar panels. This niche expertise positions them to benefit greatly from India’s flourishing solar market.
While solar glass is their primary focus, BORORENEW’s legacy business offers stability through diversified revenue streams. The booming Indian solar sector, coupled with BORORENEW’s established capabilities, presents exciting growth potential.
it’s important to consider their mid-size position compared to solar giants, potentially leading to higher stock price fluctuations. Additionally, a growing solar glass market means stiffer competition. BORORENEW’s success hinges on maintaining its technological edge and production efficiency.
In conclusion, BORORENEW offers a unique chance to invest in the core of India’s solar energy surge. it is one of the Top 10 Solar Energy Stocks In India 2024
| Current Share Price(March, 23) | 522.50 INR |
| Mkt cap | 6.83TCr |
| P/E ratio | 604.84 |
| 52-wk high | 669.35 |
| 52-wk Low | 380.00 |
JSW Energy Limited
JSW Energy Limited is a diversified powerhouse in India’s ever-evolving energy landscape. They’re not just a one-trick pony – JSW boasts a strong presence in thermal power generation, currently exceeding 4 GW of capacity from their coal-fired plants.
However, they recognize the winds of change and are actively investing in renewable energy sources. Over 1.5 GW of solar and wind power plants are already operational, and they show no signs of slowing down their green expansion. JSW also contributes to India’s energy mix through hydropower projects.
JSW’s reach extends beyond simply producing electricity. Their expertise encompasses transmission and trading activities, ensuring efficient power delivery across the grid.
This commitment to a multifaceted approach positions JSW Energy as a key player in India’s journey towards a cleaner and more sustainable energy future. As the nation transitions towards renewables, JSW is well-positioned to adapt and thrive in the changing landscape. It is one of the Top 10 Solar Energy Stocks In India 2024
| Current Share Price(March, 23) | 514.95 INR |
| Mkt cap | 84.56TCr |
| P/E ratio | 51.51 |
| 52-wk high | 537.95 |
| 52-wk Low | 221.00 |
Indian Oil Corporation Limited (IOCL)
“Indian Oil Corporation Limited (IOCL) is a renowned Indian public sector unit company, recognized as one of the leading petroleum corporations globally. It plays a crucial role in meeting the demand for petroleum products, including petrol, within India.
“Indian Oil Corporation Limited (IOCL) is a renowned Indian public sector unit company, recognized as one of the leading petroleum corporations globally. It plays a crucial role in meeting the demand for petroleum products, including petrol, within India.
IOCL’s reach extends across the entire oil and gas value chain. They operate a vast network of 11 refineries, processing over 80 million tonnes of crude oil annually.
An intricate pipeline network ensures efficient transportation of crude oil to these refineries and finished products to consumption centers across India. Beyond refineries, IOCL has become a household name for fuel and convenience through its widespread network of petrol pumps and kiosk stores. They’re also a major player in the marketing of lubricants and other petroleum products.
Recognizing the growing importance of natural gas, IOCL actively participates in the import, storage, and marketing of Liquefied Natural Gas (LNG) within India. While its core business revolves around fossil fuels, IOCL is taking a forward-thinking approach by investing in solar power projects and exploring biofuel development. Sustainability is a key focus, with initiatives implemented to reduce emissions and conserve energy throughout their operations.
As of 2024, IOCL commands a market capitalization of Rs 247,898 crore, further solidifying its position as one of the top players in the Indian energy sector, particularly in the petroleum segment. It is one of the Top 10 Solar Energy Stocks In India 2024.
| Current Share Price(March, 23) | 165.50 INR |
| Mkt cap | 2.33LCr |
| P/E ratio | 4.85 |
| 52-wk high | 196.80 |
| 52-wk Low | 75.75 |
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Conclusion:
In conclusion, Explore will be one of the Top 10 Solar Energy Stocks In India 2024, especially in solar energy stocks. With strong government support and private sector innovation,
companies like Reliance Industries, Tata Power, and Adani Green Energy lead the charge. Investors can capitalize on this dynamic market for sustainable growth and substantial returns.
