List Of The Top Solar Energy Stocks In India 2024
Introduction
India’s renewable energy sector is witnessing a surge, with solar energy taking centre stage. The sector’s growth is further accelerated by the government’s supportive policies, increased environmental awareness, and falling solar panel prices.
If you want to invest and encash on the growth, you have a wide range of solar stocks to pick from. In this post, you can discover five solar energy stocks worth evaluating for your investment portfolio.
What are solar energy stocks?
Solar energy stocks refer to shares of companies that produce, install, or distribute solar energy products and services. Their product range includes solar panels, inverters, and other devices used in solar energy systems. These products capture the sun’s energy and convert it into electricity. The leading solar energy companies in India install, maintain, and monitor solar energy systems.
A list of the 5 best solar energy stocks to invest in India 2024
- Adani Green Energy Ltd.
Adani Green Energy Ltd. (AGEL) is a renewable energy company owned majorly by Adani Group, with TotalEnergies as a minority shareholder. It has its headquarters in Ahmedabad and aims to deliver a better, cleaner, and greener future to the country. AGEL’s generated electricity is supplied to government-backed corporations and central and state government entities.
As of April 29, 2024, AGEL’s NSE share price was trading at Rs. 1,806.85. Its market capitalisation was worth Rs. 2,86,210 crore. Its Trailing Twelve Months (TTM) Price-to-Earnings (PE) ratio was 196.40.
- JSW Energy Ltd.
JSW Energy Ltd. belongs to the JSW Group. It is a power company involved in the generation, transmission, and trading of power. It was founded in 1994 with the vision to become the country’s strongest full-service power company.
JSW Energy Ltd.’s NSE share trading price was Rs. 603.30 as of April 29, 2024. The company’s market capitalisation was worth Rs. 1,05,442 crore. The TTM PE ratio was 64.18.
- Zodiac Energy Ltd.
Zodiac Energy Ltd. was established in Ahmedabad on May 22, 1992, as Zodiac Genset Private Limited. The company’s name was changed to Zodiac Energy Private Limited on April 30, 2007. In 2017, it became a public limited company, with its name changed to Zodiac Energy Limited. Its service portfolio includes designing, supplying, installing, testing and commissioning (EPC) and Operation and Maintenance (O&M).
Zodiac Energy Ltd.’s NSE trading share price was Rs. 541.50 as of April 29, 2024. Its market capitalisation was worth Rs. 792 crore. The TTM PE ratio was 115.46.
- KPI Green Energy Ltd.
KPI Green Energy Ltd. is a renowned Gujarat-based solar and hybrid power generating company. It was established in February 2008 and is a subsidiary of the KP Group. It owns, develops, builds, maintains, and operates solar and hybrid power plants as a service provider and an Independent Power Producer (IPP) to Captive Power Producer (CPP). The business focuses on providing renewable power solutions to lower electricity costs.
As of April 29, 2024, KPI Green Energy Ltd.’s NSE share trading price was Rs. 1,903.55. Its market capitalisation was worth Rs. 11,475 crore. Its TTM PE ratio was 70.98.
- WAA Solar Ltd.
WAA Solar Ltd. was established on November 9, 2009. It is a subsidiary of the Madhav Corporation, an Indian conglomerate functioning in the renewable energy, real estate, and infrastructure sectors. Its operations include electric power generation, transmission, and distribution. The company’s vision focuses on building alternative energy projects and ensuring the country’s energy security.
WAA Solar Ltd’s share price on NSE as of April 29, 2024, was Rs. 186.75. Its market capitalisation was worth Rs. 247 crore. The sector PE ratio was 110.22.
Conclusion
India’s solar energy market is thriving, encouraging more investors to invest in solar energy companies. The government’s support with its multiple schemes and investments is expected to make it a more lucrative investment avenue. Financial experts expect solar energy share prices to rise in the future and give investors significant returns on their investments. So, you can evaluate the five solar energy companies mentioned above to make your investment decisions. You can also consult a trading expert and study the sector before investing.
