Best Solar Energy Stocks In India – Analysis and Stock List

Best Solar Energy Stocks In India: Sun rays make solar energy bright, enabling many businesses to fuel their operations in renewable energy. With an increasing demand all over the world for clean and natural energy solutions, solar energy comes into the main picture. In this article, we shall have a look at the best solar energy stocks in India with their detailed information.

List Of Best Solar Energy Stocks In India

Best Solar Energy Stocks In India #1 – Adani Green Energy Ltd

Adani Green Energy Ltd was established in the year 2015, and then in less than 10 years the company has been able to perform well in the business and currently it holds several other subsidiaries that are carrying out their operations in power generation. The company has built an excellent business model to construct, develop, and manage its operations.

Adani Green Energy Ltd in Kamuthi, Tamil Nadu is the world’s largest single-location solar project. In Rajasthan, the company has the world’s largest Hybrid RE Cluster, and now it is all set to make Khavda in Gujarat as world’s largest renewable energy cluster. It has 2 lakh acres of land which is resource-rich and is strategically  located in 12 resource-rich states helping in its resource-as-value approach 

Regarding Resource assessment, the company has 40 GW potential and 85 wind data locations where solar resource assessment has been completed. The company currently has 8,404 MW of operational, 10,131 MW is under execution and 1,899 MW is near construction.

The income statement of the company shows an revenue from operations for the company in FY 2022 was 5,133 crores, which in FY 2023 was increased to 7,792 crores, a year-on-year(YOY) growth of 52%. The net profit of the company for the FY 2022 was at 489 crores, it was increased to 973 crores in the FY 2023.

The Return on equity(ROE) in FY 2022 stood at 14.87% and in FY 2023 it was increased to 22.13%. On an average of 3 years, the company is able to maintain a Return on Equity at 15.71%. The Return on Capital employed(ROCE) in FY 2022 stood at 7.30% and in FY 2023 it was increased to 7.58%. On an average of 3 years, the company is able to maintain a Return on capital employed  at 8.26%

The promoters of the company as of September 2023 hold 56.26% and foreign institutional investors (FII) hold 18.16%.

Best Solar Energy Stocks In India #2 – KPI Green Energy

KPI Green Energy Ltd which is a part of KP Energy was incorporated in the year 2008. The operations of the company mainly include developing, building, and maintaining renewable (IPP) and also providing a service provider to Captive Power Producer (CPP). The company is present in 32 sites in the state of Gujarat.

The company has 1868+ Acres of land some of which are owned and few are leased. In terms of capacity, the company has 380+MW cumulative capacity and 1428 MW cumulative Power evacuation capacity. The company to keep it highly advanced in technology, is been using Bifacial glass-to-glass solar panels for higher efficiency.

Use of CMS for monitoring, Analysis, and enhancement of the performance. The company is making its investments in the development of robotics for waterless cleaning and is including SAP for managing all the critical activities. The income statement of the company shows an revenue from operations for the company in FY 2022 was 230 crores, which in FY 2023 was increased to 644 crores.

This results in a year-on-year(YOY) growth of 180%. The net profit of the company for FY 2022 was 43 crores, it was increased to 110 crores in FY 2023. The Return on equity(ROE) in FY 2022 stood at 31.61% and in FY 2023 it was increased to 53.26%. On an average of 3 years, the company is able to maintain a Return on Equity at 35%

The Return on Capital employed(ROCE) in FY 2022 stood at 20.02% and in FY 2023 it was increased to 24.57%. On an average of 3 years, the company is able to maintain a Return on capital employed  at 20.01%

The promoters of the company as of September 2023 hold 54.83% and foreign institutional investors (FII) hold 1.86%.

Best Solar Energy Stocks In India #3 – KP energy 

KP Energy Ltd is a company that is in the wind energy industry. It has its operations in the development process of the wind farms starting from the conceptualization till the end of commissioning the project. The company has a majority of its operations situated in Gujarat. The company is the number one BOP solutions provider for all wind projects and solar hybrid projects.

It has a capacity of 758.1 MW which also includes CTU and STU projects. KP Energy has a well-built business model with three main segments that are, Engineering, Procurement, Construction, and Commissioning (EPCC), IPP Independent Power Producers (IPP), and Operations & Maintenance.

A few of its services include site identification and acquisition, preparation of the site, Construction and erection, and operations and maintenance. The income statement of the company shows an revenue from operations for the company in FY 2022 was 250 crores, which in FY 2023 was increased to 434 crores. This results in a year-on-year(YOY) growth of 73%

The net profit of the company for FY 2022 was 21 crores, it was increased to 44 crores in FY 2023. The Return on equity(ROE) in FY 2022 stood at 23.90% and in FY 2023 it was increased to 40.70%. On an average of 3 years, the company is able to maintain a Return on Equity at 24.76%

The Return on Capital employed(ROCE) in FY 2022 stood at 18.06% and in FY 2023 it was increased to 37.88%. On an average of 3 years, the company is able to maintain a Return on capital employed at 21.57%

The promoters of the company as of September 2023 hold 44.8% and foreign institutional investors (FII) hold 0.26%.

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Best Solar Energy Stocks In India #4 – Borosil renewables 

Borosil Renewables Ltd is the only one and was the first to make solar glasses in India. The brand Borosil has a wide range of products under its business which includes lab ware, scientific ware, and consumer ware products. The company as a part of its expansion recently acquired Interfloat Group, which was one of the largest solar manufacturers in Europe with a capacity of 300 TPD.

The company has a capacity of 450 TPD. The company has three main products under its business which include Selene, Shakti, and the solar glass with anti-soiling coating. As a good environmental practice, the company is maintaining a 22% lower carbon footprint as compared to the default score for glass manufacturing.

The income statement of the company shows an revenue from operations for the company in FY 2023 is at 894 crores. The net profit of the company for FY 2023 is 70.64 crores. The Return on equity(ROE) in FY 2023 stood at 7.68%. On an average of 3 years, the company is able to maintain a Return on Equity at 7.03%

The Return on Capital employed(ROCE) in FY 2023 stood at 8.05%. On an average of 3 years, the company is able to maintain a Return on capital employed at 9.49%

The promoters of the company as of September 2023 hold 61.6% and foreign institutional investors (FII) hold 4.4%.

Best Solar Energy Stocks In India #5 – Waaree Renewables 

Waaree Renewables was incorporated in the year 1999. The company is engaged in the business of generating power from renewable sources of energy. Waaree Renewables is the first module manufacturer in India. In terms of capacity, the company has 12 GW Modules and 5.4 GW cell capacity.

The company has its presence globally making its exports to more than 68 countries, and till now its company has been able to supply 6 GW modules globally. As a part of its growth strategy, Waaree Renewables keeps its focus on three main areas that include, including achieving, maximum growth in the EPC segment, expanding the market in the O&M markets, and looking for new business opportunities that are available in the green hydrogen space.

Some of the key orders won by the company in FY 2024 include a 70 MW capacity solar power project, a 4.27 MW capacity rooftop solar power project, 600 KWP rooftop solar power projects, and 78 MWp capacity ground-mounted solar power plants. The income statement of the company shows an revenue from operations for the company in FY 2022 was 161.5 crores, which in FY 2023 was increased to 350.96 crores.

This results in a year-on-year(YOY) growth of 117.32%. The net profit of the company for FY 2022 was 8.89 crores, it was increased to 55.33 crores in FY 2023. This significant rise in the profit is mainly due to an increase in revenue and a reduction in interest payment which made the company increase its profit.

The Return on equity(ROE) in FY 2022 stood at 34.02% and in FY 2023 it was increased to 96.11%. On an average of 3 years, the company is able to maintain a Return on Equity at 43.38%. The Return on Capital employed(ROCE) in FY 2022 stood at 26.61% and in FY 2023 it was increased to 83.78%. On an average of 3 years, the company is able to maintain a Return on capital employed at 36.80%.

The promoters of the company as of September 2023 hold 74.48% and foreign institutional investors (FII) hold 0%

List of other Solar Energy Stocks In India

Conclusion 

As we come to the end of the article “Best Solar Energy Stocks in India”. To give a quick brief, we learned about five different stocks operating in the solar Industry. Overview of companies, their operations, Fundamentals, and key metrics were explained in this article. Do drop a comment about your views in the comment section below.

Written by Nishanth P

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