List of Top Solar Energy Stocks in India (2026)
India has scaled its solar-power capacity to about 100 GW as of January 2025, marking an increase of more than 35 times since 2014. The country now ranks among the top three solar markets globally, and it has set an ambitious target of achieving 500 GW of non-fossil power capacity by 2030. This article offers an overview of solar-energy stocks in India, highlighting the benefits, risks and key factors to consider before investing in this sector.
Best Solar Energy Stocks
Wednesday, 7 January, 2026
| symbol | Company | ticker | slug | Sector | Market Price | 52W High | 52W Low | Market Cap (Cr.) | PE Ratio | Industry PE | PB Ratio | Div. Yield (%) | ROE (%) | 1YReturns | 3YReturns | 5YReturns | Market Cap Label | Industry Group | Industry | Sub Industry | percentageChange |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ADAN | Adani Power Ltd | ADANIPOWER | /stocks/adani-power-ADAN | Power Generation | 147.55 | 182.70 | 89.00 | 284,545.67 | 21.99 | 22.50 | 4.92 | 0.00 | 25.59 | 48.05 | 160.32 | 1,355.13 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | -0.80 |
| ADNA | Adani Green Energy Ltd | ADANIGREEN | /stocks/adani-green-energy-ADNA | Renewable Energy | 1,019.40 | 1,177.55 | 758.00 | 167,913.14 | 116.28 | 22.50 | 7.44 | 0.00 | 7.22 | 3.75 | -44.55 | -7.93 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Renewable Electricity | -0.02 |
| ENR | Siemens Energy India Ltd | ENRIN | /stocks/siemens-energy-india-ENR | Power Generation | 2,622.00 | 3,625.00 | 2,508.80 | 93,374.80 | 228.41 | 22.50 | 0.00 | 0.00 | 11.68 | -4.13 | -4.13 | -4.13 | Midcap | Capital Goods | Independent Power and Renewable Electricity Producers | Heavy Electrical Equipment | -0.71 |
| JSWE | JSW Energy Ltd | JSWENERGY | /stocks/jsw-energy-JSWE | Power Generation | 514.85 | 624.40 | 418.75 | 89,918.70 | 46.09 | 22.50 | 3.09 | 0.39 | 7.79 | -14.41 | 84.67 | 665.01 | Midcap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | -0.44 |
| NHPC | NHPC Ltd | NHPC | /stocks/nhpc-NHPC | Renewable Energy | 83.53 | 92.34 | 71.00 | 83,906.18 | 27.91 | 22.50 | 1.86 | 2.29 | 6.75 | 5.37 | 111.20 | 242.34 | Midcap | Utilities | Independent Power and Renewable Electricity Producers | Renewable Electricity | 0.16 |
| NTP | Ntpc Green Energy Ltd | NTPCGREEN | /stocks/ntpc-green-energy-NTP | Renewable Energy | 93.95 | 132.95 | 84.55 | 79,165.37 | 166.50 | 22.50 | 4.27 | 0.00 | 3.84 | -24.39 | -22.77 | -22.77 | Midcap | Utilities | Independent Power and Renewable Electricity Producers | Renewable Electricity | 0.13 |
| NTPC | NTPC Ltd | NTPC | /stocks/ntpc-NTPC | Power Generation | 350.80 | 371.45 | 292.80 | 340,159.05 | 14.52 | 22.50 | 1.78 | 2.38 | 13.15 | 7.11 | 107.57 | 258.51 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | -0.56 |
| SLIN | Solar Industries India Ltd | SOLARINDS | /stocks/solar-industries-india-SLIN | Commodity Chemicals | 12,856.00 | 17,820.00 | 8,482.50 | 116,334.01 | 96.19 | 29.88 | 25.57 | 0.08 | 30.32 | 35.62 | 193.15 | 1,042.91 | Largecap | Materials | Chemicals | Commodity Chemicals | 3.67 |
| WAARE | Waaree Energies Ltd | WAAREEENER | /stocks/waaree-energies-WAARE | Renewable Energy Equipment & Services | 2,634.40 | 3,865.00 | 1,863.00 | 75,776.12 | 40.58 | 42.16 | 7.90 | 0.00 | 27.17 | -3.91 | 12.63 | 12.63 | Midcap | Semiconductors & Semiconductor Equipment | Semiconductors & Semiconductor Equipment | Semiconductors | 1.47 |
Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.
Note: The data on this list of solar stocks is dynamic in nature and subject to real-time changes. This data is derived from Tickertape Stock Screener.
What are Solar Energy Stocks?
Solar energy stocks are shares of companies that are directly or indirectly involved in solar power systems. For example, it includes solar panel manufacturers, project developers, and firms working in storage and grid solutions.
About the Top Solar Energy Stocks in India
- NTPC Limited: NTPC Limited is India’s largest energy conglomerate, primarily engaged in power generation. NTPC Limited aims to expand its renewable energy capacity to 60 GW by 2032, with a strong focus on solar and wind power projects.
- Adani Green Energy Ltd: Adani Green Energy Ltd is one of India’s largest renewable energy companies, focusing on solar and wind power.
- Solar Industries India Ltd: Solar Industries India Ltd is a leading manufacturer and supplier of industrial explosives and defence products, with a growing presence in the solar energy sector.
- Waaree Energies Ltd: Waaree Energies Ltd is India’s largest solar photovoltaic (PV) module manufacturer. Waaree offers a wide range of solar solutions, including EPC services, rooftop systems, and solar water pumps
- JSW Energy Ltd: JSW Energy Ltd is a leading energy producer in India, engaged in the generation, transmission, and distribution of power. JSW Energy Ltd plans to increase its renewable portfolio 84% by FY2030, aiming for 20 GW capacity.
How to Invest in Solar Energy Stocks in India?
Here is how one can invest in the solar energy stocks in India:
- Open a trading account or a demat account. You can open a demat account with smallcase.
- Investors can utilise tools like the Tickertape Stocks Screener to explore the solar energy stocks based on their investment thesis. Additionally, there are 200+ filters that you can use to create different solar share lists with solar energy share prices for comparison of various Indian solar energy stocks.
- Place a ‘Buy’ order on the solar energy stocks
Budget Updates from the Solar Energy Sector in India
- ₹20,000 Cr. Outlay for Solar Push: The Indian finance minister announced ₹20,000 cr. for solar initiatives under the National Renewable Mission.
- Strengthening Solar Grid Infrastructure: The Government has allotted ₹1,500 cr. to strengthen the solar power grid.
- PLI Scheme for Solar Manufacturing: The Production-Linked Incentive (PLI) scheme extension backs the solar energy companies in India.
- Boost for Solar R&D and Innovation: The increase in the budget will fund innovation in solar technologies, such as PV cells and storage.
- Single-Window Clearance for Projects: A single-window system will speed up the development of new solar projects by simplifying the process for obtaining land and environmental clearances.
Future of Solar Energy Stocks in India
In FY 2025 alone, India added 17.4 GW of utility-scale solar capacity, bringing the total installed capacity to 86.4 GW. The Indian government’s supportive policies, such as the Pradhan Mantri Surya Ghar Muft Bijli Yojana, aim to promote rooftop solar adoption, targeting 1 cr. Households with subsidies and concessional financing. With such initiatives, the future outlook for India’s solar energy sector looks promising.
Benefits of Investing in Solar Energy Stocks
- Strong Demand Visibility: India targets 500 GW of non-fossil power capacity by 2030 as electricity demand continues to rise toward 458 GW by 2032. Solar energy leads renewable capacity additions, with 23.83 GW added in FY25. This makes solar the largest contributor to new clean energy capacity in India.
- Policy-backed Growth: Government initiatives support the solar sector across manufacturing and deployment. Schemes such as PM Surya Ghar Muft Bijli Yojana for rooftop solar, and large solar park development strengthen production capacity, grid integration, and project execution.
- Rising Investment Inflows: India received over ₹1.59 lakh cr. in renewable energy FDI between April 2000 and March 2025. Clean energy investments rose sharply, with Q1 2025 investments increasing 7.7 times year-on-year.
- Global Scale and Positioning: India ranks fourth globally in solar power capacity and stands as the third-largest solar energy producer, with 1,08,494 GWh of solar power generation. This scale strengthens India’s role in global clean energy supply chains and supports domestic solar manufacturers.
- Capacity Expansion Momentum: Renewable energy capacity additions grew 420% year-on-year in June 2025, increasing from 1.4 GW to 7.3 GW. Large solar parks, hybrid projects, and utility-scale installations continue to expand the sector’s capacity base.
Risks of Investing in Solar Energy Stocks
- Competition from Traditional Energy Sources: Solar companies face competition from traditional energy sources like coal, oil, and gas, which remain significant in India’s energy mix.
- Regulatory and Policy Risks: Government policies play an important role in the development of solar energy companies in India. Changes in these policies or delays in regulatory approvals can affect the performance of solar energy stocks.
- Supply Chain Disruptions: The solar sector relies heavily on the global supply chain for components such as panels and batteries. For example, fluctuations in the cost of panels can influence the solar energy share price.
Factors to Consider Before Investing in Solar Stocks
- Fluctuating Material Costs: Many solar energy companies in India rely on imported materials like silicon and glass, making them vulnerable to global price fluctuations.
- Project Execution and Delivery: The successful execution of solar projects depends on meeting timelines and maintaining cost efficiency. Investors may need to stay updated with the company’s actual project delivery performance.
- Capital Intensity and Financial Health: Solar projects are capital-intensive, which requires significant investment in infrastructure and equipment.
- Competition and Market Share: The solar energy sector stocks in India face competition from both established energy sources and other renewable technologies.
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To Wrap It Up…
India has great potential to generate electricity from solar energy and emerge as a solar energy hub. However, just like any sector, it comes with its own set of challenges, including market volatility, policy changes, and competition from traditional energy sectors. Staying aware of the risks and seeking expert advice can help you make an informed decision when exploring the best solar stocks. You can also easily invest in a ready-made bundle of solar sector stocks via smallcase.
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Frequently Asked Questions About Solar Stocks
1. Is solar power a good stock investment in India?
The Government of India is launching various initiatives to support clean and renewable solar energy. However, whether it’s a good investment depends on a range of factors.
2. What is driving the growth of solar energy stocks?
Solar energy stocks and renewable energy stocks are growing due to increasing global demand for clean and sustainable energy as countries and businesses aim to reduce carbon emissions and transition away from fossil fuels.
3. Is it a good time to explore solar energy stocks?
The right time for investment depends on various factors such as individual investment goals, market conditions, and government policies. It’s crucial to research extensively, evaluate potential risks, and consult financial experts, especially before making any investment choices.
4. Which are some of the best solar energy stocks in India?
Based on the market capitalisation, some of the best solar companies’ shares in India include:
- Reliance Industries Ltd
- NTPC Ltd
- Adani Green Energy Ltd
- Solar Industries India Ltd
- Tata Power Company Ltd
Note: The data on the Solar energy shares list was taken on 29th December 2025. This data is provided for educational purposes and is not intended as a recommendation.
5. Are there solar penny stocks in India?
Here are the top solar energy stocks currently trading under ₹50 based on market capitalisation:
- Gensol Engineering Ltd
- Veer Energy & Infrastructure Ltd
- Tarini International Ltd
Note: The data on the solar share list was taken on 29th December 2025. This data is listed for educational purposes and is not meant to be recommendatory.
6. Do fluctuations in traditional energy prices impact solar energy stocks?
When there is a solar power share price drop in conventional energy sources, such as oil, coal, and natural gas, it reduces the cost advantage of solar energy. This may negatively impact demand for solar power and investor sentiment towards solar stocks.
7. What are solar stocks with high dividends?
Here are the top solar energy stocks based on their dividend yield:
- CESC Ltd
- NTPC Ltd
- NHPC Ltd
- SJVN Ltd
- Torrent Power Ltd
Note: The data on the solar share list was taken on 29th December 2025. This data is listed for educational purposes and is not meant to be recommendatory.
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