India’s push toward a greener economy is revolutionizing the stock market, particularly in the solar energy sector. As the government targets 500 GW of non-fossil fuel capacity by 2030—of which solar is projected to be over 280 GW—investors are looking to capitalize on this transformation. At Lares Algotech, we track high-performing, high-potential stocks through advanced algorithms and data-backed analysis.
In this blog, we spotlight the Top 20 Solar Energy Stocks in India 2025, focusing on company fundamentals, market share, and investment potential.
🔍 Why Invest in Solar Energy Stocks in 2025?
India is currently the third-largest producer of renewable energy globally. With incentives like the Production Linked Incentive (PLI) scheme, solar parks, and net metering policies, the sector is seeing massive capital inflows.
From utility-scale projects to rooftop solar, companies in this space are scaling rapidly, making them attractive investment options. Whether you’re a retail investor or an institutional fund, adding solar energy stocks can future-proof your portfolio.
✅ Top 20 Solar Energy Stocks in India – Detailed Profiles
Adani Green Energy Ltd
Adani Green is India’s leading renewable energy firm with a total portfolio exceeding 20 GW. Backed by TotalEnergies, it is known for massive solar parks and hybrid projects. The company is aggressively expanding with projects like the 30 GW Khavda Renewable Energy Park.
Market Cap: ₹1.7 lakh crore
P/E Ratio: ~117
Key Strength: Utility-scale dominance, strong promoter funding
Lares View: High-growth, high-valuation clean energy leader
Tata Power Company Ltd
Tata Power has diversified across generation, transmission, and distribution, with ~6 GW solar capacity and India’s top rooftop solar market share. It also manufactures solar cells and modules through Tata Power Solar.
Market Cap: ₹1.3 lakh crore
P/E Ratio: ~33
Key Strength: Integrated solar + storage capability
Lares View: Stable returns and future-proof expansion
NTPC Ltd (NTPC Green Energy)
India’s largest thermal player is now transforming into a green energy powerhouse. NTPC Green Energy, its renewable arm, aims for 60 GW clean capacity by 2032, including solar, floating solar, and hybrid parks.
Market Cap: ₹94,000 crore (NTPC Green)
P/E Ratio: ~198
Key Strength: Government-backed, large solar projects
Lares View: Institutional safe-haven with strong policy alignment
JSW Energy Ltd
JSW is shifting from thermal to renewables, targeting 70% green energy by 2030. Its solar + BESS (Battery Energy Storage Systems) and hybrid capacity is rapidly expanding across India.
Market Cap: ₹92,700 crore
P/E Ratio: ~47
Key Strength: Hybrid project expertise
Lares View: Strong earnings visibility, rising green credentials
NHPC Ltd
Primarily a hydropower company, NHPC is entering the solar space by leveraging water bodies for floating solar plants. It combines hydro + solar for load balancing.
Market Cap: ₹87,400 crore
P/E Ratio: ~29
Key Strength: Hybrid capacity, government contracts
Lares View: Ideal for stable, long-term returns
Borosil Renewables Ltd
India’s only solar glass producer, Borosil commands over 40% domestic market share. As India aims to reduce dependence on Chinese imports, Borosil stands to gain.
Market Cap: ₹7,500 crore
P/E Ratio: ~40
Key Strength: Monopolistic position in solar glass
Lares View: Niche but crucial solar value chain player
Waaree Energies Ltd
Waaree is a vertically integrated solar module producer with plans for 12 GW capacity. It serves both domestic and international clients.
Private company with strong IPO buzz
Key Strength: Export-driven revenue
Lares View: Strong Make-in-India candidate
KPI Green Energy Ltd
A fast-growing solar IPP operating under the “Solarism” brand, KPI delivers turnkey and third-party power solutions.
Market Cap: ₹10,800 crore
P/E Ratio: ~34
Key Strength: High 5Y CAGR, efficient execution
Lares View: High-growth mid-cap for solar-focused portfolios
Power Grid Corporation of India Ltd
Power Grid manages India’s green corridors for solar power evacuation. Not a pure-play solar company, but integral to its transmission infrastructure.
Market Cap: ₹2.75 lakh crore
P/E Ratio: ~13
Key Strength: Grid enabler for RE projects
Lares View: Dividend stock with clean energy leverage
BF Utilities Ltd
A small-cap from the Kalyani group, BF Utilities is increasing its solar energy investments and supplies power to industrial consumers.
Market Cap: ₹3,000 crore
P/E Ratio: ~192
Key Strength: Captive solar projects
Lares View: Suitable for risk-tolerant investors
Orient Green Power Co Ltd
Initially a wind power player, it now includes solar energy in its portfolio. It has improved performance and reduced debt, gaining investor attention.
Market Cap: ₹1,700 crore
P/E Ratio: ~45
Key Strength: Strategic solar diversification
Lares View: Turnaround candidate with solar tailwinds
KKV Agro Powers Ltd
A micro-cap serving rural and agro-solar projects, KKV Agro Powers installs hybrid solar systems for farmers and rural industries.
Market Cap: < ₹1,000 crore
P/E Ratio: ~140
Key Strength: Rural solar specialization
Lares View: High-risk, high-reward opportunity
Inox Wind / Inox Green Energy
Primarily a wind EPC firm, Inox has started bidding for solar-wind hybrid projects. Its financials have improved, and it’s expanding project capacity.
Market Cap: ₹26,000 crore
P/E Ratio: ~60
Key Strength: EPC + hybrid expertise
Lares View: Good for renewable diversification
SJVN Ltd
SJVN is now developing solar parks through MoUs across UP, Bihar, and Gujarat. It targets 25 GW by 2030 with increasing solar share.
Market Cap: ₹34,574 crore
P/E Ratio: ~38
Key Strength: Government contracts, floating solar
Lares View: Strong public sector support
Reliance Power Ltd
After a period of underperformance, Reliance Power is aligning with its parent group’s 100 GW renewable mission. It’s bidding for solar and hydrogen projects.
Market Cap: ₹5,000 crore (approx.)
Key Strength: New clean energy orders
Lares View: Speculative but strategic bet
NTPC Green Energy Ltd (Emphasized Repeat)
NTPC Green is India’s largest state-owned green energy pure-play. With foreign investor interest and strategic capex, it’s a centerpiece of national clean energy goals.
- Target Capacity: 60 GW
- Backed by: Sovereign funds
- Lares View: Government-owned growth story
📈 Sectoral Outlook – 2025 and Beyond
The solar energy market in India is projected to grow at a CAGR of 14%+ from 2024–2030. Companies leading in module manufacturing, IPP development, EPC, and transmission are all integral parts of this ecosystem.
Key Drivers:
- PLI Scheme – Boosting domestic manufacturing
- Green Hydrogen – Solar-powered electrolyzers in demand
- ESG Investing – Institutional capital flowing into green assets
- International Collaboration – US, EU, and Gulf nations signing RE deals with India
🤖 Lares Algotech – Powering Smart Green Investments
At Lares Algotech, we believe the next decade of wealth will be driven by sustainability and clean tech. Our AI-based trading algorithms, sectoral screeners, and predictive analytics help you identify top-performing stocks in India’s energy transition journey.
Whether you’re a beginner or seasoned trader, invest with confidence in India’s solar future—backed by Lares Algotech’s data-driven insights.
📌 Final Words
The solar energy revolution is just getting started. These 20 stocks represent the core of India’s green growth engine. From high-growth mid-caps to PSU giants and niche innovators—each brings unique strengths to your investment portfolio.
💡 Ready to explore India’s top solar energy stocks? Let Lares Algotech guide your clean energy investments in 2025 and beyond.
This blog is for informational purposes only and does not constitute financial advice. Please do your own research or consult a financial advisor before investing.
