Best Solar Energy Stocks in India 2026

The solar energy companies in India are experiencing significant growth because of the country’s commitment to achieving sustainable renewable energy capacity by 2030. Thus, investors could consider investing in some of the best solar energy stocks to buy in India and benefit from the growth of these companies.

This article will examine some of the top solar energy stocks in India and evaluate their potential for long-term growth.

Top 10 Solar Energy Stocks in India 2026

Below you can find the list of best solar stocks in India rated by our expert in Choice India, highlighting market capitalisation, price-to-earnings ratios, and dividend yield.

Research Analyst Name: Sumeet Bagadia

Designation: Executive Director and Head of Technical Research at Choice

Experience: 15+ years of experience in the Indian Capital Market

Disclaimer: The table presented here is intended for informational purposes. These stock values are subject to change and can fluctuate based on market trends and conditions. It is strongly recommended to consult a financial advisor before making any financial decisions.

Detailed Analysis of Top Solar Stocks List

Here’s a detailed analysis of some of the top solar stocks for 2026:

1. Solar Industries India Ltd:

Overview:

Solar Industries India Ltd. is a global leader in manufacturing industrial explosives, defence products, and initiation systems, serving sectors like mining, infrastructure, and defence across 51+ countries. With a 24% market share in the global explosives sector and the world’s largest single-location cartridge manufacturing plant in Nagpur, the company is a critical player in its industry.

Strengths:

The company’s vertically integrated operations ensure cost efficiency and consistent margins of 18-21% over the past five years. Strategic partnerships with ISRO and Skyroot Aerospace have extended its expertise into propulsion systems and space technology. With 29 manufacturing facilities in India and units in Africa, Turkey, and Southeast Asia, Solar Industries demonstrates strong global capabilities.

Growth Potential:

With an order book of ₹4,802 crores as of December 2023, including ₹2,200 crores in defence orders and ₹994 crores in export contracts, Solar Industries is poised for sustained growth. The company is expanding into Australia, Thailand, and Indonesia, investing ₹750 crore in FY24 for capacity enhancements.

2. Adani Green Energy Ltd:

Overview:

Adani Green Energy Limited, part of the Adani Group, is a prominent renewable energy company specialising in solar and wind power generation. Incorporated in 2015, it has rapidly scaled its operational capacity to 10.9 GW by FY24, doubling from FY22, with an additional 11 GW under execution.

Strengths:

Adani Green Energy’s strategic advantages lie in its position within the Adani Group, providing strong capital backing and expertise in large-scale renewable infrastructure. Its advanced Energy Network Operation Centre leverages Google’s AI and ML capabilities, achieving 99%+ solar plant availability and reducing operational costs.

Growth Potential:

With a locked-in portfolio of 21.9 GW and significant expansion plans, including the world’s largest renewable energy plant (30,000 MW) in Khavda, Adani Green is poised for substantial growth. It added 2.8 GW in FY24, representing 15% of India’s total capacity addition. By diversifying into hydro-pumped storage projects (targeting 5 GW+ by 2030) and hybrid energy solutions, the company is well-positioned to lead India’s transition to clean energy while achieving its ambitious 2030 targets.

3. Orient Green Power Company Ltd:

Overview:

Orient Green Power Company Limited is an independent renewable energy producer focused on wind power generation. With an operational capacity of 402 MW, including a 10.5 MW plant in Croatia, the company primarily generates revenue from power sales, contributing 93% to its FY23 income.

Strengths:

The company’s diversified wind energy portfolio spans Tamil Nadu, Karnataka, and Gujarat, enabling it to serve domestic and international markets. Strategic refinancing of ₹721 crore debt in April 2023 has reduced interest costs by 300 bps, improving profitability. Additionally, the company raised ₹230 crore in FY23 through a rights issue to fund expansion.

Growth Potential:

Orient Green Power plans to scale its capacity to 1 GW by adding 39.6 MW of solar energy in Tamil Nadu with an investment of ₹293 crore. The company is also optimising its debt structure and leveraging proceeds from asset sales to boost profitability while targeting a larger share of India’s growing renewable energy sector.

4. CESC Ltd:

Overview:

Calcutta Electric Supply Corporation (CESC) Ltd, the flagship company of the RP-Sanjiv Goenka Group, is India’s first fully integrated private electrical utility. Operating since 1978, it oversees generation, transmission, and distribution across Kolkata and parts of West Bengal, serving 3.4 million consumers in residential, industrial, and commercial segments.

Strengths:

CESC's robust infrastructure includes 2.1 GW of thermal capacity and a distribution network with over 24,000 km of lines. Its integrated operations are bolstered by captive coal sourcing and renewable ventures, such as solar power plants in Gujarat and Tamil Nadu. Strategic joint ventures like Noida Power Company Limited enhance its regional reach.

Growth Potential:

CESC’s commitment to infrastructure expansion and renewable energy integration positions it well to capitalise on India’s growing power demand. Long-term licenses, cost-plus tariff regimes, and ongoing operational refinements promise sustained growth and profitability.

5. Zodiac Energy Ltd:

Overview:

Incorporated in 1992, Zodiac Energy Ltd (ZEL) specialises in solar energy solutions, offering end-to-end services from design to commissioning and maintenance of solar power generation plants. Based in Ahmedabad, the company has installed over 100,000 kW of rooftop solar capacity and served more than 10,000 clients across residential, commercial, and industrial segments.

Strengths:

Zodiac Energy's diverse service portfolio includes grid-connected and off-grid solar systems, solar thermal solutions, and emerging technologies like energy storage and EV charging. With notable clients like ISRO, L&T, and SBI, it demonstrates expertise in delivering tailored solutions. Its entry into emerging energy technologies positions it at the forefront of innovation in the renewable sector.

Growth Potential:

With India’s solar capacity targets and the company’s expansion into new energy segments like EV chargers and lithium-ion batteries, Zodiac Energy is poised for growth. Its focus on turnkey solar projects and evolving energy technologies aligns with the increasing demand for sustainable and decentralised power solutions.

6. K.P. Energy Ltd:

Overview:

KP Energy Ltd (KPEL), part of the KP Group of Surat, specialises in utility-scale wind power infrastructure. It offers comprehensive services, including site acquisition, land permitting, Engineering, Procurement, Construction, and Commissioning (EPCC) of wind farms, as well as owning wind and solar power assets. The company primarily operates in Gujarat and is expanding its Independent Power Producer (IPP) portfolio.

Strengths:

KPEL's EPCC segment drives the majority of its revenue (97% as of 9MFY24), supported by a robust order book of ₹558.38 crore. The company also maintains a large inventory of wind sites in Gujarat with a generation potential of 830 MW. Its IPP and O&M segments provide stable annuity-based income streams, strengthening its financial base.

Growth Potential:

With ongoing projects of 715.6 MW under execution and a target of 100 MW in IPP capacity by 2026, KP Energy is well-positioned to capitalise on India’s renewable energy transition. The company is also pursuing larger EPC contracts with major corporations and expanding into hybrid wind-solar projects, highlighting its commitment to innovation and scale.

7. JSW Energy Ltd:

Overview:

JSW Energy Ltd, the energy arm of the JSW Group, operates in power generation through thermal, wind, solar, and hydro assets. With a presence across Karnataka, Maharashtra, and Gujarat, the company also engages in lignite mining through its joint venture. It aims to expand its renewable energy portfolio significantly while reducing carbon emissions by 50% by 2030 and achieving carbon neutrality by 2050.

Strengths:

JSW Energy has a diversified asset base of 6,822 MW, with 53% of its capacity in renewable energy, and plans to increase this to 60-70%. Its robust operational strategy includes 81% long-term Power Purchase Agreements (PPAs), of which 98% are under take-or-pay terms, ensuring stable cash flow.

Growth Potential:

With an under-construction capacity of 2,969 MW, including significant wind and hydro projects, JSW Energy is poised for substantial growth. Recent MoUs for renewable energy solutions, green hydrogen, and energy storage projects reinforce its position as a key player in India's clean energy transition. The company has committed ₹19,360 crore in capex, with ₹11,317 crore spent as of H1FY24.

8. KPI Green Energy Ltd:

Overview:

Founded in 2008, KPI Green Energy Ltd, part of the KP Group, operates in the renewable energy sector, specialising in solar and wind-solar hybrid power projects. The company serves as both an Independent Power Producer (IPP) and a service provider for Captive Power Producers (CPPs) under the Solarism brand, catering primarily to businesses in Gujarat.

Strengths:

KPI Green Energy leverages a dual business model, combining its IPP operations with EPC services for CPPs, offering flexibility and multiple revenue streams. With a strong clientele including notable firms like Cadila Healthcare and Meghmani Organics, the company ensures a stable and growing customer base. It boasts an installed capacity of 158+ MW under IPP and 287+ MW for CPP/EPC projects, reflecting its growing scale.

Growth Potential:

With a target to achieve 1,000 MW of installed capacity by 2026, the company is scaling rapidly. It focuses on hybrid wind-solar projects for grid stability and efficiency. KPI Green is also tapping annuity-based revenue through IPP operations and Operation & Maintenance Services (O&M), aiming for 250 MW IPP and 750 MW CPP capacity by 2026.

9. Gensol Engineering Ltd:

Overview:

Gensol Engineering Ltd is a leading EPC player in India, specialising in solar consulting and EPC services. With a track record of over 770 MW of installed capacity, the company is a major player in India's solar energy sector. It is also expanding its footprint internationally, with projects in the UAE and other regions.

Strengths:

Gensol stands among the top 10 EPC players in India, recognised for its robust solar EPC services, which include turnkey solutions and balance of system services. The company's diversified business model, which now includes EV leasing, manufacturing, and green hydrogen projects, gives it a strong position in the renewable and EV industries.

Growth Potential:

Gensol is focused on expanding its solar portfolio with a significant order book, including a large project with Gujarat Urja Vikas Nigam Limited. It is also leveraging its expertise in EV leasing and manufacturing to capitalise on India’s growing demand for electric vehicles.

10. NHPC Ltd:

Overview:

NHPC Limited, a Mini Ratna category I public sector utility, is India’s leading hydroelectric generation company. The company primarily engages in the generation and sale of bulk power to power utilities, along with offering project management, construction contracts, consultancy services, and power trading.

Strengths:

NHPC has an installed capacity of 7,097 MW, with a notable focus on hydroelectric power (6,971 MW) and renewable energy (126 MW). The company is actively expanding its portfolio through the construction of 15 new solar and hydro projects with a combined capacity of 10,449 MW. It has also demonstrated robust growth in its renewable energy efforts, commissioning 380 MW of solar power in February 2026, adding to the cumulative total of 700 MW of solar capacity.

Growth Potential:

NHPC is actively pursuing a green energy transition, with a substantial pipeline in solar power. The company plans to add 800 MW in FY25 and 2,000 MW in FY26, enhancing its renewable energy capacity. In addition, it is engaged in various strategic agreements, including with GPCL for a 750 MW pumped storage project and with APGENCO for large-scale pumped hydro storage projects in Andhra Pradesh.

Should you invest in Top Solar Companies in India?

Here’s why you should consider investing in top solar stocks in India:

Government Support and Policies:

The Indian government has introduced several policies to boost solar energy growth, including the National Solar Mission and PLI (Production Linked Incentive) schemes.

India aims to install 500 GW of renewable energy capacity by 2030, with solar accounting for a large portion. The Production Linked Incentive (PLI) scheme alone provides ₹19,500 crores (approx. USD 2.4 billion) to promote domestic solar manufacturing.

Global Environment and Demand for Renewable Energy:

Globally, demand for clean energy is at an all-time high, driven by the urgent need to mitigate climate change.

India is targeting net-zero emissions by 2070 and aims to meet 50% of its electricity needs from renewable sources by 2030.

Technological Advancements:

Solar technology continues to advance rapidly, with innovations such as perovskite solar cells, floating solar plants, and solar-wind hybrid systems.

Breakthroughs in energy storage technologies, such as improved lithium-ion batteries and grid-level battery storage, are addressing the challenge of intermittency in solar power, making it more reliable for large-scale use.

The cost of solar electricity has dropped by over 89% in the last decade, making it one of the cheapest sources of energy.

Benefits of Investing in Top Solar Power Stocks

Let’s explore some benefits of investing in Solar Power Stocks in India:

High Growth Potential: Solar stocks have strong growth prospects as the global shift to renewable energy accelerates. India’s goal of reaching 500 GW of renewable capacity by 2030 creates significant opportunities.

Government Support: Policies like Pradhan Mantri-Surya Ghar Muft Bijli Yojana and duty exemptions for solar manufacturing are boosting the sector’s growth and creating a solid foundation for solar companies.

Sustainability Focus: Investing in solar aligns with global efforts to combat climate change, driven by both public and private initiatives to reduce carbon emissions.

Cost-Effectiveness: Solar energy prices have dropped by 89% in the last decade, making solar stocks attractive as long-term demand for clean energy rises.

Risk of Investing in Solar Industry Shares

Certain risks you should be aware of before investing in solar energy stocks:

Market Volatility: Like any emerging industry, the solar sector can be subject to market volatility. Fluctuations in global energy prices, raw material costs, and supply chain disruptions can impact stock performance.

Technological Disruption: While technological advancements in solar are beneficial, rapid changes in technology could render current systems obsolete, affecting companies that fail to keep pace.

Regulatory Risks: Changes in government policies or delays in renewable energy projects can create uncertainties for solar companies. Although India is pushing for renewables, unforeseen regulatory shifts may pose risks.

Despite these risks, the solar industry offers immense potential, and with careful stock selection, investors can minimise exposure to these challenges.

Future of Solar Companies Stocks in India

Innovations such as perovskite solar cells, floating solar plants, and battery storage solutions are expected to revolutionise the solar sector. These advancements will make solar power more efficient and affordable, increasing the profitability of solar stocks.

India is an attractive market for global investors, with increasing FDI inflows into the renewable energy sector. Major international players are investing in Indian solar companies, which is likely to boost stock performance and growth potential.

The shift towards clean energy is a global phenomenon. As countries and corporations move towards net-zero goals, Indian solar companies stand to benefit from increased demand and international collaborations.

Conclusion

Investing in solar power stocks presents a compelling opportunity for long-term growth, supported by government policies, technological innovation, and global demand for renewable energy. While there are risks, such as market volatility and regulatory changes, careful selection of companies with solid financials and a focus on innovation can mitigate these challenges. The future of solar stocks in India looks bright, with rising foreign investments and advancements in technology fueling the sector’s growth.

However, it's important to note that investing in stocks always carries risk, and potential investors should do thorough research and consider seeking advice from financial advisors.

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