Last Updated on Nov 16, 2022 by Nikitha

Global warming and the greenhouse effect are the terms which have been trending for quite some time now. The usage of fossil fuels like oil, coal and gas is leading to water and air pollution. And these environmental concerns are giving rise to the importance of the usage of clean and renewable energy resources worldwide. Considering the adverse effects of fossil fuels, the Indian government is also vastly supporting the usage of renewable energy resources. This is encouraging companies in India to work around renewable energy sources like solar energy. In this article, check the list of solar energy stocks in India and the future of solar energy companies. 

Solar energy stocks list 

Here are the seven solar energy companies in India listed in the stock market

NameMarket Cap (Rs. in cr.)1Y return (%)5Y CAGR (%)
Suzlon Energy Ltd11,865.9326.55-9.13
Urja Global Ltd607.5345.0341.8
Websol Energy Systems Ltd342.5918.65-3.63
Surana Solar Ltd111.4520.594.15
Ujaas Energy Ltd61.090-33.32
Waa Solar Ltd54.2670.48
Gita Renewable Energy Ltd53.05-23.568.02

1. Suzlon Energy Ltd

Founded in 1995, Suzlon Energy is a small-cap company, which is into renewable energy equipment and services. They offer renewable energy solutions such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission etc. Suzlon Energy also produces wind turbines. The net profit margin of Suzlon Energy is -2.98%. Click to get the financials of Suzlon Energy

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2. Urja Global Ltd

This company was founded in 1992. Urja Global is into renewable energy equipment and services. They primarily focus on developing and operating non-renewable and renewable energy. The net profit margin and the debt-to-equity ratio of Urja Global are 1.06% and 3.27%, respectively. Click to get the financials of Urja Global Ltd.  

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3. Websol Energy Systems Ltd

This small-cap company was founded in 1990. Websol Energy System manufactures photovoltaic monocrystalline solar cells and modules in India. The net profit margin of the company is 4.41% and the debt-to-equity ratio is 19.04%. Click to get the financials of Websol Energy Systems

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4. Surana Solar Ltd

Surana Solar was founded in 2006. They are into manufacturing solar photovoltaic (SPV) modules, wind power energy generation and trading other solar-related products. The net profit margin and the debt-to-equity ratio of Surana Solar are 3.27% and 18.82%, respectively. Click to get the financial information of Surana Solar

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5. Ujaas Energy Ltd

One of the oldest companies in the renewable energy sector, Ujaas Energy was founded in 1979. They are into the plant operation business and manufacturing and sale of solar power systems. The net profit margin of Ujaas Energy is -237.21% and the debt-to-equity ratio is 182.73%. Click to get the financial information of Ujaas Energy

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6. Waa Solar Ltd

This small-cap company was founded in 2009. Waa Solar entirely focuses on generating solar power. The net profit margin and the debt-to-equity ratio of Waa Solar are 15.43% and 60.27%, respectively. Click to get the financial information of Waa Solar.  

7. Gita Renewable Energy Ltd

Founded in 2010, Gita Renewable Energy is also a small-cap company, which works towards power generation from renewable resources like solar, wind and hydro. The net profit margin of Gita Renewable Energy is 72.78% and the debt-to-equity ratio is 165.77%. Click to get the financial information of Gita Renewable Energy.  

Note: The stocks listed above are sorted based on market capitalisation

What are solar energy companies?

Companies in the solar energy sector manufacture and install devices to capture energy from the sun and convert it into electricity. Their primary focus is to switch from fossil fuels like natural gas and oils to renewable energy sources like the sun and wind. Definitely, this transition is not easy and can take time. 

Click to read about Renewable Energy Stocks in India 2022

What is the future for solar energy companies?

Looking at the positive aspects not adversely affecting the ecosystem, several companies are stepping up into this sector. Even big companies like Tata Power (through Tata Power Solar) and Reliance Industries (through its subsidiary Reliance New Energy Solar Ltd) are in the game. By 2030, India wants to meet 50% of its electricity requirements through renewable energy sources. This is driving most companies into the solar energy sector.

Notably, to boost the development of high-efficient solar modules, the Indian government is offering Rs. 19,500 cr. under the Production Linked Incentive (PLI) scheme, which was mentioned in the Union Budget 2022-23. Altogether, when India moves towards clean energy resources, the demand for companies in the sector may increase. 

Challenges in the solar energy sector 

As there are two sides to a coin, there are certain challenges associated with the companies in the solar energy sector. 

  • Availability of sunlight –  The working of solar energy is dependent on the sun. In areas where the sunlight is limited, the reliability of the solar panels can be challenging. Though experts say that the energy can be stored in the batteries, the cost of the batteries is high, which can be another challenge in itself.
  • Waste management – Currently, India does not have a solar disposal policy. Though solar cells have a life span of 25 yrs, the damaged cells need to be disposed. And we need proper guidelines to dispose of the waste generated by the solar industry. 
  • Space availability – Solar plants require a large space to set up. 


Despite the challenges, the solar energy sector in India is moving towards positive growth. And looks like with the increase in climate concerns, the demand for renewable energy resources will also rise. However, before investing in any stock, make sure to check their financials and the scope of growth in the company and the sector. 


1. What are solar energy stocks in India?

As the name suggests, solar energy stocks are nothing but companies, which directly or indirectly (through their products) focus on producing energy from sunlight. 

2. How to find stocks in the renewable energy sector? 

To save the environment from pollution and other man-made destructions, companies started focusing on the renewable energy sector. You can find the list of stocks in the renewable energy sector on Tickertape.
– Login to Tickertape
– Visit the Stock Screener 
– Search for ‘Renewable Energy’ and ‘Renewable Energy Equipment & Services’ under the ‘Sector’.

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