Last Updated on Nov 23, 2023 by Harshit Singh

Best solar energy stocks in India

Stock NameSub-SectorMarket Cap (Rs. in cr.)Close Price (Rs.)PE Ratio (%)1M Return (%)5Y CAGR (%)
Surana Solar LtdRenewable Energy Equipment & Services137.2927.9060.2122.5525.67
Urja Global LtdRenewable Energy Equipment & Services654.1912.45430.3921.4327.81
Suzlon Energy LtdRenewable Energy Equipment & Services50,718.9837.3517.8016.6248.92
SunGarner Energies LtdRenewable Energy Equipment & Services50.12216.1566.8313.00
Websol Energy System LtdRenewable Energy Equipment & Services835.47197.95-35.278.3345.84
Sterling and Wilson Renewable Energy LtdRenewable Energy Equipment & Services5,973.30314.80-5.113.45
Gita Renewable Energy LtdRenewable Energy47.29115.006.020.7887.22

Note: The data of solar energy stocks in India is as of 23rd November 2023. The stocks are sorted according to their 1M return.

Sector > Renewable Energy, Renewable Energy Equipment & Services

1M return – Sorted from high to low

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 2023

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. It can be challenging to fit the requirements in current development plans.  


Despite the challenges and recent economic downturn in February and March 2023, 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’.
Anjali Chourasiya
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