The Solar Revolution in India: Top Companies Leading the Way

In recent years, India has made remarkable strides in the realm of solar energy generation, positioning itself as a global leader in the field. With a cumulative solar capacity of 66.78 GW, the nation currently ranks fourth worldwide, and it’s poised to reach an impressive 95 GW by 2025. This remarkable growth underscores India’s commitment to renewable energy, attracting both investment and attention from around the world. The surge in solar energy has given rise to a plethora of solar companies vying for prominence. This blog aims to shed light in the best solar company in India in 2023, providing insights into their growth, contributions, and their potential for investors seeking higher returns. So, let’s embark on this journey to discover the leaders shaping India’s solar landscape.

Overview of Solar Energy

The global shift towards renewable energy has catapulted the demand for solar power. Currently, solar energy accounts for 3.6% of the world’s electricity production, and it is poised to become the dominant source of energy generation. India, with its high energy consumption, is making significant strides in the renewable energy sector, leading the way with the highest growth rate. Recognizing the immense potential of renewable energy, the Indian government has taken proactive measures to promote its adoption. These efforts include creating awareness, providing tax incentives, and rebates to facilitate the transition to renewable energy sources. As solar energy, derived from an unlimited and sustainable source, continues to gain ground, it’s an opportune moment for investment, promising both high returns and environmental benefits.  Let’s explore the key players in this burgeoning industry.

A row of solar panels installed on a rooftop.

Best solar company in India 2023: 7 Stocks to Watch

1. Tata Power Company

Market Cap: ₹63,332 Crores

Tata Power Company, a subsidiary of the Tata Group, is among India’s premier solar power companies. Diversifying its presence in the solar sector, Tata Power engages in the manufacturing of solar cells and modules, engineering, procurement, and construction (EPC) for solar power projects, and provides solar products. This giant in the energy sector has shipped nearly 1.4 GW of solar modules worldwide and installed 1.5 GW of utility-scale and 200 MW of rooftop solar projects in India. Tata Power has set ambitious goals, aiming to double its renewable energy production from 13.5 GW to over 30 GW by 2027.

Key Highlights:

Diversified portfolio encompassing solar, wind, hydro, and thermal power generation. Ambitious plans to scale renewable energy generation to 30 GW by 2027. Fierce competition from other power companies. Stock Price: ₹198.55 (April 2023)

2. Suzlon Energy

Market Cap: ₹1,458.02 Crores

Suzlon Energy primarily focuses on wind power projects, where it designs, develops, and manufactures wind turbine generators (WTGs). Additionally, the company offers solar panels, solar products, and electricity generation. Suzlon Energy’s expertise in driving innovation and technology is evident in its development of wind turbines tailored for varying wind conditions. Their utilization of SCADA (Supervisory Control and Data Acquisition) technology for remote monitoring of wind turbines further underscores their commitment to advanced solutions.

Key Highlights:

Leading provider in wind power solutions. Diversified product and service portfolio. High levels of debt affecting profitability. Stock Price: ₹8.15 (April 2023)

3. WAA Solar

Market Cap: ₹51 Crores

WAA Solar specializes in the manufacturing of thin-film solar panels. Beyond their primary function, they engage in subsidiaries involved in solar power generation, investments in special purpose vehicles (SPV) associates, and the establishment of solar power projects. WAA Solar boasts an impressive portfolio of solar projects, including a 10 MW Solar Photovoltaic (PV) Grid Interactive Power Plant and a 10.42 MW Solar PV Grid Interactive Power Plant. The company has displayed financial stability and consistent growth, aligning with their commitment to innovation.

Key Highlights:

Expertise in thin-film solar panel manufacturing. Diversified portfolio in solar power projects. Stable financial performance and continuous growth. Stock Price: ₹35.45 (April 2023)

4. Websol Energy System

Market Cap: ₹353 Crores

Websol Energy System is a significant player in the solar photovoltaic (PV) cell and module manufacturing sector. Their product range encompasses mono and multi-crystalline solar cells, solar modules spanning 3 watts to 365 watts, and customized solutions for residential, commercial, and industrial applications. The company has set ambitious plans for expanding its manufacturing capacity from 250 MW PV cell capacity to 1.8 GW mono PERC cell line.

Key Highlights:

Offers customized solar solutions for various applications. A profitable company with a net profit margin of approximately 4.41%. Stock Price: ₹89.50 (April 2023)

5. Synergy Green Industries

Market Cap: ₹180 Crore

Synergy Green Industries operates in the foundry business, manufacturing precision castings for wind turbines and various other products. The company also produces and sells steel castings, serving a wide range of industries. Besides its presence in the foundry sector, Synergy Green Industries is actively involved in renewable energy projects, including solar, wind, and biomass-based power generation. Key Highlights: Diverse portfolio, including automotive parts and renewable energy projects. Engaged in wind, solar, and biomass-based energy production. Market cap of ₹180 crore. Stock Price: ₹128 (April 2023)

6. Ujaas Energy

Market Cap: ₹40 Crores

Ujaas Energy is a prominent Indian company known for its involvement in solar power generation and solar-based products. As the flagship brand of UJAAS, the company constructs, owns, and maintains solar energy facilities. Ujaas Energy operates in four segments within the solar sector, offering solutions for electric vehicles, un-allocable projects, manufacturing and selling solar power plants, and solar power generation and maintenance. With a market cap of ₹40 crore, Ujaas Energy remains committed to innovation and progress.

Key Highlights:

Primary focus on solar power generation and related products. Offers turnkey solutions for rooftop solar installation and other projects.
Market cap of ₹40 crore. Stock Price: ₹2.05 (April 2023)

7. Surana Solar

Market Cap: ₹93 Crore

Surana Solar specializes in the manufacture of solar photovoltaic (PV) cells and modules and is actively involved in solar and wind energy generation. The company operates four solar plants in Gujarat and Telangana, with plans to set up an additional 30 MW in Karnataka, Andhra Pradesh, and Tamil Nadu. Additionally, Surana Solar has diversified into EPC (Engineering, Procurement, and Construction) for solar power projects. With a strong global presence spanning the USA, Europe, Africa, and the Middle East, the company is well-poised for future growth.

Key Highlights:

Focus on solar products and wind energy. Diversified portfolio into EPC for solar power projects. Market cap of ₹93 crore. Stock Price: ₹19.10 (April 2023)

A combination of solar panels and wind turbines, symbolizing the harmony of renewable energy sources, Solar Company in India.

Frequently Asked Questions (FAQs)

Q: What are some other best solar company in India to keep an eye on?

A: There are several other promising best solar company in India, including SunTechnics Energy Systems, Thrive Solar Energy, Sova Solar, and Access Solar.

Q: What factors should be considered when deciding whether to invest in the best solar company in India?

A: Factors to consider include the rapid expansion of the solar energy market in India, the potential for diversifying your investment portfolio, government incentives promoting the solar sector, and the excellent long-term prospects of solar energy stocks.

Q: What are the top renewable energy companies in India?

A: Some of the top renewable energy companies in India are Adani Green Energy Limited (AGEL), Greenko Energy Holdings, Tata Power Renewable Energy Limited (TPREL), and Suzlon Energy Limited.

A serene landscape featuring wind turbines and solar panels, exemplifying the beauty and promise of renewable energy.

Conclusion

India’s solar energy landscape is witnessing unprecedented growth, making it a lucrative and environmentally responsible sector for investment. As the nation aims to become a global leader in solar energy, these top solar companies are leading the way with innovative solutions and commitment. Whether it’s Tata Power’s diversified energy portfolio, Suzlon Energy’s wind power innovations, or Websol Energy System’s manufacturing expertise, each company offers a unique value proposition. With the right guidance and careful consideration, investing in India’s top solar companies can yield not only financial returns but also contribute to a sustainable and clean energy future. It’s an opportunity to support both your financial goals and the planet’s well-being, making these companies worthy of your attention and consideration.

Invest in the future with best solar company in India, and be part of the renewable energy revolution.

Disclaimer: This is only for informational purposes. Market Volatility can impact your investment outcomes. Research companies and read all documents carefully before investing.

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