5 Top Solar Panel Manufacturers in India listed in Stock Exchange

We live in times when clean and green energy is at the center of the revolution. Solar Panels, Wind Turbines, and other such devices are taking the centre stage, and solar and wind energy are slowly replacing non-renewable sources of energy. No wonder companies that operate in these fields are seeing themselves getting government backing while also seeing investors taking interest in their stocks. And so today we will focus on a list of top solar companies in India listed in stock market. This information will help you learn about the solar energy stocks in India that might have a lot of potentials to help grow your investment.

5 Top Solar Panel Manufacturers in India listed in Stock Exchange

Solar Panels are easier to use in commercial and residential areas as compared to Wind Turbines which makes them more profitable in these segments at least and thus for this reason we will now be focusing on the list of top solar companies in India listed in stock market that you can add to your portfolio.

1. Urja Global Ltd.

Let’s begin with Urja Global Ltd., a renewable energy developer and operator primarily engaged in the design, consultancy, integration, supply, installat

Key Facts:

• Established in 1992, headquartered in New Delhi
• Market Cap: Rs. 1,128 crores (as of April 2024)
• Product portfolio includes batteries, inverters, solar power packs, and electric vehicles
• Major supplier of solar products and solutions across India

Financial Highlights of Urja Global Ltd:

• Total Income: Rs. 11.50 crores (Q3 2023-2024)
• Profit After Tax: Rs. 1.53 crores (Period Ending – Mar-23)
• Debt-to-Equity Ratio: Negligible around 0.0194

Also Read: Top 3 Green Energy Stocks in India

2. TATA Power Solar

Next, we have TATA Power Solar, a subsidiary of the renowned Tata Power Company Ltd., one of India’s largest integrated power companies. TATA Power Solar is a leading solar energy solutions provider, offering a comprehensive range of services, including manufacturing solar cells and modules, project development, and system integration. India’s largest floating solar power project was developed by TATA Power Solar.

Key Facts:

• Part of the Tata Group, a well-established business conglomerate
• Manufacturing facilities in Bengaluru, Andhra Pradesh, and Tamil Nadu
• Cumulative solar project portfolio of over 11.5 GWp
• Exports solar modules to over 30 countries globally

Financial Highlights of TATA Power Solar in FY22:

• Revenue: Rs. 42,576 crore
• Profit After Tax: Rs. 2,156 crores
• Market Cap: Rs. 1,37,879 crores (as of April 2024)

3. INDOSOLAR Ltd.

Moving on, we have INDOSOLAR Ltd., an India-based company engaged in manufacturing solar photovoltaic (PV) cells and modules. INDOSOLAR operates through the manufacturing of solar cells segment and provides PV modules for residential, commercial, and utility-scale installations. By capacity, they happen to be the largest manufacturer of PV cells in India.

Key Facts:

• Established in 2005, headquartered in Mumbai
• Manufacturing facilities in Greater Noida, Uttar Pradesh
• Global footprint spanning over 30 countries across Europe, the US, the Middle East, and Asia
• Offers multi-crystalline and mono-crystalline solar modules

Financial Highlights of INDOSOLAR Ltd:

• Total Income: Rs. 19.05 Crore
• Profit After Tax: Negative 5.03 cr in 4^th Consecutive Quarter
• Market Cap: Rs. 122.78 crores

Despite facing challenges in recent years, INDOSOLAR remains a notable player in the Indian solar manufacturing industry with Total Revenue Growth of 39.68% after remaining in negative in last 4 years.

4. Waaree Energies Ltd.

Next, we have Waaree Energies Ltd., a leading solar energy solutions provider in India. It has a presence in more than 360 locations in India while globally they are present in 68 other countries. Waaree Energies is engaged in the manufacturing of solar photovoltaic modules, as well as offering engineering, procurement, and construction (EPC) services for solar power projects.

Key Facts:

• Established in 2003, headquartered in Mumbai
• Manufacturing facilities in  
• Annual production capacity of 12 GW
• Presence across 20 countries and 359 districts in India

Financial Highlights of Waaree Energies Ltd:

• Total Revenue: Rs. 6860.36 Crore in FY23
• Profit After Tax: Rs 501 crore
• Market Cap: Rs. 48065 crores (as of April 2024)

Waaree Energies has carved a niche for itself in the Indian solar industry, leveraging its manufacturing capabilities and EPC expertise.

Also Read: Top 10 Rooftop Solar Companies in India

5. Vikram Solar

Last but not least, we have Vikram Solar, a prominent solar module manufacturer and integrated solar energy solutions provider in India. Vikram Solar specializes in manufacturing solar PV modules and offers engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services for solar power plants.

Key Facts:

• Established in 2006, headquartered in Kolkata
• Annual manufacturing capacity of 3.5 GW
• Presence in over 32 countries worldwide
• Filed draft red herring prospectus for an IPO in March 2022 to raise Rs. 1,500 crores

Financial Highlights of Vikram Solar for FY 2020-21:

• Total Income: Rs. 1594.28 crores
• Profit After Tax: Rs. 37.14 crores
• Market Cap: Rs. 7,059 crores (based on unlisted share price of Rs. 250 per share)

Vikram Solar has established itself as a leading player in the Indian solar energy industry, with a strong focus on innovation, quality, and customer satisfaction. Its upcoming IPO is expected to further strengthen its position in the market.

So those are some of the top solar companies in India listed in stock market whose stocks might be a good buy at the moment if at all you are interested in investments and making profits from it.

Also See: 6 Top Solar Racking Manufacturers

Solar Energy Stocks in India

Solar Panels happen to be one of the most popular solar-based products, however, there are more products associated with them. For this reason, it is now time for us to look at solar energy stocks in India listed on stock exchange which you can also consider investing in for making profits.

1. Websol Energy Systems Ltd.

Founded in 1990 Websol Energy Systems Ltd. is a solar energy stock that is listed on the Indian stock exchange. It is a small-cap stock but that should not paint a bad picture of the stock since the company is in the field of manufacturing photovoltaic monocrystalline solar cells and modules which also meet ISO standards which is why they have a great future ahead.

• The current price of the share is almost half of its 52-week high price which indicates strong potential for growth.
• The company has a low debt which is again a good point to consider when investing in this stock.

Also Read: 10 Best Solar Panel Company in India

2. Surana Solar

Manufacturing of Solar PV Modules, Solar Lightning products, and various other Solar Projects are undertaken by Surana Solar. The company belongs to the well-known Surana group which also has other companies catering to fields such as wind power, telecommunications, metal processing, and more.

• The share price saw a positive movement in its last trading session as it gained almost 1.5% price.
• The company has a low debt which makes it a good investment option for investors.
• The TTM EPS of the stock is up on a Y-o-Y basis by a humongous 324.78%.

3. Ujaas Energy Ltd.

Ujaas Energy Ltd. is another one of the top solar energy-based companies that are listed on the stock market. The company has its stocks listed on both NSE and BSE and they also have ISO certification to add more value to its name. Having been founded in 1979 they happen to be one of the oldest companies to operate in this field. They operate plants as well as manufacture and sell solar power systems.

• The current price of the share is close to 2 rupees, the investors can purchase shares in bulk for future gains.
• The company has zero promoter pledges which should help attract investors to this stock.

Also See: 6 Best MPPT Solar Charge Controllers

4. Waa Solar Ltd.

Part of Madhav Corp. Waa Solar Ltd. is a small-cap stock. The company was founded back in 2009 and they focus on generating solar power. The headquarters of this company was in Maharashtra earlier but it was shifted to Gujarat later. They have executed big projects and continue to bag more with parties such as the Airport Authority of India and more.

• In the last trading session, the price of the stock was just above 35 rupees.
• The face value of this stock is 10 rupees.
• The book value per share for this stock stands at 129.23 rupees.
• The stock is far from its 52-week high price which might be a good sign of things to come.

Also Read: What are Frameless Bifacial Solar Panels?

5. Gita Renewable Energy Ltd.

Gita Renewable Energy Ltd. might not be one of the top solar panel manufacturers in India listed in stock exchange but it still is one of the best solar energy stocks around. The company is concerned with power generation from sources like solar, wind, and hydro. Since it deals with multiple renewable sources of energy it might be a great bet to make for the future as its stock may rise significantly.

• The stock is currently priced at more than 90 rupees and has seen a 52-week high price of about 215 rupees which if it decides to touch again then the investors are in for a big payday.
• The stock also boasts a big and strong Annual EPS growth.
• This stock has a low PE which might be a good thing for its future.
• It is a small-cap company with a market capitalization of just 38 crores.

6. Synergy Green Industries Ltd.

ISO-certified Synergy Green Industries Ltd. is another top company in the field of solar-based products in India. They boast about having India’s largest automated fast loop molding line for large castings. The company is a part of the Shirgaokar group which has been around for seven decades. The company stock is listed on BSE and might be a good pick for investors.

• The current price of the share is more than 125 rupees and it is far from its 52-week high price which is around 205 rupees. This might indicate good growth potential.
• This company’s stock has zero promoters’ pledges which is another strong point to consider.
• The PE of this stock is low, less than 10, and that is again a good thing for investors to consider.
• The stock has a book value per share of rupees 24.18.

Also Read: Top 30+ Renewable Energy Companies in India

7. XL Energy Ltd.

Having started as a private limited company in 1985, XL Energy Ltd. went public in 1990. The company was incorporated in Hyderabad and works to provide end-to-end solutions in the field of solar power. The company produces Solar Photovoltaic Modules and they have also started an EPC division. They boast almost two decades of experience in this field and are one of the market leaders in this segment.

• Each share costs less than a rupee and so the stock is very cheap to invest in.
• The face value of this stock is around 10 rupees.
• The sector PE for this stock is 42.05.
• The company has a market cap of 1 crore rupees.

8. Adani Solar

Surely Adani Solar needs no introduction. The company belongs to the group of Adani companies and operates in the field of solar-based projects and products. Adani’s Solar subsidiary is number one in a lot of solar-related aspects and for their work in this field, the company has won multiple awards. The company is primarily into manufacturing solar cells and models. They also happen to be the largest solar panel installers in India.

• The share price is on the verge of hitting the 200 rupee mark and from there it would still be more than double the gain away from its 52-week high price.
• The company has a high TTM EPS growth to boast which is a good thing. It has grown by 3,532.09% on a Y-o-Y basis.
• The 20-day average volume and 20-day average delivery quantity of the stock are high.

9. KPI Green Energy Limited

KPI Green Energy Limited was formerly known as KPI Global Infrastructure Limited. The company is concerned with generating solar power and it belongs to the KP Group of Gujarat. The company was incorporated back in 2008 and they develop, build, own, operates, and maintain solar power plants.

• The stock price is close to 440 rupees and it might soon break the 52-week high price of around 510 rupees.
• The company has a market cap of 1,575 crores and its average 20-day volume and average 20-day delivery quantity are high.
• The TTM EPS of the stock shows high growth which might be a good thing for potential investors to consider.
• The stock has an average P/B and an average PE which is again a good thing.

Also Read: Solar Panel Comparision Guide: Jinko vs Longi

10. Zodiac Energy

Zodiac Energy is a company that claims to be the best solar EPC company in Gujarat India and so maybe we should pay some heed to it. Just like we had some top solar panel manufacturers in India listed in stock exchange, we also have other solar energy-based companies on this list and this is one of the best ones on it. This ISO-certified company started as Zodiac Genset Private Limited in 1992 before taking on its present-day name.

• The company stock almost saw a growth of 1% in its price in the last session and it might still have a long way to go.
• The company is effectively using investors’ funds which have helped its ROE improve in the last 2 years.
• It is in the industry of solar products and so the future looks bright for the company.
• The stock has an average P/B and an average PE which is again a good thing.

And with that, you now have 15 names of stocks that operate in the renewable sector which is where the present is headed in the future. Hopefully, banking on these stocks can take your portfolio the desired way.

The Indian solar manufacturing industry is poised for strong growth driven by domestic demand from utility and rooftop projects as well as potential export opportunities. However, competition remains intense with cheap imports still holding a major market share.

Investors looking at this sector will need to evaluate each company’s technology, cost competitiveness, financial position and execution capabilities before making investment decisions. But the long-term prospects do look promising for leading players that can successfully navigate the challenges.