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Best Solar Energy Stocks In India 2023

Introduction:

The issue of climate change has been one of the widely discussed things in the last couple of decades. Almost all major economies in the world focus on moving away from fossil fuels and developing energy from clean and renewable sources, such as wind and sunlight. The Indian Government has also taken multiple steps to facilitate power generation from renewable sources.

In the next few years, India is set to multiply the volume of energy produced from renewable sources, with solar energy contributing vitally. That is why it makes sense to invest in the shares of companies that are involved in the production of solar energy. These companies have huge potential to provide multi-bagger returns in the long term.

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 Best solar energy stocks in India for investment in 2023:

1. Suzlon Energy Limited

Established in 1995, Suzlon Energy Limited is a small-cap company that provides renewable energy equipment and services. Their product portfolio includes solar irradiance assessment, land acquisition and approvals, power evacuation, and solar and wind energy infrastructure. 

The shares of Suzlon Energy Limited have zoomed by almost 80% in the last 30 days and have all the ingredients to become a multi-bagger stock. For the quarter ended December 2022, the company generated a total revenue of Rs. 1,464.15 crores. As of 10 July 2023, Suzlon Energy shares were trading or Rs. 17.35 at the National Stock Exchange (NSE) and Rs. 17.37 at the Bombay Stock Exchange (BSE).

2. Tata Power Company

Incorporated in 1919, Tata Power Company is one of the oldest energy companies in India. It is engaged in generating, transmitting, and distributing electric power. The company also provides infrastructure management, property development, and oil tank leasing services. 

As of 10 July, the market capitalisation of Tata Power Company stood at Rs. 72,854 crores. Its shares were trading for Rs. 225.00 per share at the NSE and Rs. 225.10 per share at the BSE. Since July 2020, Tata Power Company’s shares have given multi-bagger returns of 341.37%, and the surge is expected to continue.

3. Urja Global Limited

Urja Global Limited is an India-based developer and operator of renewable energy. Its product portfolio includes e-Rickshaws, batteries, LED lights, solar inverters, water heaters, solar lanterns, PV modules, and solar charge controllers, among others. The company was founded in 1992.

As of 10 July, the market capitalisation of Urja Global Limited stood at Rs. 528 crores. Its shares are listed on the NSE and the BSE, with their trading prices being Rs. 9.95 per share and Rs. 9.94 per share, respectively. The last three-year returns of Urja Global Limited shares are 172.56%. 

4. Adani Green Energy

Adani Green Energy is poised to become India’s leading solar power company. As per the company’s website, it plans to expand its renewable energy production capacity to 25 Gigawatts (GW) by 2025. Currently, it has several wind, solar, and hybrid power projects in several states of India. No wonder Adani Green Energy stocks are considered among the best solar stocks in India.

As of 10 July 2023, the market capitalisation of this company stood at Rs. 1,50,642 crores. Adani Green Energy shares were trading for Rs. 959.10 per share at the BSE and Rs. 959.45 per share at the NSE. Three-year returns of these shares are a whopping 151.82%. 

5. WAA Solar Limited

WAA Solar Limited is a small-cap company that was founded in 2009. It specialises in offering engineering, procurement, and construction (EPC) services for various solar power projects in India. It also has two finance subsidiaries - Aspire Infracon Pvt. Ltd and Vadodara Rooftop Pvt. Ltd. – to invest in solar power businesses. 

The shares of WAA Solar Limited are listed only on the BSE and were trading at Rs. 78.85 per share at the time of market closing on 10 July 2023. They have provided a stupendous return of 652.74% in the last three years.

The final words

As India plans to produce 50% of its energy through renewable energy sources, investing in companies that belong to this sector can fetch you pretty high returns. You can select from the best solar energy stocks in India mentioned above to strengthen your long-term portfolio.

However, as always, certain risks and challenges are associated with companies in the solar energy sector, and you need to be aware of them while making investment decisions.

If you want to open a Demat account to start investing in the stock markets, you can do so for free with Motilal Oswal.

 

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