Best Solar Energy Stocks to Watch in 2024

adminAugust 2, 2024

As the golden rays of the sun paint the horizon, the future of the solar sector is also bright. The solar sector is growing globally as demand for renewable energy increases. The Indian government is actively promoting solar power through projects such as the National Solar Mission, providing lucrative incentives to both producers and consumers.

This initiative has provided an opportunity for investors in solar energy stocks. Companies manufacturing solar panels, developing solar projects and providing related technologies are seeing growth. With India looking to dramatically increase its solar capacity, the sector promises attractive investment opportunities in the future. We will discuss some of the top solar companies that are poised to benefit from this government initiative.

Industry Overview

The solar sector in India is expanding rapidly with various initiatives being taken by the government to harness solar energy. The Solar Parks Scheme is developing large-scale solar parks across the state.

At the same time, the rooftop solar scheme encourages small-scale solar installations on residential buildings, and the National Solar Mission addresses energy security by promoting sustainable growth.

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SRISTI (Sustainable Rooftop Solar Transformation Implementation in India) focuses on developing rooftop solar projects across the country. Internationally, India is leading the way with the International Solar Alliance, promoting global collaboration in solar technology deployment.

The PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme supports standalone solar pumps in rural areas to reduce grid dependency.

These programs demonstrate India’s commitment to solar energy in a holistic manner. They target implementations at a variety of scales, from individual households to large-scale solar parks. The government’s multi-pronged approach aims to significantly increase solar power generation capacity.

India is working towards a more sustainable energy future by promoting both large-scale and distributed solar projects. These initiatives are expected to boost the country’s solar industry, create jobs, and contribute to climate change mitigation efforts.

List of the best solar energy stocks

Adani Green Energy

Adani Green Energy Leading the renewable energy sector in India. The company operates across the country and focuses on solar and wind power generation. Adani Green has delivered impressive financial results in 2024. Its revenue has reached ₹9,220 crore, up 19% from 2023. Net profit has increased by 23% to ₹1,260 crore during the same period.

The company is rapidly expanding its project portfolio. It has commissioned numerous renewable energy projects across several states, including large-scale solar and wind farms.

Adani Green leverages India’s clean energy drive. It leverages national programs such as the National Solar Mission and state-level renewable energy policies. The company also benefits from the government’s ambitious renewable energy targets.

The company’s integrated business model strengthens its position. It includes project development, EPC, operations and maintenance services. This approach creates a strong value chain for Adani Green. India’s diverse geographical environment is a great advantage for the organization. This enables Adani Green to utilize solar and wind resources efficiently.

Adani Green is positioned to capture significant market share. Its growth strategy is aligned with India’s commitment to expanding renewable energy. The company is actively supporting the country’s ambitions for energy transition.

Investors should keep a close eye on policy changes in the renewable energy sector. Grid integration challenges and funding for large-scale initiatives warrant caution. Despite potential challenges, Adani Green shows promising growth prospects. It looks set to lead India’s renewable energy revolution.

KPI Green Energy

KPI Green Energy Leading the solar power sector in India. The company operates out of Gujarat and focuses on the development and generation of solar power plants. In 2024, KPI Green Energy delivered impressive financial results. Revenue soared to ₹1,024 crore, up nearly 60% from 2023. Net profit during the same period rose 47% to ₹162 crore.

The company is aggressively expanding its project portfolio. Numerous Solar power generation Projects across Gujarat. These include both ground and rooftop installations. KPI Green Energy leverages supportive government policies. It leverages initiatives such as solar park schemes and renewable energy certificates.

The company’s solar policy also enhances its growth prospects. The company’s diversified business model reduces risk. It offers both Independent Power Producer (IPP) and turnkey EPC services. This approach creates multiple revenue streams for KPI Green Energy. Gujarat’s solar-friendly environment offers significant advantages to the company.

The state boasts high solar irradiance and favorable policies for renewable energy. KPI Green Energy aims to meet India’s growing demand for clean energy. It is positioned to capitalize on the country’s ambitious renewable energy targets.

Investors should pay attention to regulatory changes in the sector. Intense competition and project financing capabilities are also noteworthy. Despite the challenges, KPI Green Energy shows strong growth potential. It is poised to capitalize on India’s transition to sustainable energy solutions.

WAA Solar

WAA Solar It is emerging as an emerging player in the renewable energy sector in India. The company focuses on the development and generation of solar power and operates primarily in a few states. In 2023, WAA Solar had a revenue of ₹48.74 crore and a net profit of ₹10.38 crore. However, in 2024, it saw a decline as the revenue fell to ₹26.69 crore and the net profit decreased to ₹6.63 crore.

Despite recent financial challenges, WAA Solar continues to expand its project portfolio. The company develops both ground-mounted and rooftop solar installations. It leverages government initiatives and state-specific solar policies to drive growth. The company diversifies its revenue streams by serving as an independent power producer (IPP) and providing EPC solutions.

WAA Solar aims to meet the growing demand for clean energy solutions in India. The company is well positioned to capitalize on the country’s renewable energy targets. The company faces challenges such as legislative changes, fierce competition, and project financing. WAA Solar Limited, on the other hand, sees opportunities in India’s renewable energy transition. The company plans to overcome recent obstacles and resume its growth trajectory in the changing renewable energy sector.

Edited by Global

Edited by Global It operates as a key player in the renewable energy sector in India. The company focuses on solar solutions including solar modules, inverters, and batteries. In 2023, Urja Global reported a revenue of ₹39.58 crore and a net profit of ₹1.53 crore. The company saw growth in 2024, with revenue increasing to ₹44.47 crore and net profit increasing to ₹2.04 crore.

The company offers off-grid and on-grid solar solutions to residential, commercial and industrial customers. The company leverages government initiatives such as the National Solar Mission and State-level Solar Policies. Urja Global’s diverse product range includes solar home lighting systems, street lights and power packs, catering to a variety of market segments.

The company is positioned to meet India’s growing demand for affordable clean energy solutions. Urja Global leverages its manufacturing capabilities and distribution network to gain market share. It faces challenges such as fierce competition and fluctuating raw material costs. Despite these obstacles, Urja Global shows growth potential in India’s evolving solar energy market.