Best Solar Energy Stocks in India 2025

India’s commitment to clean and renewable energy is powering a massive shift in the country’s energy landscape. Among renewable energy sources, solar energy has emerged as a dominant force due to its scalability, declining costs, and government support. As more companies invest in solar infrastructure and manufacturing, the solar sector has become a key focus for infrastructure development and sustainability.

In this article, we have shortlisted the top solar-related companies in India based on market cap. and categorized them into large-cap, mid-cap, and small-cap segments. This classification is based on their market size and gives a structured view of the companies contributing to India’s solar energy growth.

Best Solar Energy Stocks in India

Large Cap Solar Stocks

1. Adani Green Energy

Adani Green Energy Limited (AGEL) is one of India’s largest renewable energy companies and a key player in the solar power sector. A part of the Adani Group, AGEL focuses on developing, operating, and maintaining utility-scale grid-connected solar and wind projects. It has one of the largest operational solar portfolios in India and is actively expanding into hybrid (solar + wind) energy parks. The company secures revenue through long-term power purchase agreements (PPAs), ensuring financial stability and scale.

2. Tata Power

Tata Power is a well-diversified power utility involved in generation, transmission, and distribution, with a major push into solar. It is expanding its solar rooftop, EPC, and solar pump businesses, and is targeting 60% clean energy in its total portfolio. Its solar subsidiary, Tata Power Solar, is one of India's largest EPC and solar solutions providers.

3. JSW Energy

JSW Energy has aggressively moved into the renewables space with a clean energy share of over 60% in its total capacity. The company is building significant solar and wind infrastructure and exploring battery storage and green hydrogen. Its solar energy projects are spread across multiple Indian states with long-term growth plans.

Mid-Cap Solar Stocks

1. Waaree Energies

Waaree Energies is India’s leading solar module manufacturer and has a strong presence in EPC, project development, and solar solutions. It has one of the largest manufacturing capacities for PV modules in India and has shown consistent profitability and operational efficiency. In FY25, it posted a ~36% YoY profit increase, backed by robust exports and domestic demand.

2. Solar Industries India

While primarily known for explosives and defense, Solar Industries is expanding into solar energy infrastructure and defense-based solar integrations. It is diversifying its business model toward clean energy with investments in solar supply chains and EPC contracts.

3. NHPC

NHPC, a PSU traditionally focused on hydroelectric projects, has started developing solar parks and utility-scale solar projects. It plays a key role in India’s renewable roadmap through public sector clean energy missions.

Small-Cap Solar Stocks

1. CESC

CESC is an integrated power utility with a presence in generation and distribution. It is expanding into solar power installations and grid-connected projects across its service regions, with a focus on ESG improvements.

2. Orient Green Power

Orient Green Power focuses on renewable energy, particularly wind and solar. It has seen a financial turnaround in recent quarters and is actively investing in solar expansion and EPC contracts.

3. Surana Solar

Surana Solar manufactures solar photovoltaic modules and provides solar lighting solutions. The company is also involved in EPC of solar power plants. Being a small-cap company, it presents high growth potential along with high volatility.

4. Zodiac Energy

Zodiac Energy is a solar EPC company specializing in rooftop and commercial-scale solar projects. Its business model focuses on project execution and third-party solar plant development.

5. Websol Energy Systems

Websol manufactures mono and polycrystalline solar cells and modules. The company has faced volatility in financials but continues to operate in the upstream segment of the solar supply chain.

What’s Good About Solar Stocks

• Government push: Policies like the PLI scheme and solar parks boost investor confidence.

• Sustainable demand: Solar energy adoption is rising across residential, commercial, and industrial users.

• Favorable economics: Falling costs of modules and storage are improving project viability.

• Global interest: India is recognized as a key solar market worldwide, attracting significant foreign investment and partnerships.

What’s Bad About Solar Stocks

• Valuation concerns: Some large-cap solar stocks trade at high P/E multiples, limiting short-term upside.

• Execution risks: Regulatory delays, land acquisition issues, and EPC inefficiencies can affect margins.

• Policy uncertainty: Changes in net metering, subsidies, or import duties on modules can hit profitability.

• Technology disruption: Companies not adapting to new storage or hybrid tech could lose relevance.

Conclusion

India’s solar energy sector is on a strong growth trajectory, supported by government backing, private investment, and environmental necessity. While large-cap companies like Adani Green and Tata Power offer scale and stability, mid-caps like Waaree bring specialized strengths in manufacturing. Small-cap names can offer high potential but come with higher risk.

As India continues its transition to clean energy, solar stocks remain a strategic area to watch in the broader power and infrastructure space.