Top 10 Renewable Energy Companies in India 2024

The renewable energy sector in India is witnessing rapid growth, driven by the need for sustainable energy solutions and government initiatives. This article explores the top 10 renewable energy companies in India listed in stock market, highlighting their market presence, innovations, and contributions to the energy sector. The renewable energy industry in India has grown enough over the last few decades, transit from small-scale projects to large-scale implementations. Government policies and international cooperation have played a key role in this transformation. Today, India's renewable energy market is the largest and fastest growing in the world. The country aims to achieve 175 GW of renewable energy capacity by 2022 and 450 GW by 2030, with significant investments in solar, wind, and other renewable sources.

What is Renewable Energy?

Renewable energy is a type of energy that comes from natural resources that are continuously generated, such as sunlight, wind, water, and geothermal heat. It is a sustainable and environmentally friendly alternative to fossil fuels, which are non-renewable and limited in supply.

Renewable energy is a promising and permanent alternative to traditional energy sources. It provides many benefits, including clean electricity generation, sustainability, job creation, and distributed energy systems. While challenges exist, such as intermittent availability and land and resource requirements, the growing demand for renewable energy and technological advancements suggest a bright future for the sector. By adopting renewable energy, we can work towards a greener and more sustainable future.

Top Renewable Energy Companies List by Market Capitalisation

India's commitment to sustainable development and reducing carbon emissions has led to significant growth in the renewable energy sector. The country has set ambitious targets for renewable energy capacity, aiming to achieve 175 GW by 2022 and 450 GW by 2030. Many companies have driven this growth, leveraging innovative technologies and large-scale projects. Here, we explore India's top 10 renewable energy companies, highlighting their contributions and achievements in the sector.

Also Read: Top 10 Wire Company in India 2024

1. Adani Green Energy Ltd

Market Cap: ₹ 298,708.88 Cr.
Sales (latest quarter): ₹ 2527 Cr.
Net Profit (latest quarter): ₹ 310 Cr.
Quarterly profit growth: -70.67 %
Exchange: BSE, NSE
Official Website: adanigreenenergy.com

Adani Green Energy Limited (AGEL) is the largest renewable energy company in India, with a portfolio of 20,434 MW. AGEL is part of Adani Group's commitment to providing a cleaner, greener future for India. Under its philosophy of 'Growth with Goodness,' the Company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farms. Electricity generated is supplied to central and state government entities, as well as government-owned corporations.

2. NHPC Ltd

Market Cap: ₹ 104116.74 Cr.
Sales (latest quarter): ₹ 1888.14 Cr.
Net Profit (latest quarter): ₹ 610.93 Cr.
Quarterly profit growth: -16.28 %
Exchange: BSE, NSE
Official Website: nhpcindia.com

NHPC Limited is India's largest hydropower development organization with the capability to undertake all activities of hydropower projects right from concept to commissioning. NHPC has also diversified into solar and wind energy development etc.

NHPC Limited (formerly known as National Hydroelectric Power Corporation Limited) was incorporated in 1975 under the Companies Act, 1956. The company has been mandated to plan, promote, and organize integrated and efficient development of power in all its aspects through conventional and non-conventional sources in India and abroad. NHPC is a listed company on NSE and BSE after successfully closing its IPO in 2009.

NHPC has an authorized share capital of Rs 15,000 crore, paid-up capital of Rs 10,045.03 crore, and an investment base of Rs 78802.59 crore as of March 31, 2024.

The total installed capacity of NHPC as of 31st March 2024 is 7144.20 MW comprising 1593 MW in Joint Venture comprising 6971.20 MW from 22 Hydro Power Stations, 123 MW from Solar Power Projects, and 50 MW from Wind Power Projects. NHPC's hydro share of 6971.20 MW is about 14.85% of the country's total installed hydro capacity of 46928.17 MW.

3. Waaree energies ltd

Market Cap: ₹ 24922.92 Cr.
Sales (latest quarter): ₹ 876 Cr.
Net Profit (latest quarter): ₹ 148 Cr.
Quarterly profit growth: 63.77 %
Exchange: BSE
Official Website: waaree.com

Waaree Energies Limited was founded in 1989 and has its headquarters in Mumbai, India. At its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat, Waaree has India's largest aggregate installed capacity of 12 GW and is a top solar module exporter in Fiscal 2023. By June 30, 2023, Waaree had 407 customers in India and 20 customers outside of India. Over 11 GW of solar modules have been supplied by the company, and more than 1.1 GW of solar EPC projects have been completed.

To provide high-quality and cost-effective sustainable energy solutions across all markets, reduce carbon footprints, and pave the way for sustainable energy, thereby improving the quality of life of present and future generations.

4. KPI Green Energy Ltd

Market Cap: ₹ 10835.46 Cr.
Sales (latest quarter): ₹ 289.36 Cr.
Net Profit (latest quarter): ₹ 43.04 Cr.
Quarterly profit growth: 34.43 %
Exchange: BSE, NSE
Official Website: kpigreenenergy.com

KPI Green Energy Limited, formerly known as KPI Global Infrastructure Limited, is a Gujarat-based Renewable energy company. The company was founded in February 2008, with a focus on providing renewable power through different business verticals. We develop, build, own, operate, and maintain renewable power plants under the brand name “Solarism” as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPP).

Our Renewable Power business is focused on reducing electricity costs through renewable power solutions, as well as offering commercial solutions like CPP, IPP, Industrial Plot Sales, and Hybrid Energy.

5. BF Utilities Ltd

Market Cap: ₹ 3289.40 Cr.
Sales (latest quarter): ₹ 2.38 Cr.
Net Profit (latest quarter): ₹ 9.38 Cr.
Quarterly profit growth: 1019.61 %
Exchange: BSE, NSE
Official Website: bfutilities.com

The BF Utilities Limited (BFUL) is part of the USD 3 billion Kalyani Group. In the past, BFUL operated in two business segments - Infrastructure Business and Investment Business. Through a Composite Scheme of Arrangement, BFUL has restructured its business. As a result of the business restructuring, the Infrastructure Business remains with BFUL and the Investment Business has been transferred to BF Investment Ltd.

The company was incorporated on September 15, 2000, under Maharashtra's Companies Act, 1956. It was formed through the demerger of Bharat Forge Limited (BFL). On January 17, 2001, the Hon'ble High Court of Judicature at Bombay approved the Scheme of Arrangement. The Investments (listed and unlisted) and Wind Mills Divisions of the BFL were demerged and transferred to the Company on March 1, 2001. On June 16, 2001, the Company allocated a fully paid Equity Share of the Company of Rs.5 (free of cost) to the shareholders of BFL for one fully paid Equity Share of Rs.10 held on April 16, 2001.

6. Orient Green Power Company Ltd

Market Cap: ₹ 1971.27 Cr.
Sales (latest quarter): ₹ 36.02 Cr.
Net Profit (latest quarter): ₹ -25.25 Cr.
Quarterly profit growth: 10.85 %
Exchange: BSE, NSE
Official Website: orientgreenpower.com

We are among the largest independent power producers in India. As of June 2022, we have 402.3 MW of wind assets spread across Tamil Nadu, Andra Pradesh, Gujarat, and Karnataka. There is also a 10.5 MW wind farm in Croatia, Europe, included in the above.

The company's vision is to maintain and enhance a diversified portfolio of renewable energy-based power projects with attractive returns. Our mission is to contribute to the environment and achieve sustainable development over the long term.

7. Solex Energy Ltd

Market Cap: ₹ 1,190.36 Cr.
Sales (latest quarter): ₹ 272.89 Cr.
Net Profit (latest quarter): ₹ 8.01 Cr.
Exchange: NSE
Official Website: solex.in

The company was Founded on 1995 along the streets of historic city of Anand in Gujarat. In this same place, the white revolution of India took place and AMUL was born. SUN ENERGY SYSTEMS was founded here and sold the first solar water heater. SUN is the core of infinite energy in the solar system. Through the years, Solex has undertaken businesses that are directly or indirectly related to the sun. Solar water heaters, solar lanterns, solar water pumps, solar street, and home lighting systems - the SUN was at the core of Solex's design process. Over the last 25 years, this expertise has evolved into a professional EPC firm.

To provide the perfect solution for electricity generation, our products are made to withstand the toughest environmental conditions. A true value-for-money deal, Solex PV modules are made of high-efficiency TopCon monocrystalline and polycrystalline solar cells.

We have rigorously tested and certified Solex modules to ensure their quality and reliability. Quality, environmental sustainability, and safety are the manufacturing facility's certifications. Listed in the Approved List of Models and Manufacturers (ALMM), Solex Modules have been certified by the Bureau of Indian Standards (BIS).

8. Kotyark Industries Ltd

Market Cap: ₹ 1,047.95 Cr.
Sales (latest quarter): ₹ 143.76 Cr.
Net Profit (latest quarter): ₹ 11.44 Cr.
Quarterly profit growth: 29.48 %
Exchange: NSE
Official Website: kotyark.com

Kotyark Industries Limited (formerly named Kotyark Industries Private Limited) is committed to the development and implementation of renewable green energy and renewable natural resources (BioFuels) through the adoption of environmentally friendly technology that favors a net reduction of greenhouse gas emissions for us, including our vehicles, equipment, and generators.

Our KIL facility, located in Swaroopganj, RICCO, Rajasthan, produces Bio-Diesel from Multi Feedstock with an annual production capacity of 1,82,500 KL. As a socially responsible entity, KIL has a zero discharge of effluents.

Planning ahead is our company's focus. We are looking to set up similar plants around the world either alone or in joint ventures as required to create large capacities. BIOFUELS is a field where KIL looks forward to being a responsible and meaningful force in the future.

9. Felix Industries Ltd

Market Cap: ₹ 530.07 Cr.
Sales (latest quarter): ₹ 22.1 Cr.
Net Profit (latest quarter): ₹ 4.03 Cr.
Exchange: NSE
Official Website: felixindustries.co

Felix Industries Ltd is a leading manufacturer and exporter of high-quality industrial products. With a commitment to innovation and excellence, our company offers a wide range of products designed to meet the specific needs of our customers.

Felix Industries Ltd was established in 1975 and has since grown to become a trusted name in the industry. Our founders, Mr. Felix and Mrs. Johnson, had a vision of creating a company that would provide high-quality products and exceptional service to customers worldwide.

At Felix Industries Ltd, we offer a wide range of products across various industries. Some of our key products include Renewable Energy, Steel Products, Fertilizers, Chemicals, Machinery Parts, and Electrical Components.

10. Agni Green Power Ltd

Market Cap: ₹ 95.24 Cr.
Sales (latest quarter): ₹ 21.01 Cr.
Net Profit (latest quarter): ₹ 0.27 Cr.
Exchange: NSE
Official Website: agnipower.com

Agni Green Power Limited is a well-established solar PV contractor offering complete turnkey solar PV power plant solutions. Our 28 years of experience in the solar industry have positioned us as a trusted and reliable partner. With the latest technology and adhering to international standards, our team of skilled professionals and engineers can handle projects of any size, from small off-grid systems to large grid-connected systems. Agni Green Power Limited provides cost-effective and high-quality solar solutions to power a greener world.

Our company values honesty and integrity, ensuring technologically best-in-class products and services, encouraging individual initiative and innovation, and respecting our customers, partners, and colleagues worldwide. As a company, we are guided by these values.

Also Read: Top 10 Battery Company in India

How to Invest in Green Energy Stocks?

Investing in green energy stocks can be a great way to contribute to a green future, as well as potentially make financial gains. Green energy means renewable energy sources, such as solar, wind, hydroelectric and geothermal energy, etc. These stocks offer investors an opportunity to take advantage of the growing global demand for clean and sustainable energy.

Do your research: Consider factors such as the company's financial performance, the management team, and current industry trends. Look for companies with proven track records of success and strong growth potential in the renewable energy sector.
Consider the Sector and Company Size: it is important to consider the sector and company size. Some sectors, such as solar power or wind power, may have more growth potential than others. Additionally, larger companies often have more resources and access to capital, making them more attractive investments.
Monitor the regulatory landscape: Governments play an important role in the development and adoption of renewable energy technologies. Be aware of regulatory changes affecting green energy stocks. Positive developments, such as incentives or favorable policies, can positively affect stock prices.
Stay updated on news and events: Keep up with the latest news and developments in the green energy industry. This includes progress in technologies, mergers and acquisitions, and any news that affects stock prices. Regularly reviewing industry reports, press releases, and investor presentations can provide valuable information about companies' prospects.
Seek professional advice: It is important to consult with a financial advisor or investment professional who understands the green energy sector and can guide you through the decision-making process. They can provide guidance and recommendations tailored to your specific financial goals and risk tolerance.
Manage your risk: Like any investment, it's important to manage your risk. Consider setting a stop-loss order to protect your investment from significant losses. Additionally, consider dollar-cost averaging, which involves investing a certain amount of money at regular intervals to minimize the impact of price fluctuations.

Conclusion

India's renewable energy sector is booming, driven by ambitious government targets, technological advancements, and strong support from the private sector. The top 10 renewable energy companies in India have been instrumental in this growth, contributing significantly to the country's transition towards a sustainable and clean energy future. These companies are not only expanding their capacities but also setting benchmarks in innovation, sustainability, and operational excellence. As India continues to adopt renewable energy, these companies will play an important role in shaping a greener and more sustainable world.