India’s renewable energy sector is expanding rapidly as the country works towards its ambitious clean energy goals. Rising electricity demand, supportive government policies, private sector investments and the growing use of solar and wind power are creating opportunities across the renewable energy value chain.
For investors seeking exposure to this long-term growth theme, several listed companies have established strong positions in the sector. At the same time, smaller companies are also attracting attention as they expand their presence in renewable energy.
1. Tata Power
Tata Power is one of India’s leading integrated power companies. Its business has expanded across solar energy, electric vehicle charging infrastructure, rooftop solar solutions and renewable power generation.
In Q1 FY27, the company reported revenue of ₹18,898 crore, an 8% year-on-year increase. Profit after tax (PAT) rose 11% to ₹1,401 crore.
Backed by the Tata Group, Tata Power continues to expand its clean energy portfolio while maintaining its presence across conventional and renewable power businesses.
2. NTPC Green Energy
NTPC Green Energy is the renewable energy arm of NTPC and is playing an important role in India’s energy transition.
The company reported a 38% year-on-year increase in net profit to ₹305 crore in Q1 FY27. It is expanding its renewable energy portfolio through solar and wind projects while also exploring opportunities in areas such as green hydrogen.
With India’s renewable energy requirements expected to rise over the coming years, the company is focused on building additional clean energy capacity.
3. Adani Green Energy
Adani Green Energy has developed one of the world’s largest renewable energy portfolios, with a focus on utility-scale solar and wind projects.
In Q1 FY27, revenue from power supply increased 29% to ₹4,280 crore. EBITDA rose 33% to ₹4,122 crore during the quarter.
The company’s energy sales also increased by 30%. Continued investment in renewable generation capacity remains central to its growth strategy.
4. Gujarat Inject Kerala Ltd
Gujarat Inject Kerala Ltd, which is rebranding as Regenova Renewtech Ltd, reported strong growth in Q1 FY27.
Revenue from operations increased more than five-fold to ₹29.86 crore, compared with ₹5.58 crore in the same quarter a year earlier. Net profit also increased sharply to ₹4.73 crore, compared with ₹0.26 crore year-on-year.
The company secured a ₹150 crore, 50 MW solar project in Zimbabwe and a 10 MW solar power project in India.
The stock was trading at around ₹10, with a potential target of ₹13, implying nearly 30% upside. However, such a target depends on project execution, financial performance and broader market conditions.
5. Waaree Energies
Waaree Energies has established itself as one of India’s leading solar module manufacturers.
In Q1 FY27, the company’s revenue increased 79% to ₹7,932 crore, while net profit rose 14% to ₹850 crore.
The company is expanding its domestic manufacturing capacity as demand for solar equipment grows. India’s focus on strengthening domestic clean energy manufacturing could provide further opportunities for companies such as Waaree Energies.
India’s renewable energy industry is expected to remain one of the country’s fastest-growing sectors over the coming decade. Companies including Tata Power, NTPC Green Energy, Adani Green Energy, Waaree Energies, Suzlon Energy and JSW Energy are investing in renewable capacity and supporting the country’s energy transition.
Smaller companies such as Gujarat Inject Kerala Ltd are also attempting to build a position through new renewable energy projects.
However, renewable energy stocks can carry significant risks, including valuation, debt, execution, regulatory and market risks. Investors should assess a company’s financial performance, project pipeline and valuations before making investment decisions.
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