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Solar Stocks to Look For in 2024

Created on 31 Jan 2024

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Best Solar Energy Stocks to Look For in 2024

Great news: Our Prime Minister has announced that one crore households in India will be equipped with rooftop solar under the Pradhan Mantri Suryodaya Yojana! 

This fantastic initiative is expected to reduce the electricity bills of the poor and middle class and make India self-reliant in the energy field. 

This move is a clear indication that the solar energy sector in India is booming. Which means Solar energy sector ki Mauja hi Mauja!!

So, in this article, we will explore some of the solar stocks that could benefit from this scheme.

Economic Implications and Investor Sentiment

The announcement of the Pradhan Mantri Suryoday Yojana has had a positive impact on renewable energy stocks in the Indian stock market. 

Companies like Tata Power and the Indian Renewable Energy Development Agency (IREDA) experienced significant gains, with their shares rallying over 5%. 

This surge in investor sentiment can be attributed to the growing advancements in India's renewable energy sector and the increased demand for solar panel systems driven by the government's initiatives.

List of companies likely to benefit from the Pradhan Mantri Suryodaya Yojana

Thank me later for the list of stocks that will benefit from the growth of the solar energy sector.

Solar Power Producers (PUC) Stocks


NHPC Limited is India's largest organisation for hydropower development. The company was established on 7 November 1975 and converted to a public limited company on 2 April 1986. 

The President of India is the promoter, holding 100% of the paid-up share capital of the company. 

NHPC can undertake all activities related to the conceptualisation, planning, and commissioning of hydro projects and has diversified into Solar and Wind power.


NTPC is India's largest energy conglomerate, established in 1975 to accelerate power development in India. It is the dominant power major with a presence in the entire value chain of the power generation business. 

NTPC generates electricity via hydro, nuclear, and renewable energy sources and has diversified into various areas, including consultancy, power trading, training, rural electrification, ash utilisation, and coal mining. 

The company's business area includes:

  • Power generation
  • Consultancy services
  • Power trading
  • Training of power professionals
  • Rural electrification
  • Ash utilisation
  • Coal mining

NLC India Ltd.

NLC India Limited, previously Neyveli Lignite Corporation Limited, is a government-owned company engaged in lignite mining and power generation through thermal and renewable energy sources. 

Solar Power Producers (Private)

KPI Green Energy Ltd.

KPI Global Infrastructure Limited was incorporated on 1 February 2008. The company focuses on solar power generation as an Independent Power Producer (IPP) and service provider to Captive Power Producer (CPP) customers. 

It builds, owns, operates, and maintains grid-connected solar power projects to generate revenue by entering into Power Purchase Agreements (PPA) with third parties. 

The company also develops, transfers, operates, and maintains grid-connected solar power projects for CPP customers and generates revenue by selling these projects for their captive use requirements. 

Currently, both IPP and CPP businesses are carried out from the company's plant at Bharuch, Gujarat.

Hybrid Energy Producers (Wind+Solar)

Adani Green Energy Ltd.

Adani Green Energy Limited is a publicly traded company based in India. It was incorporated on 23 January 2015 under the Indian Companies Act 2013 and is a part of the Adani Group. 

Adani Green Energy Limited (AGEL) is one of the largest renewable energy companies in India. Its mission is to provide a better, cleaner, and greener future for India, in line with the Adani Group's philosophy of 'Growth with Goodness'. 

AGEL builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects. The electricity generated by these projects is supplied to central and state government entities as well as government-backed corporations.

AGEL has expanded its presence across many Indian states by leveraging its capabilities and long-term Power Purchase Agreements (PPAs) of 25 years with central and state government entities. 

The company uses the latest technologies in its projects and has a portfolio of many operational projects as well as various projects under construction. AGEL is driving India's renewable energy journey.

Adani Green Energy is a holding company of several subsidiaries that generate renewable power within the Group. The Group is primarily involved in renewable power generation and other ancillary and related activities.

Products and Services:

  • Solar Power
  • Wind Power
  • Hybrid Power
  • Solar Parks
  • Operational Excellence

Tata Power Company Ltd.

Tata Power Company Limited is a public company that is recognised for leading the energy sector in technology, process and platform. They focus on providing smart solutions to their customers, which include mobility and lifestyle. They are positioned for significant growth in these areas.
The principal business of the company is generation, transmission and distribution of electricity. The company was amongst the pioneers in the generation of electricity in India more than a century ago.

Products & Services

  • Power Supply
  • EV Charging Solutions
  • Solar Rooftops
  • Solar Pumps
  • Solar Module and Cells
  • Microgrids
  • Solar RO Systems


  • Renewables
  • Conventional Generation
  • Transmission
  • Distribution
  • Next-Gen Power Solutions
  • Trading
  • Services Business

JSW Energy Ltd.

JSW Energy is a power company incorporated as Jindal Tractebel Power Company Limited under the Companies Act 1956 on 10 March 1994 in Mumbai. 

On 17 January 2002, the company changed its name to Jindal Thermal Power Company, and subsequently, on 7 December 2005, the name was changed to JSW Energy Limited.

The company's main business area is to sell power to state-owned utilities, power trading companies, and some industrial consumers through a combination of long-term and short-term power purchase arrangements and through the power exchanges in India.

Business Segments

  • Power Trading
  • Equipment Manufacturing
  • Mining

Check out the list below for more stocks.

Solar Glass
Asahi India Glass Ltd.
Borosil Renewables Ltd.

Solar Cells
Adani Enterprises Ltd. (Adani Solar)
Websol Energy System Ltd.

Solar Modules
Adani Enterprises Ltd. (Adani Solar)
Insolation Energy Ltd.
Swelect Energy Systems Ltd.

Solar Panels
Adani Enterprises Ltd. (Adani Solar)
Solex Energy Ltd.

Solar Batteries
Exide Ind
Insolation Energy 

Solar EPC
Adani Enterprises Ltd. (Adani Solar)
Gensol Engineering
SW Renewable Energy
Thermax Ltd.
Waare Renewables

Solar Power Storage
JSW Energy Ltd.

Transformers- HV
ABB India Ltd.
GE T&D India Ltd.
Siemens Ltd. 

Transformers- HV
Shilchar Technologies Ltd.
Voltamp Transformers Ltd.

Power Cables
Apar Industries Ltd.
Polycab India Ltd.
KEI Industries Ltd.

Gujarat Fluorochemicals Ltd.- Fluoro polymers (on solar glass) 
Tata Chemicals Ltd.- Polysilicon chemicals  
Ion Exchange (India) Ltd.- Water Treatment 

Other Proxy Players
Adani Enterprises Ltd. (Adani Solar)- Solar Ingot Wafer 
Exide Industries Ltd.- Power Inverters   
Sundram Fasteners Ltd.- Fasteners
Power Finance Corporation Ltd- Power Financing

(Source: Jagadeesh Chowdary X)

The Bottom Line

Looking forward to 2024, the market for solar stocks seems to be showing great growth potential. 

The focus on renewable energy and sustainable practices globally is increasing, and investing in solar stocks appears to be a great way to make some money while contributing to a greener future. 

So, investing in solar stocks not only promises a sunny financial outlook but also lets you be part of the solution for a greener tomorrow.

*Disclaimer: The stocks and companies discussed above aren't a recommendation from Insider by Finology and shall not be construed as a replacement for professional advice. Consult a professional or conduct the necessary research before making investment decisions.

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Sakshi Dhakre

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Sakshi is an adventurous spirit who enjoys both the intellectual stimulation of Finance and the sensory experiences of good food and nature’s beauty. She has a passion for delving into complex financial topics and distilling them down into easy-to-understand insights. When she's not poring over financial reports, you might find her exploring a new corner of the city, trying out new restaurants and cuisines or admiring the beauty of the night sky.

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