India is making significant strides in renewable energy, with its current capacity surpassing 211 GW, driven by solar (92.19 GW), wind (47.71 GW), and hydroelectric power (46.96 GW).
The nation has set an ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030 and aims for net-zero emissions by 2070. Backed by robust government policies and substantial investments, India is well-positioned to lead the global transition to sustainable energy.
Here are three such market leader stocks in the Solar, Wind, and Hydro Energy sectors:
1. Waaree Energies Ltd
Waaree Energies Ltd is a prominent player in the Indian solar energy sector, recognized as the largest manufacturer and exporter of solar photovoltaic (PV) modules in the country.
With a market capitalization of Rs. 83,053 crore, Waaree Energies Ltd is trading at Rs.2,891 per share, up 4.7 percent from the previous close.
As of September 30, 2024, the company’s unexecuted order book stands at 1,702 MW (1.7 GW), indicating strong demand for solar energy solutions. These projects are expected to be completed within 9 to 12 months. Waaree also has an active bidding pipeline of 17.8 GW, highlighting its potential for securing additional contracts.
Waaree is India’s largest manufacturer of solar PV modules with an installed capacity of 13.3 GW. To meet increasing demand, the company is expanding its production capacity, including a new U.S. facility that will begin at 3 GW and ramp up to 6 GW by 2027, aligning with India’s renewable energy goals and the ALMM initiative.
In its recent financial performance, Waaree reported a 1 percent YoY increase in revenue to Rs.3,574 crore for Q2FY25 and an 18 percent rise in net profit, reaching Rs.376 crore.
2. Suzlon Energy Ltd
Suzlon Energy Limited, India’s largest wind energy producer, has a significant installed capacity, with the majority of it based within the country. This strong domestic presence reinforces Suzlon’s leadership in the Indian wind energy sector.
With a market capitalization of Rs. 91,866 crore, Suzlon Energy Ltd is trading at Rs. 68.39 per share, up 0.14 percent from the previous close.
Suzlon Energy, a prominent player in the wind energy sector, has an installed capacity of around 20.8 GW across 17 countries, with a majority based in India. The company holds a strong order book of 5 GW, including major contracts such as the 1166 MW order from NTPC Green Energy, which is India’s largest wind energy project.
To boost production, Suzlon is expanding its Daman plant to a capacity of 3.1 GW and is considering reopening its Pondicherry facility. The company projects deliveries of 1.5 GW in FY25 and 2.2 GW in FY26, driven by rising demand from utilities and the commercial sector.
In its recent financial performance, Suzlon Energy Ltd reported a 48 percent YoY increase in revenue to Rs.2,103 crore for Q2FY25 and a 97 percent rise in net profit, reaching Rs.201 crore.
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3. NHPC Limited
NHPC Limited, formerly known as the National Hydroelectric Power Corporation, is a leading public sector enterprise in India dedicated to hydroelectric power generation.
With a market capitalization of Rs. 85,181 crore, NHPC Limited is trading at Rs. 86.84 per share, up 5.6 percent from the previous close.
NHPC Limited is India’s leading hydroelectric power producer, with an installed capacity of 7,071 MW. The company manages key projects such as the 2,000 MW Subansiri Lower Hydroelectric Project and the 1,000 MW Indira Sagar Project. NHPC plans to expand its capacity to 14,000 MW by FY27 and reach 22,000 MW by FY32.
To support this growth, the company has outlined an annual capital expenditure plan of Rs.9,000-10,000 crore over the next 8-10 years, with Rs.10,800 crore allocated for the current fiscal year. Ongoing projects include the 800 MW Parbati-II, set to be completed in 2024, and the 1,000 MW Pakal Dul project.
NHPC expects revenues to range between Rs.18,000 crore and Rs.19,000 crore by FY27, playing a crucial role in India’s renewable energy ambitions.
In its recent financial performance, NHPC reported a 4 percent YoY increase in revenue to Rs.3,052 crore for Q2FY25, while net profit fell 37 percent to Rs.1,069 crore in the same period.
Written by – Siddesh S Raskar
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