Written By: Yukta Palekar

India has made walk in the solar energy sector. Solar power generation capacity in the country has increased to 84.27 GW (from 2.6 GW in 2014) as at the end of 2021. This placed India in the 5th position in the world in terms of solar power installed capacity. At this rate, India will be the second-largest manufacturer of solar power by 2026 with $3.2 billion in government subsidies. Names to feature at the top of the solar energy stocks in India include companies pushing India towards a bright solar future.

Top Solar Companies in India

Photon Energy Systems (Hyderabad): 

mass-produce solar panels, flat plate connoisseur, and evacuated tube collectors for solar thermal line of action.

Mahindra Susten: 

individualistic power producer with over 1.5  a unit of powers of renewable assets. Provides engineering, procurement, and construction (EPC) services for more than 60 projects.

Adani Solar: 

Largest vertically integrated manufacturer of solar cells and panels in India. Has 4  a unit of powers of manufacturing cubic measure at its Mundra, Gujarat facility.

Waaree Energies: 

India’s huge captain/baron of industry of solar panels with 12 a unit of powers of set in place capacity.

RenewSys: 

Integrated captain/baron of industry of solar panels and components, including encapsulants, backsheets, and solar array cells.

Azure Power (New Delhi): 

make progress India’s first utility-scale solar be mounted on over in 2009. Currently has 3 a unit of powers of operational capacity and 4.3 a unit of powers of contracted/awarded amplitude.

AmpIn Energy Transition (Formerly Amp Energy India): 

Works with commercial, industrial, and utility customers to transition to renewable energy, especially solar power.

Emmvee: 

put into practice in solar water heating order and solar panels. Module manufacturing capacity of 3 a unit of powers (2023), expected to reach 5 a unit of powers in 2024.

Loom Solar: 

Founded in 2018 and manufactures solar panels, inverters, and lithium batteries for off-grid or hybrid systems.

Vikram Solar: 

Leading solar manufacturing company in India, providing solar energy solutions and photovoltaic (PV) modules.

Jupiter Solar: 

Focuses on solar cell and module manufacturing, contributing to India's renewable energy efforts.

Premier Energies: 

Solar photovoltaic cell and module manufacturing company, supporting India’s renewable energy sector.

SWELECT Energy Systems: 

Offers products such as solar PV modules, inverters, and energy storage systems for residential and commercial use.

Microtek: 

Manufactures solar consequence like inverters, panels, and energy systems, catering to a wide type of solar needs.

Tata Power Solar: 

One of India's largest solar power companies, involved in solar EPC, manufacturing, and power production.

Jakson Group: 

Provides solar solutions and engineering services, including EPC for solar power plants and related infrastructure.

ICOMM: 

Engaged in solar energy production, with a focus on photovoltaic manufacturing and system integration.

Servotech Power Systems: 

Manufactures solar products like panels and inverters, along with solar charging solutions for electric vehicles.

Goldi Solar: 

Leading manufacturer of solar modules and a provider of solar power solutions to global markets.

Solar Energy Company Stocks in India

• Overview of Solar Energy Stocks: Solar energy stocks refer to shares of companies involved in producing, installing, or distributing solar energy products or services. These companies are involved in the installation, prolongation, and monitoring of solar energy systems.
• Growth Potential: Solar energy stocks in India are experiencing growth due to the country’s rapid development in the renewable energy sector. Investing in solar energy shares provides exposure to the fast-growing renewable energy market, which is gaining importance globally.

Types of Solar Companies Stocks in India

• Best Solar Energy Stocks: Top-performing solar companies in the Indian stock market.
• Government Solar Stocks: Shares of government-backed companies involved in the solar energy sector.
• Solar Energy Penny Stocks: Low-priced stocks in the solar industry that offer higher risk but potential for substantial gains.
• Investment Benefits: Solar energy stocks offer significant profit potential as the renewable energy sector expands in India. With the global shift toward sustainable energy, India’s solar industry shares are expected to gain more prominence.
• Union Budget 2024-25 Support for Solar Industry: The budget, presented by Finance Minister Nirmala Sitharaman, includes several allocations relevant to the solar energy sector. Policies were introduced to support pump storage projects for continuous energy supply. A joint venture between NTPC and BHEL was issue a statement about to establish an 800 MW supercritical thermal power plant with higher orderliness.
• India's Renewable Energy Goal: Solar energy is key to achieving India’s goal of generating 500 GW of renewable energy by 2030. This goal aims to reduce the country's dependence on fossil fuels and contribute to global climate change mitigation efforts.

Growth of India's Solar Energy Sector

• Strategic Initiatives and Natural Advantage: India’s solar energy sector benefits from strategic government initiatives and abundant natural resources, particularly sunlight. The Rural Electrification Program of 2006 laid the foundation for the sector’s rapid development.
• Government Support and Incentives: The Indian government actively supports the solar sector through favorable policies and incentives. Emphasis on solar energy as a future energy source, empowering grassroots-level communities.
• Exponential Growth in Solar Capacity: Installed solar capacity has grown from 1.60 a unit of powers in 2013to over 84 GW by mid-2024. Growth driven by ambitious government is aiming for 500 a unit of powers of renewable energy by the end of 2030.
• Technological Advancements: Continuous technological improvements in solar energy enhance efficiency and reduce costs. 
• Sustainability and Environmental Benefits: Investing in solar energy stocks supports global sustainability goals and contributes to a cleaner environment. Solar energy helps reduce seeking support from on fossil fuels, combating climate change.
• Job Creation and Economic Development: Expansion of the solar energy sector stimulates job creation across various skill levels. Contributes to poverty alleviation and overall economic development in India.
• Geographic Advantage: India’s location provides abundant sunshine year-round, making it ideal for solar energy production.
• Investment Opportunities and Risk Mitigation: Solar energy stocks offer diverse investment opportunities, helping investors diversify and mitigate risks. The solar sector businesses are operates all alone of traditional market cycles, offering a row of bushes against economic downturns.
• Consultation Before Investment: Consulting a financial advisor is essential before investing in solar-related stocks to ensure sound financial planning.

India's Solar Market: Investment Overview

• Growth of India's Solar Market: India’s solar market is attractive to investors due to abundant sunlight and favorable government policies. National Solar Mission (2010) aims for 100 GW of installed solar capacity by 2022. Installed capacity grew from 2.6 GW in 2014 to 60 GW by December 2023, driven by policy support, falling solar PV costs, and increased investor interest.
• Government Support and Incentives: Investors benefit from financial incentives such as tax holidays, accelerated depreciation, and viability gap funding. State governments offer land at concessional rates, lowering initial investment costs.
• Technological Advancements in Solar Energy: Prices of solar PV modules have become more competitive, increasing by over 80% compared to conventional energy. Thin film bifacial solar panels have emerged, generating energy from both sides and optimizing land use.

Investment Opportunities in the Solar Companies Sector In India

• Utility-Scale Solar Projects: High demand for large-scale solar farms with large capacities announced by SECI.
• Rooftop Solar: Strong government support for 40 GW from rooftop systems; net metering policies and subsidies enhance profitability.
• Solar Manufacturing: The Production Linked Incentive (PLI) program promotes local manufacturing, increasing incentives for home-grown solar equipment.
• Energy Storage Solutions: Battery storage and lithium-ion technology address solar power variability, aligning with India’s push for electric vehicles.
• Challenges and Risk Management: Potential challenges include land access, regulatory barriers, and grid infrastructure problems. Risks can be mitigated by engaging local partners, building direct contacts with legal and government authorities, and investing in smart grid technologies.
• Long-Term Opportunities: India’s solar market offers significant potential for high returns while contributing to the nation’s sustainable energy development.

Tata Power Solar is the top solar panel business in India, known for customer gratification and trust. Established in 1989, it has a 670 MW manufacturing capacity and offers rooftop solar panel installations for residential, commercial, and industrial customers. As the oldest solar company in India, it manufactures 670 MW of solar modules annually. This blog provides a detailed overview of top brands, their market presence, products, and services, and encourages continued updates on the solar market.

In 2025, investing in solar panel franchises with FranchiseBAZAR provides a sustainable and environmentally sound answer. Companies such as Loom Solar, Nexus Solar Energy, Waaree, APN Solar, and Kondaas provide minimal investment, high demand, and marketing assistance, enabling for future expansion.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.