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What Are The Top Solar Companies In India 2023?

India stands 4th for solar energy generation globally, with a cumulative capacity of 66.78 GW, and is predicted to reach 95 GW by the end of 2025. It clearly shows how rapidly India is growing in the renewable energy sector. As a result, various solar companies are growing every year in India and getting bigger investments to expand their reach and create job opportunities. Such potential growth & higher returns attract many investors to invest in this sector, but is it a good investment or not?

So if you need clarification about whether to invest in renewable energy and where to invest for better returns, then don’t worry. At SustVest, we always guide you to the right investments. In this article, we will analyze the top solar companies in India, their growth and What Are The Top Solar Companies In India 2023? for higher returns. So let’s dive in!

What are the best solar companies to invest in
What are the top solar companies in India

Overview Of Solar Energy

The demand for Solar Energy is rapidly growing as the world is shifting to renewable energy. Solar energy currently contributes 3.6% of the world’s electricity production, but soon, solar energy will be the biggest source of electricity generation. 

As the sun is a limitless source of renewable energy, then it becomes much more affordable to adapt to that change. In India, there’s a high demand for energy consumption compared to any other country so renewable energy can be a great source of energy, and that’s why India has the highest growth in the renewable energy sector.

The Government understands the potential of renewable energy, its environmental benefits, and development. As the sun is an unlimited energy source, no resources, like coal, fossil fuels, and water, are required to produce traditional electricity. That’s why they’re putting so much effort into increasing awareness about renewable energy, offering tax incentives and rebates for shifting to renewable energy. 

Because of Government and Private solar companies, India is shifting to renewable energy, generating more employment opportunities and financial benefits and making the environment zero carbon emissions. It’s the right time to invest in the solar energy sector at such high demand for higher returns and profitability. 

Now the question arises, What Are The Top Solar Companies In India to Invest in? Where to get higher returns?

Let’s find out!

What Are The Top Solar Companies In India 2023? – 7 Stocks To Watch Out for!

Here’s the list of 7 top solar companies in India which are rapidly growing in this sector:

1. Tata Power Company

Tata Power Company comes under the Tata Group, the biggest solar power company in India. They mainly have three business segments in this sector: 1st – Manufacturing of solar cells and modules; 2nd – Engineering, procurement & construction (EPC) for solar power projects; and 3rd – solar products. 

Tata Power is a giant company with a market cap of ₹63,332 crores and has a diversified portfolio of energy solutions for thermal, hydro, wind, and solar power. They’ve shipped nearly 1.4 GW of solar modules worldwide and installed 1.5 GW of utility-scale and 200MV rooftop solar projects in India. 

It’s one of the most valuable and fastest-growing solar companies in India. Tata Solar aims to double its renewable energy production from 13.5 gigawatts (GW) to over 30 GW by 2027. However, this company faces tough competition from various solar companies.

Key Highlights:

  • One of the biggest power companies in India with a market cap of ₹63,332 crores.
  • A diversified portfolio of energy solutions in solar, wind, hydro, and thermal power generation.
  • Planning to scale renewable energy generation to 30 GW by 2027.
  • High competition with other power companies in India.

Stock Price: Tata Power’s stock price is ₹198.55 (April 2023).

2. Suzlon Energy

Suzlon Energy is another renewable energy solution provider mainly focusing on wind power projects. They mainly design, develop and manufacture wind turbine generators (WTGs). The current market cap of Suzlon Energy is ₹1,458.02 crores. Along with wind turbine production, they’re also selling solar panels, solar products and producing electricity.

Suzlon Energy offers various renewable energy solutions such as solar irradiance assessment, land acquisition, power evacuation, supply chain, etc. 

They have a strong reputation for driving innovations and technologies over the years and have developed the best wind turbines, such as Suzlon Energy S97-120m wind turbine for low-wind areas and S111-120m for low-high-wind areas. In addition, they’re using SCADA (Supervisory Control and Data Acquisition) technology to monitor their worldwide wind turbines remotely. 

Key Highlights:

  • Suzlon Energy is a leading renewable energy solution provider focusing mainly on wind power.
  • Currently, the market cap of Suzlon Energy is ₹1,458.02 crores.
  • They’ve diversified their product and service portfolio, including wind turbines, solar power solutions, supply chains, and other maintenance services.
  • Suzlon Energy has high-level of debts that decrease its profitability.

Stock Price: Suzlon Energy’s stock price is ₹8.15 (April 2023).

3. WAA Solar

WAA Solar is an Indian solar panel manufacturer specializing in thin-film technology. Now they’re working on different areas, such as subsidiaries of companies that are in solar power generation, investing in special purpose vehicles (SPV) associates, and establishing solar power projects.

Some of the popular solar projects of WAA Solar are the Solar Photovoltaic (PV) Grid Interactive Power Plan with a capacity of 10 MW in the village of Nayka in Taluka-Sami, a solar power plant with a capacity of 100 kilowatts (KWP) at Raja Bhoj Airport in Bhopal and a Solar PV Grid Interactive power plan the capacity of 10.42 MW on a 20-acre site.

They have a strong presence as a solar manufacturer in the Indian Market with a cap of ₹51 crores. The current financial performance is stable, and its products are continuously growing to keep up with the competition.

Key Highlights:

  • WAA Solar is a solar panel manufacturer specializing in thin-film technology.
  • They were Established in 2009 and now have a market cap of ₹51 crore.
  • Diversified portfolio in solar power projects, finances special purpose vehicles (SPV) associates and subsidiary companies associated with solar power generation.
  • They’re financially stable and continuously growing with innovations.

Stock Price: Currently, WAA Solar Stock Price is ₹35.45 (April 2023).

Check out our blog on What Are The Different Solar Energy Finance Options In India here.

4. Websol Energy System

Websol Energy System is one of the biggest manufacturers of solar photovoltaic (PV) cells and modules. 

Currently, the market cap of Websol Energy System is ₹353 crores. It’s a reputed company in the solar sector and received various certifications for quality & environmental & safety management.

They have a diversified portfolio of mono and multi-crystalline solar cells, solar modules ranging from 3 watts to 365 watts, and customized solutions for residential, commercial, and industrial applications.

Websol Energy company’s share price increases to 175% in the solar energy sector and produces higher returns. They’ve planned to build a new manufacturing plant with a capacity of 1.8 GW.

Key Highlights:

  • Websol Energy System is a big manufacturer of solar photovoltaic (PV) cells and modules.
  • They plan to increase the capacity of manufacturing solar cells and modules from 250 MW PV cell capacity to 1.8 GW mono PERC cell line.
  • Offering customized solar solutions for residential, commercial, and industrial applications.
  • It’s a profitable solar company with a net profit margin of around 4.41%.

Stock Price: Websol Energy System’s stock price is ₹89.50 (April 2023)

5. Synergy Green Industries

Synergy Green Industries is an Indian firm that works in the foundry business.  

They’re manufacturing massive precision casting for wind turbines and other things.

Synergy Green Industries also produces and sells steel castings in rare and machined forms, graded gray iron, and graphite iron.

In addition, they offer a wide range of products, including main Axles, Hollow Shafts, DV-casting, diffusers, cone heads, sheet metal parts, tubular parts, and sub-assemblies for original equipment manufacturers (OEMs) of commercial vehicles. 

They’re also focused on developing renewable energy projects such as solar, wind, and biomass-based power projects. To generate clean, sustainable energy.

Key Highlights:

  • Synergy Green Industries operates in the automotive sector.
  • They’ve diversified their portfolio in manufacturing automotive parts and operating various renewable energy projects in wind, solar, and biomass-based energy production.
  • The market Cap of Synergy Green Industries is ₹180 crore.

Stock Price: Synergy Green Industries Ltd stock price is ₹128 (April 2023)

6. Ujaas Energy

Ujaas Energy is another popular Indian company known for solar power generation and solar-based products. It’s a flagship brand of UJAAS, as this company builds, owns, and maintains solar energy facilities. 

They offer four segments in the solar sector, i.e., Electric Vehicle (EV), Un-allocable, Manufacturer & sell solar power plants, and solar power generation & maintenance.

Ujaas Energy has a market cap of ₹40 crores, and they keep doing innovations and experimentations to stay ahead.

Key Highlights:

  • Ujaas Energy is primarily focused on solar power generation and other solar products.
  • Ujaas Energy has a market cap of ₹40 crore.
  • They offer turnkey solutions for rooftop solar installation and other projects, designing, and installation services.

Stock Price: Ujaas Energy Ltd Stock Price is ₹2.05 (April 2023)

7. Surana Solar

Surana Solar manufactures solar photovoltaic (PV) cells and modules, wind & solar energy generation, and offers various solar-related products. They’ve mainly focused on solar products and wind power sectors. 

They’ve four solar plants in Gujarat and Telangana of 5 MW each. Their upcoming projects are 30 MW in the pipeline to be set up in Karnataka, Andhra Pradesh, and Tamilnadu. Currently, Surana Solar has a market cap of ₹93 crore. 

They have a strong global presence in several countries, including the USA, Europe, Africa, and the Middle East. The company has diversified its portfolio into EPC (Engineering, Procurement, and Construction) for solar power projects. 

Key Highlights:

  • Surana Solar is mainly focused on Solar products and the wind energy sector.
  • They have a market cap of ₹93 crores.
  • They plan to increase the capacity of upcoming solar power plants to 30 MV.
  • Surana Solar has key expertise in solar PV module manufacturing and is continuously growing in the renewable energy sector.

Stock Price: Surana Solar Stock Price is ₹19.10 (April 2023).

Check out our blog on Investing in Renewable Energy- Best Investment Opportunity in India here.

Top solar companies in India

FAQs: Top Solar Companies In India

What are some of the other leading solar companies in India to be on the lookout for?

There are many other top solar companies in India that have a lot of potential in the stock market, such as:

  • SunTechnics Energy Systems
  • Thrive Solar Energy
  • Sova Solar
  • Access Solar

What are the factors to be considered while deciding on whether to invest in the top solar companies in India?

There are many factors to be considered while deciding on whether to invest in the top solar companies in India-

  • The solar energy market in India is expanding quickly
  • Investing in solar energy stocks may help you diversify your portfolio
  • Government incentives to promote the solar sector
  • Solar energy stocks have excellent long-term potential

What are the top renewable energy companies in India?

  1. Adani Green Energy Limited (AGEL): One of the largest renewable energy companies with a focus on solar and wind projects.
  2. Greenko Energy Holdings: Known for its expertise in developing and operating clean energy projects, including wind and solar.
  3. Tata Power Renewable Energy Limited (TPREL): A subsidiary of Tata Power, actively involved in renewable energy generation.
  4. Suzlon Energy Limited: A key player in the wind energy sector, providing wind turbines and solutions.


These are the 7 top solar companies in India that are continuously growing in the renewable energy sector. So If you’re planning to invest in solar energy, we hope this article helps you find what are the best solar companies in India to invest in. However, there are so many details, metrics, and parameters that are still needed to consider before starting to invest that surely require expert guidance.

With SustVest, you can start your investment journey with experts in the renewable energy sector and get higher returns and long-term profitability.