The green energy industry in India
In the green energy industry's growth journey, solar has been a major factor. India added more than 37 GW of solar during 2025. The government has also been supporting rooftop solar through the PM Surya Ghar scheme. By March 2026, the scheme added around 9.57 GW of rooftop solar capacity.
Transmission and energy storage are also becoming important because renewable power isn’t available at the same level throughout the day. In September 2026, the government approved ₹1.36 lakh crore for improving transmission systems and ₹50,000 crore for 50 GWh of battery energy storage systems.
These developments can create opportunities for green energy companies. However, a strong sector is only one part of the story. Factors like interest rates, project costs, power tariffs, land availability, and more also affect companies.
Overview of top green energy stocks
Here’s a quick overview of 5 companies with exposure to India’s green energy stocks:
*A 3-year return for IREDA is not available, as the stock has been listed for less than 3 years as of October 2026.
Adani Green Energy
Adani Green Energy develops and runs renewable energy projects across India, including solar, wind and hybrid power plants. The company added more than 5 GW of renewable capacity in FY26, taking its operational portfolio to 19.3 GW. For context, 1 GW of capacity can power 7 to 10 lakh homes for an entire year.
Adani Green has set a target of reaching 50 GW of renewable capacity by 2030. The company is also putting money into battery storage projects. By October 2026, its operational capacity had reached 6.63 GWh.
Tata Power
Tata Power Company Limited’s renewable business includes solar, wind and hybrid projects, along with solar cell and module manufacturing. In FY26, the company had 7,856 MW of clean and green operational capacity. It also has 4.9 GW of solar cell and module manufacturing capacity.
Its renewable business also includes rooftop solar and engineering services. This gives Tata Power exposure to both large renewable projects and the growing demand for rooftop solar. The company is also developing pumped storage projects, which can help balance renewable power when solar or wind generation is low.
JSW Energy
JSW Energy operates across thermal and renewable power. As of September 2026, the company has crossed 15 GW of operational capacity, with renewable sources accounting for more than 60% of the portfolio. Its renewable capacity includes wind, solar, hybrid and hydro projects.
Energy storage is another important part of its plans. JSW Energy is targeting 40 GWh of energy storage capacity by 2030 and aims to reach 30 GW of generation capacity by then.
Suzlon Energy
Suzlon Energy is one of India’s major wind turbine manufacturers. It provides wind energy solutions, including project execution, operations and maintenance services. The company had an order book of around 5.9 GW at the end of FY26.
Suzlon also reported strong demand in the first quarter of FY27, with around 1 GW of new orders and a cumulative order book of around 6.1 GW by July 2026. This gives the company direct exposure to India’s growing wind energy market.
Indian Renewable Energy Development Agency
IREDA is slightly different from other companies on the list. It doesn’t generate electricity or manufacture renewable energy equipment. It is a government-owned financial institution that provides loans for renewable energy projects. Its financing covers areas such as solar, wind, hydro, biomass, waste-to-energy and energy efficiency.
IREDA reported record loan sanctions of ₹51,883 crore and disbursements of ₹34,946 crore in FY26. Its outstanding loan book stood at ₹93,075 crore as of March 2026. Its performance depends on how quickly renewable energy projects grow and how much financing the sector needs.
4 things to check before you buy green energy stocks
You shouldn’t pick green energy stocks just because the sector is growing or a stock has recently gone up. Check these things before investing:
- Business model: See what the company actually does. A renewable power producer and a wind turbine maker may offer different exposure.
- Capacity and order book: Check how much capacity the company operates and what projects are lined up. Future projects can support growth, but delays can affect revenues.
- Debt: Green energy projects often require significant funding. High debt can become a problem if projects are delayed and interest costs rise.
- Government policies: Renewable energy depends heavily on regulations, subsidies, tariffs and government targets. Any change can affect the business.
The bottom line
Investing in green energy stocks can give you exposure to India’s shift towards cleaner energy. But individual stocks can carry higher risks. If that particular company doesn’t perform well, it can hurt the stock. For a more diversified approach, you can explore sectoral or thematic funds on the Millions app that invest in green energy stocks.
The green energy theme is likely to play out over many years. So, instead of chasing short-term moves, focus on the company’s business, financials and valuation. Setting up an SIP in a mutual fund with green energy stocks helps you spread your investment through market volatility.
