India's Top Renewable Energy Stocks 2023


The investment theme of disruptive and niche businesses is currently in the spotlight, driven by the rapid pace of change. Let's explore the top renewable energy stocks in India.

Tata Power

Tata Power is a leading player in renewable energy, with a capacity of 2.6 GW in 11 states, aiming to expand to 15 GW by 2025. It also excels in the electric vehicle (EV) charging station segment. Stock Performance: Tata Power's stock has seen significant gains, up 72% in the past three months and a remarkable 210% over the past year.

Websol Energy Systems

Websol Energy is a manufacturer of photovoltaic solar cells and modules. The company is experiencing substantial growth and plans to expand its manufacturing capacity. Stock Performance: Websol Energy's stock surged around 175% in the past year, but it experienced an 8% drop in the past month.

Borosil Renewables

Borosil Renewables is India's sole solar glass manufacturer, uniquely positioned to benefit from the solar energy revolution. Stock Performance: The stock has shown remarkable returns, with a 326% increase in the past year.


NTPC, the largest electricity producer in India, is transitioning to green energy, including green hydrogen. Despite these efforts, its stock performance has been moderate. Stock Performance: NTPC's stock has returned 28% in the past year but faced a 9% decline in the past month.

Reliance Industries

Reliance is making substantial investments in renewable energy, with plans to become a net carbon-zero firm by 2035. It's investing in various green energy initiatives. Stock Performance: Reliance Industries' stock increased by 21% in the past year.

GAIL (India)

GAIL is focusing on expanding gas as a transition fuel and is investing in renewable energy, including green hydrogen. Stock Performance: GAIL's stock performance has been modest, with a 10% increase in the past year.

Indian Oil Corp (IOC)

IOC and NTPC are exploring and collaborating in the renewable energy sector, aiming to generate cleaner forms of energy. Stock Performance: IOC's stock has gained 28% in the past year.


L&T is partnering with ReNew Power to enter the green hydrogen business and is committed to being net-zero emissions by 2040. Stock Performance: L&T's stock has shown substantial gains, up 57% in the past year.

JSW Energy

JSW Energy's stock has performed exceptionally well, with a remarkable 360% gain in the past year. The company is restructuring its renewables business.

Adani Group Stocks

Adani Group is making significant investments in renewable energy, with plans to invest up to $70 billion over the next decade and produce the cheapest green hydrogen.