Kolkata: Central government initiatives such as going for rooftop solar units, PM-KUSUM, solar parks and battery storage are triggering a growth in India’s renewable energy future. India is in a hurry since it has international carbon-linked commitments to comply with. A few companies stand out in this expanding canvas. But it is not Adani Solar that we are discussing. Let’s have a look at which “hidden” stocks we are mentioning here.
The government has set an objective of sett up 500 GW of non-fossil energy generation capacity in the country by 2030. It has moved past the halfway mark in 2025. In 2024, 585 gigawatts of new capacity was installed worldwide and solar and wind accounted for almost all of the fresh capacities. The renewable energy market in India is growing at a rate of about 8% annually and it can rise by 100% in the coming years.
Waaree Energies
Waaree Energies is the country’s largest solar module manufacturing company. With 18.7 GW of module capacity and 5.4 GW of cell capacity, both are consistently operating at approximately 80-85% capacity. The company aggressively expanding to more than a dozen countries in the world, including India. The management of Waaree has an ambition to outgrow the module manufacturer status and become a leader in the entire solar value chain. It has also planned an ambitious investment of Rs 2.5 lakh crore to reach that position.
Its new activities as per the plan are: ingot and wafer manufacturing, expanding module and cell production, entering the battery storage and electrolyser businesses, and strengthening inverter manufacturing. Waaree is also raising lithium-ion battery capacity from 3.5 GWh to 20 GWh and expanding electrolyser capacity to 1 GWh. Waaree is also a strong performer financially — in H1FY26, revenue jumped 51% and EBITDA jumped 118%. Th3 company’s order book is about Rs 470 billion, which can generate strong earnings growth over the next three years.
Premier Energies
Premier Energies was one of the pioneers of solar cell production in the country. Now it accounts for almost the entire solar cell exports to the US. The company has a production capacity of 3.2 GW of cells and 5.1 GW of modules. Premier Energies has set a target of achieving a fully integrated capacity of 10 GW, for which it is building plants in Andhra Pradesh and Telangana.
Its new TOPCon cell plant will be the largest single-location cell plant in the country. Premier Energies is also moving into related products such as solar modules, wafers, ingots, inverters, and battery storage. The company’s financial results are also impressive — in H1FY26, revenue grew 20% and EBITDA surged 59%. The order book stands at Rs 132 billion.
ACME Solar
ACME Solar is one of the country’s leading renewable power generation companies and has a total portfolio is 7.4 GW that comprises solar, wind and hybrid projects. The company is placing its largest bet on battery storage, as demand for it is expected to jump. ACME plans to develop 13.5 GWh of battery storage capacity, of which 5.1 GWh in already work in progress.
Battery deliveries are expected to begin in December 2025. ACME Solar wants to generate additional revenue by selling approximately 1 GWh of storage to the market from Q4FY26. It could generate additional EBITDA of approximately Rs 170 crore per year, according to forecast. ACME has also commissioned a 10 MWh pilot battery storage project in Rajasthan. The revenue of the company rocketed 87% in H1FY26.
Therefore, Adani Solar might be a very prominent player, but there are other companies with a lot of promise in the renewable energy sector in India.
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