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Top 3 Green Energy Stocks in India Set for Strong Growth in 2024

top green energy stocks in India

Welcome to our post about the green energy! In this post, we will study top green energy stocks in India set for strong growth in 2024.

India’s power sector should see strong growth in renewables capacity expansion together with new coal-based capacities in 2024 as the country as a whole plans to address increased demand. But what are the main factors which should drive this growth? How was the power energy’s past? What all stocks should investors consider when planning to make investment in green energy?

India’s power demand is expected to see a growth of more than ~8% year-on-year at present, while climate emissions should not peak until 2040-41. Per the report by S&P Global, in 2024, the country as a whole should see highest ever renewable energy capacity additions to the tune of ~19 GW, which includes ~16-17 GW solar and ~2-3 GW wind. 

In inflections scenario, S&P Global expects that India’s energy-related carbon emissions should increase from ~2.91 billion mt/year in 2023 to ~3.47 billion mt/year in 2030. This should further to ~3.83 billion mt/year in 2040. India pledged to reduce emissions intensity by ~45% by 2030 in comparison to its 2005 levels, touching net-zero emissions by 2070 as per Nationally Determined Contributions.

Having said that, what role government has to play? With elections in 2024, what should investors expect?

The India’s federal elections, which are scheduled for 2024, should return Narendra Modi-led BJP government to power. This is expected to provide continuity and forward momentum on several planned reforms. Firstly, Market Coupling plan should align power prices throughout exchanges which should help transparency and liquidity. Further, implementation of Renewable Generation Obligation (RGO) “is expected to enable renewable capacity additions and promote biomass blending in the coal plants.”

Adani Green Energy targets to add more than 5 GW renewable power in 2024, aiming the path for 45 GW by 2030. Apart from this, UltraTech Cement aims to increase overall share of green energy in total energy mix from the current share of ~22% to ~85% by the year 2030. 

With this in mind, let us now have a look at top green energy stocks in India set for strong growth in 2024. 

1. KP Energy Ltd.

KP Energy Ltd. specializes in high-quality Wind Turbine Generators (WTGs) which are powered by sophisticated technology. It excels in providing turnkey solutions for wind farm projects throughout India. 

The company has released financial results for the quarter ended 2Q24, in which it has seen an increase of 13.29% year-over-year in consolidated net profit to INR 8.18 crores in comparison to INR 7.22 crores in 2Q23. 

It has seen strong growth regarding net profit rise by ~40.35% on half-yearly basis from INR16.68 crores in 1H23 to INR23.42 crores in 1H24. It saw total revenue of INR70.23 crores in 2Q23 as against that of INR 56.36 crores in 2Q22, exhibiting ~24.60% growth. Revenue from sale of power enhanced from INR4.99 crores in 1H23 to INR 8.16 crores in 1H24.

It has been given NOA from NTPC for 464.10 MW. This was the largest order achieved from single customer. This order is expected to be executed over the time period of 21 months. It has bagged repeat order of 23.1 MW from the current customer – Aditya Birla Renewables Energy Limited. This exhibits confidence of customer in the company’s abilities. Discussions are underway for further orders from them. 

2. Websol Energy System Ltd

Based in India, Websol Energy System Limited primarily manufactures solar cells and modules. Main business of the company is production of solar photovoltaic cells and modules.

It saw revenue from operations of INR 17.22 crore on consolidated basis during FY23 in comparison to INR 213.22 crores in FY22. Operating EBITDA on consolidated basis was INR (16.13) crores for FY23. During FY23, the decline in was mainly because of discontinuance of 250 MW cell line as part of process to graduate to new Mono PERC technology as per planned expansion. 

The company believes that price paid for equipment (cells and modules), expenses and quantum of debt, pre-sales buyback, etc. should translate in attractive surplus as and when it gets into production. Though the returns were muted, it expects to post attractive surplus in FY24. This should be reinvested in trebling manufacturing capacity. 

The company continues to focus on partnerships with local suppliers, targeting to decrease costs and lead times. This should help government’s ‘Make in India’ initiative. By the end of 2030, India should be able to exceed European Union as 3rd largest energy consumer globally. 

As per national policy projections, India’s energy consumption should be able to nearly double as India’s GDP increases to an estimated US$8.6 trillion by year 2040. 

3. Inox Green Energy Service

The company in business of providing long-term O&M services for the wind farm projects. 

It has released its results for the quarter ended 2Q24, in which it posted second consecutive quarter of profits. ⎫Machine availability of the company averaged ~95.8% for entire portfolio during 2Q24. Total revenue from operations of the company (which includes discontinued operations) came in at INR66.8 crores in 2Q24 against revenue of INR 65.6 crores in 2Q23. EBITDA for O&M business was INR23.8 crores in 2Q24 against EBITDA of INR 21.6 crores in 2Q23. 

PAT was INR 5.7 crores in 2Q24 against loss after tax of INR 8.1 crores in 2Q23. The company has presence throughout all 8 windy states of India, and has a portfolio of ~3,200GW of O&M assets. 


While above are some of the top green energy stocks in India set for strong growth in 2024, there are several other green energy stocks which investors should consider as we head into 2024. 

India’s domestic thermal coal production should grow in line with demand, which can limit the import dependence. Indian government has made significant efforts to make sure there is seamless power supply, which includes mine auctions, capacity additions etc. These initiatives are expected to now show strong results.

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I'm Ved Prakash, Founder & Editor @Newsblare Media, specialised in Business and Finance niches who writes content for reputed publication such as,, Motley Fool Singapore, etc. I'm the contributor of different... news sites that have widened my views on the current happenings in the world.

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