India’s renewable energy sector is expanding rapidly as the country seeks to meet its long-term clean energy targets while responding to rising electricity demand. Government policies, private-sector investment and growing deployment of solar and wind capacity are supporting opportunities across the renewable energy value chain.
Listed power generators, renewable energy developers and solar equipment manufacturers are therefore attracting increasing investor interest. Five companies that reflect different parts of this expanding ecosystem are Tata Power, NTPC Green Energy, Adani Green Energy, Gujarat Inject Kerala Ltd, which is rebranding as Regenova Renewtech Ltd, and Waaree Energies.
Tata Power
Tata Power has developed an integrated clean energy portfolio spanning renewable power generation, solar energy, rooftop solar solutions and electric vehicle charging infrastructure.
The company reported revenue of INR 18,898 crore in Q1 FY27, representing an 8% year-on-year increase, while profit after tax rose 11% to INR 1,401 crore. Its renewable energy investments form part of a broader power business, providing the company with exposure to multiple segments of India's energy transition.
Backed by the Tata Group, Tata Power continues to expand its presence across clean energy generation and associated infrastructure.
NTPC Green Energy
NTPC Green Energy, the renewable energy arm of NTPC, is expanding its portfolio across solar, wind and green hydrogen projects.
The company reported a 38% year-on-year increase in net profit to INR 305 crore in Q1 FY27. Its expansion strategy is aligned with NTPC's broader transition towards a more diversified generation portfolio and India's long-term efforts to increase renewable energy capacity.
The company's association with NTPC also provides an established institutional platform for developing large-scale renewable energy projects.
Adani Green Energy
Adani Green Energy has established a large utility-scale renewable energy portfolio covering solar and wind generation.
During Q1 FY27, revenue from power supply increased 29% year-on-year to INR 4,280 crore, while EBITDA rose 33% to INR 4,122 crore. Energy sales also increased 30%.
The company's growth strategy remains focused on expanding renewable generation capacity through large-scale projects. Its existing solar and wind portfolio gives it significant exposure to India's utility-scale clean energy expansion.
Gujarat Inject Kerala Ltd
Gujarat Inject Kerala Ltd, which is rebranding as Regenova Renewtech Ltd, represents a smaller company seeking to expand its presence in renewable energy.
The company reported a more than five-fold increase in revenue from operations to INR 29.86 crore in Q1 FY27, compared with INR 5.58 crore in the corresponding period a year earlier. Net profit increased to INR 4.73 crore from INR 0.26 crore.
The company has also secured a INR 150 crore contract for a 50 MW solar project in Zimbabwe, alongside a 10 MW solar power project in India.
The stock was trading at around INR 10, with a potential target of INR 13 cited in the provided analysis. However, such target prices are market expectations rather than assured returns, and the company's relatively smaller scale means execution and project delivery remain important considerations.
Waaree Energies
Waaree Energies provides exposure to India's expanding solar manufacturing ecosystem and has established itself as a major domestic solar module manufacturer.
The company reported a 79% year-on-year increase in revenue to INR 7,932 crore in Q1 FY27, while net profit increased 14% to INR 850 crore.
Growing domestic manufacturing capacity and demand for solar equipment could support the company's expansion as India seeks to increase domestic clean energy manufacturing and reduce dependence on imported equipment.
The road ahead
India's renewable energy industry is expected to remain an important investment theme as electricity consumption increases and the country expands its clean energy capacity. The opportunity extends beyond renewable power generation to solar manufacturing, storage, electric mobility, green hydrogen and associated infrastructure.
Established companies such as Tata Power, NTPC Green Energy, Adani Green Energy and Waaree Energies have built sizeable positions across different parts of the renewable energy value chain. Companies such as Gujarat Inject Kerala Ltd are pursuing opportunities from a smaller base and could offer higher growth potential if their projects are executed successfully.
However, sector growth does not automatically translate into stock-market returns. Investors should assess company-specific factors including valuations, debt, cash flows, project execution, capacity additions, regulatory developments and order pipelines before making investment decisions. The renewable energy transition provides a long-term structural opportunity, but individual stocks can carry significantly different levels of risk.