Top Five Green Energy Stocks in India for 2026

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India’s green-energy push is scaling rapidly, backed by long-term PPAs, robust grid expansion, and strong government support, with a goal of 500 GW non-fossil capacity by 2030. Foreign capital flow and domestic manufacturing upgrades are fueling a multi-year growth runway in solar, wind, and storage, even as tender pace moderates in the near term. Key players such as Adani Green, Suzlon, Waaree Energies, Premier Energies, and ACME Solar are well-positioned to benefit from stable cash flows and expanding export opportunities.

19 February 2026 – by Heba Hashem

Green energy stocks in India are emerging as some of the country’s most compelling long-term investment opportunities, powered by aggressive government targets, accelerating foreign capital inflows and a fast-expanding clean power ecosystem. With the country aiming to reach 500 GW of non-fossil fuel capacity by 2030, renewable energy has become a national economic strategy.

Supportive measures — ranging from solar parks and wind auctions to green hydrogen missions and dedicated transmission corridors — have created a multi-year growth runway for green energy companies. Long-term power purchase agreements (PPAs), predictable tariffs and expanding grid infrastructure are further strengthening earnings visibility across the sector.

India’s openness to global capital has amplified momentum. The renewable energy sector allows 100% foreign direct investment under the automatic route, removing approval hurdles and boosting investor confidence.

According to the India Brand Equity Foundation (IBEF), renewables’ share of total FDI jumped eightfold between the 2021 and 2025 financial year, rising from 1% to 8%. The sector attracted USD 3.4 billion in the first three quarters of the 2025 financial year, nearly matching the USD 3.7 billion recorded for all of the 2024 financial year.

Market forecasts underscore this trajectory. IMARC estimates India’s renewable energy market generated USD 25.95 billion in 2025 and is projected to reach USD 52.58 billion by 2034, expanding at a CAGR of 8.16% between 2026 and 2034.

What Are The Best Green Energy Stocks To Buy In India For 2026?

Here are five green energy stocks in India poised for strong growth and potential upside in 2026.

1. Adani Green Energy Stocks (ADANIGREEN): Scale, PPAs and Predictable Cash Flows

India’s largest renewable energy company Adani Green Energy continues to expand rapidly, driven by solar-wind hybrid projects and improving plant load factors. Crucially, nearly all its capacity is backed by long-term PPAs, providing multi-decade cash-flow visibility in a capital-intensive sector.

Operational capacity has surged from 2 GW in 2018 to 17.2 GW by January 2026, with a 30 GW renewable energy park in Gujarat under development and a 50 GW capacity target by 2030.

2. Suzlon Energy (SUZLON): Wind Power’s Order Book Comeback

Indian turbine manufacturer Suzlon Energy has re-established itself as a major force in the domestic wind sector, supported by one of the largest order books in the industry. As of February 2026, its order book exceeded 6.4 GW, with a development pipeline of more than 25 GW. The company’s extensive installed base and service network also provide recurring revenue and operational leverage.

For Q3 in the 2026 financial year, Suzlon reported a 15% year-on-year rise in net profit and a 41% jump in total income, driven by strong execution.

3. Waaree Energies (WAAREEENER): Manufacturing Muscle Meets Global Reach

India’s largest solar module manufacturer and exporter Waaree Energies operates 22.3 GW of module capacity and 5.4 GW of cell capacity, with five manufacturing plants across India and a module assembly plant in the US. It is backed by a robust order book of nearly 24 GW, valued at about USD 5.35 billion,

Waaree is moving toward vertical integration, investing USD 1.08 billion in a 6 GW ingot and wafer facility, funded through equity, incentives and IPO proceeds. A debt-free balance sheet and strong cash reserves add financial resilience, while its presence in the US market provides a competitive edge.

The 2026 Q3 results were exceptional, with EBITDA up 167%, revenue surging 118.8% and net profit rising 118.3% year-on-year.

4. Premier Energies (PREMIERENE): One of the Best Green Energy Stocks in India for 2026

Premier Energies is India’s second-largest integrated solar cell and module manufacturer, with current capacities of 3.2 GW (cells) and 6.8 GW (modules). The company plans to scale to 10.6 GW of cell capacity and 11.1 GW of module capacity by end-2026, nearly two years ahead of schedule.

Premier Energies has built strong revenue visibility, underpinned by a 9.4 GW order book with deliveries extending through the 2028 financial year. It is also pursuing backward integration into ingot and wafer manufacturing. Beyond its core solar operations, the company is reportedly branching into adjacent verticals, including battery energy storage systems and inverter manufacturing.

Its Q3 2026 results saw net profit rise 53.4%, revenue growth of nearly 13% and operating margins hitting an eight-quarter high of 30.63%.

5. ACME Solar (ACMESOLAR): An Integrated Player Among India’s Green Energy Companies

ACME Solar operates a diversified renewable portfolio of 8,071 MW across solar, wind, hybrid and storage solutions, with 2,962 MW operational and 5,109 MW contracted, including 17 GWh of battery storage. The company is targeting a 10 GW portfolio by 2030.

Q3 figures for 2026 saw total revenue surge 53.9% year over year, while net profit rose modestly at about 1.5% due to a swing in tax expenses and higher financing costs.

Why Invest in Green Energy Stocks in India?

India’s renewable energy sector is experiencing an unprecedented expansion, with total installed capacity surpassing 250 GW by late 2025.

Solar power dominates the landscape, with installed capacity rising from 2.82 GW in 2014 to nearly 135.8 GW by December 2025, making India the world’s third-largest solar producer after China and the United States. Wind capacity has also grown sharply, increasing from about 21 GW to more than 54.5 GW over the same period.

Today, more than half of India’s installed power capacity comes from renewable energy sources, including solar, wind, hydro and nuclear.

Government Support Remains a Powerful Tailwind for India’s Green Energy Sector

India is intensifying its push to scale up renewable energy capacity in line with its 500 GW non-fossil fuel target by 2030, a goal that will require doubling annual capacity additions to around 50 GW over the next five years. To speed up deployment, the Ministry of New and Renewable Energy (MNRE) has approved 55 solar parks with a combined capacity of nearly 40,000 MW, all slated for completion by 2029.

Urban adoption is also being prioritised. Under the Smart Cities Mission, rooftop solar installations are mandatory, with 100 cities required to meet at least 10% of their energy needs from solar power. As of early 2025, 18 cities had completed their projects. This effort is reinforced by the Pradhan Mantri Surya Ghar: Muft Bijli Yojana, a subsidy program aimed at installing rooftop solar systems across 10 million households by 2027. By late 2025, 2.39 million households had adopted rooftop solar under the scheme, translating into 7 GW of installed capacity and around USD 1.49 billion in disbursed subsidies.

External trade policy is providing an additional tailwind. A recently concluded India-US trade agreement reduced tariffs on Indian exports to the US from 50% to 18%, significantly improving the competitiveness of Indian renewable energy manufacturers and supporting earnings growth.

At the same time, the government is strengthening domestic manufacturing through regulatory measures. The MNRE’s Approved List of Models and Module Manufacturers (ALMM) List-I, introduced in 2021, mandates the use of approved solar PV modules in government-backed projects. This framework is being expanded with ALMM List-II for solar cells, effective from June 2026, and plans to include solar wafers under ALMM List-III from June 2028.

Regulatory Shifts Introduce Near-term Uncertainty for Indian Renewable Energy Stocks

Despite the sector’s strong fundamentals, near-term headwinds are emerging. More than 42 GW of awarded renewable capacity remains without power supply contracts, prompting developers to call for a pause in new auctions. In response, the government plans to move away from fixed annual tender targets, issuing new bids only after assessing demand from state utilities.

The pace of renewable energy tenders is expected to slow until the 2027 financial year, reflecting the challenge of absorbing rapidly expanding green power generation. While this recalibration may impact companies reliant on government tenders in the short term, it also signals a maturing market adjusting to scale.

For investors, green energy stocks in India remain a structural opportunity — but one that now demands closer attention to execution, balance-sheet strength and regulatory shifts alongside growth potential.