The Indian Government is aiming for an ambitious 500 gigawatts (GW) of non-fossil capacity by 2030, up from 106 GW today. This impetus is also driven by government policies, such as production-linked incentives (PLI) and viability gap funding. This has provided a significant tailwind for companies in the green energy sector.
This change is starting to show on Dalal Street. Many companies have listed on the exchanges in the last year and have already delivered good returns. But, given the massive growth, there is no sign of exhaustion.
On similar ground, here are three such companies that stand to benefit from the shift.
#1 Waaree Energies
Waaree Energies is engaged in the manufacturing of solar PV cells and modules. It is currently the largest solar module manufacturer in India, holding a 14.1% share in the country’s total module shipments. The company has a manufacturing capacity of 5.4 GW for solar cells and 15 GW for solar modules.
Apart from module manufacturing, the company also undertakes engineering, procurement, and construction (EPC) work for solar power plants, which accounts for 8–10% of its overall revenue. Its manufacturing facilities are located across Gujarat, Uttar Pradesh, and Texas, USA.
Strong Financial Performance and Visibility
From a financial perspective, revenue for FY25 increased 27.6% year-on-year (YoY) to ₹148.5 billion, driven by improved execution across projects. EBITDA rose 72.6% YoY to ₹31.2 billion, resulting in a 548 basis points margin expansion to 21%.
As a result, net profit more than doubled to ₹19.3 billion, marking a 51% YoY growth. EBITDA stands for earnings before interest, tax, depreciation, and amortization.
The company expects EBITDA to nearly double to ₹55–60 billion, supported by robust demand and operational efficiencies. As of Q4FY25, Waaree’s order book stands at ₹470 billion, providing strong revenue visibility for the next three years. Roughly 43% of this order book is from India, with the remainder coming from international markets.
Capacity Expansion Across the Clean Energy Value Chain
Waaree continues to expand its manufacturing footprint to sustain growth momentum. India’s solar power capacity currently stands at over 105 GW and is projected to reach 280 GW by 2030. Government initiatives such as PM Suryaghar and the Kusum Yojana, along with solar park developments, are expected to support demand.
To meet this opportunity, Waaree is focusing on backward integration and localization. It estimates solar cell manufacturing will grow at over 30% CAGR in the next five years. A 6 GW ingot and wafer facility is expected to be operational by FY27, along with an additional 4.8 GW of module capacity. CAGR means compounded annual growth rate.
The company is also expanding into energy storage and green hydrogen. A 3.5 GWh lithium-ion cell and energy storage system is set to go live by FY27. A 300 MW electrolyser manufacturing facility will also be operational by FY27.
Additionally, it plans to enter inverter manufacturing, with a 3 GW facility scheduled to begin operations in Q4FY26.
From a valuation perspective, the stock currently trades at a price-to-earnings (P/E) multiple of 48x. Historical valuation comparisons remain limited due to the company’s relatively short trading history.
#2 Premier Energies
Premier Energies is one of the earliest Indian companies to manufacture solar cells. It currently holds nearly 100% of the market share in solar cell exports to the US from India. The company has an installed capacity of 2 GW for solar cells and 5.1 GW for solar modules.
Strong Financial Performance
Revenue doubled YoY to ₹66 billion in FY25, supported by higher capacity utilisation. Net profit rose threefold to ₹9.4 billion, as margin expanded to 27% from 15% in FY24.
As of Q4FY25, the company’s order book stood at ₹84.5 billion, offering revenue visibility of just over a year. Nearly 99% of this order book is from the domestic market, reflecting its strong foothold in the domestic renewables industry.
Expansion Plans Across Solar and Storage
Looking ahead, Premier Energies aims to emerge as a leading provider of cleantech solutions in India, with an integrated solar module manufacturing capacity of 10 GW. It plans backward integration into ingots and wafers and intends to consolidate its position in the cells and modules segment.
The company is also venturing into solar inverters, aluminum frames, and battery energy storage systems (BESS) solutions.
To support future growth, several capacity additions are underway. By FY28, it plans to commission a 10 GW ingot facility, an 8 GW wafer plant, and an additional 1.6 GW of cell capacity.
In the near term (by FY26), 2 GW of wafer, 6.4 GW of cell, 3 GW of inverter, and 6 GW of module capacity are expected to come online.
The company also plans to establish a 12 GWh BESS facility (cell-to-pack and container solutions) and a 36,000 metric tonne aluminium frame plant by FY28.
Premier has signed agreements with various overseas partners to accelerate its growth plans. It has formed a joint venture with Nuevosol for aluminium frame production and another with Taiwan-based Sino-American Silicon Products for 2 GW of wafer manufacturing capacity.
These capacity additions, along with product diversification, are expected to drive growth. The company estimates a demand of 27 GW from the PM-Surya Ghar Yojana and 30 GW from the PM-KUSUM Yojana over the next two years.
From 2027 onwards, it is expected to have an annual demand of over 20 GW from utility-scale solar projects. From a valuation viewpoint, it trades at a P/E of 51x. This is a newly listed company, so historical valuation assessment is challenging due to limited trading history.
#3 Acme Solar
Incorporated in 2015, Acme Solar is a renewable energy developer with 2.7 GW of operational capacity, concentrated mainly in high-resource states.
Additionally, it has 2.3 GW of capacity under construction. The company’s portfolio spans solar and wind projects, as well as hybrid and solar installations integrated with energy storage systems.
Acme is also involved in Engineering, Procurement, and Construction (EPC) work, as well as the operation and maintenance of its in-house renewable energy projects.
Strong Financial Performance
On the financial front, revenue increased 7% YoY to ₹15.8 billion in FY25, compared to the previous year, supported by 1.2 GW of capacity addition in Q4. However, this growth was partially offset by the divestment of 0.36 GW of assets. After adjusting for divestment, revenue grew 32%.
Adjusted net profit jumped 131% to ₹2.5 billion, driven by operating leverage.
Acme Boasts a Strong Order Book
As of FY25, Acme has a total order book of 6.9 GW. Of this, 1 GW falls under the FDRE (Firm and Dispatchable Renewable Energy) category, comprising 0.6 GW of solar and 0.3 GW of hybrid energy capacity.
FDRE refers to a combination of solar, wind, and energy storage to ensure a consistent and controllable power supply to the grid.
Looking ahead, the company aims to achieve a 10 GW portfolio by 2030. As part of this target, 0.2 GW of capacity was commissioned in May 2025. It has also signed power purchase agreements (PPAs) for 1.9 GW and received letters of intent for another 2.1 GW.
In parallel, the company is developing a 3.6 GW battery storage system and a 1.3 GW power conversion project. It has orders in place for 1.7 GW of gas-insulated substations.
These projects are expected to be commissioned over the next 2–3 years and could provide meaningful revenue upside. That said, they also increase the company’s exposure to execution risk.
From a valuation standpoint, Acme trades at a P/E of 57x. Like Waaree and Premier, this is a also newly listed company, so historical valuation assessment is challenging
Conclusion
India’s renewable energy push is creating room for multiple players across the value chain—from module makers to utility-scale developers. Waaree, Premier, and Acme are well-positioned to capitalise on this shift with their strong order books and capacity expansion plans.
However, investors should weigh the high valuations and execution timelines before investing, especially since stock prices have already risen, taking into account the growth potential.
Disclaimer
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data was not available have we used an alternate but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.
About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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