4 Indian Solar Stocks to Consider Amid Analysts’ Forecasts of Another BJP Term

Here are the top four Indian solar stocks that stand to benefit from a BJP victory in the 2024 elections:

1. NTPC Ltd (NSE: NTPC): NTPC, the largest electricity generation company in India, boasts 51 power stations, including 15 solar PV plants and 42 joint venture power stations. With Prime Minister Modi’s emphasis on solar-enabled free electricity for all, NTPC is well-positioned to capitalize on this initiative. The company aims to achieve 130 GW in installed capacity by 2032, having generated $21.16 billion in revenue last year, a significant increase from $15.52 billion in 2020. Notably, NTPC shares have shown a strong uptrend over the past 52 weeks.
2. JSW Energy Limited (NS: JSWE) (NSE: JSWENERGY): JSW Energy, a $13 billion company based in Maharashtra, India, possesses a total capacity of approximately 6,677 MW, with solar accounting for about 667 MW. This indicates substantial potential for growth in renewables as the Modi government advances its commitment to solar-powered free electricity. Additionally, JSW shares offer exposure to thermal power, making them a compelling choice for investors. In January, the company reported a 13% annualized growth in revenue and a 28% increase in net profit for its third quarter.
3. Adani Green Energy (NS: ADNA) Ltd (NSE: ADANIGREEN): Adani Green Energy stands out as a top Indian solar stock, operating the world’s largest solar photovoltaic plant, the Kamuthi Solar Power Project. With plans to double its solar manufacturing capacity to 10 GW over the next five to seven years, Adani Green is poised for significant expansion. The company’s attractive shares are further enhanced by its successful reduction of the debt-to-equity ratio from 45 to just over 9.0. Adani Green achieved nearly 52% sales growth last year, with net profit nearly doubling in 2023.
4. Borosil (NS: BORO) Renewables Ltd (NSE: BORORENEW): Borosil Renewables, a solar panel manufacturer based in Gujarat, plays a crucial role in India’s solar power ecosystem. With recent acquisitions, including a majority stake in Interfloat Group, a German solar glass manufacturer, and a doubling of its glass manufacturing capacity in India to 1,000 tons per day, Borosil is positioned for growth. The company, worth $820 million, witnessed sales and profit after tax grow between 17% and 18% in 2023. Despite a 17% decline in Borosil shares from their year-to-date high in late January, they remain an attractive investment option.

Investors eyeing these Indian solar stocks should conduct thorough research and analysis to make informed investment decisions.