Who builds India's solar and wind power
16 listed companies earned ₹106,621 crore from solar and wind power in FY26, up 45.6% on FY25. Waaree Energies Ltd earned the most, 25.7% of it. ACME Solar Holdings Ltd earned the most on each rupee of sales: 89.0%.
Who sells the most
Waaree Energies Ltd had 25.7% of the listed companies' revenue from solar and wind power here, 1.7 times as much as Suzlon Energy Ltd, the next largest. The two together sold 41%; the other 14 the rest.
What it is made of
Of the sales reported by product line, solar modules and cells is the largest at ₹31,958 Cr, then wind turbines at ₹13,672 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹1.07 lakh Cr from solar and wind power in FY26. Counting only the companies with figures in both years, sales went from ₹2,825 Cr in FY20 to ₹9,848 Cr, 3.5 times as much. The biggest rise was in FY24 (+46%) and the weakest year FY21 (-6%). Waaree Energies Ltd's part of the total went from 20% in FY25 to 26% in FY26. Over three years NTPC Green Energy Ltd grew fastest, +155.7% a year. Some companies are counted only from a later year (Waaree Energies Ltd from FY25; Suzlon Energy Ltd from FY25; Adani Enterprises Ltd from FY25; Tata Power Company Ltd from FY25; Adani Green Energy Ltd from FY25; JSW Energy Ltd from FY25; NTPC Green Energy Ltd from FY23; GAIL (India) Ltd from FY23; Torrent Power Ltd from FY25; NLC India Ltd from FY26; Hindustan Zinc Ltd from FY25; Oil India Ltd from FY25; Patanjali Foods Ltd from FY25; Bajaj Finserv Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from solar and wind power. Waaree Energies Ltd earned 18.1% on its sales in FY26, against 16.3% in FY25. Suzlon Energy Ltd earned 16.2% on its sales in FY26, against 15.0% in FY25. Adani Enterprises Ltd earned 24.0% on its sales in FY26, against 29.2% in FY25. Tata Power Company Ltd earned 31.1% on its sales in FY26, against 28.2% in FY25. Adani Green Energy Ltd earned 14.2% on its sales in FY26, against 19.2% in FY25. Premier Energies Ltd earned 27.2% on its sales in FY26, against 6.3% in FY20.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Waaree Energies Ltd | ₹27,449 Cr | +90.1% | — | — | 18.1% | 18.7% | 25.0% | 18.5 | 33.4% | -29.7% |
| Suzlon Energy Ltd | ₹16,091 Cr | +55.3% | — | — | 16.2% | 9.8% | 18.6% | 17.6 | 38.1% | -25.5% |
| Adani Enterprises Ltd Sells in 19 states and 7 countries; exports 17.97% of turnover |
₹15,023 Cr | +7.6% | — | — | 24.0% | 13.6% | 20.5% | 42.4 | 5.3% | +7.1% |
| Tata Power Company Ltd Sells in 19 states and 7 countries; exports 0.3% of turnover |
₹13,970 Cr | +51.9% | — | — | 31.1% | 16.3% | 7.6% | 28.5 | 6.1% | -11.9% |
| Adani Green Energy Ltd | ₹11,105 Cr | +28.7% | — | — | 14.2% | 5.9% | 1.1% | 123.3 | 7.0% | +24.2% |
| Premier Energies Ltd | ₹7,824 Cr | +20.0% | +74.8% | +60.4% | 27.2% | 8.0% | — | 24.4 | 7.6% | -14.3% |
| JSW Energy Ltd | ₹5,626 Cr | +57.2% | — | — | 54.3% | 11.5% | 4.2% | 41.1 | 3.7% | -14.9% |
| NTPC Green Energy Ltd | ₹2,858 Cr | +29.4% | +155.7% | — | 54.2% | 5.8% | — | 130.8 | 2.2% | -6.0% |
| GAIL (India) Ltd Sells in 26 states and 7 countries; exports 0.01% of turnover |
₹2,774 Cr estimate |
+102.1% | -2.3% | — | — | — | — | 11.2 | 9.6% | -4.0% |
| ACME Solar Holdings Ltd | ₹2,023 Cr | +44.0% | +13.0% | +1.2% | 89.0% | 6.8% | — | 42.3 | 3.6% | +46.6% |
| Torrent Power Ltd Sells in 11 states; exports 0.0% of turnover |
₹1,070 Cr | +18.5% | — | — | 50.7% | 2.0% | 3.2% | 25.8 | 14.1% | -8.2% |
| NLC India Ltd | ₹530 Cr | — | — | — | 60.9% | 1.2% | 3.5% | 12.2 | 7.2% | -7.9% |
| Hindustan Zinc Ltd | ₹135 Cr | -1.5% | — | — | 45.2% | 0.2% | 15.0% | 13.6 | 76.7% | +8.7% |
| Oil India Ltd | ₹86 Cr | +0.5% | — | — | 24.1% | 0.1% | 5.3% | 8.7 | 9.5% | +7.5% |
| Patanjali Foods Ltd Sells in 36 states and 37 countries; exports 47.0% of turnover |
₹34 Cr | -15.6% | — | — | -57.9% | -0.1% | -11.9% | 20.3 | 15.9% | -37.0% |
| Bajaj Finserv Ltd Sells in 28 states and 2 countries; exports 0.0% of turnover |
₹23 Cr | +8.1% | — | — | 53.5% | 0.0% | 38.1% | 27.6 | 15.4% | -13.1% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Who builds India's solar and wind power?
16 listed companies report their revenue from solar and wind power: Waaree Energies Ltd (WAAREEENER), Suzlon Energy Ltd (SUZLON), Adani Enterprises Ltd (ADANIENT), Tata Power Company Ltd (TATAPOWER), Adani Green Energy Ltd (ADANIGREEN), Premier Energies Ltd (PREMIERENE), JSW Energy Ltd (JSWENERGY), NTPC Green Energy Ltd (NTPCGREEN). 3 more sell them but report them together with other products.
Which listed company earns the most from solar and wind power in India?
Waaree Energies Ltd, with revenue from solar and wind power of ₹27,449 crore in FY26: 25.7% of the listed companies' total here.
How much do listed companies earn from solar and wind power?
The listed companies here earned ₹106,621 crore from solar and wind power in FY26, up 45.6% on FY25. Private makers are not included.
Which listed company makes the most profit from solar and wind power?
ACME Solar Holdings Ltd: its operating profit was 89.0% of its revenue from solar and wind power in FY26.