India’s green energy industry is rapidly growing, driven by government initiatives and investment in solar, wind, and hydroelectric power. The country aims to achieve 500 GW of renewable energy capacity by 2030, promoting sustainability and reducing carbon emissions to combat climate change and secure energy independence.
The government of India is working towards its vision of “ Viksit Bharat” by 2047. The upcoming budget is scheduled to be presented by Finance Minister Nirmala Sitharaman on 23 July 2024 and aims to advance this vision.
The interim budget has set a strong foundation by focusing on renewable energy and green initiatives. The upcoming budget will further solidify India’s dedication to significant investments. The Ministry of New and Renewable Energy’s budget is proposed to grow by 25.71 percent to ₹128.5 billion, with more money for solar power projects and the National Green Hydrogen Mission.
Moreover, these investments can help to achieve the net-zero emission target by 2070 and aim to support India’s growing renewable energy need and reduce dependence on fossil fuels.
Here are the green energy stocks that can benefit from tomorrow’s budget:-
Adani Green Energy Ltd
With a market capitalization of Rs 2.72 lakh crore, the shares closed at Rs 1,718.65 per share, decreasing around 0.28 percent as compared to the previous closing price.
The company aims to achieve a renewable energy capacity of 45GW by 2030, a substantial increase from its current operational capacity of approximately 10.9 GW. This includes plans for a 30 GW renewable energy park at Khavda, Gujarat, which will be the world’s largest renewable energy project.
KPI Green Energy Ltd
With a market capitalization of Rs 11,647.20 crore, the shares closed at Rs 966.05 per share, decreasing around 5 percent as compared to the previous closing price.
The company aims to reach 1000 MW of installed renewable energy capacity by 2025, up from its current portfolio. The company recently secured a 100 MW hybrid captive solar power project from Aether Industries to be executed by FY25.
Suzlon Energy Ltd
With a market capitalization of Rs 75,154.86 crore, the shares closed at Rs 55.07 per share, increased around 1 percent as compared to the previous closing price.
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Suzlon Energy achieved a record-breaking order book of over 3.3 GW in FY24, with significant orders including a 402 MW order from Juniper Green Energy. The orders span key wind energy states and include central, state, and retail projects, dominated by the S144 – 3. x MW wind turbine series.
Inox Wind Ltd
With a market capitalization of Rs 19,537.35 crore, the shares closed at Rs 149.50 per share, decreased by around 2.54 percent as compared to the previous closing price.
Inox Wind aims to execute 800 megawatts (MW) of wind energy projects in FY25, with a further target of 1,200 MW for FY26. This reflects a significant increase in their operational capacity and project execution capabilities.
Waaree Renewable Technologies Ltd
With a market capitalization of Rs 19,361.35 crore, the shares closed at Rs 1,875.90 per share, increased by around 1.49 percent as compared to the previous closing price.
Waaree Renewable Technologies plans significant growth for FY25, with a 2.3 GW order book and 700 MW of executed projects. The company reported Q4 revenues of Rs 273.25 crore and has an unexecuted order book of Rs 3,200 crore. It aims to maintain 15-20% operating margins, focusing on key Indian states.
Indian Renewable Energy Development Agency Ltd
With a market capitalization of Rs 72,515.89 crore, the shares closed at Rs 269.80 per share, increased by around 0.85 percent as compared to the previous closing price.
IREDA’s FY25 plans include a borrowing program of up to Rs 24,200 crore to finance renewable energy projects. Supported by the Ministry of New and Renewable Energy, IREDA aims to enhance its financing and advisory services, contributing to India’s goal of 500 GW of non-fossil fuel-based energy by 2030.
Written by:- Abhishek Singh
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