India is anticipated to experience a significant increase in power demand, driven mainly by the expanding real estate and transport sectors alongside economic and population growth. The Central Electricity Authority (CEA) projects that India’s power needs will rise to 817 GW by 2030.
In response to this growing demand, the Indian government has set a target of achieving 500 GW of renewable energy capacity by 2030. To support this initiative, the Central Electricity Regulatory Commission (CERC) has extended the waiver of Inter-State Transmission System (ISTS) charges for solar and wind energy projects commissioned until June 30, 2025.
This demonstrates a strong demand for green energy sources in this decade. Below are three green energy stocks trading at a 36% discount from their 52-week high prices.
Adani Green Energy Ltd
Adani Green Energy Limited(AGEL) is engaged in the business of renewable energy power.It is India’s largest and the world’s leading renewable energy solutions partner enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants.
Adani Green Energy currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively. The company has set a target of 45 GW by 2030 aligned to India’s decarbonisation goals.
The company generates 67%(7,393 MW) of energy from solar, followed by 12%(2,140 MW) from wind energy and 21%(1,401 MW) from Hybrid plants.
The company’s shares are down by 19 percent from its 52-week high of ₹ 2,173.65 apiece to the current price.
On Friday, Adani Green shares were trading at ₹1,760 per share, down 0.37 percent from the previous close. The company has a market capitalization of ₹2,78,773 crores.
The company experienced a 2.7 percent year-on-year decline in revenue, dropping from ₹2,598 crores in Q4FY23 to ₹2,527 crores in Q4FY24. Additionally, there was a 39 percent decrease in net profit during this period, falling from ₹507 crores to ₹310 crores.
Over the past six months, the shares of Adani Green Energy Limited have surged by 5%, with an impressive 85% increase over the last year.
BF Utilities Ltd
BF Utilities Ltd is engaged in power generation through windmill technology. The company is also in the business activities of Wind Energy, and Infrastructure.
The company’s shares are down by 17 percent from its 52-week high of ₹1,015 apiece to the current price.
Over the past six months, the shares of BF Utilities Ltd have surged by 40%, with an impressive 116 % increase over the last year.
On Friday, BF Utilities Ltd shares were trading at ₹837.30 per share, down 1.87 percent from the previous close. The company has a market capitalization of ₹ 3,153 crores.
The company experienced an increased year-on-year increase in revenue, from ₹2.05 crores in Q4FY23 to ₹2.38 crores in Q4FY24. Additionally, Net profit has increased from a loss of ₹ 1.02 crores to a profit of ₹9.38 crores.
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Waaree Renewables Technologies Ltd
Waaree Renewables Technologies Ltd is a company that generates electricity using renewable energy sources. The company works in on-site solar projects and off-site solar projects. The company’s marquee clients include Reliance Industries, Aditya Birla Group, NTPC, Cello, L&T, and Jindal Power.
The company’s shares are down by 36 percent from its 52-week high of ₹ 3,037.75 apiece to the current price.
On Friday, Waaree Renewables Technologies Ltd shares were trading at ₹1,935 per share, down 1.17 percent from the previous close. The company has a market capitalization of ₹ 20,204 crores.
The company experienced a 9.7 percent year-on-year increase in revenue, from ₹61 crores in Q4FY23 to ₹273 crores in Q4FY24. Additionally, Net profit has increased by 350 percent from ₹12 crores to ₹54 crores.
The company has an unexecuted order book of 2.3 GWp and has completed over 700 MWp in FY24. The company aims to achieve a 13 GW order book position.
Written by Omkar Chitnis
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