Power and Green Energy Stocks in India

Here are all 92 power companies on this list, with price, P/E (P/B for lenders), 52-week high and low and returns against the Nifty 500. The biggest by market value are Adani Power, NTPC and Power Grid Corporation of India. 16 of the 92 are worth less than ₹2,000 crore.

Download all 92 (CSV). "Earnings growth" is earnings per share over the last 12 months against the 12 months before. "vs Nifty 500" is the stock's return minus the Nifty 500's, in percentage points.

Prices as of 16 October 2026. Market value, earnings growth and returns from the weekly scan to 9 October 2026. Updated every weekend

34 companies on this list earn mainly from green energy. 9 are renewable power producers, led by Adani Green Energy, NTPC Green Energy and NHPC. 25 make solar or wind equipment, led by Waaree Energies, Suzlon Energy and Premier Energies. 5 of the 34 beat the Nifty 500 by 5 points or more over 3 months.

Wind energy stocks

Suzlon Energy and Inox Wind are on this list for wind turbines and wind farm work. Producers that run wind farms next to solar parks are with the renewable producers above.

Green hydrogen stocks

The word hydrogen came up on the newest results call of 13 companies on this list. On most of these calls it came up as future demand, not as a business today. NLC India described a hydrogen plant of its own.

• NLC India February 2026 call

  "An LOA was issued for the establishment of a 4 MW PEM electrolyzer-based green hydrogen plant in Neyveli."Management

An LOA is a letter of award, the contract to build. PEM electrolyzers split water into hydrogen using electricity.

Renewable = most of its power comes from sun, wind or water, by its own description. Prices as of 16 October 2026, updated every weekend

23 listed companies make solar panels, cells, glass or pumps, or build solar plants for others. The biggest are Waaree Energies, Premier Energies and Emmvee Photovoltaic Power. 14 of them have earnings per share up over the last 12 months, and 3 beat the Nifty 500 by 5 points or more over 3 months.

Companies that own and run renewable power plants, such as Adani Green Energy and NTPC Green Energy, are with the renewable power producers in the green energy section.

Solar makers and solar plant builders, from NSE's solar industries plus the companies named on this page. Prices as of 16 October 2026, updated every weekend

8 listed companies make electric vehicles, EV batteries or EV chargers, by their own description. The biggest are Ather Energy, Exide Industries and Ola Electric Mobility. 2 of them beat the Nifty 500 by 5 points or more over 3 months. They are not counted in the power list above.

In their own words

• Ather Energy August 2026 call

  "Our current facilities have a max production capacity of 35,000 units, and I am happy to announce that we are almost at 100% utilization as we speak now."Tarun Mehta

• Exide Industries May 2026 call

  "I will move on to our lithium-ion cell manufacturing project, where we have invested Rs. 600 crores in Q4 and about Rs. 1,500 crores in FY26."Avik Roy

• Ola Electric Mobility August 2026 call

  "The broader electric two-wheeler market grew approximately 17% quarter-on-quarter, while Ola registrations grew 97%, taking our market share from 5.1% to 8.4%."Deepak Rastogi

• Amara Raja Energy & Mobility August 2026 call

  "For the quarter ended June 30th, 2026, we have achieved a robust growth of around 24% on consolidated basis with revenue of around INR4,215 crores, with about 95% of the revenue coming from lead acid business, which grew by around 22%."Swajitha Rapeti

• Olectra Greentech August 2026 call

  "During this period, I am also happy to say that we have delivered the 4,000th electric bus in the recent past."Mahesh Babu - MD

Amara Raja said about 95% of its revenue still comes from lead-acid batteries (quoted above). Car makers that also make electric models are not in this table. Only companies whose own description is about EVs are here, plus the two largest listed battery makers.

Companies whose own description says they make electric vehicles, EV batteries or EV chargers, plus the two largest listed battery makers by market value. Prices as of 16 October 2026, updated every weekend

Power stocks are shares of companies that make electricity, carry it, trade it, build the equipment for it, or lend to power companies. The 92 on this page fall into 6 groups. The biggest group is power equipment, transformers and cables, with 34 companies.

The rule in one line: a company is here when its main business is making electricity, carrying it, trading it, building the equipment for it, or lending to power companies. NSE's industry label is the starting point. Its power, transmission, transformer, cable, solar and generator industries are counted in full. Every company added from another industry is named below with its reason.

Added from other industries

• ABB India: NSE files it under general electrical equipment, but it describes itself as a maker of power equipment.
• ACME Solar Holdings: NSE files it under turnkey services, but it owns and runs solar and wind power plants.
• Alpex Solar: NSE files it under electrical goods, but it makes solar panels.
• Bharat Heavy Electricals: NSE files it under heavy engineering, but its main work is building power plant equipment.
• Borosil Renewables: NSE files it under glass, but it makes the glass that goes into solar panels.
• Emmvee Photovoltaic Power: NSE files it under electrical equipment, but it makes solar cells and panels.
• Indian Energy Exchange: NSE files it under exchanges, but it runs the main platform where electricity is traded in India.
• Insolation Energy: NSE files it under electrical goods, but it makes solar panels.
• Inox Green Energy Services: NSE files it as miscellaneous, but it runs and maintains wind power plants.
• Inox Wind: NSE files it under heavy engineering, but it makes wind turbines.
• Indian Renewable Energy Development Agency: NSE files it with government lenders, and it lends to renewable energy projects.
• Power Finance Corporation: NSE files it with government lenders, and its loans go mainly to power companies.
• REC: NSE files it with government lenders, and its loans go mainly to power companies.
• Ravindra Energy: NSE files it under electrical goods, but it sells solar pumps and builds solar plants.
• Saatvik Green Energy: NSE files it under electrical equipment, but it makes solar panels.
• Suzlon Energy: NSE files it under heavy engineering, but it makes wind turbines.
• Swelect Energy Systems: NSE files it under electrical goods, but its business is solar.
• Ujaas Energy: NSE files it with transformer makers, but it makes solar power and builds solar plants.
• Fujiyama Power Systems: NSE files it under electrical equipment, but it makes rooftop solar systems.
• Indosolar: NSE files it under electrical equipment, but it makes solar panels.

Left out on purpose

• Siemens and Thermax make power equipment as one of many businesses, so they are not counted here.
• Coal India's biggest buyers are power and steel companies, but it is a mining company, so it is not here.

Membership checked every month. Industries follow NSE industry groups

27 of the 92 power companies gave their capacity or their order book on a recent results call. Among them are Hitachi Energy India (May 2026 call), Premier Energies (August 2026 call) and Transformers & Rectifiers India (July 2026 call). Each sentence is quoted below exactly as it was said.

In their own words

• Hitachi Energy India May 2026 call

  "A key highlight is our record order backlog of 29,555 crores as of March 31, 2026, which provides strong revenue visibility for several quarters."Management

• Premier Energies August 2026 call

  "We won new orders totalling INR3,011 crores for cells and modules, taking our total order book to INR15,000 crores, including transformers."Chiranjeev Singh Saluja

• Transformers & Rectifiers India July 2026 call

  "And from that only, we will generate the additional capital that is required for INR6,600 crores order book."Mehul Shah

• Waaree Renewable Technologies July 2026 call

  "During Q1 FY '27, we executed 888.81 megawatt peak of projects and our consolidated unexecuted order book stood at INR5,300 crores, including T&D, which provides healthy visibility for the coming quarters to us."Manmohan Sharma

• Atlanta Electricals July 2026 call

  "This strong order booking increased our outstanding order book to INR3,116.63 crores, which is 3,116 crores as on 30th June 2026."Anand Sharma

• Quality Power Electrical Equipments August 2026 call

  "We closed this quarter with an order book of INR1,945 crores, approximately 1.9x last year's revenue."Bharanidharan Pandyan

• Schneider Electric Infrastructure February 2026 call

  "So if you see in the slide, we have an order backlog growth around more than 50%, and we have order backlog of INR1,700 crores in our company."Omkar Prasad

• Dynamic Cables July 2026 call

  "As of 30th June 2026, our order book stands at INR811 crores providing strong revenue visibility."Murari Lal Poddar

• Supreme Power Equipment August 2026 call

  "Our order book stands at 590.06 crore as of August 13, 2026, providing healthy execution visibility over the coming quarters."V. Rajmohan - Chairman and Managing Director

• Siemens Energy India May 2026 call

  "In Power Transmission, the order backlog increased from 98 billion to 125 billion, reflecting a growth of 27.5% year-on-year."Management

• GE Vernova T&D India August 2026 call

  "Our order backlog stood at INR209 billion as of June 2026, down a modest 2.5% sequentially from the record INR214 billion that we closed financial year '26 with."Sushil Kumar

• JSW Energy July 2026 call

  "With the sizeable capacity that we added, our total installed capacity now stands at about 14.6 GW, with renewables constituting around 61%, complemented by 5.7 GW of thermal capacity providing reliable, dispatchable baseload."Sharad Mahendra

• NHPC May 2026 call

  "In next financial year, if you consider the capacity addition, we are having capacity addition of 1,250 MW of Subansiri, out of which 250 MW we have already commissioned."Saroj Kumar Roy

• Waaree Energies April 2026 call

  "Our order book continues to remain robust at approximately 53,000 crores."Jigesh Rathod

• Torrent Power February 2026 call

  "This addition of operating capacity brings our total to 6.4 GW and is in line with our philosophy of having stable cash flows with minimal risk."Management

• Suzlon Energy July 2026 call

  "Our current order book of 6.1 GW is a mix of the 3 MW series and some 2 MW series."Management

• KEI Industries May 2026 call

  "So we have the -- as on 31st March 2026, order book of EPC division is INR309 crores."Rajeev Gupta

• ACME Solar Holdings July 2026 call

  "Coming to our other business updates, we signed 600 MW of FDRE in hybrid PPAs with SECI during the quarter, which takes our total PPA-signed capacity to 3,800 MW out of a total under-construction capacity of 5,080 MW."Management

• Emmvee Photovoltaic Power April 2026 call

  "We closed the financial year with revenue of 5,049 crores, EBITDA of 1,734 crores, PAT of 1,082 crores, and an order book of 9.4 GW."Management

• Triveni Turbine May 2026 call

  "The healthy order inflows across the key and high value segments during Q4 FY '26 resulted in our closing outstanding order book increasing by 8% year-on-year to ₹20.54 billion."Nikhil Sawhney

• Clean Max Enviro Energy Solutions August 2026 call

  "This is for the existing capacity of 3.5 gigawatt, and what is under execution, so, you know, 2.5 gigawatt is contracted under execution, that is at a tariff level of INR4."Kuldeep Jain

• Powerica August 2026 call

  "Within our DG set business powered by Cummins, the order book as of 31st July 2026 stood at INR1,700 crores, providing strong visibility for future growth."Jai Ram Oberoi

• Skipper August 2026 call

  "We closed the quarter with our highest ever unexecuted order book of over INR9,200 crores, representing healthy growth over March '26 and providing strong multiyear revenue visibility."Sharan Bansal

• Shakti Pumps July 2026 call

  "We continue to maintain a healthy and diversified order book of approximately 1,000 crores as on July 22, 2026."Management

• Saatvik Green Energy August 2026 call

  "Our confirmed order book currently stands at approximately 6.35 gigawatts, representing around 132% of our current operational module capacity of 4.8 gigawatt, and providing strong forward revenue visibility."Rishabh Mehtta

• Shilchar Technologies August 2026 call

  "We have an order book of almost very close to 500 crores as of today."Alay Shah

• Danish Power May 2026 call

  "As of today, our confirmed order book stands at over 500 crores compared to about 450 crores at the time of our last call."Management

Capacity is how much power a company's plants can make, in megawatts (MW) or gigawatts (GW, 1,000 MW). An order book is the value of orders won but not yet delivered. A line marked "plan" is a target, not built yet. These are the companies' own figures and are not checked against their filings here. Where a company's newest call does not mention it, the sentence comes from an earlier call, and the date shows which. 65 companies have no capacity or order book sentence here, either because none is on record or because the one on record did not pass the word-for-word check. Among them are Adani Power, NTPC and Power Grid Corporation of India.

From each company's most recent call on record that mentions its capacity or order book, copied word for word. Checked every month

37 of the 85 power stocks with a P/E history traded above their own usual P/E at the 17 October 2026 valuation. 57 of the 92 are behind the Nifty 500 over the last 3 months. The furthest behind are Indosolar (-42.9 points) and Solarworld Energy Solutions (-32.2 points).

The 10 furthest behind the Nifty 500

• Indosolar -42.9 points against the Nifty 500 in 3 months. Earnings per share fell 6% in the last 12 months.
• Solarworld Energy Solutions -32.2 points against the Nifty 500 in 3 months. Earnings per share up 13% in the last 12 months.
• Oswal Pumps -31.7 points against the Nifty 500 in 3 months. Earnings per share up 0% in the last 12 months. Next to check, from the September 2026 call: Current-year reported revenue versus physical supply.
• Insolation Energy -30.0 points against the Nifty 500 in 3 months.
• Solex Energy -29.2 points against the Nifty 500 in 3 months. Earnings per share up 30% in the last 12 months. Next to check, from the September 2026 call: Next-quarter revenue pace and margin recovery.
• Websol Energy System -28.0 points against the Nifty 500 in 3 months. Earnings per share up 55% in the last 12 months. Next to check, from the August 2026 call: West Bengal land approval and construction start.
• Borosil Renewables -26.5 points against the Nifty 500 in 3 months.
• Sterling & Wilson Renewable Energy -25.2 points against the Nifty 500 in 3 months. Earnings per share turned to a loss in the last 12 months.
• Inox Green Energy Services -24.6 points against the Nifty 500 in 3 months. Earnings per share up 200% in the last 12 months. Next to check, from the August 2026 call: Equipment-supply pivot.
• Suzlon Energy -24.0 points against the Nifty 500 in 3 months. Earnings per share up 49% in the last 12 months.

This page does not track prices during the day. For today's moves, see the exchange.

Weekly data to 9 October 2026. Reasons from company calls and the industry research, refreshed every month

37 of the 85 power stocks with a P/E history trade above their own usual P/E (P/B for lenders), 3 sit exactly at it, and 45 below. The furthest below their own history are Solex Energy (-82%), Alpex Solar (-78%) and Insolation Energy (-77%).

"Usual" = each company's own long-run median. Valuation as of 17 October 2026, no price targets

NSE's Nifty Energy index has 40 companies. 26 of them are power and power equipment companies, and 23 of those are on this list. Siemens, Thermax and Nava are left out, for the reasons below. The other 14 are oil, gas and fuel companies, listed on the oil and gas stocks page.

Siemens is in the index but not on this list because it sells factory, building and infrastructure equipment as well as power equipment. Thermax is in the index but not on this list because it makes boilers, heaters, chillers and pollution control equipment as well as power plants. Nava is in the index but not on this list because it makes ferro alloys and runs mines as well as power plants.

NSE's own member file, read on 17 October 2026. Checked every week

13 of the 92 power stocks trade under ₹100 a share: India Power Corporation (₹5.86), RattanIndia Power (₹6.54), Orient Green Power Company (₹8.47) and 10 more. By size, 14 are large cap, 10 are mid cap and 68 are small cap.

Power stocks under ₹100

A low share price says nothing about how big the company is. Market cap shows the size.

Size = rank by market value across every company we score: the top 100 are large cap, the next 150 mid cap, the rest small cap. Updated every weekend

54 listed companies build roads, bridges, rail lines, water projects and buildings for others, by NSE's industry groups. The biggest are Larsen & Toubro, Rail Vikas Nigam and IRB Infrastructure Developers. 16 of them beat the Nifty 500 by 5 points or more over 3 months. They are not counted in the power list above.

Companies NSE files under infrastructure construction and engineering (roads, bridges, rail, water and buildings for others). Infra trusts are left out. Prices as of 16 October 2026, updated every weekend

The highest dividend yields among power stocks are REC (6.0%), Power Finance Corporation (5.6%) and CESC (4.4%). 51 of the 92 paid a dividend in the last year.

Yield = last year's dividend divided by today's price. It moves with the price. Updated every weekend

None of the 7 industries behind this list was in the industry research run of 10 October 2026. At the 9 October 2026 scan, 28 of the 92 power stocks beat the Nifty 500 by 5 points or more over 3 months.

Industry research is refreshed every two weeks

The top 10 power stocks for October 2026 are: 1. Atlanta Electricals, 2. Indo Tech Transformers, 3. Emmvee Photovoltaic Power, 4. Quality Power Electrical Equipments, 5. Waaree Energies, 6. TD Power Systems, 7. Kalpataru Projects International, 8. V-Marc India, 9. Suzlon Energy, 10. Indian Renewable Energy Development Agency. Companies worth ₹2,000 crore or more are scored every month.

Why each one made the top 10

• Atlanta Electricals: Score 79 of 100. 10.7 points ahead of the Nifty 500 over 3 months. Capacity or order book ₹3,116.63 crore on the July 2026 call. A bigger set of transformer factories filled up on growing orders for 220 kV units. Watch: earnings per share fell 13% in the last 12 months.
• Indo Tech Transformers: Score 76 of 100. Earnings per share up 29% in the last 12 months. 0.8 points ahead of the Nifty 500 over 3 months.
• Emmvee Photovoltaic Power: Score 73 of 100. Capacity or order book 9.4 GW on the April 2026 call. Operating profit rose ₹925 crore over four quarters as new solar plants ran fuller. Watch: Cash flow was ₹200 crore against ₹1,082 crore of profit.
• Quality Power Electrical Equipments: Score 70 of 100. Earnings per share up 88% in the last 12 months. 33.9 points ahead of the Nifty 500 over 3 months. Capacity or order book ₹1,945 crore on the August 2026 call. Orders rose from ₹830 crore to ₹1,945 crore and revenue more than doubled to ₹1,004 crore. Watch: The Sangli plant has slipped twice and approvals are still pending.
• Waaree Energies: Score 70 of 100. Earnings per share up 69% in the last 12 months. Capacity or order book about ₹53,000 crore on the April 2026 call. Watch: the share is 14.2 points behind the Nifty 500 over 3 months.
• TD Power Systems: Score 68 of 100. Earnings per share up 45% in the last 12 months. 44.3 points ahead of the Nifty 500 over 3 months. Next to check, from the August 2026 call: the year to March 2027 turning orders into revenue against the revised forecast. Watch: the P/E is 143% above its own long-run usual.
• Kalpataru Projects International: Score 67 of 100. Earnings per share up 59% in the last 12 months. 9.3 points ahead of the Nifty 500 over 3 months. Watch: Revenue growth fell from 32% to 3.8% and operating margin is flat.
• V-Marc India: Score 66 of 100. 27.7 points ahead of the Nifty 500 over 3 months.
• Suzlon Energy: Score 65 of 100. Earnings per share up 49% in the last 12 months. Capacity or order book 6.1 GW on the July 2026 call. Watch: the share is 24.0 points behind the Nifty 500 over 3 months.
• Indian Renewable Energy Development Agency: Score 65 of 100. Earnings per share up 21% in the last 12 months. Watch: the share is 11.1 points behind the Nifty 500 over 3 months.

Left the top 10 since September 2026: Diamond Power Infrastructure, ACME Solar Holdings. See the September 2026 top 10.

Ranked on October 2026 data, refreshed every month

This page uses weekly closes, not live prices. In the week to 9 October, 25 of the 78 power stocks with a clean price record closed higher and 53 closed lower. The biggest weekly gains were Supreme Power Equipment (+31.5%), Reliance Infrastructure (+27.6%) and Marsons (+14.8%).

"Passes weekly test" below means a 3-month return at least 5 points above the Nifty 500, checked at each weekly scan.

Power stocks beating the Nifty 500, week by week

Weekly closes, week to 9 October 2026 against the week to 1 October 2026. Updated every weekend

The table at the top works as a free power stock screener for all 92 companies. It has price, P/E, 52-week range and returns against the Nifty 500. Download the CSV to sort and filter the rows in a spreadsheet.

Download all 92 power stocks (CSV) · How the numbers are worked out

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