India is moving ahead with renewed focus on decreasing the overall carbon footprint. It is now the world’s third largest renewable energy producer, with around 40% of its installed electricity capacity coming from non-fossil fuel sources. The government has an ambitious target of 500 CW of installed renewable energy by 2030.
This massive focus towards renewable energy is likely to benefit the companies in the green and renewable energy sector. On this World Environment Day, let us shed light on the top green energy stocks in India that are leading the charge towards a greener future.
Adani Green Energy
The billionaire Gautam Adani-led company Adani Green Energy is one of the largest renewable energy companies in India. It has a renewable energy portfolio of 20,434 MW.
The company has added 2,676 MW renewable capacity to its operational fleet in FY23 and has also signed power purchase agreements for 450 MW wind projects and 650 MW solar projects with SECI during the year, further strengthening its project pipeline.
Adani Green Energy stock trades around ₹985 apiece and the company boasts a market capitalization of ₹1,55,971 crore. The stock has come under massive selling pressure this year since the serious allegations labeled against the Adani Group by the US short-seller Hindenburg Research. The stock is down 49% YTD, but is still up by a massive 259% in the last three years.
During the quarter ended March 2023, Adani Green Energy posted a consolidated net profit of ₹507 crore, registering an impressive growth of 319% from ₹121 crore in the corresponding quarter last fiscal. The company’s topline increased 88% to ₹2,988 crore as compared to ₹1,587 crore, YoY. For FY23, revenue from power supply increased by 54% YoY to ₹5,825 crore.
The company’s debt to equity ratio has sharply fallen from 43.85 in 2022 to 7.42 in 2023. The stock trades at Trailing Twelve Months (TTM) P/E of 147.65x as compared to the sector P/E of 16.57x and Price-to-book value of 21.56.
SJVN
The government-owned SJVN is a major hydroelectric power producer in the country. Its total project portfolio is 45,409 MW, out of which 2,091.5 MW is under operation. Its total operating hydropower capacity is 1912 MW. Additionally, it has an installed capacity of 97.6 MW of wind power and 81.9 MW of solar power.
SJVN share price has given more than 26% returns in 2023 so far. It has a market cap of ₹14,033 crore. The stock trades at a TTM P/E of 9.64s as compared to the sector P/E of 11.24. Its current dividend yield is 4.98%.
The state-owned company had consolidated net profit of ₹17.21 crore in Q4FY23, rising over two-fold led by higher income. Its total income rose to ₹582.78 crore from ₹393.87 crore, YoY.
Zodiac Energy
Energy Solution Provider Zodiac Energy.s services include design, supply, installation, testing and commissioning (EPC) and Operation and Maintenance (O&M) of power plants. It has installed solar power plants for many prominent clients and has served more than 10,000 customers and installed more than 100,000 KW Rooftop solar power plants up to FY 2021-2022, becoming India’s top residential rooftop installer.
The company’s net profit in Q4FY23 was ₹1.61 crore as against ₹1.9 crore in the year ago period. Its total income during the quarter increased to ₹62.25 crore from ₹56.81 crore, YoY.
The stock price of Zodiac Energy has risen 11.85% in one year and has rallied by a staggering 1,755% in three-years. It trades at a TTM P/E of 40.48x with a P/E ratio of 4.22. The market cap of the company is nearly ₹159 crore.
KP Energy
KP Energy is a provider of Balance of Plant (BoP) solutions for the wind energy industry and is involved in the entire wind farm development value chain. It has over 200 MW capacity operationalised till today and has 8.4 MW operational wind energy assets.
It has 450.8 MW projects under execution and business pipeline of 900 MW.
The company’s net profit in Q4FY23 jumped to ₹15.48 crore from ₹5.43 crore in the same period last year. Its sales increased 37.99% to ₹148.45 crore from ₹107.58 crore, YoY.
The stock price of KP Energy has jumped 140% in one year and is up over 406% in three years. The company has a market cap of ₹439.26 crore and the stock trades at a P/E of 11.37x against the sector P/E of 16.57x.
Borosil Renewables
Borosil Renewables is the only solar glass manufacturer in India and has manufacturing capacity of 450 TPD (equivalent to solar glass for 2.8 GW of solar modules. It also that manufactures a range of lab ware, scientific ware, and consumer ware products
The earned a net profit of ₹11.69 crore in the quarter ended March 2023, down 74.8% from ₹46.38 crore, YoY. However, its total revenue increased by 4.74% to ₹187.54 crore from Rs. 179.05 crore, YoY.
The company has a market cap of ₹7,033 crore. While its stock price has fallen 21% in one year, it has jumped by 1,218% in three years. The stock trades at a P/E of 77.08x.
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Updated: 03 Jun 2023, 03:08 PM IST