India’s solar sector has witnessed a remarkable transformation over the past decade, moving from a nascent stage to becoming the world’s third-largest solar energy producer in 2025.
According to IRENA, India generated 1,08,494 GWh of solar power, surpassing Japan’s output and cementing its position as a global leader. With a cumulative solar power capacity of 119.02 GW, spread across ground-mounted projects, rooftop systems, hybrid plants, and off-grid installations, the country has diversified its approach to clean energy expansion.
Government initiatives have been central to this progress. Flagship schemes like PM Surya Ghar Muft Bijli Yojana, PM-KUSUM, and the Solar Parks Programme, along with mandatory use of domestic modules and cells, have accelerated adoption while boosting local manufacturing. India’s solar module manufacturing capacity almost doubled from 38 GW to 74 GW in FY 2024–25, supported by customs duties on imports and incentives for local production.
With ambitious targets of 500 GW renewable capacity by 2030 and the launch of global initiatives such as the International Solar Alliance (ISA) and One Sun, One World, One Grid (OSOWOG), India is positioning itself as a leader in driving the global transition toward sustainable energy.
Here are the exchange listed solar stocks which received Solar Orders in September:
Vikram Solar is one of India's largest Solar PV module manufacturers, growing from 4.5 GW operational capacity in FY25 to 17.5 GW in 2 years.
Recently, Vikram Solar won a 336 MW module supply order from L&T for the Khavda Solar Project in Gujarat, using advanced Hypersol G12R modules to boost efficiency and reduce costs.
Vikram Solar's share price has jumped over 8% from its listing price of ₹338 per share.
Sterling and Wilson Renewable Energy (SWREL) received an LOI for a 300 MW AC / 420 MWp DC solar project in Rajasthan from a private IPP, valued at ~Rs 415 crore, including O&M and taxes. This marks SWREL’s first order from the private IPP market this fiscal.
Sterling and Wilson Renewable Energy (SWREL) has built operational excellence with an EPC portfolio of 22.8 GWp and an O&M portfolio of 9.3 GWp, supported by a global workforce of 2,810. Domestically, the company has executed over 3 GW across two projects, including one of India’s largest PV plants in Khavda, Gujarat, and one of the largest Battery Energy Storage System (BESS) projects.
In the month of September, the Sterling and Wilson Renewable stock price has surged over 3.5%.
Waaree Renewable Technologies, a subsidiary of Waaree Group engaged in the solar EPC business, has received a Letter of Award (LOA) in September for an 870 MWac/1,218 MWp grid-connected ground-mount solar project. The project includes a 33kV/400kV substation, transmission line works, and two years of operation and maintenance (O&M) services.
As of June 31, 2025, Waaree Renewables Energies Ltd has an approximate module manufacturing capacity of 15 GW and a cell capacity of 5.4 GW, with a total order book of around 25 GW valued at ~₹47,000 crore.
The company management is confident of execution and order inflow, citing a robust 25 GW pipeline (it said“we are chasing 25 GW worth of order pipeline” in the July 2025 concall).
Waaree Renewable Technologies' share price has jumped over 3.9% in the month of September so far.
NTPC Ltd, Adani Power, Adani Green, and JSW Energy remain the largest listed solar-related companies by market capitalisation.
In September 2025, these four companies secured orders for new solar projects. Wherein, Vikram Solar secured 336 MW order from L&T, Sterling & Wilson’s solar EPC contract in Rajasthan, and Waaree Renewable Technologies’ grid-connected ground-mount solar project.
India is advancing towards a green future with over 100 GW solar power and a 500 GW clean energy target by 2030, aiming net-zero by 2070. Half of its installed electricity now comes from non-fossil fuels, achieving the Paris Agreement goal five years early. Initiatives like solar parks, rooftop schemes, green hydrogen, and rural electrification highlight a shift to self-reliance and sustainability. India’s balanced energy strategy integrates growth, innovation, and clean energy, driving inclusive development and a sustainable economic future.
For android only