5 stocks to ride India’s green energy and EV boom
India’s green transition is no longer a buzzword; it’s a new capital cycle that is already in motion.
As global decarbonisation norms tighten, especially in sectors like steel and aluminium, India has responded positively.
With EU green steel mandates around the corner, this clean pivot is about future-proofing exports and not just saving on power bills.
To ensure round-the-clock supply and grid stability, Battery Energy Storage Systems (BESS) are quickly gaining traction. Transport is getting an upgrade too. Over 1.7 lakh public buses are set to be replaced with electric ones under the latest central mandate.
For equity investors, this isn’t just a trend. It’s possibly a multi-decade growth theme.
So, with this in mind, we highlight five listed companies that could ride this wave.
#1 Gabriel India
First on our list is the Gabriel India.
Gabriel India makes shock absorbers, struts, and other ride control products that go into two-wheelers, SUVs, commercial vehicles, trains, etc. It supplies to leading OEMs and has a strong aftermarket network as well.
Over the past few years, the company has been expanding into future-focused areas like sunroofs, solar dampers, and e-bike suspension systems.
In FY25, two-wheeler sales grew 12%, passenger vehicles 5%, while commercial vehicle sales dipped slightly, in line with industry trends. Aftermarket revenue rose 7%.
Consolidated revenue was up 19% year-on-year (YoY), with Rs 2.45 bn in profits. Much of the upside came from the sunroof business, where demand from models like Hyundai Creta and Kia’s new launches drove strong volumes.
Gabriel India Share Price – 1 Year
Sunroof production capacity is set to double by the second half of 2025. The solar damper business, where Gabriel has already bagged three orders, could generate Rs 2 bn over the next two years.
The Marelli Motherson suspension unit acquisition is expected to add Rs 1–2 bn in annual sales starting FY26. The management is also exploring another inorganic product addition this year.
Gabriel is building capacity across electric mobility, clean energy, premiumisation and exports—all of which could power its growth.
#2 Premier Energies
Next on our list is Premier Energies.
Premier Energies is one of India’s oldest and most vertically integrated solar manufacturing companies. It makes solar cells, modules, wafers, ingots, solar inverters, aluminium frames, and battery energy storage systems (BESS).
FY25 was a breakout year. Revenue more than doubled, EBITDA surged nearly 280%, and PAT jumped 305%. Operating margins expanded sharply to 27%, due to rising capacity utilisation and a favourable product mix.
The company closed the year with a Rs 84.5 bn order book and cash from operations of Rs 13.5 bn, enough to fund of its expansion plans.
Premier Energies Share Price – 1 Year
Premier Energies is investing Rs 125 bn over the next three years to scale capacity. This includes 10 GW for ingots, wafers, cells and modules, 12 GWh for BESS, and 3 GW of inverters.
A new 1.4 GW TOPCon module line has already gone live and another 1.2 GW cell line will be commissioned soon. The company is also readying a 2 GW wafer plant and is looking to tap into the US market.
For now, the focus remains squarely on India. However, exports could drive the next leg of growth.
#3 JSW Energy
Third on our list is JSW Energy.
JSW Energy has transformed into one of India’s biggest clean energy providers including solar, wind, hydro, pumped hydro storage, and battery energy storage systems (BESS).
In FY25, JSW Energy crossed the 10 GW milestone and ended the year with 12.2 GW in operational capacity. The company added 3.6 GW in FY25, including 1.3 GW of organic wind as well as thermal through the acquisition of the 3.6 GW KSK Mahanadi plant.
Reported revenue rose 6% YoY, EBITDA hit a record Rs 61.1 bn, and PAT rose 13% YoY. Renewable energy generation grew 32% YoY while thermal rose 22% YoY.
JSW Energy Share Price – 1 Year
JSW has planned to triple its capacity to 30 GW and scale up energy storage to 40 GWh by FY30. It has already committed Rs 1.3 tn over five years.
Nearly 11.3 GW is under construction, of which 9.7 GW is renewable. A further 6.7 GW is in the pipeline. Energy storage has become a priority too, with 29.3 GWh under way through a mix of battery and pumped hydro projects.
The recent acquisition of O2 Power added 4.7 GW renewable capacity, while it’s thermal plant added baseload strength. JSW is also developing a greenfield thermal project in West Bengal and is expanding its green hydrogen and captive energy supply presence.
#4 ACME Solar
Fourth on our list is ACME Solar.
ACME Solar is one of India’s largest renewable IPPs, operating across solar, hybrid, wind, and battery-based firm and dispatchable renewable energy (FDRE).
What sets ACME apart is its strong in-house EPC and O&M capabilities, large central government-linked PPA book and early bets on battery storage.
In FY25, operational capacity more than doubled to 2,705 MW, thanks to 1,200 MW of new commissioning. Power generation rose 55% YoY, with capacity utilisation improving to 25.6%.
The company’s revenue grew 32% YoY. The EBITDA was up 43% YoY while the EBITDA margin remained at very high levels of 89%.
Acme Solar Share Price Since Listing
The company’s total portfolio is 6,970 MW. This includes a 4,265 MW under construction and 2,175 MW with signed PPAs.
80% of under-construction projects are in FDRE and hybrid formats. Equipment orders have been locked in and land acquisition is underway. 1,700 MW of projects have Rs 165 bn in funding tied up.
Importantly, Acme has also secured battery capacity commitments of 3.6 GWh. This makes it one of the early movers in BESS-backed projects.
Looking ahead, the target is to reach 10 GW operational capacity by 2030, with Rs 18 bn in annual EBITDA. Acme is also developing merchant solar assets to monetise current high prices and plug into PPAs later.
#5 Amara Raja Energy & Mobility
Last on the list is Amara Raja Energy & Mobility.
Amara Raja Energy & Mobility has come a long way from just being a lead-acid battery player. The company now straddles a full stack of energy solutions. It caters to automotive, industrial, energy storage, lithium-ion packs and chargers, with ambitions in clean tech and circular manufacturing.
In FY25, consolidated revenue grew 9.7% YoY but EBITDA fell 2.5% YoY as margins compressed to 12.6%. Net profit rose a modest 1% YoY.
Growth in lead-acid batteries was steady. OEM volumes rose 15% YoY, with two-wheeler volumes up 13% and inverter battery sales 17%.
The company’s lube and home energy products also saw traction. However, exports and the telecom battery segment were soft. Cost pressures from power and metal prices hit margins which took a visible toll on profitability.
The Q4 performance was also weaker than expected, with net profit down nearly 30% YoY. All these factors contributed to the stock falling sharply over the past year, even as the company continued to invest for the long term. It spent around Rs 12 bn in FY25.
Amara Raja Energy & Mobility Share Price – 1 Year
The next leg includes a Rs 10bn spend in FY26 to scale up lithium cell and pack manufacturing, part of its planned 16 GWh giga corridor in Telangana. The lithium pack business, which supplies to 2W, 3W and telecom segments, stayed flat due to OEM destocking, but is a strategic investment.
Amara Raja has already developed India’s first 21700 cylindrical NMC cell and has begun pilot supply of DC fast chargers. More importantly, its customer qualification and R&D facilities are on track to be commissioned by late FY26.
These are expected to enable Amara Raja to build high-voltage packs for buses and stationary storage, two segments with long-term tailwinds.
With rising competition, price deflation in China and still-nascent domestic demand, the lithium battery business won’t be smooth sailing. But the company has the balance sheet, tech partnerships, and OEM relationships to hold its ground.
Conclusion
India’s clean energy and mobility transition offers a multi-billion-dollar opportunity—and these five companies are at the forefront.
That said, proper execution, technology readiness, and capital discipline will separate the winners from the rest.
For investors, staying attuned to these shifts and tracking company-level progress will be key to unlocking long-term value in this fast-growing space.
Happy Investing.
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