Beyond Adani: 5 power stocks quietly fuelling India’s green revolution
Visit Surat any day and you are almost certain to find convoys of flatbed trucks trudging along, carrying solar modules and wind turbine sections for yet another hybrid park in Gujarat’s “energy triangle”.
No cameras hover above; no ribbon-cutting ceremonies. Just workers moving equipment, engineers positioning inverters, and trucks carrying solar glass across state highways.
This is the unseen backbone of India’s clean-energy turnaround. Beyond the Adani Green dominance, there’s a deeper layer of businesses, assemblers, service providers, EPC contractors, and component producers that are quietly installing panels, wiring substations, and maintaining turbines.
For investors, this is where the story gets interesting. These mid-tier companies are starting to show serious operating leverage, turning volumes into value.
They balance recurring revenues with EPC surges, meet industrial demand for captive plants, and even supply strategic components like solar glass, an upstream piece most people forget exists.
So, while Adani Green is the marquee name, here are five lesser-known stocks that are helping India chase its net-zero ambition, and could quietly reward investors who spot them early.
How we zeroed in on the 5 stocks
We focused on mid-and small-cap names with ₹5,000–40,000 crore market cap, working with renewables, having rising order books, increasing capacity, and improving financials. Priority was given to under-researched players with solid fundamentals and turnaround potential, rather than those in the news often.
We have a list of 5 companies often overlooked, dealing with independent power producers (IPP), Engineering Procurement and Construction (EPC), Operations & Maintenance (O&M), and components. Note: This is by no means an exhaustive list.
1) KPI Green Energy
Part of Surat’s KP Group, KPI Green is an independent power producer (IPP). It has a twin-fold business. On one side, it’s an Independent Power Producer (IPP), selling renewable electricity directly to the grid.
On the other hand, it manufactures captive power projects (CPPs) for industrial clients who are setting up their green power plants.
Its flagship brand, Solarism, delivers turnkey solar solutions, helping companies achieve long-term tariff savings. This dual business structure balances expected annuity cash flows with fast-moving EPC revenues.
Why it matters: Captive/CPP demand is growing as energy-intensive SMEs hunt for a way to lower grid tariffs and meet Scope-2 emission goals.
The goals such as increasing the share of renewable energy in their operations and power portfolio. And reduce their own carbon emissions, aiming for carbon neutrality.
KPI benefits from this industrial green rush. And its model resolves the need for speed when acquiring land, approvals, managing balance of payments (BoP), evacuations, and capital efficiency.
The company’s strategy means it isn’t dependent on just one revenue stream. This plan gives it an edge in a sector where cash flows can be lumpy.
And the numbers
Per KPI Green’s latest investor presentation, the consolidated revenue for Q1 FY26 was ₹603 cr, marking a 73% growth YoY. The operating margin was 34%. The net profit rose from ₹67 crore in Q1FY25 to ₹ 112 cr in Q1FY26, which is a growth of ~ 67% excluding exceptional items. .
The KPI Green Energy share price grew at a compounded rate of 74% in the last three years, and the average return on equity (ROE) was 24% for the same period.
| Company | CMP (₹) | Div. Yield (%) | P/E (x) | Market Cap (₹ Cr) | ROCE (%) | Debt/Equity |
| KPI Green Energy Ltd | 498 | 0.09 | 27.4 | 9,838 | 17.5 | 0.57 |
What to watch: Promoter pledges (45.5% of their holding) and a rise in the working capital days as larger hybrid projects stack up.
KPI’s receivables are swelling, which means the payment cycles are longer. But the company continues to invest in projects, then rising interest on loans could become costly.
And working capital needs could stress cash flows even if there is a strong revenue momentum. Investors should track if cash collection matches project wins.
The company is valued at a premium currently, with the Enterprise Value vs. Earnings before interest, tax, depreciation, and amortization, i.e., EV/EBITDA, at 16.1x compared to the industry median of 11.8x.
2) K.P. Energy Ltd.
Also, from KP Group, K.P. Energy Ltd. (KPEL) is the wind power specialist most people never see. It does Balance of Payments (BoP), Engineering, Procurement, Construction, and Commissioning contract (EPCC).
Unlike many green energy firms that focus on selling power, K.P. Energy is a wind project developer and EPC contractor.
Its expertise is in building wind power infrastructure, right from finding the right locations, acquiring land, permits for construction, and commissioning.
In short, it allows large utilities and companies to add wind resources without handling implementation risks themselves.
Why it matters: Wind farms’ auctions, repowering, and hybridization depend on quick civil and grid readiness. Turbines can be ordered; evacuation cannot be rushed.
That’s KPEL’s competitive moat.
India’s wind sector is making a comeback after years of being outdone by solar. Government auctions are gaining momentum, and K.P. Energy’s niche EPC focus places it as a dependable execution partner.
Unlike power manufacturers, EPC companies earn upfront margins with lower long-term risk exposure.
Financially, the revenue grew to ₹219 crore in Q1FY26, up 63% YoY. The operating margin was 22%. The net profit excluding exceptional items was ₹25.4 cr, compared to ₹18.2 cr in Q1FY24, a growth of 39.6% YoY.
The stock price rose at a CAGR of 99% and the return on equity was 42% in the last three years.
| Company | CMP (₹) | Div. Yield (%) | P/E (x) | Market Cap (₹ Cr) | ROCE (%) | Debt/Equity |
| K.P. Energy Ltd | 428 | 0.12 | 23.4 | 2,862 | 42.3 | 0.80 |
What to watch: Keep an eye on the risks involved with handling large ventures and changes in working capital over time. The promoters’ share has reduced over the last three years, but is still ~45%.
The skill to predict future revenue largely depends on completing projects on time. Any delays in getting land, required permits, or power grid connections can lead to unpredictable results.
At present, the profit margins are good. But the Engineering, Procurement, and Construction (EPC) sector is cyclical, which means it could be difficult to maintain the same high returns on capital employed.
The company is valued at a premium, the EV/ EBITDA is 14.3x compared to the industry median of 11.8x.
3) Waaree Renewable Technologies
Waaree Renewable Technologies (WRTL) leads the Waaree Group’s solar EPC and project development.
By merging its in-house module supply with EPC expertise, it offers its individual, industrial, and commercial customers a renewable energy solution that can help them bring down project costs and shorten timelines.
Why it matters: India’s value and Control & Instrumentation EPC channels are overflowing, but the schedule risk is real.
An EPC that works under a large module maker can reduce timelines and protect margins when prices turn volatile.
Per the 18th August press note, India targets 500 GW capacity of non-fossil fuel electricity by 2030, as a part of its COP26 pledge.
Waaree Renewable is at the centre of manufacturing and execution, giving it a rare competitive advantage. Its near-zero debt and growing margins underscore how fast it has grown.
The numbers say it all.
The sales soared 155% YoY to ₹603 crore in Q1FY26 from ₹236 crore in Q1FY25. The operating margin was 19%. The net profit grew to ₹87 crore from ₹28 crore in Q1FY24, up 210.7% YoY excluding exceptional items.
The stock price grew at a compounded rate of 128% in the last three years, while the average return on equity for the same period was 70%.
Waaree Renewable Technologies Ltd. Dashboard
| Company | CMP (₹) | Div. Yield (%) | P/E (x) | Market Cap (₹ Cr) | ROCE (%) | Debt/Equity |
| Waaree Renewable Technologies Ltd. | 1,025 | 0.10 | 36.7 | 10,680 | 84.9 | 0.06 |
What to watch: The stock is trading at 23.4x its price-to-book ratio. The growth depends on a continuous inflow of orders and timely deployment across states.
A constant scale-up without the payments on time could affect its bottom line. Moreover, dependence on only order inflows will make revenue growth volatile.
While profits are strong, the EPC sector is highly competitive. And keeping its prices low is critical. Also, as a mid-cap with swift growth, their implementation capacity will be stretched as project sizes increase.
The company is valued at an EV/EBITDA of 26x, while the industry median is 19.3x.
4) Inox Green Energy Services
Inox Green is different from the rest on this list. It doesn’t build or sell power plants. The company is India’s only listed pure-play Operations & Maintenance service provider for wind turbines.
It is a subsidiary of Inox Wind Limited (IWL) and a part of the Inox GFL group of companies. Among its services, it offers comprehensive operations and maintenance services to Wind Turbine Generators and common infrastructure multi-year contracts, such as 5–20 years.
With a PAN India presence, this company has a decade-long track record with over ~3.2 GW of O&M assets and value-added services. Think of it as the uptime and availability corporation in Wind energy.
These services make Inox Green’s business a subscription or annuity model, as customers pay per annum for upkeep.
Why it matters: As wind energy installations grow and repowering kicks in, the need for O&M will also increase.
Stable O&M income can smooth the sector’s project-cycle issues. If contracts are renewed and collections expand, the margins will improve, too.
With over 3 GW of turbines under its service portfolio, Inox Green is set to benefit from repeated contracts. In theory, this model offers steadiness compared to project-based EPC players.
The numbers are telling
Despite being almost debt-free and offering profit growth at 18.2% CAGR over five years, the sales have grown only 7.34% during the same period. However, it has not declared a dividend yet.
The revenue for Q1 FY26 came in at ₹56 crore, compared to ₹51 crore in Q1FY25, which is a growth of 10.50% YoY. The operating margin was 11%. The net profit rose from ₹1 crore in Q1FY25 to ₹22 crore, up 2100% YoY excluding exceptional items.
The stock price fell 30% over the last year while the return on equity was 1%.
The debtor days have gone up to 279, and the working capital days rose to 1,022, which shows legacy issues that management has been trying to resolve.
Inox Green Energy Services Dashboard
| Company | CMP (₹) | Div. Yield (%) | P/E (x) | Market Cap (₹ Cr) | ROCE (%) | Debt/Equity |
| Inox Green Energy Services | 145 | 0 | 138 | 5,320 | 2.9 | 0.09 |
What to watch: Look out for collection issues, renewal rates, and new third-party O&M order wins. Operations and maintenance (O&M) is a great business idea if it earns more money.
The company is fighting low returns. While the revenue is recurring, its collection cycles and working capital are lengthy. Unless Inox Green improves its scale and margins, a low ROCE will affect investor confidence.
The company trades at a EV/EBITDA multiple of 41.0x, which is at a premium to the industry median of 11.8x.
5) Borosil Renewables
Borosil Renewables is India’s only manufacturer of solar glass, a critical upstream input. It manufactures low-iron solar glass and extra clear patterned glass for Photovoltaic panels, greenhouses, and flat plate collectors.
With a market share of over 20%, it is India’s largest solar glass producer. Every solar panel needs high-transmission tempered glass to protect cells and boost efficiency. This need for glass makes Borosil tactically crucial in reducing India’s dependence on imports, particularly from China.
Why it matters: The blocks in India’s PV supply chain have moved from solar modules to upstream components such as glass, ethylene vinyl acetate (EVA), and backsheets.
Domestic glass capacity is important as it can help to lower lead times, foreign currency volatility, and keep EPC schedules intact.
As India builds its local solar capacity, upstream independence is vital. Borosil is expanding capacity very quickly, and it gains from import duties that protect local producers.
With rising demand for solar modules, demand for glass will naturally rise.
Fresh numbers:
The revenues rose 31.94% YoY to ₹374 crore in Q4FY25 from ₹ 283 crore in Q4 FY24 The operating margins swung from negative 9% in March 2024 to 4% in March 2025.
The net loss fell from ₹ 53 crore in Q4 FY24 to ₹ 30 crore in Q4 FY25, reducing 43.4% losses YoY excluding exceptional items.
The stock price rose 8% in the last year, while the return on equity is a -7.4% for the same period.
Borosil Renewables Dashboard
| Company | CMP (₹) | Div. Yield (%) | P/E (x) | Market Cap (₹ Cr) | ROCE (%) | Debt/Equity |
| Borosil Renewables | 550 | 0 | NA | 7m317 | -3.15 | 0.25 |
What to watch: The order payment movements in Europe, domestic anti-dumping measures, and the scale-up of Indian lines.
Excess global supply and strong pricing competition are affecting margins. Moreover, the execution of new expansion projects and growth in profitability are important.
Borosil sits in the right place, but its financial performance must catch up with the opportunities available.
This stock is trading at EV/ EBITDA multiple of 81x, which is lower than the median industry multiple of 103.8x.
Risks on the Horizon
While the renewable energy story looks bright, investors must keep in mind that challenges remain.
Policy and regulatory risks: Businesses in the renewable sector must follow government rules. Changes in energy auctions or tariffs can interrupt progress.
Execution and supply chain challenges: Land purchases aren’t as easy as solar and wind projects need large areas. Also, the import of solar cells and modules can make producers vulnerable to sudden price changes.
Financing and debt risks: Renewable projects need massive investments. Don’t forget, Suzlon has shown investors how excessive loans can affect development.
Interest rates in India are steady now, but could change in the future. Any increase in interest rates will add to the cost of borrowing, reducing returns.
Technological disruption: Technology today offers opportunities that traditional players may not be able to capitalise on. Businesses that focus on hybrid projects, offshore wind, or advanced storage systems could grow faster and disrupt the renewable energy sector.
Grid integration risks: Solar and wind energy are sporadic. Any over- or undersupply to the grid can cause disruptions.
Moreover, investments in storage and transmission have just begun. Companies that rely on grid access could face forced shutdowns during oversupply.
Understanding these factors helps separate the sustainable players from the speculative bets.
Why this mid-tier matters
India is now adding record clean capacity annually, with solar still the volume leader and wind returning via hybrid/RTC bids.
To get from goal-setting to gigawatt-commissioning, the country needs builders, coordinators with supply power, caretakers of uptime, and domestic component creators.
When you pan out from today’s dusty sites, you can see the compounding: every substation energized, every AIS switchyard erected, every tempered sheet of solar glass, each a brick in the 500-GW wall. That, more than any headline, is how India’s energy evolution becomes permanent.
India’s renewable venture isn’t just about mega-cap balance sheets; it’s about on-ground scale. Collectively, India’s non-fossil capacity hit ~200 GW by FY25, and the clean energy investment is ~3% of GDP and rising.
These mid-cap names are building the framework: parts, pipes, and power.
The Future Beyond Adani
India’s renewable energy journey is no longer a one-player story.
Beyond Adani Green, companies like Inox Wind, KPI Green, Suzlon, and Borosil are powering the sector in different ways.
According to the Ministry of New and Renewable Energy (MNRE), India is aiming for 500 GW of non-fossil capacity by 2030, of which 280 GW will come from solar and 140 GW from wind.
To achieve these targets, we need not just giants but also agile small and mid-sized players to fill the gaps.
Adani Green may be dominating the news headlines, but the real opportunity is in looking beyond.
Disclaimer
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Archana Chettiar is a writer with over a decade of experience in storytelling, and, in particular, investor education. In a previous assignment, at Equentis Wealth Advisory, she led innovation and communication initiatives. Here she focused her writing on stocks and other investment avenues that could empower her readers to make potentially better investment decisions.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
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