India’s clean energy transition is accelerating, and wind power continues to play a critical role in meeting rising electricity demand while reducing carbon emissions. Strong government support, improving technology, and corporate decarbonisation goals have positioned wind energy as a long-term structural theme for investors.
With strong wind corridors across Tamil Nadu, Gujarat, Maharashtra, and Karnataka, India remains one of the world’s leading wind power markets. For long-term investors, wind energy stocks in India offer policy backing, predictable revenues through PPAs, and exposure to the country’s renewable growth story.
This guide covers the top wind energy stocks in India, key investment factors, financial metrics, risks, and suitability for different investor profiles.
Factors to Consider Before Investing in Wind Energy Stocks
Key financial, operational, and policy-related factors that help evaluate the stability and growth potential of wind energy companies.
- The business model of the company – Some businesses own and run wind farms, some manufacture turbines, and some do both. Knowing how a business generates revenue enables you to evaluate risk and stability.
- Debt Levels and Financial Health – Wind projects require a large initial investment of funds. Examine the company’s cash flows, debt levels, and ability to repay its loans.
- PPAs, or power purchase agreements – Revenue from long-term PPAs is predictable. Verify the buyer’s identity (government or corporate) and the duration of the contract.
- Operational Performance History – Execution is important. Companies with a track record of timely project completion and effective asset maintenance typically do better.
- Efficiency & Technology – Over time, power output and profitability can increase with larger, more efficient turbines. Innovations in technology are encouraging.
List of the Top 10 Wind Energy Stocks in India
A curated list of India’s leading wind energy companies offering long-term exposure to the country’s renewable power growth.
| S. No | Company Name | Market Cap (in crores) | CMP (in ₹) | 52-W High (in ₹) | 52-W Low (in ₹) |
|---|---|---|---|---|---|
| 1 | Reliance | 21,33,461 | 1,577 | 1,590 | 1,115 |
| 2 | NTPC | 3,25,905 | 336 | 371 | 293 |
| 3 | Adani Green Energy | 1,69,099 | 1,027 | 1,179 | 758 |
| 4 | Tata Power | 1,21,822 | 381 | 417 | 326 |
| 5 | Suzlon Energy | 71,112 | 52 | 74 | 46 |
| 6 | Inox Wind | 21,223 | 123 | 198 | 118 |
| 7 | KPI Green Energy | 9,704 | 492 | 589 | 313 |
| 8 | K.P. Energy | 2,329 | 348 | 584 | 327 |
| 9 | Orient Green Power | 1,357 | 12 | 17 | 11 |
| 10 | Indowind Energy Solutions | 245 | 15 | 28 | 14 |
Read Also: Best Green and Renewable Energy Penny Stocks
Wind Energy Stocks Company Overview and Historical Returns
A brief business-level understanding of each company’s role, strategy, and position within India’s wind energy ecosystem.
1. Reliance
Although Reliance Industries is not solely a wind energy stock, its shift into renewable energy has generated considerable interest. The company has announced investments in clean energy, such as solar and wind, as part of its energy transition strategy. Reliance’s renewable push, supported by substantial financial resources and a long-term vision, has the potential to transform the industry eventually.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| 24.26% | 32.17% | 75.19% |
2. NTPC
Traditionally linked to thermal power, NTPC is India’s biggest power producer. However, its green energy segment has completely shifted toward renewable energy over the last few years. An essential component of this shift is wind power. NTPC holds a strong balance sheet, execution scale and is backed by the government, which gives the company a benefit in adding renewable capacity while gradually reducing dependence on fossil fuels.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| 7.05% | 102.04% | 239.52% |
3. Adani Green Energy
Adani Green Energy is one of India’s biggest companies offering renewable energy. It has an extensive portfolio of wind and solar assets. The company started in 2015 and quickly grew by acquiring operational projects and building new capacity across the country. It focuses on long-term power purchase agreements, which ensure that revenue is stable. Adani Green has become a major player in India’s transition to renewable energy over time. Wind energy is a big part of its diverse portfolio.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| -1.92% | – 46.62% | -3.62% |
4. Tata Power
One of the oldest electricity providers in India, Tata Power is well-established in the fields of distribution, transmission, and generation. It has rapidly added wind farms and hybrid projects to its portfolio of renewable energy sources in recent years. The company’s campaign for renewable energy is part of a larger plan to develop a power business that is both sustainable and prepared for the future. Its varied business practices provide stability while exposing investors to the growing use of renewable energy.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| – 2.64% | 83.58% | 393.03% |
5. Suzlon Energy
Suzlon Energy is one of the most established and well-known brands in India’s wind energy history. The company was established in the middle of the 1990s and played a key role in the country’s adoption of wind power. Suzlon still has one of the biggest installed wind bases in India despite having experienced financial difficulties in the past. As a major legacy player in the industry, the company still concentrates on turbine supply, project execution, and operations support.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| – 11.82% | 388.09% | 726.30% |
6. Inox Wind Limited
Known for producing wind turbine generators and offering full EPC and maintenance services, Inox Wind is a wind energy company. It has developed strong internal manufacturing capabilities and a national project execution footprint over the years. In order to reduce power costs and increase wind project returns, the company is still working to improve turbine size and efficiency.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| -31.1% | 377.1% | 709% |
7. KPI Green Energy
Another expanding renewable energy company that works on solar and wind projects is KPI Green Energy. The business creates and runs power plants under long-term agreements that ensure steady cash flows. KPI has steadily strengthened its position in the renewable ecosystem by extending its project base over several states over time. For investors who want to invest in the industry’s long-term growth narrative, it continues to be a good small-cap choice.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| – 11.77% | 910.93% | 3,366.07% |
8. K.P. Energy
K.P. Energy is a mid-sized renewable energy company that mostly works on developing and running wind power. It owns and operates wind farms in important parts of India that are rich in resources. The company is steadily growing by adding capacity while keeping a close watch on operational efficiency. The company gives exposure to investors who are interested in India’s wind energy segment and want to explore options beyond large-cap stocks.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| – 35.80% | 1,456.8% | 5,595.9% |
9. Orient Green Power Company
Orient Green Power uses renewable energy sources like wind and biomass. The company focuses on long-term power sales agreements to make sure its assets bring in money all the time. The company gives you an array of options in clean energy. Its emphasis on operational efficiency makes it an interesting niche name within the wind energy space.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| – 26.27% | 21.92% | 646.45% |
10. Indowind Energy Solutions
IndoWind Energy is one of India’s oldest renewable energy companies. It builds and operates wind farms that generate clean power for utilities and businesses. The company started in 1995 with a small wind project in Tamil Nadu. Now it owns, runs, and maintains wind energy assets in southern states. It has also provided project management and windmill maintenance services over the years, helping others establish and run wind power projects as well.
Know the Returns
| 1 Year Return (%) | 3 Year Return (%) | 5 Year Return (%) |
|---|---|---|
| – 36.33% | 12.55% | 311.41% |
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Key Performance Indicators (KPIs)
| Company | Net Profit Margin (%) | PE Ratio (x) | ROCE (in %) | ROE (in %) | Debt to Equity |
|---|---|---|---|---|---|
| Reliance | 8.37 | 24.7 | 8.7 | 8.25 | 0.41 |
| NTPC | 11.5 | 17.6 | 9.4 | 12.7 | 1.34 |
| Adani Green Energy | 13.8 | 113.3 | 8.02 | 13.47 | 7.29 |
| Tata Power | 6.08 | 30.2 | 10.18 | 11.07 | 1.62 |
| Suzlon Energy | 19.02 | 37.28 | 24.15 | 34 | 0.05 |
| Inox Wind | 12.3 | 59.3 | 12.5 | 10.45 | 0.34 |
| KPI Green Energy | 18.74 | 25.17 | 13.08 | 13.18 | 0.46 |
| K.P. Energy | 12.36 | 21.4 | 10.18 | 11.07 | 1.62 |
| Orient Green Power | 15.94 | 35 | 7 | 3.60 | 0.50 |
| Indowind Energy Solutions | 3.77 | 149 | 1.83 | 0.45 | 0.03 |
Who Should Invest in Wind Energy Stocks
An overview of investor profiles best suited for wind energy investments based on risk appetite and time horizon.
- Long-Term Investors – Investors who are willing to think long-term and ride out the ups and downs are best suited for wind energy stocks. This industry doesn’t always move quickly, but over time, it can reward people who are consistent and have self-belief.
- ESG-centric Investors – Wind energy stocks are also a good choice for investors who want to add more sustainable and ESG-focused themes to their portfolios. But they are not for traders who want to make quick money. These stocks tend to do better when held through cycles, as projects get older and more capacity is added.
Risks of Investing in Wind Energy Stocks
Potential challenges and uncertainties that may impact returns in the wind power sector.
- Changes in Policies & Regulations – Wind energy is closely linked to government support. Any changes in tariffs, subsidies, or bidding rules can affect company earnings and stock prices.
- High Initial Investment – Setting up wind projects requires heavy upfront capital. This often leads to higher borrowing, which can put pressure on finances during slow periods.
- Delays in Project Execution – Land acquisition issues, regulatory approvals, or equipment delays can slow down projects and impact expected returns.
- Dependence on Wind Conditions – Power generation depends on wind availability. Poor wind seasons or regional variations can reduce electricity output.
- Pressure on Profit Margins – Competitive bidding for new projects can lower tariffs, which may reduce profitability over time.
Read Also: Best Sectors to Invest in Next 10 Years in India
Conclusion
Wind energy might not always be in stories, but it is still an important part of India’s renewable energy future. People who are willing to be patient and look for good companies, wind energy stocks can be a good addition to a long-term, sustainability-focused portfolio.
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Frequently Asked Questions (FAQs)
Are wind energy stocks good for long-term investment?
Yes, they can be suitable for long-term investors who believe in the concept of India’s green energy and have patience.
Do wind energy stocks depend on government policies?
Yes, policies and tariffs play an important role in shaping company profitability and project returns.
What is a wind-solar hybrid project?
It is a combination of wind and solar power at the same site to improve power generation consistency.
Can wind energy stocks benefit from ESG investing trends?
Yes, rising ESG-focused investing can support long-term demand for wind energy.
Are these stocks suitable for beginners?
They are better suited for beginners with a long-term investing approach.
