Renewable Energy Industry in India

India’s renewable energy industry brings together companies developing, making, operating and supporting cleaner sources of energy.

Top renewable energy companies in India (listed and private)

Frequently asked questions

How large is the renewable energy industry in India?

3046 renewable energy companies with statutory filings (24 listed, 3022 private) reported combined revenue of ₹12.01 lakh crore in FY2025, +11.4% on the same companies, and aggregate EBITDA of ₹2.67 lakh crore. As filed each year, combined revenue was ₹5.08 lakh crore in FY2018, reached ₹12.01 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 15 listed companies with an exchange price are worth ₹4.74 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of renewable energy companies was 22.2% in FY2025, 0.6 pts above FY2024, against a peak of 24.9% in FY2021. The low since the peak was 18.3% in FY2023. Profit after tax margin was 3.8% (+2.5 pts on FY2024). Aggregate EBITDA of listed and private renewable energy companies moved +46% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹2.67 lakh crore (+12.3% on FY2024).

Which companies are leading the renewable energy industry?

By FY2025 revenue the largest renewable energy companies are Maharashtra State Electricity Distribution Company (₹1.22 lakh crore, 5.7% EBITDA margin, private); Gujarat Urja Vikas Nigam (₹84,597 crore, 18.2% EBITDA margin, private); Tata Electronics (₹66,206 crore, 4.4% EBITDA margin, private); M.p. Power Management Company (₹55,082 crore, 1.1% EBITDA margin, private); Southern Power Distribution Company of Telangana (₹44,518 crore, 11.4% EBITDA margin, private). Among the ten largest, Maharashtra State Power Generation Company (19.2%) and Gujarat Urja Vikas Nigam (18.2%) earn the widest EBITDA margins and M.p. Power Management Company (1.1%) the thinnest. 22 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Energy policy carried 7.6% of renewable energy stories in 2025-06 to 2026-05, up 1.3 pts (+20%) on the prior 12 months; net tone +53 vs +39 for all renewable energy stories. In buyer searches: Search interest in solar batteries and inverters queries (solar inverter) was +46% in the 12 months to 2026-09 vs the prior 12, led by “solar inverter” (+46%), followed by solar panels and modules (+31%); wind and hydro power moved -31%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Renewable Energy EBITDA grew 46% since FY2022 (Industry financials). 88 private renewable energy companies pass an IPO-readiness screen (Top renewable energy companies in India). Energy policy is gaining the most ground in renewable energy news (Renewable Energy in the news). Solar batteries and inverters searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 16.4× and median P/E 24.5× across 15 priced renewable energy companies. (Market capitalisation & valuation).

How are renewable energy stocks valued?

The median trailing P/E is 24.5× and the median EV/EBITDA 16.4× across 15 priced companies.

What does this renewable energy companies lane cover?

It covers companies associated with solar, wind, hydro, biomass, photovoltaic and related renewable energy activity.

How are unlisted companies selected?

The selection starts with relevant registered activities and renewable energy terms, then uses review controls to keep unrelated businesses out.

Research information, not investment advice.