Solar Penny Stocks in India

If someone was to ask you about the country of origin when it comes to buying solar panels in India, what would you say?

If your answer is China, you would have been right... at least a couple of years back.

The recent data suggests that the import numbers have crashed, and we can see a massive reduction. Think about this for a while - every other nation on Earth that are installing solar panels are using imported Chinese equipment.

So why are Indians buying fewer Chinese solar panels? Well, the answer is clearly very simple and fundamentally tied to India's solar manufacturing boom and 'Make in India'.

All things suggest that the solar boom in India might just be getting started...

Following the consecration of the Ram idol in Ayodhya in January 2024, Prime Minister Narendra Modi publicly announced a scheme to electrify one crore households with solar electricity.

According to estimates, there are less than 10 lakh households with rooftop solar installations at present... clearly, the opportunity is massive.

In the Union Budget 2022-23, the Indian government allocated Rs 195 billion (bn) for PLI scheme to boost manufacturing of high efficiency solar modules.

Now, in this year's Union Budget 2023-24, the government announced the ‘Pradhanmantri Surydaya Yojana', an initiative to generate electricity through solar power.

After announcing the scheme, the finance minister mentioned that solar installations through this scheme will result in savings of about 300 units of electricity per month for such homes. On an annual basis, the scheme could result in savings of Rs 15,000-18,000 annually for households that install rooftop solar systems.

Once the country's solar ecosystem becomes more self-sustaining, sky will be the limit for top Indian listed companies in the solar space.

The opportunity will be much bigger for the smaller players, or the penny stocks involved in the solar industry.

Priced between Rs 1 to Rs 100, penny stocks offer a terrific entry point into the stock market and if chosen wisely, deliver spectacular gains to your portfolio.

Here are the solar penny stocks in India -

• Surana Solar
• NHPC
• Suzlon Energy
• Urja Global
• Jaiprakash Power Ventures

Keep these stocks on your watchlist and be ready to act when the right opportunity comes along.

In the meantime, we'd suggest you also check out the entire list of solar stocks on our website.

You can also check out Richa Agarwal's video where she shares her solar stocks watchlist.