Everyone Knows About Waaree, Tata Power, and Adani Green. But Here Are 6 Solar Stocks Flying Under the Radar

India's solar energy sector is growing fast.

The government has taken serious initiatives such as he PM Surya Ghar Yojana to promote rooftop solar across the country. It has also set a target of reaching 500 GW of non-fossil energy capacity by 2030.

With falling solar module prices and rising demand for clean energy, the environment is looking better than ever for solar companies.

Big names like Waaree Energies, Tata Power and Adani Green have been in the spotlight for a while. They have secured large projects and are expanding quickly.

However, there are a few smaller solar companies that are quietly gaining traction. These firms may not make headlines every day, but they are growing steadily and building a strong position in this space.

Today, we'll look at 6 lesser-known solar stocks that could benefit from the next phase of growth in India's renewable energy journey.

#1 Ganesh Green Bharat

Ganesh Green Bharat Ltd (GGBL) is a solar energy firm based in Gujarat.

Starting out as an EPC (Engineering, Procurement, and Construction) provider in 2016, the company has since transformed into a full-stack solar solutions enterprise.

It manufactures solar PV modules and executing large-scale renewable energy projects across the country.

GGBL. It has completed over 27 projects worth Rs 2.2 bn, installed more than 0.25 m solar modules, and provided over 50,000 water connections across 14 states.

Currently, solar PV (Photovoltaic) modules account for over 50% of its revenue, with solar systems and EPC services contributing another 11%.

The company is expanding fast, having recently upgraded its production line to accommodate modules up to 630 Wp (Watt-peak).

It's on track to triple its capacity from 236 MW to 750 MW by the end of 2024. A further jump to 1.1 GW is in the pipeline, backed by a Rs 55 m investment.

In H1 FY25, revenue shot up 136% year-on-year (YoY) to Rs 1.3 bn, with EBITDA and PAT also seeing sharp jumps.

A healthy 16.3% EBITDA margin, improving debt profile, and a Rs 2.95 bn order book, nearly twice its FY24 revenue, suggest that GGBL is scaling sustainably.

The company is also branching into B2C rooftop solar and exploring lithium battery manufacturing, signalling ambition beyond just EPC contracts.

It has a joint venture with German firm KSB for solar pump projects under a massive Rs 160 bn government tender.

For more details, see Ganesh Green Bharat's company fact sheet.

#2 Madhav Infra Projects

Vadodra based Madhav Infra Projects Ltd focuses on two key areas, one is civil construction and the other is solar EPC work.

The company's current order book of Rs 9.82 bn is nearly three times its FY24 revenue of Rs 3.6 bn. Most of the current orders are for solar projects. However, the company has also won highway and railway construction contracts.

Between April 2023 and May 2024, it secured new orders worth Rs 7.3 bn. These include a railway project from Western Railways and a highway project from NHAI.

To support this growth, Madhav Infra recently acquired MSK Projects, a smaller construction firm. It also commissioned a 35 MW solar power plant in Gujarat, marking an important step forward in its renewable energy journey.

On the financial front, the company reported an 11% rise in revenue for FY24. PAT fell to Rs 187 m, mainly because of a one-time land sale gain in FY23.

Still, the company's balance sheet has improved. Total debt came down from Rs 2.55 bn to Rs 1.53 bn. Rating agency CARE has upgraded its credit rating from BBB minus to BBB with a stable outlook.

There are a few challenges though. About 90% of the projects are located in Gujarat and Madhya Pradesh. Some projects have slowed down due to land acquisition delays.

Also, competition in the EPC space remains intense, which puts pressure on margins. But the strong focus on solar EPC and government-backed contracts gives it a stable foundation.

For more details, see Madhav Infra Projects' company fact sheet and quarterly results.

#3 Sahaj Solar

Founded in 2010, Sahaj Solar has quietly built a solid presence in India's solar ecosystem by focusing on manufacturing solar energy products and delivering EPC solutions.

The company's product portfolio includes solar PV modules, water pumps, street lights, and micro-grid systems, largely tailored to rural and semi-urban energy needs.

Today, its solar water pump segment forms the core of its business, contributing over 70% of FY24 revenues, supported by over 40,000 installations across India.

Sahaj earns 99% of its revenue within India, with Maharashtra alone accounting for nearly two-thirds of its topline.

The company is vertically integrated. 70% of components are manufactured in-house. This supports both cost efficiency and quality control.

Sahaj has a 100 MW solar module manufacturing facility in Bavla, Gujarat, and is expanding with a 1,500 MW plant coming up in Dakor. The company also plans to increase capacity utilisation to 65% by FY26.

Its client list includes names like Indian Oil, Amazon, and Mahindra Solarize, and it is empanelled in PM-KUSUM and Jal Jeevan Mission. A recently won a Rs 364 m order from TREDA under PM-KUSUM.

Revenues rose from Rs 620 m in FY21 to Rs 2.1 bn in FY24. The company had a 12% EBITDA margin and posted a return on equity of 53% in FY24.

The order book stands at Rs 4.4 bn, covering 51.4 MW worth of projects. To support growth, it has announced Rs 450 m in capex for buildings and imported machinery.

Looking ahead, Sahaj aims to become a full-fledged power plant developer and is entering markets like Uganda, Kenya, and Zambia.

For more details, see Sahaj Solar's company fact sheet.

#4 Solex Energy

Founded in 1995 and headquartered in Surat, Gujarat, Solex Energy Ltd transitioned into solar photovoltaic (PV) manufacturing by 2007 from the thermal energy space.

Solex manufactures high-efficiency solar PV modules and offers Engineering, Procurement, and Construction (EPC) services across residential, commercial, and utility-scale projects.

It operates under both its own brand and through OEM and ODM partnerships, serving over 24 domestic and international brands.

The company's Surat-based facility, inaugurated in 2022, has 1.5 GW capacity and is on track to reach 4 GW by late FY25.

It recently commissioned an 800 MW high-speed line featuring N-Type TOPCon rectangular cell technology, equipped with AI-based quality control and advanced laminators.

Revenue for H1 FY25 surged 192% YoY, reaching Rs 2.7 bn, while PAT jumped 1,697%.

Significant orders from clients like Sprng Energy, Zodiac Energy, and multiple state-level contracts reinforce demand visibility.

Solex plans to scale module capacity to 15 GW and set up a 5 GW solar cell unit, supported by Rs 80 bn in planned investments.

For more details, see Solex Energy's company fact sheet.

#5 Visaka Industries

Traditionally known for its cement roofing sheets, Visaka is India's second largest player in the asbestos cement sheet segment, commanding an 18% market share.

But the company is now shifting focus toward the solar space. At the heart of this transformation is ATUM, Visaka's solar roof product that combines solar panels with fiber cement boards.

ATUM recently earned a coveted ALMM certification from the Ministry of New and Renewable Energy, making it the only integrated solar roof in India to do so.

With clients like the Indian Railways and Serum Institute, ATUM is already catching the attention of big players.

Financially, FY24 was a speed bump with revenues down 8% and margins under pressure due to rising input costs, particularly from imported asbestos.

Yet, with margins rebounding in the latest quarter and no major capex on the horizon, the company's liquidity position remains adequate.

For more details, see Visaka Industries' company fact sheet and quarterly results.

#6 Zodiac Energy

Founded in 1992, Ahmedabad-based Zodiac Energy Ltd has built a robust presence across solar EPC and Independent Power Producer (IPP) segments.

Initially focused on diesel gensets, the company has transformed into a solar solutions provider, executing over 80 MW of installations and serving more than 10,000 customers with solar rooftop systems and ground-mounted projects.

Zodiac's can deliver end-to-end turnkey solar projects, from design and installation to testing and long-term operations & maintenance. Its expertise spans residential, commercial, and industrial rooftops, as well as captive and utility-scale projects.

The company also provides advanced solar PV solutions, BIPV systems, and concentrated solar thermal applications. It has begun tapping into emerging technologies like electric vehicles, battery storage, and water desalination.

Its client list includes big names like Adani, ISRO, SBI, Torrent, and Toyota, many of whom return with repeat business, testament to Zodiac's execution capabilities and customer satisfaction.

Financially, Zodiac has shown strong momentum, with revenue soaring 60% YoY in FY24 to Rs 2.2 bn and PAT margin improving to 4.98%.

Its 9MFY25 revenue has already surpassed full FY24 numbers, driven by a Rs 3.9 bn order book and favourable government schemes like PM KUSUM and Surya Ghar Yojana.

The company's foray into the IPP segment marks a key turning point, with 26.56 MW of capacity tied up in 25-year power purchase agreements.

While margin pressures and working capital intensity remain challenges, Zodiac has improved its debt metrics.

For more details, see Zodiac Energy's company fact sheet and quarterly results.

Conclusion

India's solar journey is no longer just about marquee names and mega projects. It's about depth, innovation, and a widening base of players ready to power the next phase of the clean energy shift.

As solar becomes more embedded in everyday life, from homes and factories to farms and schools, these under-the-radar players are already on the ground, delivering.

That said, investors should evaluate these companies' fundamentals, corporate governance, and valuations of the stocks as key factors when conducting due diligence before making investment decisions.

Happy Investing.

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