Solar Stocks Bought by FIIs in the March Quarter

There is a renewed and growing interest in solar company stocks.

This is largely driven by the country's ambitious renewable energy goals, government incentives, and strong growth prospects in the solar sector.

India aims to achieve 500 GW of renewable energy capacity by 2030, with solar expected to contribute around 300 GW, making it one of the fastest-growing solar markets globally.

Foreign Institutional Investors (FIIs) like most other investors are eagerly eyeing the sector. They have been selectively hiking their stake in solar energy companies.

Here are 4 solar stocks where FIIs hiked their stake in the March 2025 quarter.

#1 Websol Energy System

First on the list is Websol Energy.

Websol Energy is a prominent Indian solar company focused on manufacturing high-efficiency Mono PERC solar cells and modules, providing turnkey solar projects and EPC services, backed by advanced manufacturing capabilities and international quality certifications.

According to the latest shareholding pattern for March 2025, FIIs hold a 4.25% stake in the company. They held a 2.46% stake in the December 2024 quarter. This shows a good jump in FII holding.

FII Stake in Websol Energy System

Quarter	Dec-24	Mar-25
Stake	2.46%	4.24%

Source: Equitymaster

On the financial front, the company has been doing well. For the quarter ending December 2024, the company reported a net profit of Rs 416 million (m) from a loss of Rs 546.4 m in the corresponding period of the previous year.

Revenues jumped to Rs 1,473 m from Rs 5 m during the same period last year.

Looking ahead, Websol Energy System is commissioning a new 600 MW mono PERC solar cell production line and a 550 MW solar module line at its Falta, West Bengal plant. This new capacity is expected to start commercial production by July 2025.

The company is upgrading technology to high-efficiency Mono PERC and TOPCon cells, securing large supply contracts, and targeting global market expansion.

Continued R&D investment and strong financial performance underpin its growth trajectory.

For more details check Websol Energy and quarterly results.

#2 Waaree Renewable Tech

Second on the list is Waaree Renewable Tech.

Waaree Renewable Technologies is a leading solar EPC (Engineering, Procurement, and Construction) company in India. It specialises in turnkey solar solutions including ground-mounted, rooftop, and floating solar projects.

According to the latest shareholding pattern for March 2025, FIIs hold a 1.13% stake in the company. They held a 0.99% stake in the December 2024 quarter.

FII Stake in Waaree Renewable Tech

Quarter	Dec-24	Mar-25
Stake	0.99%	1.13%

Source: Equitymaster

On the financial front, the company has shown a good performance. For the quarter ending March 2025, the Waaree Renewable reported a net profit of Rs 938 m from Rs 513 m in the corresponding period of the previous year.

Revenues for the March 2025 quarter grew to Rs 4,766 from Rs 2,733 m in the same period last year.

Waaree Renewable Tech is expanding its module and cell manufacturing capacity aggressively. The company has plans to increase module capacity to 21 GW and cell capacity to 11 GW by FY27.

It's also investing in new supply chains to reduce dependency on China and cater to both domestic and export markets, including the US.

With demand for solar power surging, the company's outlook remains good.

For more details check Waaree Renewable Tech fact sheet and quarterly results.

#3 Gensol Engineering

Third on the list is Gensol Engineering.

Gensol Engineering offers solar EPC, advisory, O&M, solar tracking technology, EV manufacturing and leasing, and emerging green energy solutions.

According to the latest shareholding pattern for March 2025, FIIs hold a 4.88% stake in the company. They held a very small stake of just 0.63% stake in the December 2024 quarter.

FII Stake in Gensol Engineering

Quarter	Dec-24	Mar-25
Stake	0.63%	4.88%

Source: Equitymaster

For the quarter ending December 2024, the company saw a drop in net profits to Rs 150 m from Rs 175 m in the corresponding period of last year.

Revenue saw a significant increase to Rs 29.3 bn from 20.1 bn in the corresponding period last year.

Presently, the company is under intense scrutiny by SEBI and other regulatory bodies due to allegations of financial mismanagement and fund diversion by its promoters.

The share price has completely collapsed in the last one month. In fact, the stock is hitting the lower circuit limit daily due to ongoing investigations.

For more details check Gensol Engineering factsheet and quarterly results.

#4 Premier Energies

Fourth on the list is Premier Energies.

Premier Energies is a leading integrated solar cell and module manufacturer in India, with over 29 years of experience in sustainable energy solutions.

According to the latest shareholding pattern for March 2025, FIIs holds a 2.46% stake in the company. They held a small stake of just 1.81% stake in the December 2024 quarter.

FII Stake in Premier Energies

Quarter	Dec-24	Mar-25
Stake	1.81%	2.46%

Source: Equitymaster

Over the years, Premier Energies has seen a complete turnaround in financial performance. The company which reported losses in 2022 and 2023, reported a solid net profit of Rs 2,314 m in 2024. For the quarter ending December 2024, the company reported a net profit of Rs 2,551 m.

Going forward, the company is investing Rs 6.6 bn in a 1 GW TOPCon solar cell line and a 1 GW module line, aiming to complete these by Q1 FY26. It plans to expand total capacity to 7 GW for cells and 9.1 GW for modules by June 2026.

Additionally, a 2 GW wafer manufacturing facility is targeted for commissioning by FY26, enhancing backward integration.

The rapid expansion by the company going ahead should place Premier Energies in a good position to capture market share in the fast-growing sector.

For more details check Premier Energies fact sheet and quarterly results.

Conclusion

As more industries and businesses adopt solar power, the demand for solar panels, equipment, and related components rises, boosting production and sales for manufacturers.

Solar panel manufacturing companies are achieving significant cost reductions through technological improvements.

The growth of the solar power sector offers solar power equipment manufacturers increased demand, economic benefits, opportunities for innovation, and a chance to contribute to a sustainable future.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Happy investing.

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