Solar stocks outshine with up to 1,318% return in 1 year. Who’s driving the bull run?
green energy sector has been on an uptrend, solar companies are being seen as the biggest beneficiary of the push towards renewables with both Ambanis and Adanis vying for a piece of the pie.
Smallcap solar company Waaree Renewable Technologies has been the top gainer in the solar pack with a mind-boggling annual return of 1,318%, followed by 561% gain in WAA Solar, 393% in Zodiac Energy and 236% in SJVN.
Other top multibaggers in the list include KP Energy, Adani Power, BF Utilities, Orient Green Power, CESC and JSW Energy.
Why solar stocks?
With the world shifting to renewable sources of energy, solar has surpassed wind to become the largest source of new electricity for the second year running on the world map. Back home, India is also on the cusp of shifting to a green energy ecosystem from a fossil fuels-dominated one by creation of green energy capacity of 340 GW by 2030 at a projected expenditure budget of Rs 20 lakh crore.
India's solar generation has been increasing significantly over the last two decades, from just 0.01 TWh in 2000 to 113 TWh in 2023. India has now overtaken Japan to become the world's 3rd largest solar power generator in 2023, shows data from global energy think tank Ember.
Solar's contribution to electricity generation in India has increased from 0.5% in 2015 to 5.8% in 2023.
«It has been a theme which has played out extremely well and given the government support for solar panels, green energy and EV, I think this story will remain in the limelight for another maybe two or
