Top Pradhanmantri Suryodaya Yojana Stocks: 11 Stocks Picks Across 3 Key Sectors to Watch

The Pradhanmantri Suryodaya Yojana is a government of India initiative to promote solar rooftop installations in the country. The scheme was announced by Prime Minister Narendra Modi on 22 January 2023, with the goal of installing solar panels on 1 crore (10 million) households by 2024.

The scheme is open to all households in India, regardless of income or location. The government will provide a subsidy of up to 40% of the cost of solar panels, as well as a loan at a concessional interest rate.

The scheme is being implemented by the Ministry of New and Renewable Energy (MNRE). The MNRE has partnered with state governments and private companies to implement the scheme.

The Pradhanmantri Suryodaya Yojana is expected to benefit several stock market sectors, primarily those related to the renewable energy industry.

Key Highlights

Power Stocks:

  • Tata Power, Adani Green Energy, Adani Energy Solutions, NHPC, Borosil Renewables to see increased demand for solar panels and related services.

Financial Institutions:

  • IREDA, PFC, REC Ltd to play a crucial role in financing rooftop solar projects through loans and other instruments.

Roofing and Infrastructure Companies:

  • JSW Steel, Hindalco Industries, L&T IDPL expected to benefit from increased demand for materials and infrastructure development for rooftop solar installations.

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Top Pradhanmantri Suryodaya Yojana Stocks: Power, Finance, and Beyond

1. Power Stocks

This is the most obvious beneficiary, as the scheme aims to install 1 crore rooftop solar panels.

1. Tata Power

As India’s largest integrated power company, Tata Power is well-positioned to capitalize on the growing demand for solar energy. They have a strong presence in the rooftop solar segment and are actively expanding their renewable energy portfolio.

Pradhanmantri Suryodaya Yojana Stocks

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2. Adani Green Energy

The Adani Group’s renewable energy arm, Adani Green Energy, is another major player in the Indian solar market. They have a large pipeline of solar projects and are expected to benefit from the increased adoption of rooftop solar under the Pradhanmantri Suryodaya Yojana.

Pradhanmantri Suryodaya Yojana Stocks

3. Adani Energy Solution

Adani Energy solution: Adani Energy solution is a subsidiary of Adani Green Energy and focuses on providing energy solutions to commercial and industrial customers. The Pradhanmantri Suryodaya Yojana could create new opportunities for Adani Energy solution to provide rooftop solar installations and other related services to businesses.


NHPC, a government-owned hydropower company, is also exploring opportunities in the solar sector. They have recently set up a subsidiary, NHPC Renewables, to focus on renewable energy projects. The Pradhanmantri Suryodaya Yojana could provide NHPC Renewables with a boost in its rooftop solar business.

5. Borosil Renewables

Borosil Renewables is a leading manufacturer of solar glass in India. The Pradhanmantri Suryodaya Yojana is expected to increase the demand for solar panels, which would benefit Borosil Renewables.

Pradhanmantri Suryodaya Yojana Stocks

2. Financial Institutions

The Pradhanmantri Suryodaya Yojana includes subsidies and concessional loans to make solar panels more affordable. This will create opportunities for banks and financial institutions to provide loans and other financial products to households interested in installing solar panels.

6. IREDA (Indian Renewable Energy Development Agency)

As a public sector financial institution dedicated to promoting renewable energy, IREDA is ideally positioned to benefit from the Pradhanmantri Suryodaya Yojana. They can play a crucial role in channeling funds to banks and other financial institutions for lending to rooftop solar projects.

7. PFC (Power Finance Corporation)

PFC is another major financier of the Indian power sector. Similar to IREDA, they can provide loans and other financial instruments to banks and developers involved in rooftop solar projects under the Pradhanmantri Suryodaya Yojana.

Pradhanmantri Suryodaya Yojana Stocks

8. REC Ltd. (Rural Electrification Corporation)

REC Ltd. plays a vital role in rural electrification and renewable energy development in India. They can contribute to the Pradhanmantri Suryodaya Yojana by providing financial support to rural households and businesses for installing rooftop solar panels.

3. Roofing and Infrastructure Companies

Installation of rooftop solar panels requires modifications to rooftops and other infrastructure.

9. JSW Steel

As a leading steel manufacturer in India, JSW Steel could benefit from increased demand for steel for rooftop solar mounting structures and other related infrastructure.

10. Hindalco Industries

Hindalco, another major player in the Indian metals and aluminum industry, could also see a rise in demand for its products used in rooftop solar installations. Aluminum has become a popular choice for solar mounting structures due to its lightweight and corrosion-resistant properties.

11. L&T Infrastructure Development Projects Ltd

L&T IDPL is a subsidiary of Larsen & Toubro, a diversified engineering and construction company. With their expertise in infrastructure development, L&T IDPL could play a role in building supporting infrastructure for large-scale rooftop solar projects, such as solar parks and mini-grids.

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Disclaimer: The information provided on this website is for general informational purposes only and should not be construed as financial advice, investment recommendations, or guarantees of any kind. This information is not intended as a substitute for professional financial advice. You should always seek the advice of a qualified financial advisor before making any investment or financial decisions.

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