Top Wind Power Generation Companies in India – A Comparative Analysis

Wind energy is a process of conversion of wind power into usable electricity. The energy source is obtained by utilising wind turbines, which capture the energy of the wind and convert it into electrical energy. It represents a clean, renewable, and abundant resource that can drive the transition toward a sustainable energy future. Wind energy offers numerous advantages. Firstly, it is a clean and sustainable source of power since it produces no direct emissions of greenhouse gases or air pollutants during operation.

In this article, explore the top 10 wind power generation companies in India and learn about the renewable energy industry. 

Top 10 Companies in the Business of Wind Energy

Note: The above-mentioned stocks have been selected and sorted on the basis of market capitalisation, and the data is as of December 15, 2023.

Let us now discuss a few companies in brief:

1. Adani Green Energy Ltd

Adani Green Energy is a power generation company. It builds and operates solar and wind energy power plants in India. It is a large-cap company, which ranks at 28 with a market cap of ₹2,38,919 crore.

Key Metrics

• 5Y Profit CAGR: 61%
• ROCE: 7.81%

2. NHPC Ltd

It is a Mini Ratna category I public sector utility and is the Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management/construction contracts/ consultancy assignment services and trading of power.

Key Metrics

• 5Y Profit CAGR: 8.49%
• ROCE: 9%

3. SJVN Ltd 

SJVN is engaged in the electricity generation business. The company is also engaged in the business of providing consultancy for hydropower projects.

Key Metrics

• 5Y Profit CAGR: 3%
• ROCE: 9.27%

4. Jaiprakash Power Ventures Ltd 

Jaiprakash Power Venture Limited operates in coal mining, sand mining, cement grinding, and production of thermal and hydroelectric electricity.

Key Metrics

• 5Y Profit CAGR: 15%
• ROCE: 5.16%

5. KPI Global Infrastructure Ltd

K.P.I. Global Infrastructure is an India-based solar power generating company. It is the Renewable vertical of KP Group and a prominent Gujarat based Renewable power generating company

Key Metrics

• 5Y Profit CAGR: 0%
• ROCE: 24.7%

Demystifying Wind Energy

Wind power helps to mitigate climate change by reducing reliance on fossil fuel-based electricity generation. Secondly, wind energy is an abundant resource. Winds are created by natural factors such as temperature differences, the rotation of the Earth, and topographical features. 

The cumulative installed wind power capacity stood at 41.93 GW in FY 2023 in India. It is expected to reach 52.48 GW by FY 2027. This growth trajectory demonstrates India’s continued commitment and efforts to scale up its wind energy sector and increase renewable energy generation. India stands 4th globally in renewable energy installed capacity and 4th in wind power capacity. 

Wind contributes about nearly 6% to 7% of the country’s power generation mix. The potential, however, is much bigger. India has not begun to explore the potential of offshore wind projects. Wind power complements solar power in balancing the power system.

Overview of the Renewable Energy Industry

India’s installed renewable energy capacity ranks fourth in the world. The Government is committed to strengthening the use of clean energy sources and is already undertaking various large-scale sustainable power projects and promoting green energy heavily. 

In India, the cost-effectiveness of solar and wind power generation is anticipated to surpass that of thermal power generation by 2025-30. India generated 19.4 million tonnes of coal and solar electricity in the first half of 2022, saving US$ 4.2 billion in fuel expenditures.

Conclusion

Unlike many other sectors that depend on the import of equipment, India has rich resource capacities and a robust local manufacturing process that has helped build its onshore wind power sector. The Global Wind Energy Council observed that the country can add the direct and indirect gross value of about USD 10 billion by adding 19.4 GW of onshore wind capacity by 2026. 

India is blessed with a coastline of about 7600 km, surrounded by water on three sides and has good prospects of harnessing offshore wind energy. The future growth of offshore wind energy in India holds immense promise in further diversifying the renewable energy mix, harnessing untapped wind resources, and bolstering the country’s clean energy transition. 

With the right investments, policy support, and technological advancements, offshore wind energy can play a significant role in India’s renewable energy journey, contributing to sustainability, energy security, and climate change mitigation. 

Considering that renewable sources have a sustainable future, especially wind energy, investors must keep these stocks on their radar. If the above stock interests you, open a demat account with Angel One today online for a hassle-free process.

Disclaimer: This article has been written for educational purposes only. The securities quoted are only examples and not recommendations.