Suzlon, Premier Energies, Inox Wind, Adani Green, NTPC Green shares: Buy, hold or sell?

In its latest report, ICICI Securities identified companies such as Premier Energies, Suzlon Energy, Inox Wind, Adani Green, ACME, and NTPC Green Energy as key beneficiaries of India’s expanding renewable energy tender pipeline. These companies are well-positioned across modules, wind OEMs, and independent power producer (IPP) segments, the brokerage said.

ICICI Securities highlighted that the active tender pipeline currently stands at 17GW, comprising 4.5GW of solar, 4GW of wind, and 8.5GW of hybrid projects. If successfully concluded, this could translate into 11GW of solar and 6GW of wind capacity. Additionally, 3.3GW of firm and dispatchable renewable energy (FDRE) bids are in progress. ICICI Securities noted that the increasing share of hybrid bids is a positive indicator for wind capacity growth.

ICICI Securities has 'Buy' ratings on Suzlon Energy, Inox Wind, Premier Energies, JSW Energy, Tata Power, ACME, Adani Green Energy and CESC. It suggested 'Hold' on NHPC and 'Reduce' rating on Torrent Power. The brokerage has 'Add' rating on NHPC.

India added 29GW of renewable energy capacity in FY25, led by a 60 per cent year-on-year (YoY) increase in solar installations to 24GW and a 27 per cent YoY rise in wind additions to 4.2GW—figures largely in line with the brokerage’s expectations.

Cumulative installed capacities now stand at 106GW for solar (including 17GW from rooftop installations) and 50GW for wind. Notably, Adani Green added 4GW, JSW Energy added 1.5GW, and NTPC contributed 1GW to the overall capacity.

Looking ahead, ICICI Securities estimated solar capacity additions at 32–35GW and wind at 5–6GW. During FY25, the country conducted bids for 40GW of contracted capacity, encompassing 18.6GW of solar, 0.6GW of wind, and 21GW of hybrid energy projects. When factoring in DC (direct current) loading, this implies potential additions of approximately 55GW of solar and 7GW of wind capacity.

Listed companies secured around 45 per cent of awarded bids. NTPC won 3.2GW (all solar), JSW Energy secured 2.1GW (all hybrid), and Adani Green emerged as the top gainer with 7.7GW (including 6.1GW solar). ACME secured 1.9GW, split evenly between solar and hybrid.

Among unlisted players, Avaada secured 5.6GW, Juniper 1.9GW, and Renew Power 2.3GW are seen as top gainers.