8 Solar Penny Stocks in India Investors Are Tracking for 2027

Suzlon Energy CMP Rs 42.34, market cap Rs 58,428 Cr. Insolation Energy down from its 52-week high of Rs 161.81. NHPC dividend yield 2.12%. India’s solar capacity crossed 162 GW by June 2026.

Investors searching for solar penny stocks in India 2027 are looking past the usual largecap renewable names toward smaller, high-beta players trading under Rs 100 a share. Suzlon Energy, NHPC and Insolation Energy have all seen sharp price swings over the past year, and several pure-play solar manufacturers now sit firmly in penny-stock territory after steep corrections from their 2026 highs.

India’s installed solar capacity reached 162.15 GW as of 30 June 2026, up from just 2.82 GW in 2013-14, as the country works toward its 500 GW non-fossil fuel capacity target by 2030. The Production Linked Incentive scheme for solar module manufacturing and the PM Surya Ghar rooftop solar programme continue to widen demand for domestically produced solar cells, modules and EPC services. Small and mid-sized solar penny stocks sit at the center of this build-out, and many can swing sharply on order wins, capacity expansion news or a single quarter of results.

This article lists 8 solar penny stocks in India worth tracking for 2027, along with their current price, market capitalisation, valuation ratios and the key risks each one carries.

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8 Best Solar Penny Stocks in India for 2027

The table below lists solar penny stocks in India along with their current market price, market capitalisation, 52-week trading range, PE ratio and return on equity.

Disclaimer: The solar penny stocks listed above are for educational purposes only and are not buy recommendations. Verify all figures independently and consult a SEBI-registered advisor before investing.

1. Suzlon Energy Ltd.

Founded: 1995 | Headquarters: Pune, Maharashtra | Market Cap: Rs 58,428 Cr

Suzlon Energy is one of India’s oldest and largest wind and solar energy equipment makers, with 14 manufacturing units across the country. The stock trades at a PE of 18.55, below the sector average of 48.13, and carries a strong ROE of 33.43% with a debt-to-equity ratio of just 0.06, reflecting the deleveraging the company has pushed through over the past few years. Suzlon’s share price has corrected sharply from its 52-week high of Rs 61.50, and analysts continue to watch its order book and execution pace for FY27 rather than a single quarter’s numbers.

2. NHPC Ltd.

Founded: 1975 | Headquarters: Faridabad, Haryana | Market Cap: Rs 76,342 Cr

NHPC is a government-owned power generation company that has steadily diversified from hydropower into solar and other renewable capacity. The stock trades at a PE of 17.88 against a sector PE of 23.15, offers a dividend yield of 2.12%, and posted an ROE of 9.09% in its latest reported numbers. NHPC’s debt-to-equity of 1.26 is higher than the other solar penny stocks on this list, which is typical for a capital-intensive power generator, and its diversified generation mix makes it one of the more stable names among solar energy penny stocks.

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3. Reliance Power Ltd.

Founded: 1995 | Headquarters: Mumbai, Maharashtra | Market Cap: Rs 8,693 Cr

Reliance Power runs a diversified portfolio of power generation assets, including solar and other renewable capacity, and remains one of the most actively traded solar penny stocks by volume. The company reported a negative ROE of 0.92% and a loss per share, so its PE ratio is not meaningful. The stock has fallen close to 57% from its 52-week high of Rs 50.73, and any turnaround thesis here depends heavily on debt reduction and a sustained return to profitability rather than near-term price momentum alone.

4. Insolation Energy Ltd.

Founded: 2015 | Headquarters: Jaipur, Rajasthan | Market Cap: Rs 1,921 Cr

Insolation Energy manufactures high-efficiency solar panels and modules from its Jaipur facility and has been one of the more richly re-rated solar penny stocks over the past year, touching a high of Rs 161.81 before correcting to current levels near Rs 86.60. The company posts a healthy ROE of 24.81% and trades at a PE of 9.83, well below the sector PE of 48.13, but the sharp run-up and subsequent pullback highlight how quickly sentiment can shift in small-cap solar manufacturing names.

5. Websol Energy System Ltd.

Founded: 1990 | Headquarters: Falta, West Bengal | Market Cap: Rs 3,162 Cr

Websol Energy System manufactures solar photovoltaic cells and modules and has been steadily expanding capacity to serve utility-scale and rooftop demand. The stock carries the strongest ROE on this list at 48.04%, alongside a PE of 10.09 against a sector PE north of 48. Websol has fallen sharply from its 52-week high of Rs 137.90 to around Rs 73.79, making it one of the more volatile solar energy penny stocks, and investors should track its capacity utilisation and cell manufacturing margins closely.

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6. Surana Solar Ltd.

Founded: 2006 | Headquarters: Secunderabad, Telangana | Market Cap: Rs 123 Cr

Surana Solar manufactures SPV modules from grid-connected plants in Gujarat and Telangana and remains one of the smallest solar penny stocks by market cap on this list. The company posted a thin ROE of 2.16% and trades at a PE of 19.18, and its near-zero debt-to-equity ratio of 0.00 is a rare positive among the more leveraged names here. Liquidity is thin, so investors should check trading volumes carefully before entering or exiting a position in this stock.

7. Orient Green Power Company Ltd.

Founded: 2006 | Headquarters: Chennai, Tamil Nadu | Market Cap: Rs 1,066 Cr

Orient Green Power operates a diversified portfolio of wind, solar and biomass power plants and has fallen close to 39% from its 52-week high of Rs 14.93. The stock trades at a PE of 15.95, below the sector average, with a modest ROE of 5.16%. As one of the lower-priced solar penny stocks on this list at under Rs 10, the stock sees healthy daily trading volumes, though its return profile has been driven more by portfolio expansion and asset sales than by a single business line.

8. Indowind Energy Ltd.

Founded: 1995 | Headquarters: Chennai, Tamil Nadu | Market Cap: Rs 146 Cr

Indowind Energy develops wind and solar power projects and is the smallest and most speculative name among these solar energy penny stocks, with a market cap of just Rs 146 Cr. The company reported a marginal ROE of 0.36% and a loss per share for the trailing twelve months, and the stock has fallen nearly 43% from its 52-week high of Rs 18.94. This is a high-risk, low-liquidity stock suited only to investors comfortable with significant capital loss.

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What Are Solar Penny Stocks?

Solar penny stocks are shares of companies operating in solar power generation, module manufacturing or EPC services that trade at a low absolute price, usually under Rs 100, and often carry a small or micro market capitalisation. They give retail investors an inexpensive way to participate in India’s renewable energy expansion, but the low price also means wide daily swings, low promoter comfort in some cases and, for several names on this list, inconsistent or negative earnings. Solar energy penny stocks should be treated as a small, high-risk slice of a diversified portfolio rather than a core holding.

India’s Solar Energy Sector: 2027 Overview

The policy backdrop is a big reason these solar stocks are back on investor watchlists heading into 2027. India added a record 44.6 GW of solar and wind capacity in FY26, an 87.2% jump over the previous year, taking cumulative renewable capacity past 275 GW. Key drivers behind this push include:

• Domestic manufacturing incentives: The PLI scheme for high-efficiency solar PV modules continues to push module makers to expand local cell and wafer capacity instead of relying on imports.
• Rooftop solar adoption: The PM Surya Ghar: Muft Bijli Yojana has driven a sharp jump in rooftop installations, benefiting EPC and module companies with a retail distribution presence.
• Utility-scale bidding: Large annual solar bid programmes from the Ministry of New and Renewable Energy keep a steady pipeline of utility-scale projects flowing to developers and EPC contractors.
• 500 GW non-fossil target: With the government’s 2030 target still some distance away, the solar buildout is expected to continue at a fast pace through the rest of this decade.

Also Read: Green Energy Penny Stocks | Top Solar Energy Stocks in India to Invest

Factors to Consider Before Investing in Solar Penny Stocks

• Debt levels: Solar manufacturing and EPC businesses are capital-intensive, so a high debt-to-equity ratio can turn a routine slowdown into a solvency concern.
• Order book visibility: Look for companies with a disclosed, executable order pipeline rather than announced but unsigned capacity plans.
• Profitability trend: Several solar penny stocks on this list, including Reliance Power and Indowind Energy, are not currently profitable, so track the trend in losses rather than the absolute number alone.
• Promoter holding: A stable or rising promoter stake, and low promoter pledging, generally signals more confidence than a declining or heavily pledged holding.
• Policy dependence: Government scheme changes, tariff structures and import duty decisions can swing solar penny stocks more sharply than most other sectors.

Benefits of Investing in Solar Penny Stocks

• Low entry cost: Most solar energy penny stocks trade below Rs 100, letting investors build a diversified position with a modest capital outlay.
• Sector tailwinds: India’s 500 GW non-fossil target and rising solar capacity additions provide a multi-year demand backdrop for the sector.
• Early-stage entry: Small solar manufacturers and EPC players are still building scale, which can offer meaningful upside if execution improves.
• Policy support: PLI incentives and rooftop solar schemes provide a structural tailwind that is not entirely dependent on the broader market cycle.
• Portfolio diversification: Adding a small allocation to solar energy penny stocks gives exposure to a theme distinct from banking, IT or FMCG-heavy portfolios.

Risks of Solar Penny Stocks

• High volatility: Several stocks on this list, including Insolation Energy and Websol Energy System, have moved more than 40% from their 52-week highs within months.
• Inconsistent earnings: Reliance Power and Indowind Energy currently report negative or near-zero ROE, making valuation harder to anchor.
• Thin liquidity: Small-cap names such as Surana Solar and Indowind Energy see low daily trading volumes, which can widen bid-ask spreads.
• Import and supply chain exposure: Several module manufacturers still depend on imported polysilicon and cells, exposing margins to global supply swings.
• Regulatory risk: Changes to import duties, PLI disbursement timelines or state-level power purchase agreements can affect earnings with little notice.

How to Choose the Right Solar Penny Stock

• Prefer companies with debt-to-equity below 1 and a demonstrated multi-year revenue trend, such as Suzlon Energy or Websol Energy System.
• Check ROE consistency over at least three years rather than a single strong quarter.
• Review promoter shareholding trends and pledge levels in the shareholding pattern disclosures.
• Compare the company’s PE ratio against the sector PE to avoid overpaying for a re-rated stock.
• Assess whether the business is manufacturing-led, generation-led or a mix, since each carries a different risk and margin profile.

How to Invest in Solar Penny Stocks

1. Screen solar and renewable energy stocks by market cap, PE ratio and ROE using the Univest Screener.
2. Open a demat and trading account if you do not already have one.
3. Start with a small allocation, given how volatile these small-cap solar names can be.
4. Track quarterly results, order wins and capacity expansion announcements rather than daily price moves.
5. Review your position periodically and rebalance if any single stock grows too large a share of your portfolio.

Conclusion

Solar penny stocks in India 2027 sit at the intersection of a genuine multi-year demand story and the usual risks that come with low-priced, small-cap equities. Suzlon Energy, NHPC and Insolation Energy stand out on profitability metrics, while Reliance Power and Indowind Energy remain more speculative turnaround bets. None of these should be treated as a core portfolio holding, and position sizing, debt checks and promoter-holding trends matter more here than the headline price.

FAQs

1. What are solar penny stocks in India 2027?

Ans. These are shares of solar power generation, module manufacturing or EPC companies trading at low absolute prices, generally under Rs 100, with small to micro market capitalisation. Suzlon Energy, NHPC, Reliance Power, Insolation Energy, Websol Energy System, Surana Solar, Orient Green Power and Indowind Energy are among the more actively tracked names.

2. Are solar penny stocks a safe investment?

Ans. Solar penny stocks carry high risk due to volatility, thin liquidity and, in some cases, inconsistent profitability. They can deliver strong returns during sector upcycles but should form only a small part of a diversified portfolio.

3. Which are the best solar penny stocks in India for 2027?

Ans. Based on current fundamentals, Suzlon Energy, NHPC, Insolation Energy and Websol Energy System show stronger profitability metrics among solar penny stocks in India, while Reliance Power, Surana Solar, Orient Green Power and Indowind Energy are smaller and more speculative names.

4. Is Suzlon Energy considered a solar penny stock?

Ans. Suzlon Energy trades under Rs 50 and is commonly grouped with solar and renewable energy penny stocks, though it is a large-cap company by market capitalisation with a diversified wind and solar equipment business.

5. What is the market capitalisation of Insolation Energy?

Ans. Insolation Energy has a market capitalisation of approximately Rs 1,921 Cr, making it one of the mid-sized names among solar penny stocks in India.

6. How can I invest in solar penny stocks?

Ans. You can invest in solar penny stocks through any demat and trading account by screening companies on fundamentals such as PE ratio, ROE and debt-to-equity, and starting with a small allocation given the sector’s volatility.

7. Should long-term investors buy solar penny stocks now?

Ans. Long-term investors comfortable with high volatility may consider a small allocation to solar penny stocks given India’s 500 GW non-fossil energy target, but should consult a SEBI-registered financial advisor and review each company’s debt and profitability before investing.