6 Solar Stocks to Watch as India’s Rooftop Solar Installations Surge 125% YoY

Synopsis: India’s rooftop solar market just posted its best quarter ever. Here are six listed companies positioned to ride the wave as residential and industrial adoption accelerates across the country.

India’s rooftop solar story has quietly turned into something nobody expected this fast. In just three months, January to March 2026 – the country added 2.7 GW of rooftop solar capacity, more than double what was installed in the same quarter a year ago. Households drove most of it, with the PM Surya Ghar scheme finally hitting its stride across large states. India’s total rooftop solar base now sits at 23.5 GW, and the pipeline, while cooling slightly on the tender side, remains firmly pointed upward. 

The Record Quarter That Changed the Narrative

This wasn’t just a good quarter – it was a signal. For a long time, rooftop solar in India was largely an industrial and commercial story. Factories and warehouses put up panels to cut electricity bills. Households stayed on the sidelines. That changed in a big way this quarter, with 82% of all new rooftop capacity coming from the residential segment. Eight out of ten systems installed were owned directly by the homeowner, not leased from a third party. States like Uttar Pradesh – long overlooked in the solar conversation – recorded a 22% compounded quarterly growth rate over the past year. The geography of India’s solar adoption is clearly widening. 

Waaree Energies: Riding the Module Demand Wave

Waaree Energies is the solar panel maker, in India. When more people put panels on their homes Waaree Energies sells more solar panels. The Indian government has a plan called PM Surya Ghar that helps people buy panels for their homes. This plan is working well and Waaree Energies is selling a lot of solar panels. Waaree Energies makes everything it needs to make panels. This means they can make panels for less money and sell them for more money.

The company is also selling panels in the United States. This means they get money from both India and the United States. For people who want to invest in a company that makes panels Waaree Energies is a good choice. They are the company to invest in if you want to invest in solar panels for homes.

Premier Energies: The Listed Challenger

Premier Energies is one of India’s integrated solar manufacturers with cell and module production capabilities. The company listed relatively recently and has drawn investor attention for its capacity expansion roadmap. 

As rooftop installations scale – particularly in Tier-2 cities and new growth states like Uttar Pradesh and Assam – manufacturers with domestic supply chains and cost-competitive modules are set to benefit. Premier Energies sits well in this bracket.

Tata Power: The Distribution Play

Tata Power’s solar rooftop business, run through Tata Power Solar, is one of the largest EPC and installation service providers in India. The company handles everything from project design to after-sales maintenance, particularly for residential and commercial customers. 

As PM Surya Ghar drives millions of new household applications – Uttar Pradesh alone has received over 10.57 lakh applications – Tata Power’s installation pipeline stands to grow meaningfully. Its presence across the value chain, combined with a strong brand in the retail segment, makes it a diversified bet on the rooftop theme.

Servotech Renewable Power System: The Small-Cap Contender

Servotech works on projects and makes power electronics. They are also focusing on rooftop systems and electric vehicle charging stations. This company is small and a bit riskier. They are getting better at working on solar projects for homes. If you are okay with taking risks Servotech might be a choice because it can grow a lot if more homes start using solar power. The government is helping by giving out incentives for people in towns to use solar power. 

KPI Green Energy: Gujarat’s Homegrown Story

Gujarat is a leader in power in India with 24% of the countrys total rooftop solar capacity. KPI Green Energy is based in Gujarat and benefits from being in a state that loves power. They work on projects for companies and also make their own power. Gujarat is a model for states in solar adoption and KPI Greens local advantage makes it a good choice for investors who want to focus on solar power. 

Vikram Solar: The Module Maker with Global Ambitions

Vikram Solar doesn’t always make the loudest noise, but it has been steadily building one of India’s more credible module manufacturing businesses with a decent export presence. As domestic rooftop demand accelerates, listed manufacturers with proven product quality and order visibility tend to re-rate. Vikram is one to keep on the radar. 

About PM Surya Ghar and What It Means for the Sector

Launched in early 2024, the PM Surya Ghar: Muft Bijli Yojana aims to install rooftop solar systems on one crore households, offering subsidies of up to Rs 78,000 per household. As of Q1 2026, Uttar Pradesh has become only the third state after Gujarat and Maharashtra to cross six lakh installations under the scheme. The policy tailwind is not short-term – the scheme has multi-year targets and is backed by central government budgetary support, making it a durable driver for the entire listed solar ecosystem.

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