India’s renewable energy (RE) sector has grown steadily as the country speeds up its shift to a sustainable future.
The nation achieved notable progress in 2024 in terms of wind and solar energy installations, policy changes, and infrastructure upgrades, laying the groundwork for ambitious goals in 2025.
With a commitment to achieving 500 GW of non-fossil fuel-based energy capacity by 2030, India is emerging as a global leader in clean energy.
Most stocks linked to the sector have had a good run. However, some have also given-up gains. Let’s tell you a few stocks that have fallen substantially.
#1 Solar and Wilson Renewable Energy
First on our list is Solar and Wilson Renewable Energy.
The company provides end-to-end engineering, procurement, and construction (EPC) solutions primarily for utility-scale solar projects, including floating solar, hybrid wind-solar systems, and energy storage like battery energy storage systems (BESS).
It also offers operations and maintenance (O&M) services for renewable assets.
| Current Market Price | 215.25 |
| 52-Week High | 509.95 |
| 52-Week Low | 196.55 |
| % Fall from 52-week Highs | 57% |
The stock has dropped 57% from 52-week highs.
On the financial front, the company reported revenues of Rs 17,486 m for Q2FY26 vs Rs 10,305 m YoY. Sterling and Wilson Renewable Energy reported losses for Q2FY26.
During Q2FY26, the company was impacted by write-off of Rs 5,800 m and the settlement payment of Rs 199.5 m, which materially impacted its performance, primarily as one-time non-recurring items.
Moving ahead, Sterling and Wilson Renewable Energy recently signed a 5-year strategic partnership framework agreement, with Adani Green Energy.
The order is for a Balance of System (BOS) package for three solar power projects at one of the world’s largest RE projects at Khavda Renewable Energy Park, Gujarat. It involves the supply of goods and onsite services with total order valued at approximately Rs 13.81 billion (bn) excluding taxes.
On the unexecuted order front, the order book currently stands at Rs 92.87 bn compared to Rs 90.96 bn as of March 2025 and approximately Rs 83.48 bn as of June 2025.
The company maintains a target margin, including O&M, of 10-11% with the O&M segment sustaining margins of 20-23%.
The company’s focus remains on timely execution, cash flow discipline, working capital optimisation, and profitability.
#2 Vikram Solar
Next on our list is Vikram Solar.
With a focus on producing high-efficiency photovoltaic (PV) modules and providing full EPC (engineering, procurement, and construction) services, Vikram Solar is a leading provider of solar energy solutions.
| Current Market Price | 241.5 |
| 52-Week High | 407.85 |
| 52-Week Low | 228.5 |
| % Fall from 52-week Highs | 41% |
The stock is down 41% from 52-week highs. The business recently released impressive financial results for Q2 of FY26. In Q2 FY26, revenues increased 93.7% YoY to Rs 11,099 m.
The quarter’s EBITDA was Rs 2,350 m, up 225.9% YoY. In Q2 FY26, EBITDA margins were 21.17%, up from 12.59% in Q2 FY25. PAT margins were 11.58%, and net profits for Q2 FY26 increased 1,636.5% YoY to Rs 1,285 m.
Recently, Vikram Solar has received a number of orders. A significant order of 200 MW high-efficiency solar modules from AB Energia, an expert in end-to-end EPC solutions for commercial and industrial (C&I) solar projects, was announced in September 2025.
Additionally, Larsen & Toubro recently placed a 336 MW solar module supply order with it for the Khavda Renewable Energy Park project in Gujarat. As of 30 September 2025, the company’s order book was 11.15 GW.
Moving ahead, Vikram Solar should experience steady growth in the upcoming quarters due to new capacities coming online, backward integration bolstering its value chain, and a strong demand outlook fuelled by India’s energy transition. Execution would remain important going forward.
#3 Suzlon Energy
Next on our list is Suzlon Energy.
Suzlon Energy is a leading Indian renewable energy company specialising in wind power solutions. Suzlon provides end-to-end wind energy services, including turbine design, manufacturing, installation, and maintenance.
| Current Market Price | 52.7 |
| 52-Week High | 74.3 |
| 52-Week Low | 46 |
| % Fall from 52-week Highs | 30 |
The stock of Suzlon has fallen 30% from 52-week highs.
On the financial front, the company reported revenues of Rs 38,708 m in Q2FY26 vs Rs 21,034 m YoY. Net profits at Suzlon Energy jumped to Rs 12,794 vs Rs 2,006 m YoY.
During the quarter, Suzlon Energy achieved a new benchmark in execution by delivering a record 565 megawatts.
The order book has exceeded 6 gigawatts, reaffirming its market leadership with more than 2 GW order win in the first half of FY26.
On the manufacturing front, the capacity of 4.5 GW is fully operational and ramped up to meet the order book. Suzlon commissioned 270 MW in the first half of this financial year with a robust execution pipeline of 1,865 MW at various stages.
The company has a FY26 guidance of 60% YoY growth across key performance parameters.
Conclusion
Renewable energy is a powerful long-term theme, but stock selection in this space requires extra caution and discipline.
Earnings and valuations are often highly sensitive to government policies, subsidies, and power-purchase agreements; changes in tariffs, incentives or regulations can quickly erode project returns and compress valuations.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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