India’s renewable energy sector continues to remain a strong long-term growth story as the country accelerates its transition towards clean and sustainable power. With steady additions in solar and wind capacity, supportive government policies, and infrastructure upgrades, India is firmly on track to achieve its ambitious target of 500 GW of non-fossil fuel capacity by 2030.
However, despite the positive long-term outlook, several renewable energy stocks have witnessed sharp corrections from their 52-week highs amid earnings volatility, execution challenges, and one-time cost pressures. Here are three renewable energy stocks that have declined by up to 57% from their yearly peaks.
1. Sterling and Wilson Renewable Energy
Sterling and Wilson Renewable Energy, a key player in utility-scale solar EPC projects, has seen its stock decline sharply.
The company provides end-to-end EPC solutions across solar, hybrid wind-solar, floating solar, and 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 High: 57%
In Q2 FY26, the company reported revenues of ₹17,486 million compared to ₹10,305 million year-on-year. However, profitability was impacted due to one-time write-offs worth ₹5,800 million and a settlement payment of ₹199.5 million, resulting in reported losses for the quarter.
Despite near-term pressure, the company recently signed a five-year strategic partnership with Adani Green Energy for Balance of System (BOS) packages at the Khavda Renewable Energy Park in Gujarat, one of the world’s largest renewable projects. The order value stands at approximately ₹13.81 billion (excluding taxes).
As of the latest update, the unexecuted order book stands at ₹92.87 billion, reflecting strong project visibility. Management continues to focus on execution discipline, cash-flow optimisation, and margin improvement.
2. Vikram Solar
Vikram Solar, a leading manufacturer of high-efficiency solar PV modules and EPC solutions, has also seen a correction despite strong financial performance.
- Current Market Price: ₹241.5
- 52-Week High: ₹407.85
- 52-Week Low: ₹228.5
- Fall from 52-Week High: 41%
The company delivered robust results in Q2 FY26, with revenues surging 93.7% year-on-year to ₹11,099 million. EBITDA rose 225.9% YoY to ₹2,350 million, with margins expanding to 21.17%. Net profit for the quarter jumped 1,636.5% YoY to ₹1,285 million.
Vikram Solar has also secured major orders, including a 200 MW solar module supply contract from AB Energia and a 336 MW order from Larsen & Toubro for the Khavda Renewable Energy Park. As of September 2025, the company’s order book stood at 11.15 GW.
With new capacities coming online and backward integration strengthening its value chain, the company is expected to see steady growth, though execution remains a key factor to monitor.
3. Suzlon Energy
Suzlon Energy, a leading Indian wind energy company, has also experienced a moderate correction from its annual highs.
- Current Market Price: ₹52.7
- 52-Week High: ₹74.3
- 52-Week Low: ₹46
- Fall from 52-Week High: 30%
In Q2 FY26, Suzlon reported revenues of ₹38,708 million, up from ₹21,034 million year-on-year. Net profit surged to ₹12,794 million compared to ₹2,006 million in the same quarter last year.
During the quarter, Suzlon achieved a record execution of 565 MW, while its order book crossed 6 GW, reinforcing its leadership in the wind energy segment. The company’s manufacturing capacity of 4.5 GW is fully operational, supporting a strong execution pipeline.
Suzlon has guided for 60% year-on-year growth in FY26, supported by robust demand and capacity expansion.
Conclusion
While renewable energy remains a compelling long-term investment theme, recent stock corrections highlight the importance of careful stock selection. Earnings in this sector are highly sensitive to policy changes, tariffs, subsidies, and project execution timelines.
Investors should closely evaluate company fundamentals, balance-sheet strength, governance standards, and valuations before making investment decisions in renewable energy stocks.
