Nextracker Inc. NXT recently announced that it has surpassed 10 gigawatts (GW) of solar tracker deployments in India, marking a significant milestone for it. To further support its growth and strengthen its presence in the nation, the company revealed that it is establishing a new 80,000 sq. ft. office and research & development (R&D) facility in Hyderabad.
Indian Solar Energy Market
India’s solar energy market is seeing strong growth in recent times, supported by government policies, decreasing technology costs and rising awareness about clean energy. The country’s high solar potential and focus on sustainability make it an ideal environment for solar adoption.
Customers are increasingly choosing solar solutions for their homes and businesses to reduce electricity bills and support eco-friendly practices. This shift is especially noticeable in urban areas and among younger consumers.
This is likely to have led the Statista firm to predict that the Indian solar energy market will witness a CAGR of 7.5% during the 2025-2029 period. This must be providing profitable incentives to solar companies like NXT to enhance their footprint in this nation’s solar market. Its Hyderabad facility announcement also seems to be in line with that strategy.
Other Stocks Expanding in India
Other stocks that are also expanding their footprint in the Indian solar market are discussed below:
Enphase Energy ENPH: In December 2024, Enphase began shipping its IQ Battery 5P in India. The IQ Battery 5P delivers reliable, uninterrupted backup power to keep homes powered, even during grid outages.
The Zacks Consensus Estimate for ENPH’s 2025 earnings per share is pinned at $2.42, indicating year-over-year growth of 2.1%. The consensus estimate for 2025 sales is pinned at $1.43 billion, indicating year-over-year growth of 7.3%.
First Solar FSLR: First Solar has established a significant presence in India. In January 2024, the company launched a manufacturing facility in Tamil Nadu, India, with an annual capacity of 3.3 gigawatts.
The Zacks Consensus Estimate for FSLR’s 2025 earnings per share is pinned at $14.59, indicating year-over-year growth of 21.4%. The consensus estimate for 2025 sales is pinned at $4.91 billion, indicating year-over-year growth of 16.8%.
TotalEnergies SE TTE: In September 2024, the company entered into a joint venture (JV) with Adani Green Energy Limited. This will be equally owned by TotalEnergies and AGEL, with a 1,150 MWac solar portfolio in Khavda, Gujarat.
TotalEnergies boasts a long-term (three to five years) earnings growth rate of 7.1%. The Zacks Consensus Estimate for TTE’s 2026 earnings per share is pinned at $7.03, indicating year-over-year growth of 3.2%.
Price Performance
Shares of NXT have gained 30.9% in the past three months compared with the industry’s 0.4% growth.
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Zacks Rank
NXT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
