Best Renewable Energy Unlisted Shares in 2026

The large private renewable platforms, such as Avaada and Hero Future Energies, attract the most attention. However, there is also a longer, more varied list of smaller unlisted companies that unlisted-share platforms actively track and price. Let's examine each one: their activities, funding, and the key numbers.

Renfra Energy

​Renfra Energy India Limited, a subsidiary of the Chennai based Speed Team Group (established in 2008), provides renewable energy solutions which is established in the year 2017, providing integrated solar and wind EPC & O&M services to commercial and industrial customers in its complete project life cycle. Renfra Energy India Limited filed DRHP with SEBI on 30 June 2026, planning for a main board IPO of ₹430 crore fresh issue and an OFS of up to 0.48 crore equity shares, listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The offer price band and dates are not announced yet. In the unlisted market, the price is indicated at about ₹142 per share (face value ₹10), while minimum investment tickets can be as high as ₹71,000. The company is growing rapidly and has good margins, generating ₹1,018 crore in FY26 against ₹510.71 crore in FY25, thereby registering an outstanding CAGR of 54.4% since FY23. The earnings have been fueled by PAT in FY26 of ₹156.82 crore, showing an increase of 66% over the last fiscal year, EBITDA of ₹245.94 crore with operating margin of 24.2%.

Apollo Green Energy (AGEL)

AGEL is a subsidiary of the diversified Apollo International Group that works in the sectors of tyres, healthcare, logistics, and clothing. Since 1994, AGEL is engaged in its EPC business while since a decade ago, it has started its operations in the utility scale solar, wind and hybrid energy. It now maintains an order backlog of about ₹3,500 crore and targets to take it to ₹10,000 crore. Additionally, AGEL is building a 500 MW solar module manufacturing plant in Madhya Pradesh and spending ₹4,500 crore on solar in Odisha. In fiscal year 25, AGEL made a consolidated net profit of about ₹33 crore while its CRISIL Rating is BBB/Stable. It is ready for an IPO; though the chairman has talked of going public, no date is fixed yet, as of mid-2026. The current share price is ₹83.75 and the minimum investment amount is ₹41,875.

Onix Renewable

Based in Rajkot, Gujarat, Onix is engaged in manufacturing, operations and maintenance, independent power production, and solar EPC.It has completed over 700 projects and has roughly 2.5 GW of solar IPP capacity. Growth figures are indeed impressive for this venture: Its revenue base grew from around ₹99 crore in FY22 to ₹1,012 crore in FY25, with its net profit being around ₹112 crore and its unexecuted orders crossing the mark of ₹13,000 crore.

Instead of going through with a traditional IPO, Onix intends to reverse combine with Eureka Industries, a faltering company that has been listed on the BSE since 1994. At the moment, Eureka is going through a pre-packaged insolvency resolution procedure. In order to give Onix an indirect listing without a traditional IPO, Eureka would take over Onix's operations and assume the Onix name, while keeping its current BSE listing. NCLT, SEBI, and BSE still need to approve the deal. The minimum investment is ₹5,084, and the current share price is ₹50.84.

Solar91 Cleantech

Founded in 2015 by an IIT alumni-led team, Solar91 began as a rooftop and distributed solar EPC provider for commercial and industrial clients, mainly in Rajasthan. It is transitioning into a fuller Independent Power Producer model with battery energy storage capability. Solar91 has a confirmed order book of over 450 MW and aims for a portfolio exceeding 1 GW, structured on a roughly 70:30 debt-to-equity basis for its SPV-based assets. FY25 financials have been recorded at revenues of Rs 82 cr (Y-o-Y growth of 92%) and profits after tax of Rs 5 cr (Y-o-Y growth of 143%). The company made an attempt for BSE SME IPO of ₹106 crore, but it had to be deferred owing to regulatory approval problems. Its indicative valuation is around ₹900–1,000 crore. Current share price is ₹473.5 with minimum investment of ₹4,73,500.

Insolare Energy

Founded in 2009, Insolare is an EPC company focused on solar, hybrid, and green hydrogen technology. It has projects in over 19 states and has installed more than 500 MWp. The company also holds more than 10 patents and has an operations & maintenance portfolio exceeding 100 MW. FY25 financials are at revenues of Rs 434 cr (increase by 165% year on year) and profit after tax of Rs 15.92 cr (increase by 399% year on year). They handle O&M contracts worth more than 150 MWp, have finished projects worth more than 600 MWp, have projects worth more than 600 MWp in process, serve more than 150 clients, and have reduced carbon dioxide emissions by 2.4 million metric tons. They have 400+ employees with 50+ patents. Share price currently is ₹174.8 with minimum investment of Rs 17,480.

Goodluck Green Energy

The new player was set up in January 2024 and serves as the renewable energy segment of Goodluck India Group, an engineering company in Ghaziabad, Uttar Pradesh. Since the company is very new, it does not have much experience to analyze; its main attraction for private equity investors would be its engineering background, not as a renewable company. Reported revenue of Rs 3 cr in FY25, all from other income. Current share price is ₹153.5 with minimum investment of ₹76,750.

GFCL EV Products

GFCL EV is a wholly-owned subsidiary of Gujarat Fluorochemicals Limited, part of the listed INOXGFL Group. GFCL EV is developing what it calls India's first fully integrated battery-materials manufacturing complex in Jolva near Bharuch, Gujarat.LiPF6/NaPF electrolyte salts, cathode active materials (mostly LFP), and PVDF/PTFE binders comprise its product range, which is intended to make up between 40 and 50 percent of the bill of materials for a lithium-ion battery cell. By doing this, India hopes to become less dependent on imports of battery materials from China.

Revenue from operations increased sharply to ₹33 crore in FY26 from ₹9.4 crore in FY25, reflecting initial commercialization and customer onboarding. Loss after tax of ₹103 crore reflects the company’s early-stage investment phase, including capacity ramp-up, product validation, and pre-commercialization expenses, rather than any structural weakness in operations. In December 2025, IFC (World Bank Group) committed ~US $50 million (~₹450 crore) to GFCL EV Products via compulsorily convertible instruments to support India’s first fully integrated battery materials manufacturing facility. On March 30, 2026 Gujarat Fluorochemicals' subsidiary, GFCL EV, has secured an additional USD 80 million from a global investor. Including earlier finance from IFC, this takes the total capital for its battery materials segment to USD 130 million, strengthening India's position in the global supply chain and promoting high-value manufacturing. Current share price is ₹38.87 with minimum investment of ₹34,983.

Greenzo Energy

Greenzo was founded in 2021 and is engaged in providing EPC services using solar/wind/hydro energy, green hydrogen manufacturing, electrolyser manufacturing (in construction of a 250 MW PEM electrolyser plant in Sanand, Gujarat) and fuel cell technology through tie-up with France-based EODev.

The company’s FY25 revenue is Rs 15.96 cr and PAT is Rs 1.38 cr. The success of its growth strategy will depend on the forecasted demand for green hydrogen. Current price of ₹553.3 with minimum investment of ₹5,53,300.

Sun Drops Energia

The firm is established in 2019 with operations in Surat, Gujarat, India, and functions as a subsidiary of KP Group as the solar and renewable energy department with its direct affiliation to KPI Green Energy Ltd., which is a listed entity. It provides services as an independent power producer and EPC/O&M service providers for captive power consumers; one of their notable projects includes 100 MW solar project portfolio at the end of 2025.It's important to note that KPI Green Energy's ownership stake in Sun Drops was reduced to about 66% through a private placement, so it is not a wholly-owned subsidiary. FY25 revenue for Sundrop Energia was Rs 367 cr (+118% y-o-y) and PAT was Rs 51 cr (+88% y-o-y). Current price of ₹265 with minimum investment ₹18,550.

What Stands Out Across This Group?

• The business models of these companies: It can be divided into three types: pure EPC/Construction contractors, IPPs that generate power from their own plants and earn through long term tariffs and material/manufacturing companies, including battery parts, solar modules and electrolysers. The risks associated with these businesses vary significantly because the income of an EPC contractor comes from contract execution. A manufacturer like GFCL EV is primarily a pre-revenue capex bet.
  
  
• Group affiliation is important but isn't a guarantee: Being connected to a listed parent (like GFCL EV with Gujarat Fluorochemicals and Sun Drops with KPI Green Energy) provides some indirect financial insight, but the unlisted subsidiary can still be pre-revenue, loss-making, or have limited documentation.
  
  
• The IPO path can be unpredictable: Solar91's SME IPO was postponed due to regulatory issues. Onix shifted from a planned traditional IPO to a reverse merger with a distressed, insolvency-bound listed company. Apollo Green has been looking to go public for over a year without a confirmed date. Don’t assume that "planning an IPO" means it will happen soon.
  
  
• Price history can diverge significantly from fundamentals: Onix's more than 90% crash, despite strong revenue growth, serves as a clear example, a reminder that unlisted-market pricing is influenced by sentiment, scarcity, and speculation as much as by the underlying numbers.