TWO SOLAR PUMP COMPANIES THAT ARE POWERING INDIA'S BIGGES IRRIGATION SHIFT

Solar pumps are a big opportunity for India's renewable energy sector. The country has an estimated 11 crore farmers without access to conventional irrigation pumps, while another 80-90 lakh farmers still depend on diesel-powered pumps. Together, this translates into a potential demand for 1.2-1.4 crore solar pumps, representing an estimated market opportunity of Rs 3.2 trillion, assuming an average cost of a pump (₹2.5 lakh). In addition, the current replacement demand of 80-90 lakh offers an opportunity worth Rs 2.2 trillion. In total, solar pumps offer a market potential of Rs 5.5 trillion. Two stocks that stand to benefit from this sector are

and . Both the companies have reported a profit growth of 120% CAGR over the past 3 years, and with such strong demand, the profits are expected to grow further.