




































Indian Journal of Finance and Banking 

 Vol. 5, No. 1; 2021 

                                       ISSN 2574-6081   E-ISSN 2574-609X 

Published by CRIBFB, USA 

 

1 

AN ANALYSIS OF FINANCIAL PERFORMANCE AND 

INVESTOR’S EXPERIENCE OF INDIAN RENEWABLE 

ENERGY INDUSTRY 

 
Dr. T. S. Devaraja  

Professor 

Department of Commerce 

Post-Graduate Centre, University of Mysore 

Hassan, Karnataka -573220, India 

E-mail: devaraja.uni.mysore@gmail.com 
 

D. K. Jagadeesha 

Research Scholar 

Department of Commerce 

Post-Graduate Centre, University of Mysore 

Hassan, Karnataka -573220, India 

E-mail: Jagadeesha.hsn@gmail.com 

 

ABSTRACT 

The development of the renewable energy industry is an important support for the sustainable 

development of the social economy. It is strategic significance in economic and national security 

is immeasurable. The process of cultivating, developing, and upgrading the renewable energy 

industry in India is a comprehensive system that includes finance, resources, technology, and 

management. Renewable energy finance is a new area of public policy that requires innovation 

and research that will have a significant impact on investors in the World. Till today, many 

researchers think renewable energy is an issue of science and engineering, but the future of 

renewable energy is no longer about science and technology; it's all about access to finance. The 

renewable energy sector in India is growing rapidly and presents an opportunity for strong 

financial returns. The present research paper aims to know the financial performance of selected 

renewable energy companies of the Indian renewable energy industry through various financial 

ratios. The financial performance of any industry is effect to their respective industrial investors. 

Hence, investors' experience is analyzed. A specific group of investors who invest in the 

renewable energy industry is selected and posed a structured questionnaire to know their 

investment experience in the renewable energy sector in India.  

 

Keywords: Financial Performance, Renewable Energy, Social Economy. 

 

JEL Classification Codes: F36, P17, G23, Q29, Q43, L7 

 

INTRODUCTION 

Energy is a vital input to human welfare and a better standard of living. Today it is a commodity 

that has a significant impact on human life. It has strategic significance in economic and national 

security. The energy sector across the world is now dominated by conventional energy sources. 

In 2017, the conventional energy sector accounted for 81.9% of total final energy consumption 

mailto:devaraja.uni.mysore@gmail.com


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(Murdock et al., 2019). These conventional energy sources are characterized by inconsistent 

supply and unreliable for a sustainable future. And, using these makes the environment 

vulnerable and produces large amounts of CO2 and other pollutants in the environment which 

contribute to global warming. 

Environmental degradation and its threat to the health of human life lead to reevaluating 

our energy policy across the globe. To support this major shift in the energy area and develop 

sustainable earth, spurs the development of an alternative to conventional energy sources. The 

earlier effort made to control greenhouse gases through the Kyoto protocol agreement by “joint 

implementation" and "clean development mechanism” was a misconception from the very 

beginning (Brand, 2015). And the Kyoto protocol is based on the common principle with 

differentiated responsibilities. This protocol puts an obligation on reducing current emissions in 

industrialized and developed nations. 

The failure of the Kyoto agreement leads to COP 21 Paris agreement. It aims to 

strengthen the global response to the threat of climate change in the context of sustainable 

development. It reflects equity and the principle of common but differentiated responsibilities, in 

the light of different national circumstances. Each Party shall prepare, communicate and 

maintain successive nationally determined contributions that it intends to achieve (Paris 

Agreement, 2015). Further, developed country Parties shall provide financial resources to assist 

the developing country Parties to achieve Intended nationally determined contributions and it’s 

also led to technology transfer among the parties of the agreement. 

Up to COP 21 agreements, the renewable energy industries in developing countries are in 

the chrysalis stage and struggling to settle by an inadequate supply of capital and lack of 

technology. The process of cultivating, developing, and upgrading the renewable energy industry 

in developing countries is a comprehensive approach that requires finance, resources, 

technology, and management. The COP 21 agreements eradicated the above problem.  The 

agreement made a significant revaluation in the renewable energy sector of these countries by the 

inflow of huge investment with technology transfer. The major beneficiaries of the agreement are 

emerging economies includes China, India, South Korea, Brazil, South Africa, Saudi Arabia, and 

Iran, etc.  

It's not hidden anymore that India has a vast supply of renewable energy sources and 

presents an opportunity for the fast-growing renewable energy industry. It has varied supporting 

climatic conditions and the potential of producing energy from different sources of renewable. 

The Indian renewable energy sector is the fourth most attractive renewable energy market in the 

world with a Renewable energy country attractiveness index (RECAI) score of 63 (Warren, 

2015). India has the potentiality of producing 1000 gig watts (GW) and the country has set an 

ambitious target of 175 GW of renewable power by 2022. According to the Union Ministry of 

New and Renewable Energy (MNRE), renewable capacity has reached 81 GW, accounting for 

over 22 percent of the share in the total installed capacity of the country (Priyavrat Bhati, 2019). 

The Government of India is committed to increased use of renewable energy sources and 

is already undertaking various large-scale sustainable power projects and promoting green 

energy heavily (BRISCON, 2019)  The capacity of wind energy in India has increased by 1.7 

times in the last 4 years. Solar power capacity has increased by more than 11 times in the last 

five years from 2.6 GW to 28.18 GW in March 2019.  Wind power accounted for the highest at 

46% (around 36 GW), followed by solar with a share of 36% (30 GW). The remaining market 

was captured by biomass at 12% (9 GW) and small hydro projects catering to 6% (5 GW) (Invest 

India, 2019) 



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India intended to coming with numerous projects with different ideas and technologies, to 

increase the use of renewable energy and decrease the carbon footprints in the economy. Several 

policies were undertaken to encourage investment in the area. To fulfill the needs and complete 

the project successfully, the Indian renewable energy sector is in expectation of huge investment 

inflow from both domestically and across the globe.  The country committed to investing $11 

billion, which includes a solar investment of $6.9 billion while wind investment was $4.1 billion 

(Inger Anderson, 2019). According to data released by the national investment promotion and 

facilitation agency, FDI inflows in the Indian non-conventional energy sector between April 

2000 and June 2018 stood at US$ 6.84 billion. And more than US$2.10 Billon FDI invested 

through equity. 

In the above scenario of huge expansion and investment inflow in the Indian renewable 

energy sector, there is a need of reviewing the performance of the renewable energy industry and 

it needs to be correlated with the investor's experience. Hence, this study attempts to measure the 

financial performance of the renewable energy industry in India. To achieve this goal, the study 

has used various financial ratios to determine the financial performance of renewable energy 

companies. And, structured questionnaires are used to collect the experience of investors. The 

objective of the study in this regard as follows.   

 To analyze the financial performance of selected renewable energy companies in India  

 To analyze the perception of Indian renewable energy Industry Investors over the 

investment in the renewable energy sector. 

 

LITERATURE REVIEW 

Clean/renewable energy is a cornerstone of better earth. It offers our planet a chance to reduce 

carbon emissions, clean the air and put our civilization on a more sustainable footing. It also 

offers countries around the world chance to improve their energy security and spur economic 

development (Kumar et al., 2010). Renewable energy avoids greenhouse gas emissions that 

warm our planet. It improves air quality and human health. Investing in renewable energy is also 

an economic opportunity. It is a decision that investors around the world have been increasingly 

making for a decade. Renewable energy is considered a more desirable source of fuel than other 

fuels due to the absence of risk and disasters.  

Three primary motivators that stimulate the growth of the renewable energy industry: 

energy security, economic impacts, and carbon dioxide emission reduction (Abolhosseini, 2014).  

UNEP report reveals that Global investment in the renewable energy industry hit $272.9 billion 

in 2018 (Inger Anderson, 2019). The next decade will see further growth and penetration of the 

renewable energy industry in various countries. Clean and green power is the longer and 

idealistic aspiration for a sustainable globe. It requires Technology improvement, innovations, 

and operational flexibilities (Inger Anderson, 2019). The important spur for the renewable 

energy industry lies with the constraint of the cost, if it's achieved, the energy mix will change 

itself. Technology needs to be re-engineered to achieve the above objective. 

To support the effort of the world in the sustainable development of the earth and 

increased use of renewable energy, the Government of India (GoI) has undertaken several policy 

measures to decrease the carbon emission from both generation and demand-side while meeting 

its energy need of its citizens. On the supply/generation side it’s planned to increase the greater 

use of renewable energy by promoting the renewable energy industry in its economy. India 

planned to increase its renewable energy capacity from 80.46 GW to 175 GW by the year 2022 

through increased use of solar and wind (INDIA’S INTENDED NATIONALLY 



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4 

DETERMINED CONTRIBUTION, 2015). With the accomplishment of this ambitious target, 

India will become one of the largest Green Energy producers in the world (Year-End Review, 

2018). On the demand side, efforts are being made to use energy efficiently through various 

innovative policy measures by creating awareness among the citizens of the country. India 

intends to save 10% of its current energy consumption. Hence, its planned drastic management 

programs to replace existing low-efficiency home appliances in India. The government of India 

declared a voluntary goal of reducing the emissions intensity of its GDP by 20–25%, over 2005 

levels by 2020 (Thambi, 2018)’. To support the above development, the share of renewable 

energy grid capacity is increased by 6 times i.e., from 3.9 GW (2%) to 36 GW (13%). 

India’s total demand for energy will more than double by 2030, while electricity demand 

will almost triple. Ensuring that India’s growing population has access to energy, and meeting 

the country’s ambitious economic growth targets, will require massive investments in the 

renewable energy industry. Investment in India’s renewable energy sector has doubled over the 

past five years. At nearly USD 20 billion in 2018, it has surpassed capital expenditure in the 

thermal power sector. Ambitious targets, supportive policies, and falling technology costs spur 

the investment in the Indian renewable energy sector (Arjun Dutt, 2019) 

With one of the world's largest and most ambitious renewable energy programs by 

surpassing several developed countries. India can take a leading role in a renewable energy 

transformation both regionally and globally (Gielen, 2019). The US-based Institute for Energy 

Economics and Financial Analysis (IEEFA) assessed that India will require $500-700 billion for 

the renewable energy industry over the coming decade, to meet its renewable energy targets 

(Buckley, 2019). In 2017, India accounted for $12.3 billion or close to 5% displaying the fastest 

expansion rate among all countries. This represented a 62% growth over the corresponding 

figure for 2016 which was $7.6 billion.  

The investment in the Indian renewable energy industry is characterized by high risk and 

low returns as of now. The further optimization and upgrade of the renewable energy industry 

cannot be separated from financial support. It’s expected that the Indian renewable energy 

industry is in expectation of huge investment inflow across the globe. In the above context, there 

exists a good deal of interest in the study of financial performance and investors Experience of 

the renewable energy industry in India. However, this interest has not resulted in an inadequate 

number of empirical studies in India and across the world.  It is also found that the majority of 

the literature has come from western nations and studies in this direction in India are very sparse.  

It is also pertinent to note that, there is a lack of studies that comprehensively examine the 

financial performance of the Indian renewable energy industry and its correlated investor's 

Experience.  Hence, there is a need to fill this gap by embarking on an empirical study that looks 

into the financial performance of the renewable energy Industry and investors Experience. 

 

RESEARCH METHODOLOGY 

The research data is obtained from standalone annual financial statements of three well know 

renewable energy companies (i.e., Suzlon, Orient Green Power, and Indo wind energy) which 

were listed in the National Stock Exchange of India. Ten years annual published financial 

statements from 2010-11 to 2019-20 are collected and different financial data are derived to 

calculate key financial ratios which include Current ratio, Quick ratio, Debt equity ratio, 

Revenue from Operation per share, return on capital employed, return on asset, PBDIT per share 

and Return on Equity. The mean and Standard deviation of each financial ratio is computed to 

evaluate the financial performance of Renewable energy companies.  



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To analyze the experience of the investor's six major stockbroking agency clients were 

considered. Each client experience was analyzed. To obtain information, 15 questions for each 

client are prepared and posed to the respective client. The questionnaire includes a set of positive 

and negative Likert styles of questions.  The scores of each respondent are computed by 

excluding a neutral score, to know whether the different broking agencies clients have the same 

or different experience towards investment in the renewable energy industry. The questionnaire 

was administrated to only selective clients who invest in the renewable energy industry. The data 

related to clients of stockbroking agencies were collected in the respective business premises. 

The sample design for the study as follows 

 

SI.NO Stock Broking 

Agencies 

Number of clients/ 

investors under the 

study  

Number of the 

clients/ investors who 

exposes to investment 

in the renewable 

energy industry 

% of 

clients/investors 

who exposes to 

investment in the 

renewable energy 

industry 

01 Angel broking  80 28 35.00 

02 Asit C Mehta 65 22 33.85 

03 Share Khan 43 18 41.86 

04 Geojit Financial 

Service Ltd. 

38 20 52.63 

05 Indian Info Line  48 21 43.75 

06 Karvy  55 22 40.00 

 Total  329 131 41.18 

 

The average percent of clients who exposes to investment in the renewable energy 

industry is 41.18 percent. Out of 6 stock broking agencies, Geojit financial service ltd investors 

are exposed to a high-level of renewable energy industry investment and Asit C Mehta stock 

broking agency clients expose to the low-level of renewable energy industry investment. 

 

RESULTS AND DISCUSSIONS 

The financing structure of the renewable energy industry in India is dominated by bank finances. 

The financing avenues are range from commercial banks to private equity investors and venture 

capital investors. This study considers three leading renewable energy-producing companies in 

India for analysis of financial performance and six major stockbroking companies to analyze the 

investor's Experience.  
 

Table 1. Current and Quick Ratio Analysis  

Source: Data Retrieved through Annual Financial Statements 

Mean Max Min Med

Std. 

Dev Mean Max Min Med

Std. 

Dev

Suzlon 0.74 1.09 0.15 0.77 0.28 0.59 1.02 0.09 0.60 0.27

Indo Wind Energy 2.03 5.86 0.14 1.60 1.70 1.73 4.53 0.10 1.47 1.37

orient Green Power 1.14 4.83 0.03 0.49 1.57 1.13 4.80 0.03 0.48 1.57

Parameters 

Quick Ratio Current Ratio 

Renewable energy 

companies 



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Indo Wind Energy company with a current ratio of 2.03 and a quick ratio of 1.73 with a 

standard deviation of 1.60 and 1.37 maintained ideal/stable liquidity and shows sound financial 

stability which assures its stakeholder's adequate funds to pay current liabilities and working 

capital. Whereas Suzlon companies with a mean current ratio of 0.74 and quick ratio of 0.59 with 

a standard deviation of 0.28 and 0.27 maintained poor liquidity. 

 

Table 2. Debt-Equity Ratio and Revenue from operation/Share calculation 

 

 

  Source: Data Retrieved through Annual Financial Statement 

Suzlon company maintained higher the Debt to Equity ratio (i.e., 3.67 with a standard 

deviation of 2.14) comparatively Indo Wind Energy (0.50 with a standard deviation of 0.25) and 

orient green power (0.29 with a standard deviation of 0.12). Suzlon is a more Debt oriented 

company, which means most of the earnings earned by Suzlon is used to pay off interest itself. A 

higher debt-equity ratio shows that the claims of the creditors higher which is unfavorable from 

the firm's point of view. Whereas both Indo Wind Energy and Orient Green Power companies 

are low leveraged/ geared companies. Since a high proportion of equity provides a larger margin 

of safety to them. It represents a satisfactory capital structure in the present context of the 

renewable energy industry in India. Revenue from operation per share of Suzlon company (13.89 

with a standard deviation of 11.02) is higher compare to Indo wind energy company (3.13 with a 

standard deviation of 2.30) and Orient Green Power (0.389 with a standard deviation of 0.41) 

which indicates the future potentiality of higher return of Suzlon compare to other 2 companies. 

  Table 3. Return on Capital Employed and ROA calculation  

 
 

Source: Data Retrieved through Annual Financial Statements 
 

The return on capital employed of Suzlon and Indo wind energy is positive with a mean 

score of 2.38 and 0.66 with a standard deviation of 18.50 and 1.00 respectively. Investors of 

Suzlon and Indo Wind Energy companies’ investors have a satisfactory return on capital 

Mean Max Min Med

Std. 

Dev Mean Max Min Med

Std. 

Dev

Suzlon 3.67 20.16 -5.42 2.14 7.01 13.89 38.66 0.71 11.71 11.02

Indo Wind Energy 0.50 1.20 0.37 0.43 0.25 3.13 9.59 1.74 2.45 2.30

orient Green Power 0.29 0.48 0.10 0.30 0.12 0.389 0.99 0 0.29 0.41

Revenue from operation / Share Debt - Equity ratio

parameters Renewable Energy 

Companies 

Mean Max Min Med Std. DevMean Max Min Med

Std. 

Dev

Suzlon 2.38 33.98 -32.26 -0.29 18.50 -21.42 2.50 -86.98 -6.98 30.06

Indo Wind Energy 0.66 2.63 -0.89 0.60 1.00 -0.81 1.24 -6.77 0.04 2.57

orient Green Power -4.36 4.28 -18.55 -0.76 7.91 -5.48 2.65 -17.31 -4.37 6.61

Return on Capital employed 

Parameters Renewable Energy 

Companies 

Return On Asset 



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employed but higher the standard deviation of Suzlon company shows greater variability in 

returns throughout its life span. Whereas orient green power investors have suffered loss over the 

capital employed with -4.36 with a standard deviation of 7.91. It shows that Suzlon and Indo 

wind energy companies used their capital efficiently compare to Indo wind energy limited. 

Whereas the return on asset of all the three companies is negative. It shows the inefficient use of 

capital assets employed in the renewable energy industry in India. 

 

Table 4. PBDIT and ROE calculation  

 

 

Source: Data Retrieved Through Annual Financial Statements 

 

The Profit before Depreciation, Interest, and taxes (PBDIT) of all the three companies are 

positive but Indo Wind Energy companies as the highest PBDIT compare to the other two 

companies. Return on Equity of Suzlon company is positive compare to the other two 

companies. The Suzlon company offer a promising rate of return to investors with a mean score 

of 3.67 with a standard deviation of 7.01 

 

Table 5. Different stock broking agencies score calculation 

 

 

Source: Primary Data 

 

The difference between the high extreme score and the lower extreme score is negative 

i.e., -54 which indicates the Negative Experience of investors towards investment in the 

renewable energy industry in India. The clients of all the stockbroking agencies i.e., Angel 

Mean Max Min Med

Std. 

Dev Mean Max Min Med

Std. 

Dev

Suzlon 0.24 4.45 -7.16 0.97 3.24 3.67 20.16 -5.42 2.14 7.01

Indo Wind Energy 1.69 2.96 0.75 1.66 0.59 -1.00 2.89 -9.91 0.09 3.96

orient Green Power 0.11 0.63 -0.18 0.05 0.27 -8.52 3.84 -26.88 -6.83 10.16

Return on Equity PBDIT/ Share 

Parameters Renewable Energy 

Companies 

SI.No Stock Broking 

Agencies 

Higher 

Extreme 

Score (1) 

Lower 

Extreme 

Score (2) 

(1) – (2) 

Positive score 

/Negative score 

Remarks 

01 Angel broking 62 76 -14 Negative  Experience 

02 Asit C Mehta 46 58 -12 Negative  Experience 

03 Share Khan 45 38 7 Positive   Perception 

04 Geojit Financial 

Service Ltd. 

48 63 -15 Negative  Experience 

05 Indian Info Line 48 59 -11 Negative  Experience 

06 Karvy Ltd 58 67 -11 Negative  Experience 

 Total 307 361 -54 Negative  Experience 



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Broking, Asit C Mehta, Geojit financial service ltd, Indian info line, and Karvy ltd clients had 

negative experiences except clients of the share khan. Most of the small investors have lost their 

money in the investment in the renewable energy sector. The wealth of the renewable energy 

industry shareholders has come down drastically from the financial year 2010-11 to 2019-20. 

The capital of investors had been eroded from year to year. The returns on equity for the 

investors are very low and it's coming down year by year. The N numbers of small investors 

have shifted their investment from renewable energy sectors to other sectors of the Indian 

economy. But for the question of whether do, you believe that the renewable energy industry in 

India has a growth perspective or not, a large number of investors have agreed that investment in 

the Indian renewable energy industry has a great future and can expect a good return and 

increase in wealth. 

 

CONCLUSION 

The Indian renewable energy Industry still struggling to settle. As of now, the renewable energy 

industry in the recession stage. The various financial ratios indicate that the Indian Renewable 

energy industry is in crisis. It proved by financial indicators of above said three major 

companies. The Indian investors have a negative experience and lost confidence over the 

investment in the Indian renewable energy industry. Indian Renewable energy industry is still 

backed by the debt financing pattern and most of the revenue of renewable energy companies is 

used to pay off interest part of the debt. There is a need of reviving the Indian renewable energy 

industry through changing financing patterns. It needs equity market push in the renewable 

energy industry. The analysis seems that the Indian renewable energy industry is struggling to 

settle but also reveals a greater opportunity for future gain. Hence, it offers a wide-ranging future 

investment opportunity for investors.  

 

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