Risk-Return Analysis of Green Bonds Issued by Indian Corporates

Authors

DOI:

https://doi.org/10.53573/rhimrj.2026.v13n04.003

Keywords:

Green Bonds, CAPM, Nifty 50, Net-Zero 2070, Sustainable Finance, Systematic Risk, Sharpe Ratio, India

Abstract

The world is moving towards development and this is why green finance is very important for Indias plan to have Net-Zero emissions by 2070. This study looks at how Indian companies that use green bonds to move to renewable energy are doing financially. It checks if these companies can make money compared to other companies in the market. The study looks at seven Indian companies and uses special tools like the Capital Asset Pricing Model and Sharpe Ratio to see how well they are doing. It also looks at how carbon they are not emitting and how much renewable energy they are using. This helps us see the impact of green bonds. The goal of this study is to give investors and policymakers facts to show that taking care of the environment and making money are not things in Indias modern market. Green finance and green bonds are important for Indias future. This study wants to show that they can be good for the environment and, for business.

Author Biographies

Dr. V Kanimozhi, Associate Professor, Department of Management Sciences, Hindusthan College of Engineering and Technology, Coimbatore, Tamil Nadu

Dr Kanimozhi V is currently working as Associate Professor in the Department of Management Sciences, Hindusthan College of Engineering and Technology. She is a Gold Medalist and Rank Holder in Master of Business Administration from Anna University. Has Completed Doctorate in Management from Bharathiar University, Coimbatore. She has cleared National Eligibility Test for Lectureship (NET) conducted by UGC- India and State Eligibility Test for Lectureship (SET) conducted by Government of Tamilnadu, India. Has received best faculty award, best self learner award from Hindusthan College of Engineering and Technology. She has more than 15 years of work experience including industry and teaching MBA students at Business School and Engineering college. Has served as a resource person for programmes on entrepreneurship and management. Has published various papers in national, international journals, conferences and book chapters.

Mr. Ramana K, Student, Department of management sciences, Hindusthan College of Engineering and Technology, Coimbatore, Tamil Nadu

Mr Ramana K received his Bachelor of commerce from H.H. The Rajah’s College of Arts and Science, Pudukkottai , Tamil Nadu, India. He is pursuing in MBA (Finance and Marketing), from Hindusthan College of Engineering and Technology, Coimbatore, Tamil Nadu, India. He has completed his Global Immersion Project in Asia Pacific University, Malaysia. He completed Social Immersion project and Rural Innovation project during his course time and also he completed programme in Banking , Finance and Insurance by Bajaj Finserve  limited.

References

Bhattacharya, S., & Sharma, D. K. (2021). Green Bonds for Financing Renewable Energy: An Analysis of the Indian Market. Journal of Sustainable Finance & Investment, 11(3), 254-272.

Dash, A. K. (2022). The Dynamics of Green Bond Market and Stock Market in India: An Empirical Analysis. IUP Journal of Applied Finance, 28(2), 45-58.

Fama, E. F., & French, K. R. (2015). A Five-Factor Asset Pricing Model. Journal of Financial Economics, 116(1), 1-22.

Government of India. (2023). Business Responsibility and Sustainability Reporting (BRSR) Framework. Securities and Exchange Board of India (SEBI).

International Renewable Energy Agency (IRENA). (2023). Renewable Energy Statistics 2023. Abu Dhabi: IRENA.

Ministry of New and Renewable Energy (MNRE). (2024). Annual Report 2023-24: India’s Pathway to Net-Zero. Government of India.

National Stock Exchange of India (NSE). (2024). Historical Data and Index Methodology of Nifty 50. Retrieved from https://www.nseindia.com.

Sharpe, W. F. (1966). Mutual Fund Performance. The Journal of Business, 39(1), 119-138.

Vives, X. (2020). The Impact of Sustainable Finance on Corporate Behavior. Oxford University Press.

World Bank. (2023). State and Trends of Carbon Pricing 2023. Washington, DC: World Bank.

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Published

2026-04-15

How to Cite

Kanimozhi, V., & Ramana, K. (2026). Risk-Return Analysis of Green Bonds Issued by Indian Corporates. RESEARCH HUB International Multidisciplinary Research Journal, 13(4), 20–25. https://doi.org/10.53573/rhimrj.2026.v13n04.003

Issue

Vol. 13 No. 4 (2026): RHIMRJ [APR-2026]

Section

Articles