3 Renewable Energy Stocks With a Strong Future Roadmap: Waaree Energies, Premier Energies and Suzlon Energy
- October 6, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Waaree Energies Rs 2,346.50, P/E 16.83. Premier Energies Rs 891.95, P/E 24.08. Suzlon Energy Rs 38.92, P/E 16.86. Closing prices of 5 Oct 2026.
Quick Answer
Renewable energy stocks with the clearest long-term roadmaps today include Waaree Energies in solar modules and cells with large manufacturing capacity, Premier Energies in solar cells and modules with in-house cell capacity and Suzlon Energy in wind turbines and a growing service business. FY26 revenue growth was 83.5% at Waaree Energies, 20.7% at Premier Energies and 53.2% at Suzlon Energy. P/E stands at 16.83 for Waaree Energies (industry 45.82), 24.08 for Premier Energies (industry 54.91) and 16.86 for Suzlon Energy (industry 45.82). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company’s risks need equal attention.
Renewable energy stocks give investors exposure to India’s build-out of solar and wind capacity. Results depend on order books, manufacturing capacity and margins, which is why scale and policy support matter as much as headline growth.
This list covers three green energy equipment stocks: Waaree Energies for solar modules and cells with large manufacturing capacity, Premier Energies for solar cells and modules with in-house cell capacity and Suzlon Energy for wind turbines and a growing service business. Every figure comes from the latest reported financials and the 5 October 2026 market close. Companies without complete current figures were left out.
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What Are Renewable Energy Stocks?
Renewable energy stocks are shares of companies that make solar modules, solar cells and wind turbines or build the plants that use them. Results depend on order books, manufacturing capacity, import duties and component prices, so capacity and cost control separate the stronger names.
Renewable Energy Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three renewable energy stocks as of the 5 October 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| Waaree Energies | 2,346.50 | 67,368 | 16.83 | 45.82 | 25.71% | 0.22 |
| Premier Energies | 891.95 | 40,311 | 24.08 | 54.91 | 35.05% | 0.86 |
| Suzlon Energy | 38.92 | 53,099 | 16.86 | 45.82 | 33.43% | 0.06 |
Among green energy equipment stocks, all three trade below their industry P/E multiples.
Why Do Renewable Energy Stocks Have a Strong Roadmap in India?
Renewable energy stocks have a strong roadmap in India because the country is adding clean energy capacity at scale, and policy supports local manufacturing of modules, cells and turbines. Three drivers stand out.
- Capacity targets: Large renewable capacity additions create steady demand for modules and turbines.
- Local manufacturing: Policy support and import duties favour makers who build in India.
- Order book visibility: Multi-quarter orders give clearer revenue for the next few years.
Waaree Energies: Module and Cell Capacity Anchor the Roadmap
Waaree Energies’ roadmap rests on adding solar module and cell capacity, integrating backward into cells and wafers and building a larger order book from developers and exports.
Revenue grew from Rs 2,950.86 crore in FY22 to Rs 27,244.92 crore in FY26, a 823.3% rise, and FY26 revenue was 83.5% higher than FY25. FY26 net profit rose 101.4% to Rs 3,884.15 crore. Over four years, net profit rose from Rs 79.65 crore in FY22 to Rs 3,884.15 crore. In Q1 FY27, revenue grew 76.3% to Rs 8,102.60 crore, and net profit rose 15.4% to Rs 891.87 crore. Operating margin was 23.82% in FY26 and 20.31% in Q1 FY27 against 26.41% a year earlier.
Debt to equity is 0.22 and return on equity is 25.71%. FY26 operating cash flow was Rs 1,626.95 crore against capital expenditure of Rs 4,881.77 crore. Waaree Energies paid a dividend of Rs 4 per share for FY26, a yield of 0.17%. At a P/E of 16.83 against an industry P/E of 45.82, the stock trades below its industry multiple.
What to watch: FY26 capital expenditure of Rs 4,881.77 crore was about three times operating cash flow, and operating margin eased to 20.31% in Q1 FY27 from 26.41% a year earlier.
Premier Energies: In-House Cell Capacity and Modules Drive the Pipeline
Premier Energies’ roadmap rests on in-house solar cell capacity, expansion into modules and a growing order book that keeps its plants busy.
Revenue grew from Rs 767.03 crore in FY22 to Rs 8,025.91 crore in FY26, a 946.4% rise, and FY26 revenue was 20.7% higher than FY25. FY26 net profit rose 61.1% to Rs 1,509.69 crore. In Q1 FY27, revenue grew 34.1% to Rs 2,507.63 crore, and net profit rose 53.3% to Rs 471.92 crore. Operating margin was 33.02% in FY26 and 30.86% in Q1 FY27 against 32.81% a year earlier.
Debt to equity is 0.86 and return on equity is 35.05%. FY26 operating cash flow was Rs 1,261.06 crore against capital expenditure of Rs 2,996.61 crore. At a P/E of 24.08 against an industry P/E of 54.91, the stock trades below its industry multiple.
What to watch: FY26 capital expenditure of Rs 2,996.61 crore was well above operating cash flow, and debt to equity of 0.86 is higher than at the other two companies. Debt to equity of 0.86 deserves tracking.
Suzlon Energy: Wind Turbine Orders and Services Build the Next Leg
Suzlon’s roadmap rests on a growing order book for wind turbines, new manufacturing capacity and a service business that adds steady revenue.
Revenue grew from Rs 6,603.97 crore in FY22 to Rs 16,841.78 crore in FY26, a 155.0% rise, and FY26 revenue was 53.2% higher than FY25. FY26 net profit rose 52.7% to Rs 3,163.39 crore. In Q1 FY27, revenue grew 22.0% to Rs 3,862.53 crore, and net profit fell 5.9% to Rs 305.22 crore. Operating margin was 19.14% in FY26 and 16.46% in Q1 FY27 against 20.29% a year earlier.
Debt to equity is 0.06 and return on equity is 33.43%. FY26 operating cash flow was Rs 1,202.06 crore against capital expenditure of Rs 576.98 crore. At a P/E of 16.86 against an industry P/E of 45.82, the stock trades below its industry multiple.
What to watch: Net profit in some FY26 quarters exceeded pre-tax profit, which points to tax benefits, so operating profit is a cleaner guide to underlying earnings. Q1 FY27 net profit was 5.9% lower than a year earlier.
Best Renewable Energy Stocks in India: Waaree Energies vs Premier Energies vs Suzlon Energy on Key Financials
Among the best renewable energy stocks in India, Premier Energies leads on FY26 operating margin and five-year revenue growth; Waaree Energies leads on Q1 FY27 revenue growth and the lowest P/E. The table puts the numbers side by side.
| Metric | Waaree Energies | Premier Energies | Suzlon Energy |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 27,244.92 | 8,025.91 | 16,841.78 |
| FY26 revenue growth | 83.5% | 20.7% | 53.2% |
| Revenue growth FY22 to FY26 | 823.3% | 946.4% | 155.0% |
| FY26 net profit (Rs Cr) | 3,884.15 | 1,509.69 | 3,163.39 |
| FY26 net profit growth | 101.4% | 61.1% | 52.7% |
| FY26 operating profit margin | 23.82% | 33.02% | 19.14% |
| Q1 FY27 revenue growth (YoY) | 76.3% | 34.1% | 22.0% |
| Q1 FY27 net profit growth (YoY) | 15.4% | 53.3% | -5.9% |
| Return on equity | 25.71% | 35.05% | 33.43% |
| P/E ratio | 16.83 | 24.08 | 16.86 |
| Debt to equity | 0.22 | 0.86 | 0.06 |
| Dividend yield | 0.17% | 0.00% | 0.00% |
| FY26 operating cash flow (Rs Cr) | 1,626.95 | 1,261.06 | 1,202.06 |
Renewable equipment makers grow in bursts, so capacity, order books and margins deserve a look beside growth.
How to Evaluate Solar and Wind Energy Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen renewable energy stocks and shortlist solar and wind energy stocks to buy.
- Compare each stock’s P/E with its industry P/E, which differs by stock.
- Track operating margin across several quarters, because input costs can move faster than prices.
- Check whether revenue growth is turning into profit growth, not only sales.
- Read operating cash flow against capital expenditure to see how growth is funded.
- Watch debt to equity and interest cover before sizing a position.
- Spread exposure across companies and business lines instead of one demand cycle.
Check the Univest Screener for live data on these renewable energy stocks
Risks to Consider Before Investing in Renewable Energy Stocks
- Policy changes: Changes to import duties or subsidies can shift demand and margins.
- Component prices: Falling module prices or costlier inputs can squeeze margins.
- Heavy investment: Capacity additions need large capital, so cash flow and debt need tracking.
- Execution: Delays in commissioning or deliveries can push revenue between quarters.
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Final Take: Which Stock Has the Strongest Roadmap?
These three solar and wind energy stocks cover solar modules and cells, in-house cell capacity, and wind turbines with services. Premier Energies leads on FY26 operating margin and five-year revenue growth; Waaree Energies leads on Q1 FY27 revenue growth and the lowest P/E.
Across green energy equipment stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the solar and wind energy stocks to buy discussed here.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Renewable Energy Stocks
Which are the best renewable energy stocks in India with a strong roadmap?
Ans. Waaree Energies, Premier Energies and Suzlon Energy stand out for their roadmaps in solar modules, solar cells and wind turbines. FY26 revenue growth was 83.5% at Waaree Energies, 20.7% at Premier Energies and 53.2% at Suzlon Energy, and return on equity ranges from 25.71% to 35.05%.
Is Waaree Energies a good stock to buy now?
Ans. Waaree Energies has a debt to equity ratio of 0.22, a return on equity of 25.71% and a P/E of 16.83 against an industry P/E of 45.82. Policy changes, component prices and heavy capital spending move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of Waaree Energies, Premier Energies and Suzlon Energy?
Ans. The P/E ratio is 16.83 for Waaree Energies (industry 45.82), 24.08 for Premier Energies (industry 54.91) and 16.86 for Suzlon Energy (industry 45.82). All three trade below the industry multiple.
Which of these renewable energy stocks has the highest return on equity?
Ans. Premier Energies has the highest return on equity at 35.05%, followed by Suzlon Energy at 33.43% and Waaree Energies at 25.71%.
What are the risks of investing in renewable energy stocks?
Ans. The main risks are policy changes, falling module prices, heavy capital spending and execution delays. Waaree’s operating margin eased to 20.31% in Q1 FY27 from 26.41%, and Suzlon’s Q1 FY27 profit was lower than a year earlier.
How did Waaree Energies, Premier Energies and Suzlon Energy perform in Q1 FY27?
Ans. Waaree Energies reported revenue of Rs 8,102.60 crore, up 76.3% year on year, and net profit rose 15.4% to Rs 891.87 crore. Premier Energies reported revenue of Rs 2,507.63 crore, up 34.1% year on year, and net profit rose 53.3% to Rs 471.92 crore. Suzlon Energy reported revenue of Rs 3,862.53 crore, up 22.0% year on year, and net profit fell 5.9% to Rs 305.22 crore.
Do renewable energy stocks pay dividends?
Ans. Dividend payouts differ across the three companies. The dividend yield is 0.17% for Waaree Energies, 0.00% for Premier Energies and 0.00% for Suzlon Energy, based on dividends declared for FY26.
How can I invest in renewable energy stocks in India?
Ans. You can buy renewable energy stocks through a demat and trading account on NSE or BSE after checking each company’s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.
