3 Solar Cell and Module Stocks With a Strong Future Roadmap: Websol Energy System, Insolation Energy and Alpex Solar
- October 7, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Websol Rs 70.89, P/E 9.84. Insolation Rs 83.81, P/E 9.45. Alpex Solar Rs 814.15, P/E 10.39. Closing prices of 6 Oct 2026.
Quick Answer
Solar cell and module stocks with the clearest long-term roadmaps today include Websol Energy System in solar cells and solar modules, Insolation Energy in solar modules for rooftop and utility-scale projects and Alpex Solar in solar modules for domestic and project customers. FY26 revenue growth was 88.3% at Websol, 61.0% at Insolation and 185.0% at Alpex Solar. P/E stands at 9.84 for Websol (industry 46.00), 9.45 for Insolation (industry 46.00) and 10.39 for Alpex Solar (industry 46.00). 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.
Solar cell and module stocks give investors exposure to smaller makers that turn imported and local cells into panels for rooftops and solar parks. Results depend on module prices, capacity use and policy support, which is why margins and cash flow matter as much as headline growth.
This list covers three solar manufacturing small caps: Websol Energy System for solar cells and solar modules, Insolation Energy for solar modules for rooftop and utility-scale projects and Alpex Solar for solar modules for domestic and project customers. Every figure comes from the latest reported financials and the 6 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Solar Cell and Module Stocks?
Solar cell and module stocks are shares of companies that make solar cells and assemble them into modules for homes, factories and large solar projects. Results depend on module prices, input costs, duty rules, capacity use and operating margin, so lower costs and steady order books separate the stronger names.
Solar Cell and Module Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three solar cell and module stocks as of the 6 October 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| Websol Energy System | 70.89 | 3,086 | 9.84 | 46.00 | 48.04% | 0.21 |
| Insolation Energy | 83.81 | 1,848 | 9.45 | 46.00 | 24.81% | 1.10 |
| Alpex Solar | 814.15 | 2,080 | 10.39 | 46.00 | 35.87% | 0.95 |
Among solar manufacturing small caps, all three trade below their industry P/E multiples.
Why Do Solar Cell and Module Stocks Have a Strong Roadmap in India?
Solar cell and module stocks have a strong roadmap in India because renewable capacity targets are rising, rooftop solar is spreading and policy favours locally made modules. Three drivers stand out.
- Renewable capacity targets: Large solar additions every year need modules.
- Rooftop adoption: Homes and factories are installing more panels.
- Local manufacturing support: Policy favours Indian-made cells and modules.
Websol Energy System: Solar Cells and Modules Anchor the Roadmap
Websol’s roadmap rests on solar cells and solar modules, with added cell capacity and higher volumes supporting revenue.
FY26 revenue was Rs 984.02 crore, 88.3% higher than FY25. FY26 net profit rose 95.8% to Rs 303.00 crore. In Q1 FY27, revenue grew 70.6% to Rs 376.98 crore, and net profit rose 15.8% to Rs 77.78 crore. Operating margin was 41.65% in FY26 and 34.88% in Q1 FY27 against 48.30% a year earlier.
Debt to equity is 0.21 and return on equity is 48.04%. FY26 operating cash flow was Rs 255.35 crore against capital expenditure of Rs 180.03 crore. Websol paid a dividend of Rs 0.25 per share for FY26, a yield of 0.35%. At a P/E of 9.84 against an industry P/E of 46.00, the stock trades below its industry multiple.
What to watch: The Q1 FY27 operating margin of 34.88% was below the 48.30% of a year earlier, and Q1 FY27 net profit growth of 15.8% is well below the 95.8% of FY26.
Insolation Energy: Rooftop and Utility-Scale Modules Drive the Pipeline
Insolation Energy’s roadmap rests on solar modules for rooftop and utility-scale projects, with new module capacity lifting volumes.
FY26 revenue was Rs 2,163.52 crore, 61.0% higher than FY25. FY26 net profit rose 59.7% to Rs 200.63 crore. In Q1 FY27, revenue grew 105.4% to Rs 745.41 crore, and net profit fell 11.8% to Rs 38.02 crore.
Debt to equity is 1.10 and return on equity is 24.81%. At a P/E of 9.45 against an industry P/E of 46.00, the stock trades below its industry multiple.
What to watch: The Q1 FY27 operating margin of 10.38% was below the 15.97% of a year earlier, and a market cap of Rs 1,848 Cr means the share price can swing sharply. Q1 FY27 net profit was 11.8% lower than a year earlier; debt to equity of 1.10 deserves tracking.
Alpex Solar: New Capacity and Project Orders Build the Next Leg
Alpex Solar’s roadmap rests on solar modules for domestic and project customers, with a larger plant and a growing order flow supporting revenue.
FY26 revenue was Rs 2,231.76 crore, 185.0% higher than FY25. FY26 net profit rose 141.4% to Rs 201.51 crore. In Q1 FY27, revenue grew 32.4% to Rs 506.67 crore, and net profit fell 5.7% to Rs 39.87 crore. Operating margin was 14.90% in FY26 and 15.58% in Q1 FY27 against 17.05% a year earlier.
Debt to equity is 0.95 and return on equity is 35.87%. FY26 operating cash flow was negative at Rs 115.61 crore against capital expenditure of Rs 245.96 crore. At a P/E of 10.39 against an industry P/E of 46.00, the stock trades below its industry multiple.
What to watch: The FY26 operating margin of 14.90% was below the 16.55% of FY25, and a market cap of Rs 2,080 Cr means the share price can swing sharply. Q1 FY27 net profit was 5.7% lower than a year earlier; operating cash flow was negative in FY26.
Best Solar Cell and Module Stocks in India: Websol vs Insolation vs Alpex Solar on Key Financials
Among the best solar cell and module stocks in India, Websol leads on FY26 operating margin and return on equity; Insolation leads on Q1 FY27 revenue growth and the lowest P/E. The table puts the numbers side by side.
| Metric | Websol | Insolation | Alpex Solar |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 984.02 | 2,163.52 | 2,231.76 |
| FY26 revenue growth | 88.3% | 61.0% | 185.0% |
| FY26 net profit (Rs Cr) | 303.00 | 200.63 | 201.51 |
| FY26 net profit growth | 95.8% | 59.7% | 141.4% |
| Q1 FY27 revenue growth (YoY) | 70.6% | 105.4% | 32.4% |
| Q1 FY27 net profit growth (YoY) | 15.8% | -11.8% | -5.7% |
| Return on equity | 48.04% | 24.81% | 35.87% |
| P/E ratio | 9.84 | 9.45 | 10.39 |
| Debt to equity | 0.21 | 1.10 | 0.95 |
| Dividend yield | 0.35% | 0.00% | 0.00% |
Solar manufacturing earnings follow module prices and capacity use, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Solar Module Maker Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen solar cell and module stocks and shortlist solar module maker stocks to buy.
- Compare each stock’s P/E with its industry P/E, which is 46.00 for all three here.
- 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 solar cell and module stocks
Risks to Consider Before Investing in Solar Cell and Module Stocks
- Price and policy swings: Module prices and duty rules can shift quickly.
- Quarterly profit: Insolation Energy and Alpex Solar reported lower Q1 FY27 profit than a year earlier.
- Cash flow: Alpex Solar had negative operating cash flow in FY26.
- Debt: Insolation Energy has debt to equity of 1.10 and Alpex Solar 0.95.
Download the Univest iOS App or Univest Android App to track Websol, Insolation and Alpex Solar live.
Final Take: Which Stock Has the Strongest Roadmap?
These three solar module maker stocks cover solar cells and modules, rooftop and utility-scale modules, and domestic and project modules. Websol leads on FY26 operating margin and return on equity; Insolation leads on Q1 FY27 revenue growth and the lowest P/E.
Across solar manufacturing small caps, 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 module maker 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 Solar Cell and Module Stocks
Which are the best solar cell and module stocks in India with a strong roadmap?
Ans. Websol Energy System, Insolation Energy and Alpex Solar stand out for their roadmaps in solar cells and modules. FY26 revenue growth was 88.3% at Websol, 61.0% at Insolation and 185.0% at Alpex Solar, and return on equity ranges from 24.81% to 48.04%.
Is Websol Energy System a good stock to buy now?
Ans. Websol Energy System has a debt to equity ratio of 0.21, a return on equity of 48.04% and a P/E of 9.84 against an industry P/E of 46.00. Module prices, quarterly profit and cash flow move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of Websol, Insolation and Alpex Solar?
Ans. The P/E ratio is 9.84 for Websol (industry 46.00), 9.45 for Insolation (industry 46.00) and 10.39 for Alpex Solar (industry 46.00). All three trade below the industry multiple.
Which of these solar cell and module stocks has the highest return on equity?
Ans. Websol Energy System has the highest return on equity at 48.04%, followed by Alpex Solar at 35.87% and Insolation Energy at 24.81%.
What are the risks of investing in solar cell and module stocks?
Ans. The main risks are module price and policy swings, lower quarterly profit at two firms, negative operating cash flow at one and debt. Insolation Energy has debt to equity of 1.10.
How did Websol, Insolation and Alpex Solar perform in Q1 FY27?
Ans. Websol Energy System reported revenue of Rs 376.98 crore, up 70.6% year on year, and net profit rose 15.8% to Rs 77.78 crore. Insolation Energy reported revenue of Rs 745.41 crore, up 105.4% year on year, and net profit fell 11.8% to Rs 38.02 crore. Alpex Solar reported revenue of Rs 506.67 crore, up 32.4% year on year, and net profit fell 5.7% to Rs 39.87 crore.
Do solar cell and module stocks pay dividends?
Ans. Dividend payouts differ across the three companies. The dividend yield is 0.35% for Websol, 0.00% for Insolation and 0.00% for Alpex Solar, based on dividends declared for FY26.
How can I invest in solar cell and module stocks in India?
Ans. You can buy solar cell and module 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.
