3 Solar Module Maker, Gujarat Utility and Integrated Power Company Stocks With a Strong Future Roadmap: Waaree Energies, Torrent Power and Tata Power
- October 21, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Waaree Energies, Torrent Power and Tata Power: ROE of 9.5% to 25.7% and FY22 to FY26 revenue CAGR of 10.1% to 74.3%. Prices as of 20 Oct 2026.
Quick Answer
The three power and solar stocks to watch are Waaree Energies, Torrent Power and Tata Power. Their return on equity ranges from 9.5% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.1% to 74.3%. Waaree Energies leads on both return on equity at 25.7% and revenue growth at 74.3% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Power and solar stocks let investors follow how India is adding clean and reliable electricity at the same time. Waaree Energies, Torrent Power and Tata Power cover a leading solar module manufacturer, an integrated utility in Gujarat and a diversified power group with generation, distribution and clean energy interests.
This list covers three power and solar stocks with complete current figures: Waaree Energies, Torrent Power and Tata Power. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Power and Solar Stocks?
Power and solar stocks are listed companies that make solar equipment, generate electricity or distribute it to homes and businesses. Equipment makers depend on installation volumes and order books, while utilities depend on capacity, tariffs and steady consumer demand.
Power and Solar Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Waaree Energies | 2,515 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| Torrent Power | 1,210 | 60,947 | 25.5 | 21.8 | 12.7 | 0.73 |
| Tata Power | 352.25 | 112,332 | 21.4 | 21.8 | 9.5 | 1.93 |
On valuation, Waaree Energies and Tata Power trade at a P/E below the industry P/E, while Torrent Power trades above it, which reflects the growth the market already expects. Readers comparing power and solar stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Power and Solar Stocks Have a Strong Roadmap in India?
Power and solar stocks have a strong roadmap in India because electricity demand is rising quickly and the country has set large targets for renewable capacity.
- Renewable targets. National goals for solar and wind capacity support steady project and equipment orders.
- Rising consumption. Cooling, data centres and manufacturing raise demand for electricity.
- Local manufacturing. Domestic module and cell production is supported by policy incentives.
Why Waaree Energies Features Among These Power and Solar Stocks
Among the power and solar stocks on this list, Waaree Energies is one of India’s largest manufacturers of solar photovoltaic modules, with factories in Gujarat, and it also provides solar project engineering and has expanded into cells and related products.
The company has a return on equity of 25.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 72,290 crore. The stock trades at a P/E of 18.1, below the industry P/E of 43.9.
Revenue rose from Rs 2,951 crore in FY22 to Rs 27,245 crore in FY26, a compound annual growth rate of 74.3%. Net profit grew from Rs 1,274 crore in FY24 to Rs 3,884 crore in FY26, which works out to a compound annual growth rate of 74.6%.
Roadmap: The company is adding module, cell and wafer capacity to build a deeper in-house supply chain, in line with domestic manufacturing incentives and rapid growth in solar installations. A strong order book from domestic and overseas customers supports volumes.
What to watch: Track the commissioning of new cell and module capacity and the order book for the coming quarters.
Why Torrent Power Features Among These Power and Solar Stocks
Among the solar power shares on this list, Torrent Power is an integrated power company in Gujarat that generates, transmits and distributes electricity, with operations in Ahmedabad, Surat and Bhiwandi, and a growing renewable energy portfolio.
Revenue rose from Rs 14,493 crore in FY22 to Rs 29,289 crore in FY26, a compound annual growth rate of 19.2%. Net profit grew from Rs 459 crore in FY22 to Rs 2,469 crore in FY26, which works out to a compound annual growth rate of 52.3%.
In the June 2026 quarter, revenue grew 2.4% year on year to Rs 8,205 crore. The company has a return on equity of 12.7%, a debt to equity ratio of 0.73 and a market capitalisation of Rs 60,947 crore. The stock trades at a P/E of 25.5, above the industry P/E of 21.8.
Roadmap: The company operates a stable distribution franchise and is adding large renewable capacity alongside new thermal and pumped storage projects. Its distribution licences in major cities provide steady cash flows that support these investments.
What to watch: Monitor renewable capacity commissioning and the progress of new generation projects.
Why Tata Power Features Among These Power and Solar Stocks
Among the three companies on this list, Tata Power is one of India’s largest integrated power companies, with generation, transmission, distribution, renewable energy, rooftop solar, solar module manufacturing and electric vehicle charging businesses.
In the June 2026 quarter, revenue grew 5.7% year on year to Rs 19,440 crore, while net profit rose 11.0% to Rs 1,401 crore. Revenue rose from Rs 43,736 crore in FY22 to Rs 64,172 crore in FY26, a compound annual growth rate of 10.1%.
Net profit grew from Rs 2,623 crore in FY22 to Rs 5,118 crore in FY26, which works out to a compound annual growth rate of 18.2%. The company has a return on equity of 9.5%, a debt to equity ratio of 1.93 and a market capitalisation of Rs 112,332 crore. The stock trades at a P/E of 21.4, below the industry P/E of 21.8.
Roadmap: The company is adding large renewable capacity and is investing in cell and module manufacturing, which gives it a position across the clean energy chain. Distribution in several cities and its EV charging network add to its customer base.
What to watch: Follow the pace of renewable and manufacturing capacity additions and the progress of distribution businesses.
Waaree Energies vs Torrent Power vs Tata Power on Key Financials
The table below sets the three power and solar stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Waaree Energies | 2,951 | 27,245 | 74.3% | 3,884 | 14.3% |
| Torrent Power | 14,493 | 29,289 | 19.2% | 2,469 | 8.4% |
| Tata Power | 43,736 | 64,172 | 10.1% | 5,118 | 8.0% |
Waaree Energies posts the highest return on equity in this group at 25.7%. Tata Power has the largest FY26 revenue at Rs 64,172 crore, and Waaree Energies shows the fastest revenue growth with a 74.3% compound annual rate. A useful habit with power and solar stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Power and Solar Stocks
Every theme carries risks that deserve a check before any decision. For these power and solar stocks, the main points are: Long-term solar power shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Project timelines. Delays in land, approvals or grid connection can shift revenue between quarters.
- Tariff decisions. Regulatory tariff orders influence utility earnings.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter power and solar stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Power and Solar Stocks
Power and solar stocks reward investors who watch capacity additions, order books and tariff trends. Waaree Energies, Torrent Power and Tata Power each benefit from the same demand trend through a different business model. Based on the 20 October 2026 close, Waaree Energies trades at Rs 2,515, Torrent Power at Rs 1,210 and Tata Power at Rs 352.25.
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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).
What are power and solar stocks?
Ans. Power and solar stocks are listed companies that make solar equipment, generate electricity or distribute it to homes and businesses. Equipment makers depend on installation volumes and order books, while utilities depend on capacity, tariffs and steady consumer demand. This list looks at three of them, Waaree Energies, Torrent Power and Tata Power, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which power and solar stocks are covered in this list?
Ans. This list covers Waaree Energies, Torrent Power and Tata Power. Based on the 20 October 2026 close, Waaree Energies traded at Rs 2,515, Torrent Power at Rs 1,210 and Tata Power at Rs 352.25. Their return on equity ranges from 9.5% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.1% to 74.3%.
Why do power and solar stocks have a strong future roadmap in India?
Ans. Power and solar stocks have a strong roadmap in India because electricity demand is rising quickly and the country has set large targets for renewable capacity. The main drivers are as follows. Renewable targets. National goals for solar and wind capacity support steady project and equipment orders. Rising consumption. Cooling, data centres and manufacturing raise demand for electricity. Local manufacturing. Domestic module and cell production is supported by policy incentives. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Waaree Energies performed financially?
Ans. Revenue rose from Rs 2,951 crore in FY22 to Rs 27,245 crore in FY26, a compound annual growth rate of 74.3%. Net profit grew from Rs 1,274 crore in FY24 to Rs 3,884 crore in FY26, which works out to a compound annual growth rate of 74.6%. The company has a return on equity of 25.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 72,290 crore. The stock trades at a P/E of 18.1, below the industry P/E of 43.9. Looking ahead, the company is adding module, cell and wafer capacity to build a deeper in-house supply chain, in line with domestic manufacturing incentives and rapid growth in solar installations. A strong order book from domestic and overseas customers supports volumes.
How has Torrent Power performed financially?
Ans. Revenue rose from Rs 14,493 crore in FY22 to Rs 29,289 crore in FY26, a compound annual growth rate of 19.2%. Net profit grew from Rs 459 crore in FY22 to Rs 2,469 crore in FY26, which works out to a compound annual growth rate of 52.3%. In the June 2026 quarter, revenue grew 2.4% year on year to Rs 8,205 crore. The company has a return on equity of 12.7%, a debt to equity ratio of 0.73 and a market capitalisation of Rs 60,947 crore. The stock trades at a P/E of 25.5, above the industry P/E of 21.8. Looking ahead, the company operates a stable distribution franchise and is adding large renewable capacity alongside new thermal and pumped storage projects. Its distribution licences in major cities provide steady cash flows that support these investments.
How has Tata Power performed financially?
Ans. Revenue rose from Rs 43,736 crore in FY22 to Rs 64,172 crore in FY26, a compound annual growth rate of 10.1%. Net profit grew from Rs 2,623 crore in FY22 to Rs 5,118 crore in FY26, which works out to a compound annual growth rate of 18.2%. In the June 2026 quarter, revenue grew 5.7% year on year to Rs 19,440 crore, while net profit rose 11.0% to Rs 1,401 crore. The company has a return on equity of 9.5%, a debt to equity ratio of 1.93 and a market capitalisation of Rs 112,332 crore. The stock trades at a P/E of 21.4, below the industry P/E of 21.8. Looking ahead, the company is adding large renewable capacity and is investing in cell and module manufacturing, which gives it a position across the clean energy chain. Distribution in several cities and its EV charging network add to its customer base.
What risks should investors check before buying power and solar stocks?
Ans. Investors should check a few risks before buying power and solar stocks. Project timelines. Delays in land, approvals or grid connection can shift revenue between quarters. Tariff decisions. Regulatory tariff orders influence utility earnings. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of power and solar stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
