3 Wind Turbine Maker, Integrated Utility and Transmission Builder Stocks With a Strong Future Roadmap: Suzlon Energy, Torrent Power and Techno Electric & Engineering Company
- October 22, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Suzlon Energy, Torrent Power and Techno Electric & Engineering Company: ROE of 11.4% to 33.4% and FY22 to FY26 revenue CAGR of 19.2% to 31.0%. Prices as of 21 Oct 2026.
Quick Answer
The three renewable and power infrastructure stocks to watch are Suzlon Energy, Torrent Power and Techno Electric & Engineering Company. Their return on equity ranges from 11.4% to 33.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.2% to 31.0%. Suzlon Energy has the highest return on equity at 33.4%, while Techno Electric & Engineering Company has the fastest revenue growth at 31.0% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Renewable and power infrastructure stocks let investors follow companies that build, own and operate the assets behind India’s rising power demand. Suzlon Energy, Torrent Power and Techno Electric & Engineering Company cover wind turbines, an integrated utility and a transmission and data centre builder.
This list covers three renewable and power infrastructure stocks with complete current figures: Suzlon Energy, Torrent Power and Techno Electric & Engineering Company. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Renewable and Power Infrastructure Stocks?
Renewable and power infrastructure stocks are listed companies that make wind turbines, generate and distribute electricity or build transmission networks. Their earnings depend on order books, capacity additions and regulated returns.
Renewable and Power Infrastructure Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Suzlon Energy | 39.4 | 55,008 | 17.5 | 43.9 | 33.4 | 0.06 |
| Torrent Power | 1,181.9 | 60,947 | 25.5 | 21.8 | 12.7 | 0.73 |
| Techno Electric & Engineering Company | 885.7 | 10,943 | 25.4 | 22.7 | 11.4 | 0.02 |
On valuation, Suzlon Energy trades at a P/E below the industry P/E, while Torrent Power and Techno Electric & Engineering Company trade above it, which reflects the growth the market already expects. Readers comparing renewable and power infrastructure stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Renewable and Power Infrastructure Stocks Have a Strong Roadmap in India?
Renewable and power infrastructure stocks have a strong roadmap in India because electricity demand is growing, renewable capacity targets are rising and networks need large investment to carry the extra load.
- Rising power demand. Homes, industry and data centres use more electricity each year.
- Renewable targets. New wind and solar projects create orders and assets.
- Network investment. Transmission upgrades create steady project work.
Why Suzlon Energy Features Among These Renewable and Power Infrastructure Stocks
Among the renewable and power infrastructure stocks on this list, Suzlon Energy is a wind turbine maker with manufacturing and service operations across India, supplying turbines for utility, independent power producer and corporate customers and servicing a large installed base.
Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%.
In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore. The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P/E of 17.5, below the industry P/E of 43.9.
Roadmap: The company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.
What to watch: Check order book conversion to revenue and the pace of turbine deliveries each quarter.
Why Torrent Power Features Among These Renewable and Power Infrastructure Stocks
Among the wind turbine and utility 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.
In the June 2026 quarter, revenue grew 2.4% year on year to Rs 8,205 crore. 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%. 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 Techno Electric & Engineering Company Features Among These Renewable and Power Infrastructure Stocks
Among the three companies on this list, Techno Electric & Engineering Company builds power transmission and distribution infrastructure and also owns and operates wind power assets and data centre capacity.
The company has a return on equity of 11.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 10,943 crore. The stock trades at a P/E of 25.4, above the industry P/E of 22.7.
Revenue rose from Rs 1,154 crore in FY22 to Rs 3,401 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 239 crore in FY22 to Rs 449 crore in FY26, which works out to a compound annual growth rate of 17.0%. In the June 2026 quarter, revenue grew 14.8% year on year to Rs 659 crore.
Roadmap: Strong demand for transmission networks and substations supports its engineering order book, while a new data centre platform opens a second growth path. Its operating wind assets add recurring cash flow.
What to watch: Watch the build-out of data centre capacity and the timing of large transmission orders.
Suzlon Energy vs Torrent Power vs Techno Electric & Engineering Company on Key Financials
The table below sets the three renewable and power infrastructure 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 |
|---|---|---|---|---|---|
| Suzlon Energy | 6,604 | 16,842 | 26.4% | 3,163 | 18.8% |
| Torrent Power | 14,493 | 29,289 | 19.2% | 2,469 | 8.4% |
| Techno Electric & Engineering Company | 1,154 | 3,401 | 31.0% | 449 | 13.2% |
Suzlon Energy posts the highest return on equity in this group at 33.4%. Torrent Power has the largest FY26 revenue at Rs 29,289 crore, and Techno Electric & Engineering Company shows the fastest revenue growth with a 31.0% compound annual rate. A useful habit with renewable and power infrastructure stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Suzlon Energy | 3,165 | 3,863 | 22.0% |
| Torrent Power | 8,011 | 8,205 | 2.4% |
| Techno Electric & Engineering Company | 574 | 659 | 14.8% |
Key Risks to Check Before Investing in Renewable and Power Infrastructure Stocks
Every theme carries risks that deserve a check before any decision. For these renewable and power infrastructure stocks, the main points are: Long-term wind turbine and utility shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Regulatory decisions. Tariff orders shape the returns of utility businesses.
- Project timelines. Large power projects can take longer than planned.
- 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 renewable and power infrastructure stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Renewable and Power Infrastructure Stocks
Renewable and power infrastructure stocks reward investors who follow order books, capacity additions and network spending together. Suzlon Energy, Torrent Power and Techno Electric & Engineering Company each tap India’s rising demand for power. Based on the 21 October 2026 close, Suzlon Energy trades at Rs 39.4, Torrent Power at Rs 1,181.9 and Techno Electric & Engineering Company at Rs 885.7. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these renewable and power infrastructure stocks to a watchlist.
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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 renewable and power infrastructure stocks?
Ans. Renewable and power infrastructure stocks are listed companies that make wind turbines, generate and distribute electricity or build transmission networks. Their earnings depend on order books, capacity additions and regulated returns. This list looks at three of them, Suzlon Energy, Torrent Power and Techno Electric & Engineering Company, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which renewable and power infrastructure stocks are covered in this list?
Ans. This list covers Suzlon Energy, Torrent Power and Techno Electric & Engineering Company. Based on the 21 October 2026 close, Suzlon Energy traded at Rs 39.4, Torrent Power at Rs 1,181.9 and Techno Electric & Engineering Company at Rs 885.7. Their return on equity ranges from 11.4% to 33.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.2% to 31.0%.
Why do renewable and power infrastructure stocks have a strong future roadmap in India?
Ans. Renewable and power infrastructure stocks have a strong roadmap in India because electricity demand is growing, renewable capacity targets are rising and networks need large investment to carry the extra load. The main drivers are as follows. Rising power demand. Homes, industry and data centres use more electricity each year. Renewable targets. New wind and solar projects create orders and assets. Network investment. Transmission upgrades create steady project work. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Suzlon Energy performed financially?
Ans. Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%. In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore. The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P/E of 17.5, below the industry P/E of 43.9. Looking ahead, the company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.
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 Techno Electric & Engineering Company performed financially?
Ans. Revenue rose from Rs 1,154 crore in FY22 to Rs 3,401 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 239 crore in FY22 to Rs 449 crore in FY26, which works out to a compound annual growth rate of 17.0%. In the June 2026 quarter, revenue grew 14.8% year on year to Rs 659 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 10,943 crore. The stock trades at a P/E of 25.4, above the industry P/E of 22.7. Looking ahead, strong demand for transmission networks and substations supports its engineering order book, while a new data centre platform opens a second growth path. Its operating wind assets add recurring cash flow.
What risks should investors check before buying renewable and power infrastructure stocks?
Ans. Investors should check a few risks before buying renewable and power infrastructure stocks. Regulatory decisions. Tariff orders shape the returns of utility businesses. Project timelines. Large power projects can take longer than planned. 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 renewable and power infrastructure stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 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.
