3 Turbine Generator Maker, Solar Module Manufacturer and Energy Solutions Provider Stocks With a Strong Future Roadmap: TD Power Systems, Waaree Energies and Thermax
- October 28, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
TD Power Systems, Waaree Energies and Thermax: ROE of 13.0% to 25.7% and FY22 to FY26 revenue CAGR of 15.3% to 74.3%. Prices as of 27 Oct 2026.
Quick Answer
The three generator, solar module and boiler stocks to watch are TD Power Systems, Waaree Energies and Thermax. Their return on equity ranges from 13.0% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% 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 27 October 2026 close, and this article is educational, not investment advice.
Generator, solar module and boiler stocks let investors follow companies that serve a growing part of the Indian economy. TD Power Systems, Waaree Energies and Thermax cover a turbine generator maker, a solar module manufacturer and an energy solutions provider.
This list covers three generator, solar module and boiler stocks with complete current figures: TD Power Systems, Waaree Energies and Thermax. Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.
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What Are Generator, Solar Module and Boiler Stocks?
Generator, solar module and boiler stocks are listed companies that make generators for steam, gas, hydro and wind turbines, produce solar photovoltaic modules and supply boilers, cooling systems and pollution control equipment to industry. Their earnings depend on project orders, capacity use and policy support.
Generator, Solar Module and Boiler Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| TD Power Systems | 687.2 | 23,639 | 86.0 | 43.9 | 22.3 | 0.02 |
| Waaree Energies | 2,275 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| Thermax | 3,153.3 | 38,542 | 65.2 | 43.9 | 13.0 | 0.42 |
On valuation, Waaree Energies trades at a P/E below the industry P/E, while TD Power Systems and Thermax trade above it, which reflects the growth the market already expects. Readers comparing generator, solar module and boiler stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Generator, Solar Module and Boiler Stocks Have a Strong Roadmap in India?
Generator, solar module and boiler stocks have a strong roadmap in India because rising electricity needs, a push toward solar and wind power and industrial investment in efficient plants keep widening the order pipeline for energy equipment makers.
- Power generation. Turbine makers need generators for new plants.
- Solar capacity. Local modules serve rising installations.
- Industrial energy. Factories invest in boilers and cooling.
Why TD Power Systems Features Among These Generator, Solar Module and Boiler Stocks
Among the generator, solar module and boiler stocks on this list, TD Power Systems, based in Bengaluru, manufactures generators for steam, gas, hydro and wind turbines and serves customers in India and overseas.
Revenue rose from Rs 814 crore in FY22 to Rs 1,878 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 70.5 crore in FY22 to Rs 239 crore in FY26, which works out to a compound annual growth rate of 35.7%.
The company has a return on equity of 22.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 23,639 crore. The stock trades at a P/E of 86.0, above the industry P/E of 43.9.
Roadmap: The company is expanding capacity to meet demand from power producers, industrial users and data centre backup, with a large share of orders coming from exports. Its design capability for large-rated machines allows it to compete in higher-value segments.
What to watch: Follow export order inflows and capacity utilisation at the new facilities.
Why Waaree Energies Features Among These Generator, Solar Module and Boiler Stocks
Among the generators, solar panels and boiler shares 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 Thermax Features Among These Generator, Solar Module and Boiler Stocks
Among the three companies on this list, Thermax provides energy and environment solutions, including boilers, cooling systems, air pollution control and water treatment, to industries in India and overseas.
Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%.
In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9.
Roadmap: The company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.
What to watch: Track order inflows, industrial capital spending and progress in cleaner energy products.
TD Power Systems vs Waaree Energies vs Thermax on Key Financials
The table below sets the three generator, solar module and boiler 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 |
|---|---|---|---|---|---|
| TD Power Systems | 814 | 1,878 | 23.2% | 239 | 12.7% |
| Waaree Energies | 2,951 | 27,245 | 74.3% | 3,884 | 14.3% |
| Thermax | 6,255 | 11,041 | 15.3% | 720 | 6.5% |
Waaree Energies posts the highest return on equity in this group at 25.7%. Waaree Energies combines the largest FY26 revenue at Rs 27,245 crore with the fastest revenue growth, a 74.3% compound annual rate. A useful habit with generator, solar module and boiler stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Generator, Solar Module and Boiler Stocks
Every theme carries risks that deserve a check before any decision. For these generator, solar module and boiler stocks, the main points are:
- Order timing. Project awards can shift between periods.
- Input costs. Metal and material prices can move margins.
- 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 generator, solar module and boiler stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Generator, Solar Module and Boiler Stocks
Generator, solar module and boiler stocks reward investors who follow demand trends, order books and margins together. TD Power Systems, Waaree Energies and Thermax each have a clear plan to expand. Based on the 27 October 2026 close, TD Power Systems trades at Rs 687.2, Waaree Energies at Rs 2,275 and Thermax at Rs 3,153.3.
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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 generator, solar module and boiler stocks?
Ans. Generator, solar module and boiler stocks are listed companies that make generators for steam, gas, hydro and wind turbines, produce solar photovoltaic modules and supply boilers, cooling systems and pollution control equipment to industry. Their earnings depend on project orders, capacity use and policy support. This list looks at three of them, TD Power Systems, Waaree Energies and Thermax, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which generator, solar module and boiler stocks are covered in this list?
Ans. This list covers TD Power Systems, Waaree Energies and Thermax. Based on the 27 October 2026 close, TD Power Systems traded at Rs 687.2, Waaree Energies at Rs 2,275 and Thermax at Rs 3,153.3. Their return on equity ranges from 13.0% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 74.3%.
Why do generator, solar module and boiler stocks have a strong future roadmap in India?
Ans. Generator, solar module and boiler stocks have a strong roadmap in India because rising electricity needs, a push toward solar and wind power and industrial investment in efficient plants keep widening the order pipeline for energy equipment makers. The main drivers are as follows. Power generation. Turbine makers need generators for new plants. Solar capacity. Local modules serve rising installations. Industrial energy. Factories invest in boilers and cooling. Together these factors give the companies on this list a visible path for growth over the coming years.
How has TD Power Systems performed financially?
Ans. Revenue rose from Rs 814 crore in FY22 to Rs 1,878 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 70.5 crore in FY22 to Rs 239 crore in FY26, which works out to a compound annual growth rate of 35.7%. The company has a return on equity of 22.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 23,639 crore. The stock trades at a P/E of 86.0, above the industry P/E of 43.9. Looking ahead, the company is expanding capacity to meet demand from power producers, industrial users and data centre backup, with a large share of orders coming from exports. Its design capability for large-rated machines allows it to compete in higher-value segments.
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 Thermax performed financially?
Ans. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9. Looking ahead, the company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.
What risks should investors check before buying generator, solar module and boiler stocks?
Ans. Investors should check a few risks before buying generator, solar module and boiler stocks. Order timing. Project awards can shift between periods. Input costs. Metal and material prices can move margins. 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 generator, solar module and boiler stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 27 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.
