3 Solar Module Producer, Transformer Manufacturer and Energy Solutions Provider Stocks With a Strong Future Roadmap: Saatvik Green Energy, Atlanta Electricals and Thermax
- October 29, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Saatvik Green Energy, Atlanta Electricals and Thermax: ROE of 13.0% to 26.2% and FY22 to FY26 revenue CAGR of 15.3% to 65.1%. Prices as of 27 Oct 2026.
Quick Answer
The three solar module, transformer and boiler stocks to watch are Saatvik Green Energy, Atlanta Electricals and Thermax. Their return on equity ranges from 13.0% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 65.1%. Saatvik Green Energy leads on both return on equity at 26.2% and revenue growth at 65.1% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Solar module, transformer and boiler stocks offer a focused view of a sector where demand keeps widening. Saatvik Green Energy, Atlanta Electricals and Thermax cover a solar module producer, a transformer manufacturer and an energy solutions provider.
This list covers three solar module, transformer and boiler stocks with complete current figures: Saatvik Green Energy, Atlanta Electricals 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 Solar Module, Transformer and Boiler Stocks?
Solar module, transformer and boiler stocks are listed companies that make solar photovoltaic modules and cells, manufacture power and distribution transformers and supply boilers, cooling systems and pollution control equipment to industry. Their earnings depend on project orders, capacity use and policy support.
Solar Module, Transformer and Boiler Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Saatvik Green Energy | 349.25 | 4,934 | 20.1 | 43.9 | 26.2 | 0.69 |
| Atlanta Electricals | 1,637.5 | 12,995 | 59.8 | 43.9 | 21.7 | 0.05 |
| Thermax | 3,180.5 | 38,542 | 65.2 | 43.9 | 13.0 | 0.42 |
On valuation, Saatvik Green Energy trades at a P/E below the industry P/E, while Atlanta Electricals and Thermax trade above it, which reflects the growth the market already expects.
Return on equity shows how much profit a company earns on shareholders’ funds, while the debt to equity ratio shows how much borrowing supports the business. Reading the two together gives a fuller picture than either number alone.
Why Do Solar Module, Transformer and Boiler Stocks Have a Strong Roadmap in India?
Solar module, transformer and boiler stocks have a strong roadmap in India because rising electricity needs, solar capacity targets and industrial investment in efficient plants keep widening the order pipeline for energy equipment makers.
- Solar capacity. Local modules serve rising installations.
- Grid upgrades. Utilities add transformers and substations.
- Industrial energy. Factories invest in boilers and cooling.
Why Saatvik Green Energy Features Among These Solar Module, Transformer and Boiler Stocks
Among the solar module, transformer and boiler stocks on this list, Saatvik Green Energy is a Haryana-based manufacturer of solar photovoltaic modules and cells that supplies utility-scale, commercial and rooftop solar projects.
Revenue rose from Rs 618 crore in FY22 to Rs 4,588 crore in FY26, a compound annual growth rate of 65.1%. Net profit grew from Rs 217 crore in FY25 to Rs 357 crore in FY26, a rise of 64.5%.
The company has a return on equity of 26.2%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 4,934 crore. The stock trades at a P/E of 20.1, below the industry P/E of 43.9.
Roadmap: The company is adding module and cell capacity to meet rising demand for locally made solar equipment and is building a more integrated production chain. India’s solar capacity targets support a steady flow of orders.
What to watch: Track capacity additions, order book growth and solar policy support.
Why Atlanta Electricals Features Among These Solar Module, Transformer and Boiler Stocks
Among the solar panels, power transformers and energy solutions shares on this list, Atlanta Electricals, based in Gujarat, manufactures power and distribution transformers and related electrical equipment for utilities and industrial customers.
The company has a return on equity of 21.7%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 12,995 crore. The stock trades at a P/E of 59.8, above the industry P/E of 43.9.
Revenue rose from Rs 597 crore in FY22 to Rs 1,867 crore in FY26, a compound annual growth rate of 33.0%. Net profit grew from Rs 87.5 crore in FY23 to Rs 202 crore in FY26, which works out to a compound annual growth rate of 32.1%. In the June 2026 quarter, revenue grew 47.6% year on year to Rs 469 crore, while net profit rose 50.4% to Rs 46.8 crore.
Roadmap: Transmission and distribution spending, rising electricity demand and renewable power connections keep the transformer order book active. The company is adding capacity to meet this demand and to serve larger customers.
What to watch: Monitor order backlog conversion and the pace of capacity additions.
Why Thermax Features Among These Solar Module, Transformer 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.
Saatvik Green Energy vs Atlanta Electricals vs Thermax on Key Financials
The table below sets the three solar module, transformer 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 |
|---|---|---|---|---|---|
| Saatvik Green Energy | 618 | 4,588 | 65.1% | 357 | 7.8% |
| Atlanta Electricals | 597 | 1,867 | 33.0% | 202 | 10.8% |
| Thermax | 6,255 | 11,041 | 15.3% | 720 | 6.5% |
Saatvik Green Energy posts the highest return on equity in this group at 26.2%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Saatvik Green Energy shows the fastest revenue growth with a 65.1% compound annual rate.
Key Risks to Check Before Investing in Solar Module, Transformer and Boiler Stocks
Every theme carries risks that deserve a check before any decision. For these solar module, transformer 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 solar module, transformer and boiler stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar Module, Transformer and Boiler Stocks
Solar module, transformer and boiler stocks reward patient research into demand, execution and financial strength. Saatvik Green Energy, Atlanta Electricals and Thermax each have a clear plan to expand. Based on the 27 October 2026 close, Saatvik Green Energy trades at Rs 349.25, Atlanta Electricals at Rs 1,637.5 and Thermax at Rs 3,180.5.
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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 solar module, transformer and boiler stocks?
Ans. Solar module, transformer and boiler stocks are listed companies that make solar photovoltaic modules and cells, manufacture power and distribution transformers 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, Saatvik Green Energy, Atlanta Electricals and Thermax, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which solar module, transformer and boiler stocks are covered in this list?
Ans. This list covers Saatvik Green Energy, Atlanta Electricals and Thermax. Based on the 27 October 2026 close, Saatvik Green Energy traded at Rs 349.25, Atlanta Electricals at Rs 1,637.5 and Thermax at Rs 3,180.5. Their return on equity ranges from 13.0% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 65.1%.
Why do solar module, transformer and boiler stocks have a strong future roadmap in India?
Ans. Solar module, transformer and boiler stocks have a strong roadmap in India because rising electricity needs, solar capacity targets and industrial investment in efficient plants keep widening the order pipeline for energy equipment makers. The main drivers are as follows. Solar capacity. Local modules serve rising installations. Grid upgrades. Utilities add transformers and substations. 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 Saatvik Green Energy performed financially?
Ans. Revenue rose from Rs 618 crore in FY22 to Rs 4,588 crore in FY26, a compound annual growth rate of 65.1%. Net profit grew from Rs 217 crore in FY25 to Rs 357 crore in FY26, a rise of 64.5%. The company has a return on equity of 26.2%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 4,934 crore. The stock trades at a P/E of 20.1, below the industry P/E of 43.9. Looking ahead, the company is adding module and cell capacity to meet rising demand for locally made solar equipment and is building a more integrated production chain. India’s solar capacity targets support a steady flow of orders.
How has Atlanta Electricals performed financially?
Ans. Revenue rose from Rs 597 crore in FY22 to Rs 1,867 crore in FY26, a compound annual growth rate of 33.0%. Net profit grew from Rs 87.5 crore in FY23 to Rs 202 crore in FY26, which works out to a compound annual growth rate of 32.1%. In the June 2026 quarter, revenue grew 47.6% year on year to Rs 469 crore, while net profit rose 50.4% to Rs 46.8 crore. The company has a return on equity of 21.7%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 12,995 crore. The stock trades at a P/E of 59.8, above the industry P/E of 43.9. Looking ahead, transmission and distribution spending, rising electricity demand and renewable power connections keep the transformer order book active. The company is adding capacity to meet this demand and to serve larger customers.
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 solar module, transformer and boiler stocks?
Ans. Investors should check a few risks before buying solar module, transformer 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 solar module, transformer 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.
