3 Solar Module Manufacturer, Large Solar Cell and Module Producer and Home Electricals Brand Stocks With a Strong Future Roadmap: Saatvik Green Energy, Waaree Energies and V-Guard Industries
- October 29, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Saatvik Green Energy, Waaree Energies and V-Guard Industries: ROE of 13.0% to 26.2% and FY22 to FY26 revenue CAGR of 14.3% to 74.3%. Prices as of 28 Oct 2026.
Quick Answer
The three solar modules, solar cells and home electricals to watch are Saatvik Green Energy, Waaree Energies and V-Guard Industries. Their return on equity ranges from 13.0% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.3% to 74.3%. Saatvik Green Energy has the highest return on equity at 26.2%, while Waaree Energies has the fastest revenue growth at 74.3% a year. Prices are based on the 28 October 2026 close, and this article is educational, not investment advice.
Solar modules, solar cells and home electricals offer a focused view of a sector where demand keeps widening. Saatvik Green Energy, Waaree Energies and V-Guard Industries cover a solar module manufacturer, a large solar cell and module producer and a home electricals brand.
This list covers three solar modules, solar cells and home electricals with complete current figures: Saatvik Green Energy, Waaree Energies and V-Guard Industries. Every figure comes from the latest reported financials and the 28 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Solar Modules, Solar Cells and Home Electricals?
Solar modules, solar cells and home electricals are listed companies that make solar modules and cells for utility and rooftop projects and sell stabilisers, wires, pumps, fans and solar water heaters to households. Their earnings depend on solar installations, order books and consumer demand.
Solar Modules, Solar Cells and Home Electricals 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 |
| Waaree Energies | 2,238 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| V-Guard Industries | 264 | 12,446 | 34.1 | 43.9 | 13.0 | 0.07 |
On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing solar modules, solar cells and home electricals should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Solar Modules, Solar Cells and Home Electricals Have a Strong Roadmap in India?
Solar modules, solar cells and home electricals have a strong roadmap in India because large solar capacity targets, local manufacturing support and steady household demand for electricals keep widening the market for these solar manufacturing and electrical companies.
- Solar capacity. New plants and rooftops need modules.
- Local cells. Domestic cell making supports supply.
- Home electricals. Households buy pumps, wires and fans.
Why Saatvik Green Energy Features Among These Solar Modules, Solar Cells and Home Electricals
Among the solar modules, solar cells and home electricals 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 Waaree Energies Features Among These Solar Modules, Solar Cells and Home Electricals
Among the solar manufacturing and electrical brand 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 V-Guard Industries Features Among These Solar Modules, Solar Cells and Home Electricals
Among the three companies on this list, V-Guard Industries is a Kochi-based consumer electricals company that makes voltage stabilisers, inverters, water heaters, fans, kitchen appliances, wires and cables, and solar water heaters.
Revenue rose from Rs 3,511 crore in FY22 to Rs 5,989 crore in FY26, a compound annual growth rate of 14.3%. Net profit grew from Rs 228 crore in FY22 to Rs 308 crore in FY26, which works out to a compound annual growth rate of 7.8%.
In the June 2026 quarter, revenue grew 23.9% year on year to Rs 1,822 crore, while net profit rose 76.4% to Rs 130 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 12,446 crore. The stock trades at a P/E of 34.1, below the industry P/E of 43.9.
Roadmap: The company is widening its distribution beyond South India and growing newer categories such as kitchen appliances and cables. Strong brand recall and a growing dealer network support sales across its product basket.
What to watch: Check growth outside South India and the contribution of newer product categories.
Saatvik Green Energy vs Waaree Energies vs V-Guard Industries on Key Financials
The table below sets the three solar modules, solar cells and home electricals 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% |
| Waaree Energies | 2,951 | 27,245 | 74.3% | 3,884 | 14.3% |
| V-Guard Industries | 3,511 | 5,989 | 14.3% | 308 | 5.1% |
Saatvik Green Energy posts the highest return on equity in this group at 26.2%. 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 solar modules, solar cells and home electricals is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Solar Modules, Solar Cells and Home Electricals
Every theme carries risks that deserve a check before any decision. For these solar modules, solar cells and home electricals, the main points are: Long-term solar manufacturing and electrical brand shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project awards can shift between periods.
- Input costs. Metal and material prices can move margins.
- Competition. Rivals can influence pricing and market share.
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 modules, solar cells and home electricals by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar Modules, Solar Cells and Home Electricals
Solar modules, solar cells and home electricals reward patient research into demand, execution and financial strength. Saatvik Green Energy, Waaree Energies and V-Guard Industries each have a clear plan to grow. Based on the 28 October 2026 close, Saatvik Green Energy trades at Rs 349.25, Waaree Energies at Rs 2,238 and V-Guard Industries at Rs 264.
Download the Univest iOS App or Univest Android App to track solar modules, solar cells and home electricals, set price alerts and get research-backed stock ideas.
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 modules, solar cells and home electricals?
Ans. Solar modules, solar cells and home electricals are listed companies that make solar modules and cells for utility and rooftop projects and sell stabilisers, wires, pumps, fans and solar water heaters to households. Their earnings depend on solar installations, order books and consumer demand. This list looks at three of them, Saatvik Green Energy, Waaree Energies and V-Guard Industries, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.
Which solar modules, solar cells and home electricals are covered in this list?
Ans. This list covers Saatvik Green Energy, Waaree Energies and V-Guard Industries. Based on the 28 October 2026 close, Saatvik Green Energy traded at Rs 349.25, Waaree Energies at Rs 2,238 and V-Guard Industries at Rs 264. Their return on equity ranges from 13.0% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.3% to 74.3%.
Why do solar modules, solar cells and home electricals have a strong future roadmap in India?
Ans. Solar modules, solar cells and home electricals have a strong roadmap in India because large solar capacity targets, local manufacturing support and steady household demand for electricals keep widening the market for these solar manufacturing and electrical companies. The main drivers are as follows. Solar capacity. New plants and rooftops need modules. Local cells. Domestic cell making supports supply. Home electricals. Households buy pumps, wires and fans. 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 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 V-Guard Industries performed financially?
Ans. Revenue rose from Rs 3,511 crore in FY22 to Rs 5,989 crore in FY26, a compound annual growth rate of 14.3%. Net profit grew from Rs 228 crore in FY22 to Rs 308 crore in FY26, which works out to a compound annual growth rate of 7.8%. In the June 2026 quarter, revenue grew 23.9% year on year to Rs 1,822 crore, while net profit rose 76.4% to Rs 130 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 12,446 crore. The stock trades at a P/E of 34.1, below the industry P/E of 43.9. Looking ahead, the company is widening its distribution beyond South India and growing newer categories such as kitchen appliances and cables. Strong brand recall and a growing dealer network support sales across its product basket.
What risks should investors check before buying solar modules, solar cells and home electricals?
Ans. Investors should check a few risks before buying solar modules, solar cells and home electricals. Order timing. Project awards can shift between periods. Input costs. Metal and material prices can move margins. Competition. Rivals can influence pricing and market share. 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 modules, solar cells and home electricals investment advice?
Ans. No. This article is educational and uses publicly available data as of the 28 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.