3 Eastern India Power Distributor, Solar Module Manufacturer and Turbine Generator Maker Stocks With a Strong Future Roadmap: CESC, Emmvee Photovoltaic Power and TD Power Systems
- October 29, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
CESC, Emmvee Photovoltaic Power and TD Power Systems: ROE of 12.3% to 32.3% and FY22 to FY26 revenue CAGR of 10.2% to 73.2%. Prices as of 28 Oct 2026.
Quick Answer
The three power utility, solar module and generator stocks to watch are CESC, Emmvee Photovoltaic Power and TD Power Systems. Their return on equity ranges from 12.3% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.2% to 73.2%. Emmvee Photovoltaic Power leads on both return on equity at 32.3% and revenue growth at 73.2% a year. Prices are based on the 28 October 2026 close, and this article is educational, not investment advice.
Power utility, solar module and generator stocks give investors a way to track businesses that sit close to everyday demand in India. CESC, Emmvee Photovoltaic Power and TD Power Systems cover an eastern India power distributor, a solar module manufacturer and a turbine generator maker.
This list covers three power utility, solar module and generator stocks with complete current figures: CESC, Emmvee Photovoltaic Power and TD Power Systems. Every figure comes from the latest reported financials and the 28 October 2026 market close. Companies without complete current figures were left out.
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What Are Power Utility, Solar Module and Generator Stocks?
Power utility, solar module and generator stocks are listed companies that generate and distribute electricity to cities, make solar photovoltaic modules and cells for utility, commercial and rooftop projects, and build generators for steam, gas, hydro and wind turbines. Their earnings depend on power demand, tariffs and project orders.
Power Utility, Solar Module and Generator Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| CESC | 123.61 | 17,716 | 10.9 | 21.8 | 12.3 | 1.73 |
| Emmvee Photovoltaic Power | 243.75 | 16,672 | 11.8 | 40.7 | 32.3 | 0.25 |
| TD Power Systems | 718.65 | 23,639 | 86.0 | 43.9 | 22.3 | 0.02 |
On valuation, CESC and Emmvee Photovoltaic Power trade at a P/E below the industry P/E, while TD Power Systems trades above it, which reflects the growth the market already expects. Readers comparing power utility, solar module and generator 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 Utility, Solar Module and Generator Stocks Have a Strong Roadmap in India?
Power utility, solar module and generator stocks have a strong roadmap in India because rising electricity use, a large push for solar capacity and new power plants keep widening the market for these power and equipment companies.
- Rising power use. Homes, offices and industry use more electricity every year.
- Solar build out. Large solar plans need modules and cells.
- Equipment orders. New plants need generators and turbines.
Why CESC Features Among These Power Utility, Solar Module and Generator Stocks
Among the power utility, solar module and generator stocks on this list, CESC is a Kolkata-based power company that generates and distributes electricity to Kolkata and Howrah, and it also runs distribution businesses in other states and a growing renewable energy platform through its subsidiary.
The company has a return on equity of 12.3%, a debt to equity ratio of 1.73 and a market capitalisation of Rs 17,716 crore. The stock trades at a P/E of 10.9, below the industry P/E of 21.8.
Revenue rose from Rs 12,827 crore in FY22 to Rs 18,927 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 1,447 crore in FY24 to Rs 1,618 crore in FY26, which works out to a compound annual growth rate of 5.7%. In the June 2026 quarter, revenue grew 5.2% year on year to Rs 5,559 crore, while net profit rose 3.7% to Rs 419 crore.
Roadmap: The company is expanding its renewable portfolio and distribution reach, using a stable city distribution franchise as the base. It also holds retail and other businesses that add diversification.
What to watch: Track renewable capacity addition and the progress of newer distribution franchises.
Why Emmvee Photovoltaic Power Features Among These Power Utility, Solar Module and Generator Stocks
Among the electricity and solar equipment shares on this list, Emmvee Photovoltaic Power is a Bengaluru-based manufacturer of solar photovoltaic modules and solar cells for utility-scale, commercial and rooftop customers.
Revenue rose from Rs 567 crore in FY22 to Rs 5,103 crore in FY26, a compound annual growth rate of 73.2%. Net profit for FY26 was Rs 1,082 crore, a net margin of 21.2%.
The company has a return on equity of 32.3%, a debt to equity ratio of 0.25 and a market capitalisation of Rs 16,672 crore. The stock trades at a P/E of 11.8, below the industry P/E of 40.7.
Roadmap: The company is expanding module and cell capacity to serve India’s rising solar installations and is moving toward a more integrated manufacturing chain. Policy support for locally made solar equipment helps its order flow.
What to watch: Follow capacity commissioning, order inflows and solar policy changes.
Why TD Power Systems Features Among These Power Utility, Solar Module and Generator Stocks
Among the three companies 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.
CESC vs Emmvee Photovoltaic Power vs TD Power Systems on Key Financials
The table below sets the three power utility, solar module and generator 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 |
|---|---|---|---|---|---|
| CESC | 12,827 | 18,927 | 10.2% | 1,618 | 8.5% |
| Emmvee Photovoltaic Power | 567 | 5,103 | 73.2% | 1,082 | 21.2% |
| TD Power Systems | 814 | 1,878 | 23.2% | 239 | 12.7% |
Emmvee Photovoltaic Power posts the highest return on equity in this group at 32.3%. CESC has the largest FY26 revenue at Rs 18,927 crore, and Emmvee Photovoltaic Power shows the fastest revenue growth with a 73.2% compound annual rate. A useful habit with power utility, solar module and generator stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Power Utility, Solar Module and Generator Stocks
Every theme carries risks that deserve a check before any decision. For these power utility, solar module and generator stocks, the main points are: Long-term electricity and solar equipment shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Module prices. Solar equipment prices and policy support can change returns.
- Fuel and power prices. Tariffs and fuel costs can influence 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 utility, solar module and generator stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Power Utility, Solar Module and Generator Stocks
Power utility, solar module and generator stocks work best when investors track growth, valuation and return on equity side by side. CESC, Emmvee Photovoltaic Power and TD Power Systems each have a clear plan to grow. Based on the 28 October 2026 close, CESC trades at Rs 123.61, Emmvee Photovoltaic Power at Rs 243.75 and TD Power Systems at Rs 718.65. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these power utility, solar module and generator 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 power utility, solar module and generator stocks?
Ans. Power utility, solar module and generator stocks are listed companies that generate and distribute electricity to cities, make solar photovoltaic modules and cells for utility, commercial and rooftop projects, and build generators for steam, gas, hydro and wind turbines. Their earnings depend on power demand, tariffs and project orders. This list looks at three of them, CESC, Emmvee Photovoltaic Power and TD Power Systems, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.
Which power utility, solar module and generator stocks are covered in this list?
Ans. This list covers CESC, Emmvee Photovoltaic Power and TD Power Systems. Based on the 28 October 2026 close, CESC traded at Rs 123.61, Emmvee Photovoltaic Power at Rs 243.75 and TD Power Systems at Rs 718.65. Their return on equity ranges from 12.3% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.2% to 73.2%.
Why do power utility, solar module and generator stocks have a strong future roadmap in India?
Ans. Power utility, solar module and generator stocks have a strong roadmap in India because rising electricity use, a large push for solar capacity and new power plants keep widening the market for these power and equipment companies. The main drivers are as follows. Rising power use. Homes, offices and industry use more electricity every year. Solar build out. Large solar plans need modules and cells. Equipment orders. New plants need generators and turbines. Together these factors give the companies on this list a visible path for growth over the coming years.
How has CESC performed financially?
Ans. Revenue rose from Rs 12,827 crore in FY22 to Rs 18,927 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 1,447 crore in FY24 to Rs 1,618 crore in FY26, which works out to a compound annual growth rate of 5.7%. In the June 2026 quarter, revenue grew 5.2% year on year to Rs 5,559 crore, while net profit rose 3.7% to Rs 419 crore. The company has a return on equity of 12.3%, a debt to equity ratio of 1.73 and a market capitalisation of Rs 17,716 crore. The stock trades at a P/E of 10.9, below the industry P/E of 21.8. Looking ahead, the company is expanding its renewable portfolio and distribution reach, using a stable city distribution franchise as the base. It also holds retail and other businesses that add diversification.
How has Emmvee Photovoltaic Power performed financially?
Ans. Revenue rose from Rs 567 crore in FY22 to Rs 5,103 crore in FY26, a compound annual growth rate of 73.2%. Net profit for FY26 was Rs 1,082 crore, a net margin of 21.2%. The company has a return on equity of 32.3%, a debt to equity ratio of 0.25 and a market capitalisation of Rs 16,672 crore. The stock trades at a P/E of 11.8, below the industry P/E of 40.7. Looking ahead, the company is expanding module and cell capacity to serve India’s rising solar installations and is moving toward a more integrated manufacturing chain. Policy support for locally made solar equipment helps its order flow.
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.
What risks should investors check before buying power utility, solar module and generator stocks?
Ans. Investors should check a few risks before buying power utility, solar module and generator stocks. Module prices. Solar equipment prices and policy support can change returns. Fuel and power prices. Tariffs and fuel costs can influence 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 utility, solar module and generator stocks 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.
