3 Solar Module and Cell Manufacturer, Turbine Generator Maker and City Gas Distributor Stocks With a Strong Future Roadmap: Saatvik Green Energy, TD Power Systems and Indraprastha Gas
- October 29, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Saatvik Green Energy, TD Power Systems and Indraprastha Gas: ROE of 13.5% to 26.2% and FY22 to FY26 revenue CAGR of 20.3% to 65.1%. Prices as of 28 Oct 2026.
Quick Answer
The three solar, generator and city gas stocks to watch are Saatvik Green Energy, TD Power Systems and Indraprastha Gas. Their return on equity ranges from 13.5% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 20.3% 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 28 October 2026 close, and this article is educational, not investment advice.
Solar, generator and city gas stocks bring together companies with a visible plan for the years ahead. Saatvik Green Energy, TD Power Systems and Indraprastha Gas cover a solar module and cell manufacturer, a turbine generator maker and a city gas distributor.
This list covers three solar, generator and city gas stocks with complete current figures: Saatvik Green Energy, TD Power Systems and Indraprastha Gas. 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 Solar, Generator and City Gas Stocks?
Solar, generator and city gas stocks are listed companies that make solar modules and cells, build generators for steam, gas, hydro and wind turbines, and distribute compressed natural gas to vehicles and piped gas to homes and industry. Their earnings depend on project orders, gas volumes and policy support.
Solar, Generator and City Gas 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 |
| TD Power Systems | 718.65 | 23,639 | 86.0 | 43.9 | 22.3 | 0.02 |
| Indraprastha Gas | 140.66 | 19,943 | 14.7 | 14.3 | 13.5 | 0.01 |
On valuation, Saatvik Green Energy trades at a P/E below the industry P/E, while TD Power Systems and Indraprastha Gas trade above it, which reflects the growth the market already expects. Readers comparing solar, generator and city gas stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Solar, Generator and City Gas Stocks Have a Strong Roadmap in India?
Solar, generator and city gas stocks have a strong roadmap in India because a large push for solar capacity, new power plants and a shift toward cleaner fuels in cities keep widening the market for these energy companies.
- Solar build out. Large solar plans need modules and cells.
- Equipment orders. New plants need generators and turbines.
- Cleaner fuel. Cities add gas connections for vehicles and homes.
Why Saatvik Green Energy Features Among These Solar, Generator and City Gas Stocks
Among the solar, generator and city gas 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 TD Power Systems Features Among These Solar, Generator and City Gas Stocks
Among the clean power shares 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 Indraprastha Gas Features Among These Solar, Generator and City Gas Stocks
Among the three companies on this list, Indraprastha Gas distributes compressed natural gas to vehicles and piped natural gas to homes, businesses and industries in Delhi NCR and other licensed regions.
The company has a return on equity of 13.5%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 19,943 crore. The stock trades at a P/E of 14.7, above the industry P/E of 14.3.
Revenue rose from Rs 7,887 crore in FY22 to Rs 16,541 crore in FY26, a compound annual growth rate of 20.3%. Net profit for FY26 was Rs 1,544 crore, a net margin of 9.3%. In the June 2026 quarter, revenue grew 16.5% year on year to Rs 5,145 crore.
Roadmap: The company benefits from growing use of cleaner fuel in vehicles and homes and from new geographic areas it serves. A growing station network and household connections add to volumes.
What to watch: Track gas volumes, new station additions and input gas costs.
Saatvik Green Energy vs TD Power Systems vs Indraprastha Gas on Key Financials
The table below sets the three solar, generator and city gas 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% |
| TD Power Systems | 814 | 1,878 | 23.2% | 239 | 12.7% |
| Indraprastha Gas | 7,887 | 16,541 | 20.3% | 1,544 | 9.3% |
Saatvik Green Energy posts the highest return on equity in this group at 26.2%. Indraprastha Gas has the largest FY26 revenue at Rs 16,541 crore, and Saatvik Green Energy shows the fastest revenue growth with a 65.1% compound annual rate. A useful habit with solar, generator and city gas stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Solar, Generator and City Gas Stocks
Every theme carries risks that deserve a check before any decision. For these solar, generator and city gas stocks, the main points are:
- 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 solar, generator and city gas stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar, Generator and City Gas Stocks
Solar, generator and city gas stocks suit investors who prefer to study business strength before price moves. Saatvik Green Energy, TD Power Systems and Indraprastha Gas each have a clear plan to grow. Based on the 28 October 2026 close, Saatvik Green Energy trades at Rs 349.25, TD Power Systems at Rs 718.65 and Indraprastha Gas at Rs 140.66.
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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, generator and city gas stocks?
Ans. Solar, generator and city gas stocks are listed companies that make solar modules and cells, build generators for steam, gas, hydro and wind turbines, and distribute compressed natural gas to vehicles and piped gas to homes and industry. Their earnings depend on project orders, gas volumes and policy support. This list looks at three of them, Saatvik Green Energy, TD Power Systems and Indraprastha Gas, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.
Which solar, generator and city gas stocks are covered in this list?
Ans. This list covers Saatvik Green Energy, TD Power Systems and Indraprastha Gas. Based on the 28 October 2026 close, Saatvik Green Energy traded at Rs 349.25, TD Power Systems at Rs 718.65 and Indraprastha Gas at Rs 140.66. Their return on equity ranges from 13.5% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 20.3% to 65.1%.
Why do solar, generator and city gas stocks have a strong future roadmap in India?
Ans. Solar, generator and city gas stocks have a strong roadmap in India because a large push for solar capacity, new power plants and a shift toward cleaner fuels in cities keep widening the market for these energy companies. The main drivers are as follows. Solar build out. Large solar plans need modules and cells. Equipment orders. New plants need generators and turbines. Cleaner fuel. Cities add gas connections for vehicles and homes. 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 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 Indraprastha Gas performed financially?
Ans. Revenue rose from Rs 7,887 crore in FY22 to Rs 16,541 crore in FY26, a compound annual growth rate of 20.3%. Net profit for FY26 was Rs 1,544 crore, a net margin of 9.3%. In the June 2026 quarter, revenue grew 16.5% year on year to Rs 5,145 crore. The company has a return on equity of 13.5%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 19,943 crore. The stock trades at a P/E of 14.7, above the industry P/E of 14.3. Looking ahead, the company benefits from growing use of cleaner fuel in vehicles and homes and from new geographic areas it serves. A growing station network and household connections add to volumes.
What risks should investors check before buying solar, generator and city gas stocks?
Ans. Investors should check a few risks before buying solar, generator and city gas 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 solar, generator and city gas 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.
