3 Solar Modules and Cells Maker, Largest Crude Oil and Gas Producer and Refiner and Fuel Marketer Stocks With a Strong Future Roadmap: Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum
- October 30, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum: ROE of 11.1% to 32.3% and FY22 to FY26 revenue CAGR of 5.6% to 73.2%. Prices as of 29 Oct 2026.
Quick Answer
The three solar module, oil producer and fuel stocks to watch are Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum. Their return on equity ranges from 11.1% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.6% 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 29 October 2026 close, and this article is educational, not investment advice.
Solar module, oil producer and fuel stocks give investors a way to track businesses that sit close to everyday demand in India. Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum cover a solar modules and cells maker, the largest crude oil and gas producer and a refiner and fuel marketer.
This list covers three solar module, oil producer and fuel stocks with complete current figures: Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum. Every figure comes from the latest reported financials and the 29 October 2026 market close. Companies without complete current figures were left out.
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What Are Solar Module, Oil Producer and Fuel Stocks?
Solar module, oil producer and fuel stocks are listed companies that make solar modules and cells for utility and rooftop projects, produce crude oil and natural gas from domestic basins and refine and sell petrol, diesel and cooking gas. Their earnings depend on energy demand, prices and refining margins.
Solar Module, Oil Producer and Fuel Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Emmvee Photovoltaic Power | 243.7 | 16,672 | 11.8 | 40.7 | 32.3 | 0.25 |
| Oil and Natural Gas Corporation | 225.79 | 282,679 | 6.3 | 7.2 | 11.1 | 0.47 |
| Bharat Petroleum | 289.2 | 128,116 | 8.1 | 15.4 | 15.6 | 0.62 |
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 module, oil producer and fuel 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 Module, Oil Producer and Fuel Stocks Have a Strong Roadmap in India?
Solar module, oil producer and fuel stocks have a strong roadmap in India because rising energy needs, new solar capacity and a growing vehicle base keep widening the market for these energy companies.
- Energy demand. Power and fuel use rises with the economy.
- Solar build out. Utility and rooftop projects need modules.
- Wide networks. Fuel outlets reach millions of customers.
Why Emmvee Photovoltaic Power Features Among These Solar Module, Oil Producer and Fuel Stocks
Among the solar module, oil producer and fuel stocks 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.
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.
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%.
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 Oil and Natural Gas Corporation Features Among These Solar Module, Oil Producer and Fuel Stocks
Among the energy mix shares on this list, Oil and Natural Gas Corporation is India’s largest producer of crude oil and natural gas, with operations in domestic basins and overseas assets. It also has interests in refining, petrochemicals and gas through group companies.
Revenue rose from Rs 498,738 crore in FY22 to Rs 621,019 crore in FY26, a compound annual growth rate of 5.6%. Net profit grew from Rs 32,778 crore in FY23 to Rs 49,793 crore in FY26, which works out to a compound annual growth rate of 15.0%.
In the June 2026 quarter, revenue grew 25.5% year on year to Rs 207,776 crore. The company has a return on equity of 11.1%, a debt to equity ratio of 0.47 and a market capitalisation of Rs 282,679 crore. The stock trades at a P/E of 6.3, below the industry P/E of 7.2.
Roadmap: The company is investing in new wells, deepwater projects and field redevelopment to raise output, and it is entering new energy areas such as gas and renewables. Its large reserve base supports long-term production.
What to watch: Follow production volumes, new field start-ups and realisations.
Why Bharat Petroleum Features Among These Solar Module, Oil Producer and Fuel Stocks
Among the three companies on this list, Bharat Petroleum Corporation is a public sector oil marketing and refining company that refines crude oil and sells petrol, diesel, cooking gas and lubricants through a nationwide network of fuel stations.
Revenue rose from Rs 349,060 crore in FY22 to Rs 458,527 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 11,682 crore in FY22 to Rs 25,843 crore in FY26, which works out to a compound annual growth rate of 22.0%.
The company has a return on equity of 15.6%, a debt to equity ratio of 0.62 and a market capitalisation of Rs 128,116 crore. The stock trades at a P/E of 8.1, below the industry P/E of 15.4.
Roadmap: The company is expanding its refining and petrochemical capacity and building a presence in gas, renewable energy and electric vehicle charging. A large retail fuel network gives it steady demand across the country.
What to watch: Follow refining margins, fuel demand and progress on new capacity.
Emmvee Photovoltaic Power vs Oil and Natural Gas Corporation vs Bharat Petroleum on Key Financials
The table below sets the three solar module, oil producer and fuel 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 |
|---|---|---|---|---|---|
| Emmvee Photovoltaic Power | 567 | 5,103 | 73.2% | 1,082 | 21.2% |
| Oil and Natural Gas Corporation | 498,738 | 621,019 | 5.6% | 49,793 | 8.0% |
| Bharat Petroleum | 349,060 | 458,527 | 7.1% | 25,843 | 5.6% |
Emmvee Photovoltaic Power posts the highest return on equity in this group at 32.3%. Oil and Natural Gas Corporation has the largest FY26 revenue at Rs 621,019 crore, and Emmvee Photovoltaic Power shows the fastest revenue growth with a 73.2% compound annual rate. A useful habit with solar module, oil producer and fuel stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Solar Module, Oil Producer and Fuel Stocks
Every theme carries risks that deserve a check before any decision. For these solar module, oil producer and fuel stocks, the main points are: Long-term energy mix shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Oil and gas prices. Earnings follow crude oil, gas and refining margins.
- Module prices. Solar equipment prices and policy support can change returns.
- 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, oil producer and fuel stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar Module, Oil Producer and Fuel Stocks
Solar module, oil producer and fuel stocks work best when investors track growth, valuation and return on equity side by side. Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum each have a clear plan to grow. Based on the 29 October 2026 close, Emmvee Photovoltaic Power trades at Rs 243.7, Oil and Natural Gas Corporation at Rs 225.79 and Bharat Petroleum at Rs 289.2. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these solar module, oil producer and fuel 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 solar module, oil producer and fuel stocks?
Ans. Solar module, oil producer and fuel stocks are listed companies that make solar modules and cells for utility and rooftop projects, produce crude oil and natural gas from domestic basins and refine and sell petrol, diesel and cooking gas. Their earnings depend on energy demand, prices and refining margins. This list looks at three of them, Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum, using reported FY22 to FY26 financials and the 29 October 2026 closing prices.
Which solar module, oil producer and fuel stocks are covered in this list?
Ans. This list covers Emmvee Photovoltaic Power, Oil and Natural Gas Corporation and Bharat Petroleum. Based on the 29 October 2026 close, Emmvee Photovoltaic Power traded at Rs 243.7, Oil and Natural Gas Corporation at Rs 225.79 and Bharat Petroleum at Rs 289.2. Their return on equity ranges from 11.1% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.6% to 73.2%.
Why do solar module, oil producer and fuel stocks have a strong future roadmap in India?
Ans. Solar module, oil producer and fuel stocks have a strong roadmap in India because rising energy needs, new solar capacity and a growing vehicle base keep widening the market for these energy companies. The main drivers are as follows. Energy demand. Power and fuel use rises with the economy. Solar build out. Utility and rooftop projects need modules. Wide networks. Fuel outlets reach millions of customers. Together these factors give the companies on this list a visible path for growth over the coming years.
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 Oil and Natural Gas Corporation performed financially?
Ans. Revenue rose from Rs 498,738 crore in FY22 to Rs 621,019 crore in FY26, a compound annual growth rate of 5.6%. Net profit grew from Rs 32,778 crore in FY23 to Rs 49,793 crore in FY26, which works out to a compound annual growth rate of 15.0%. In the June 2026 quarter, revenue grew 25.5% year on year to Rs 207,776 crore. The company has a return on equity of 11.1%, a debt to equity ratio of 0.47 and a market capitalisation of Rs 282,679 crore. The stock trades at a P/E of 6.3, below the industry P/E of 7.2. Looking ahead, the company is investing in new wells, deepwater projects and field redevelopment to raise output, and it is entering new energy areas such as gas and renewables. Its large reserve base supports long-term production.
How has Bharat Petroleum performed financially?
Ans. Revenue rose from Rs 349,060 crore in FY22 to Rs 458,527 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 11,682 crore in FY22 to Rs 25,843 crore in FY26, which works out to a compound annual growth rate of 22.0%. The company has a return on equity of 15.6%, a debt to equity ratio of 0.62 and a market capitalisation of Rs 128,116 crore. The stock trades at a P/E of 8.1, below the industry P/E of 15.4. Looking ahead, the company is expanding its refining and petrochemical capacity and building a presence in gas, renewable energy and electric vehicle charging. A large retail fuel network gives it steady demand across the country.
What risks should investors check before buying solar module, oil producer and fuel stocks?
Ans. Investors should check a few risks before buying solar module, oil producer and fuel stocks. Oil and gas prices. Earnings follow crude oil, gas and refining margins. Module prices. Solar equipment prices and policy support can change returns. 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, oil producer and fuel stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 29 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.
