3 Solar Photovoltaic Modules Maker, Largest FMCG Company and Stock Exchange Operator Stocks With a Strong Future Roadmap: Waaree Energies, Hindustan Unilever and BSE Ltd
- November 6, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Waaree Energies, Hindustan Unilever and BSE Ltd: ROE of 22.4% to 37.4% and FY22 to FY26 revenue CAGR of 5.5% to 74.3%. Prices as of 5 Nov 2026.
Quick Answer
The three solar module, FMCG and exchange stocks to watch are Waaree Energies, Hindustan Unilever and BSE Ltd. Their return on equity ranges from 22.4% to 37.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.5% to 74.3%. BSE Ltd has the highest return on equity at 37.4%, while Waaree Energies has the fastest revenue growth at 74.3% a year. Prices are based on the 5 November 2026 close, and this article is educational, not investment advice.
Solar module, FMCG and exchange stocks bring together companies with a visible plan for the years ahead. Waaree Energies, Hindustan Unilever and BSE Ltd cover a solar photovoltaic modules maker, the largest FMCG company and a stock exchange operator.
This list covers three solar module, FMCG and exchange stocks with complete current figures: Waaree Energies, Hindustan Unilever and BSE Ltd. Every figure comes from the latest reported financials and the 5 November 2026 market close. Companies without complete current figures were left out.
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What Are Solar Module, FMCG and Exchange Stocks?
Solar module, FMCG and exchange stocks are listed companies that make solar photovoltaic modules, sell soaps, detergents, beverages and packaged foods across India, and run a stock exchange with equity, derivatives and data services. Their earnings depend on solar installations, household spending and trading activity.
Solar Module, FMCG and Exchange Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Waaree Energies | 2,449.3 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| Hindustan Unilever | 1,982 | 427,626 | 28.6 | 32.6 | 22.4 | 0.03 |
| BSE Ltd | 3,790 | 131,779 | 46.7 | 40.1 | 37.4 | 0.00 |
On valuation, Waaree Energies and Hindustan Unilever trade at a P/E below the industry P/E, while BSE Ltd trades above it, which reflects the growth the market already expects. Readers comparing solar module, FMCG and exchange 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, FMCG and Exchange Stocks Have a Strong Roadmap in India?
Solar module, FMCG and exchange stocks have a strong roadmap in India because large solar capacity plans, resilient household spending and growing investor participation keep widening the market for these companies.
- Solar modules. Capacity additions need panels.
- Daily essentials. Households buy trusted brands.
- Stock exchange. More investors trade each year.
Why Waaree Energies Features Among These Solar Module, FMCG and Exchange Stocks
Among the solar module, FMCG and exchange stocks 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 Hindustan Unilever Features Among These Solar Module, FMCG and Exchange Stocks
Among the clean energy, FMCG and market shares on this list, Hindustan Unilever is India’s largest fast-moving consumer goods company, with brands across home care, beauty and personal care, foods and refreshment that reach households in every part of the country.
Revenue rose from Rs 52,704 crore in FY22 to Rs 65,219 crore in FY26, a compound annual growth rate of 5.5%. Net profit for FY26 was Rs 10,652 crore, a net margin of 16.3%.
In the June 2026 quarter, revenue grew 9.8% year on year to Rs 17,529 crore. The company has a return on equity of 22.4%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 427,626 crore. The stock trades at a P/E of 28.6, below the industry P/E of 32.6.
Roadmap: The company is premiumising its portfolio, expanding in newer categories and strengthening its rural and digital reach. A trusted brand portfolio supports steady volume growth.
What to watch: Track volume growth, rural demand and margin trends in the core categories.
Why BSE Ltd Features Among These Solar Module, FMCG and Exchange Stocks
Among the three companies on this list, BSE Ltd runs one of Asia’s oldest stock exchanges and earns from trading in equities and derivatives, listing services, data products and its clearing and technology arms.
Revenue rose from Rs 864 crore in FY22 to Rs 5,148 crore in FY26, a compound annual growth rate of 56.3%. Net profit grew from Rs 1,317 crore in FY25 to Rs 2,475 crore in FY26, a rise of 87.9%.
The company has a return on equity of 37.4%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 131,779 crore. The stock trades at a P/E of 46.7, above the industry P/E of 40.1.
Roadmap: Rising participation of retail investors, a growing derivatives business and expanding data and technology services broaden the exchange’s income. A debt-free balance sheet and an asset-light model keep earnings quality high.
What to watch: Follow derivative volumes, new listings, data revenue growth and regulatory changes in market structure.
Waaree Energies vs Hindustan Unilever vs BSE Ltd on Key Financials
The table below sets the three solar module, FMCG and exchange 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 |
|---|---|---|---|---|---|
| Waaree Energies | 2,951 | 27,245 | 74.3% | 3,884 | 14.3% |
| Hindustan Unilever | 52,704 | 65,219 | 5.5% | 10,652 | 16.3% |
| BSE Ltd | 864 | 5,148 | 56.3% | 2,475 | 48.1% |
BSE Ltd posts the highest return on equity in this group at 37.4%. Hindustan Unilever has the largest FY26 revenue at Rs 65,219 crore, and Waaree Energies shows the fastest revenue growth with a 74.3% compound annual rate.
Key Risks to Check Before Investing in Solar Module, FMCG and Exchange Stocks
Every theme carries risks that deserve a check before any decision. For these solar module, FMCG and exchange stocks, the main points are:
- Module prices. Solar equipment prices and policy support can change returns.
- Market activity. Fee income follows trading volumes and investor participation.
- 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, FMCG and exchange stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar Module, FMCG and Exchange Stocks
Solar module, FMCG and exchange stocks suit investors who prefer to study business strength before price moves. Waaree Energies, Hindustan Unilever and BSE Ltd each have a clear plan to grow. Based on the 5 November 2026 close, Waaree Energies trades at Rs 2,449.3, Hindustan Unilever at Rs 1,982 and BSE Ltd at Rs 3,790.
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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, FMCG and exchange stocks?
Ans. Solar module, FMCG and exchange stocks are listed companies that make solar photovoltaic modules, sell soaps, detergents, beverages and packaged foods across India, and run a stock exchange with equity, derivatives and data services. Their earnings depend on solar installations, household spending and trading activity. This list looks at three of them, Waaree Energies, Hindustan Unilever and BSE Ltd, using reported FY22 to FY26 financials and the 5 November 2026 closing prices.
Which solar module, FMCG and exchange stocks are covered in this list?
Ans. This list covers Waaree Energies, Hindustan Unilever and BSE Ltd. Based on the 5 November 2026 close, Waaree Energies traded at Rs 2,449.3, Hindustan Unilever at Rs 1,982 and BSE Ltd at Rs 3,790. Their return on equity ranges from 22.4% to 37.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.5% to 74.3%.
Why do solar module, FMCG and exchange stocks have a strong future roadmap in India?
Ans. Solar module, FMCG and exchange stocks have a strong roadmap in India because large solar capacity plans, resilient household spending and growing investor participation keep widening the market for these companies. The main drivers are as follows. Solar modules. Capacity additions need panels. Daily essentials. Households buy trusted brands. Stock exchange. More investors trade each year. Together these factors give the companies on this list a visible path for growth over the coming years.
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 Hindustan Unilever performed financially?
Ans. Revenue rose from Rs 52,704 crore in FY22 to Rs 65,219 crore in FY26, a compound annual growth rate of 5.5%. Net profit for FY26 was Rs 10,652 crore, a net margin of 16.3%. In the June 2026 quarter, revenue grew 9.8% year on year to Rs 17,529 crore. The company has a return on equity of 22.4%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 427,626 crore. The stock trades at a P/E of 28.6, below the industry P/E of 32.6. Looking ahead, the company is premiumising its portfolio, expanding in newer categories and strengthening its rural and digital reach. A trusted brand portfolio supports steady volume growth.
How has BSE Ltd performed financially?
Ans. Revenue rose from Rs 864 crore in FY22 to Rs 5,148 crore in FY26, a compound annual growth rate of 56.3%. Net profit grew from Rs 1,317 crore in FY25 to Rs 2,475 crore in FY26, a rise of 87.9%. The company has a return on equity of 37.4%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 131,779 crore. The stock trades at a P/E of 46.7, above the industry P/E of 40.1. Looking ahead, rising participation of retail investors, a growing derivatives business and expanding data and technology services broaden the exchange’s income. A debt-free balance sheet and an asset-light model keep earnings quality high.
What risks should investors check before buying solar module, FMCG and exchange stocks?
Ans. Investors should check a few risks before buying solar module, FMCG and exchange stocks. Module prices. Solar equipment prices and policy support can change returns. Market activity. Fee income follows trading volumes and investor participation. 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, FMCG and exchange stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 5 November 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.
