3 Module Maker, Delhi CNG and Industrial Turbine Stocks With a Strong Future Roadmap: Vikram Solar, Indraprastha Gas and Triveni Turbine
- October 15, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Vikram Solar Rs 146.75, P/E 14.56. IGL Rs 145.09, P/E 14.75. Triveni Turbine Rs 521.95, P/E 48.84. Closing prices of 14 Oct 2026.
Quick Answer
Module maker, Delhi CNG and industrial turbine stocks with the clearest long-term roadmaps today include Vikram Solar in solar modules for utility and rooftop projects, IGL in CNG and piped gas distribution in Delhi and nearby cities and Triveni Turbine in industrial steam turbines and related services. FY26 revenue growth was 40.9% at Vikram Solar, 8.4% at IGL and 8.2% at Triveni Turbine. P/E stands at 14.56 for Vikram Solar (industry 47.09), 14.75 for IGL (industry 14.54) and 48.84 for Triveni Turbine (industry 47.09). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company’s risks need equal attention.
Module maker, Delhi CNG and industrial turbine stocks give investors exposure to solar equipment, gas supply and turbines for homes, vehicles and industry. Order flow, gas volumes and execution decide how much of that demand turns into profit.
This list covers three module maker, Delhi CNG and industrial turbine stocks: Vikram Solar for solar modules for utility and rooftop projects, Indraprastha Gas for CNG and piped gas distribution in Delhi and nearby cities and Triveni Turbine for industrial steam turbines and related services. Every figure comes from the latest reported financials and the 14 October 2026 market close. Companies without complete current figures were left out.
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What Are Module Maker, Delhi CNG and Industrial Turbine Stocks?
Module maker, Delhi CNG and industrial turbine stocks are shares of companies that make solar modules, supply gas or build turbines. Results depend on order flow, gas volumes and execution, so execution and margins separate the stronger names.
Module Maker, Delhi CNG and Industrial Turbine Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three module maker, Delhi CNG and industrial turbine stocks as of the 14 Oct 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| Vikram Solar | 146.75 | 5,198 | 14.56 | 47.09 | 14.85% | 0.20 |
| Indraprastha Gas | 145.09 | 19,971 | 14.75 | 14.54 | 13.47% | 0.01 |
| Triveni Turbine | 521.95 | 16,412 | 48.84 | 47.09 | 24.18% | 0.02 |
Among energy and engineering stocks, Triveni Turbine trades at a premium to the industry P/E, while Vikram Solar trades at a discount.
Why Do Module Maker, Delhi CNG and Industrial Turbine Stocks Have a Strong Roadmap in India?
Module maker, Delhi CNG and industrial turbine stocks have a strong roadmap in India because solar capacity additions, cleaner fuel use and industrial power needs keep adding demand for these firms. Three drivers stand out.
- Solar build-out: New capacity needs modules in large numbers.
- Cleaner fuel: CNG and piped gas reach more users.
- Industrial power: Factories invest in efficient turbines.
Vikram Solar: Solar Module Output Drives the Pipeline
Vikram Solar’s roadmap rests on solar module manufacturing for utility, commercial and rooftop projects, with rising solar installations supporting volumes.
Revenue grew from Rs 1,743.05 crore in FY22 to Rs 4,861.87 crore in FY26, a 178.9% rise, and FY26 revenue was 40.9% higher than FY25. FY26 net profit was Rs 469.06 crore. In Q1 FY27, revenue grew 38.5% to Rs 1,575.71 crore. Operating margin was 20.17% in FY26.
Debt to equity is 0.20 and return on equity is 14.85%. FY26 operating cash flow was Rs 666.94 crore against capital expenditure of Rs 283.09 crore. At a P/E of 14.56 against an industry P/E of 47.09, the stock trades below its industry multiple.
What to watch: The P/E of 14.56 against an industry P/E of 47.09 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Indraprastha Gas: CNG and Piped Gas Networks Anchor the Roadmap
IGL’s roadmap rests on CNG and piped natural gas distribution in Delhi NCR and nearby cities, with vehicle conversions and household connections supporting volume growth.
Revenue grew from Rs 7,886.60 crore in FY22 to Rs 16,541.25 crore in FY26, a 109.7% rise, and FY26 revenue was 8.4% higher than FY25. FY26 net profit was Rs 1,543.51 crore. In Q1 FY27, revenue grew 16.5% to Rs 5,145.36 crore. Operating margin was 14.22% in FY26.
Debt to equity is 0.01 and return on equity is 13.47%. FY26 operating cash flow was Rs 1,935.58 crore against capital expenditure of Rs 1,347.33 crore. IGL paid a dividend of Rs 4.75 per share for FY26, a yield of 3.33%. At a P/E of 14.75 against an industry P/E of 14.54, the stock trades in line with its industry multiple.
What to watch: The P/E of 14.75 is a modest premium to the industry P/E of 14.54, so the next quarters’ growth is the figure to follow.
Triveni Turbine: Industrial Steam Turbines Build the Next Leg
Triveni Turbine’s roadmap rests on industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services, with captive power and energy efficiency demand supporting orders.
Revenue grew from Rs 881.72 crore in FY22 to Rs 2,257.61 crore in FY26, a 156.0% rise, and FY26 revenue was 8.2% higher than FY25. FY26 net profit was Rs 349.45 crore. In Q1 FY27, revenue grew 19.7% to Rs 471.10 crore. Operating margin was 23.50% in FY26.
Debt to equity is 0.02 and return on equity is 24.18%. FY26 operating cash flow was Rs 110.95 crore against capital expenditure of Rs 71.60 crore. Triveni Turbine paid a dividend of Rs 4.25 per share for FY26, a yield of 0.82%. At a P/E of 48.84 against an industry P/E of 47.09, the stock trades above its industry multiple.
What to watch: The P/E of 48.84 is a modest premium to the industry P/E of 47.09, so the next quarters’ growth is the figure to follow.
Best Module Maker, Delhi CNG and Industrial Turbine Stocks in India: Vikram Solar vs IGL vs Triveni Turbine on Key Financials
Among the best module maker, Delhi CNG and industrial turbine stocks in India, Vikram Solar leads on FY26 revenue growth and Q1 FY27 revenue growth; IGL leads on the lowest debt to equity and dividend yield; Triveni Turbine leads on FY26 operating margin and return on equity. The table puts the numbers side by side.
| Metric | Vikram Solar | IGL | Triveni Turbine |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 4,861.87 | 16,541.25 | 2,257.61 |
| FY26 revenue growth | 40.9% | 8.4% | 8.2% |
| FY26 net profit (Rs Cr) | 469.06 | 1,543.51 | 349.45 |
| FY26 operating profit margin | 20.17% | 14.22% | 23.50% |
| Q1 FY27 revenue growth (YoY) | 38.5% | 16.5% | 19.7% |
| Return on equity | 14.85% | 13.47% | 24.18% |
| P/E ratio | 14.56 | 14.75 | 48.84 |
| Debt to equity | 0.20 | 0.01 | 0.02 |
| Dividend yield | 0.00% | 3.33% | 0.82% |
| FY26 operating cash flow (Rs Cr) | 666.94 | 1,935.58 | 110.95 |
Energy and engineering earnings follow order flow, gas volumes and execution, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Module Maker, Delhi CNG and Industrial Turbine Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen module maker, Delhi CNG and industrial turbine stocks and shortlist module maker, Delhi CNG and industrial turbine stocks to buy.
- Compare each stock’s P/E with its industry P/E, which differs by company here.
- Check operating margin, debt and cash flow together.
- Check whether revenue growth is turning into profit growth, not only sales.
- Read operating cash flow against capital expenditure to see how growth is funded.
- Watch debt to equity and interest cover before sizing a position.
- Spread exposure across companies and business lines instead of one demand cycle.
Risks to Consider Before Investing in Module Maker, Delhi CNG and Industrial Turbine Stocks
- Order timing: Delays in customer projects can shift revenue between quarters.
- Government spending: Changes in public budgets can affect orders.
- Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.
Download the Univest iOS App or Univest Android App to track Vikram Solar, IGL and Triveni Turbine live.
Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.
Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.
Final Take: Which Stock Has the Strongest Roadmap?
These three energy and engineering stocks cover solar modules, Delhi gas distribution and steam turbines. Vikram Solar leads on FY26 revenue growth and Q1 FY27 revenue growth; IGL leads on the lowest debt to equity and dividend yield; Triveni Turbine leads on FY26 operating margin and return on equity.
Across module maker, Delhi CNG and industrial turbine stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the module maker, Delhi CNG and industrial turbine stocks to buy discussed here.
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).
FAQs on Module Maker, Delhi CNG and Industrial Turbine Stocks
Which are the best module maker, Delhi CNG and industrial turbine stocks in India with a strong roadmap?
Ans. Vikram Solar, Indraprastha Gas and Triveni Turbine stand out for their roadmaps in solar modules, Delhi gas distribution and steam turbines. FY26 revenue growth was 40.9% at Vikram Solar, 8.4% at IGL and 8.2% at Triveni Turbine, and return on equity ranges from 13.47% to 24.18%.
Is Vikram Solar a good stock to buy now?
Ans. Vikram Solar has a debt to equity ratio of 0.20, a return on equity of 14.85% and a P/E of 14.56 against an industry P/E of 47.09. Valuation, order flow and execution move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of Vikram Solar, IGL and Triveni Turbine?
Ans. The P/E ratio is 14.56 for Vikram Solar (industry 47.09), 14.75 for IGL (industry 14.54) and 48.84 for Triveni Turbine (industry 47.09). Only IGL and Triveni Turbine trade at or above the industry multiple.
Which of these module maker, Delhi CNG and industrial turbine stocks has the highest return on equity?
Ans. Triveni Turbine has the highest return on equity at 24.18%, followed by Vikram Solar at 14.85% and Indraprastha Gas at 13.47%.
What are the risks of investing in module maker, Delhi CNG and industrial turbine stocks?
Ans. The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.
How did Vikram Solar, IGL and Triveni Turbine perform in Q1 FY27?
Ans. Vikram Solar reported revenue of Rs 1,575.71 crore, up 38.5% year on year. Indraprastha Gas reported revenue of Rs 5,145.36 crore, up 16.5% year on year. Triveni Turbine reported revenue of Rs 471.10 crore, up 19.7% year on year.
Do module maker, Delhi CNG and industrial turbine stocks pay dividends?
Ans. IGL and Triveni Turbine pay dividends. The dividend yield is 3.33% for IGL and 0.82% for Triveni Turbine, based on dividends declared for FY26.
How can I invest in module maker, Delhi CNG and industrial turbine stocks in India?
Ans. You can buy module maker, Delhi CNG and industrial turbine stocks through a demat and trading account on NSE or BSE after checking each company’s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.
