3 Power Distribution Utility, Solar Module Maker and Transmission Tower Manufacturer Stocks With a Strong Future Roadmap: CESC, Waaree Energies and Karamtara Engineering
- October 23, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
CESC, Waaree Energies and Karamtara Engineering: ROE of 12.3% to 25.7% and FY22 to FY26 revenue CAGR of 10.2% to 74.3%. Prices as of 22 Oct 2026.
Quick Answer
The three power utility, solar and tower stocks to watch are CESC, Waaree Energies and Karamtara Engineering. Their return on equity ranges from 12.3% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.2% to 74.3%. Waaree Energies leads on both return on equity at 25.7% and revenue growth at 74.3% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.
Power utility, solar and tower stocks let investors follow companies behind India’s energy build-out. CESC, Waaree Energies and Karamtara Engineering cover a power distribution utility, a solar module maker and a transmission tower manufacturer.
This list covers three power utility, solar and tower stocks with complete current figures: CESC, Waaree Energies and Karamtara Engineering. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.
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What Are Power Utility, Solar and Tower Stocks?
Power utility, solar and tower stocks are listed companies that distribute electricity, make solar modules and build towers for power lines. Their earnings depend on demand growth, capacity and order books.
Power Utility, Solar and Tower Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| CESC | 129.96 | 17,716 | 10.9 | 21.8 | 12.3 | 1.73 |
| Waaree Energies | 2,370 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| Karamtara Engineering | 363.5 | 11,949 | 52.2 | 43.9 | 18.8 | 0.91 |
On valuation, CESC and Waaree Energies trade at a P/E below the industry P/E, while Karamtara Engineering trades above it, which reflects the growth the market already expects. Readers comparing power utility, solar and tower 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 and Tower Stocks Have a Strong Roadmap in India?
Power utility, solar and tower stocks have a strong roadmap in India because rising power demand, renewable targets and new transmission corridors are driving investment across the chain.
- Renewable targets. Solar capacity additions lift module demand.
- Transmission corridors. New lines need towers and structures.
- Distribution reach. Utilities widen supply and add renewable platforms.
Why CESC Features Among These Power Utility, Solar and Tower Stocks
Among the power utility, solar and tower 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.
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. 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%. 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.
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 Waaree Energies Features Among These Power Utility, Solar and Tower Stocks
Among the solar manufacturing company shares 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 Karamtara Engineering Features Among These Power Utility, Solar and Tower Stocks
Among the three companies on this list, Karamtara Engineering makes transmission line towers, monopoles and structures for power utilities, and also supplies solar mounting structures.
Revenue rose from Rs 1,247 crore in FY22 to Rs 4,316 crore in FY26, a compound annual growth rate of 36.4%. Net profit grew from Rs 103 crore in FY24 to Rs 229 crore in FY26, which works out to a compound annual growth rate of 49.3%.
The company has a return on equity of 18.8%, a debt to equity ratio of 0.91 and a market capitalisation of Rs 11,949 crore. The stock trades at a P/E of 52.2, above the industry P/E of 43.9.
Roadmap: Large transmission corridors and renewable energy connections create sustained demand for towers and structures. The company is widening its capacity and its customer base, which includes state utilities and power grid developers.
What to watch: Keep an eye on order execution timelines and steel price movements.
CESC vs Waaree Energies vs Karamtara Engineering on Key Financials
The table below sets the three power utility, solar and tower 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% |
| Waaree Energies | 2,951 | 27,245 | 74.3% | 3,884 | 14.3% |
| Karamtara Engineering | 1,247 | 4,316 | 36.4% | 229 | 5.3% |
Waaree Energies posts the highest return on equity in this group at 25.7%. Waaree Energies combines the largest FY26 revenue at Rs 27,245 crore with the fastest revenue growth, a 74.3% compound annual rate.
Key Risks to Check Before Investing in Power Utility, Solar and Tower Stocks
Every theme carries risks that deserve a check before any decision. For these power utility, solar and tower stocks, the main points are:
- Policy changes. Duties and tariff rules can shift.
- Order timing. Large orders can shift between quarters.
- 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 and tower stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Power Utility, Solar and Tower Stocks
Power utility, solar and tower stocks reward investors who follow capacity, orders and policy together. CESC, Waaree Energies and Karamtara Engineering each play a distinct part in the energy build-out. Based on the 22 October 2026 close, CESC trades at Rs 129.96, Waaree Energies at Rs 2,370 and Karamtara Engineering at Rs 363.5.
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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 and tower stocks?
Ans. Power utility, solar and tower stocks are listed companies that distribute electricity, make solar modules and build towers for power lines. Their earnings depend on demand growth, capacity and order books. This list looks at three of them, CESC, Waaree Energies and Karamtara Engineering, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.
Which power utility, solar and tower stocks are covered in this list?
Ans. This list covers CESC, Waaree Energies and Karamtara Engineering. Based on the 22 October 2026 close, CESC traded at Rs 129.96, Waaree Energies at Rs 2,370 and Karamtara Engineering at Rs 363.5. Their return on equity ranges from 12.3% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.2% to 74.3%.
Why do power utility, solar and tower stocks have a strong future roadmap in India?
Ans. Power utility, solar and tower stocks have a strong roadmap in India because rising power demand, renewable targets and new transmission corridors are driving investment across the chain. The main drivers are as follows. Renewable targets. Solar capacity additions lift module demand. Transmission corridors. New lines need towers and structures. Distribution reach. Utilities widen supply and add renewable platforms. 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 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 Karamtara Engineering performed financially?
Ans. Revenue rose from Rs 1,247 crore in FY22 to Rs 4,316 crore in FY26, a compound annual growth rate of 36.4%. Net profit grew from Rs 103 crore in FY24 to Rs 229 crore in FY26, which works out to a compound annual growth rate of 49.3%. The company has a return on equity of 18.8%, a debt to equity ratio of 0.91 and a market capitalisation of Rs 11,949 crore. The stock trades at a P/E of 52.2, above the industry P/E of 43.9. Looking ahead, large transmission corridors and renewable energy connections create sustained demand for towers and structures. The company is widening its capacity and its customer base, which includes state utilities and power grid developers.
What risks should investors check before buying power utility, solar and tower stocks?
Ans. Investors should check a few risks before buying power utility, solar and tower stocks. Policy changes. Duties and tariff rules can shift. Order timing. Large orders can shift between quarters. 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 and tower stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 22 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.