3 Smart Meters, Data Centre Power and Solar Modules Stocks With a Strong Future Roadmap: Genus Power Infrastructures, Techno Electric & Engineering Company and Waaree Energies
- October 21, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Genus Power Infrastructures, Techno Electric & Engineering Company and Waaree Energies: ROE of 11.4% to 26.7% and FY22 to FY26 revenue CAGR of 31.0% to 74.3%. Prices as of 20 Oct 2026.
Quick Answer
The three smart grid and solar stocks to watch are Genus Power Infrastructures, Techno Electric & Engineering Company and Waaree Energies. Their return on equity ranges from 11.4% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 31.0% to 74.3%. Genus Power Infrastructures has the highest return on equity at 26.7%, while Waaree Energies has the fastest revenue growth at 74.3% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Smart grid and solar stocks capture the move towards digital, cleaner electricity systems. Genus Power Infrastructures, Techno Electric and Engineering Company and Waaree Energies cover a smart meter maker, a power infrastructure builder with wind and data centre assets and a leading solar module manufacturer.
This list covers three smart grid and solar stocks with complete current figures: Genus Power Infrastructures, Techno Electric & Engineering Company and Waaree Energies. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Smart Grid and Solar Stocks?
Smart grid and solar stocks are listed companies that supply meters, build power networks or make solar equipment. Their results depend on utility programmes, project execution and solar installation volumes.
Smart Grid and Solar Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Genus Power Infrastructures | 282.75 | 8,639 | 13.3 | 44.3 | 26.7 | 1.04 |
| Techno Electric & Engineering Company | 940 | 10,943 | 25.4 | 22.7 | 11.4 | 0.02 |
| Waaree Energies | 2,515 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
On valuation, Genus Power Infrastructures and Waaree Energies trade at a P/E below the industry P/E, while Techno Electric & Engineering Company trades above it, which reflects the growth the market already expects. Readers comparing smart grid and solar stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Smart Grid and Solar Stocks Have a Strong Roadmap in India?
Smart grid and solar stocks have a strong roadmap in India because the country is installing smart meters, adding renewable capacity and investing in data centres that need reliable power.
- Smart meter rollout. State programmes create multi-year order books for meter makers.
- Solar build-out. Rapid installations lift demand for modules.
- Digital infrastructure. Data centres need dependable power and create new asset opportunities.
Why Genus Power Infrastructures Features Among These Smart Grid and Solar Stocks
Among the smart grid and solar stocks on this list, Genus Power Infrastructures is a Jaipur-based maker of electricity meters, including smart meters, and also takes on turnkey metering projects for utilities.
The company has a return on equity of 26.7%, a debt to equity ratio of 1.04 and a market capitalisation of Rs 8,639 crore. The stock trades at a P/E of 13.3, below the industry P/E of 44.3.
Revenue rose from Rs 744 crore in FY22 to Rs 4,821 crore in FY26, a compound annual growth rate of 59.5%. Net profit grew from Rs 295 crore in FY25 to Rs 565 crore in FY26, a rise of 91.7%. In the June 2026 quarter, revenue grew 46.0% year on year to Rs 1,407 crore, while net profit rose 35.6% to Rs 175 crore.
Roadmap: The national smart meter rollout is the company’s main growth driver, with large orders from state utilities. The company has added capacity and is building manufacturing depth to deliver on its order book.
What to watch: Monitor execution pace on the smart meter order book and the cash collection from utilities.
Why Techno Electric & Engineering Company Features Among These Smart Grid and Solar Stocks
Among the meter and solar module shares on this list, Techno Electric & Engineering Company builds power transmission and distribution infrastructure and also owns and operates wind power assets and data centre capacity.
Revenue rose from Rs 1,154 crore in FY22 to Rs 3,401 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 239 crore in FY22 to Rs 449 crore in FY26, which works out to a compound annual growth rate of 17.0%.
In the June 2026 quarter, revenue grew 14.8% year on year to Rs 659 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 10,943 crore. The stock trades at a P/E of 25.4, above the industry P/E of 22.7.
Roadmap: Strong demand for transmission networks and substations supports its engineering order book, while a new data centre platform opens a second growth path. Its operating wind assets add recurring cash flow.
What to watch: Watch the build-out of data centre capacity and the timing of large transmission orders.
Why Waaree Energies Features Among These Smart Grid and Solar Stocks
Among the three companies 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.
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.
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.
Genus Power Infrastructures vs Techno Electric & Engineering Company vs Waaree Energies on Key Financials
The table below sets the three smart grid and solar 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 |
|---|---|---|---|---|---|
| Genus Power Infrastructures | 744 | 4,821 | 59.5% | 565 | 11.7% |
| Techno Electric & Engineering Company | 1,154 | 3,401 | 31.0% | 449 | 13.2% |
| Waaree Energies | 2,951 | 27,245 | 74.3% | 3,884 | 14.3% |
Genus Power Infrastructures posts the highest return on equity in this group at 26.7%. Waaree Energies combines the largest FY26 revenue at Rs 27,245 crore with the fastest revenue growth, a 74.3% compound annual rate. A useful habit with smart grid and solar stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Smart Grid and Solar Stocks
Every theme carries risks that deserve a check before any decision. For these smart grid and solar stocks, the main points are: Long-term meter and solar module shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Utility payments. Collections from state utilities can vary.
- Project timelines. Delays in approvals can shift revenue 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 smart grid and solar stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Smart Grid and Solar Stocks
Smart grid and solar stocks reward investors who follow order books and capacity additions. Genus Power Infrastructures, Techno Electric and Engineering Company and Waaree Energies each benefit from the shift to smarter, cleaner power. Based on the 20 October 2026 close, Genus Power Infrastructures trades at Rs 282.75, Techno Electric & Engineering Company at Rs 940 and Waaree Energies at Rs 2,515.
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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 smart grid and solar stocks?
Ans. Smart grid and solar stocks are listed companies that supply meters, build power networks or make solar equipment. Their results depend on utility programmes, project execution and solar installation volumes. This list looks at three of them, Genus Power Infrastructures, Techno Electric & Engineering Company and Waaree Energies, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which smart grid and solar stocks are covered in this list?
Ans. This list covers Genus Power Infrastructures, Techno Electric & Engineering Company and Waaree Energies. Based on the 20 October 2026 close, Genus Power Infrastructures traded at Rs 282.75, Techno Electric & Engineering Company at Rs 940 and Waaree Energies at Rs 2,515. Their return on equity ranges from 11.4% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 31.0% to 74.3%.
Why do smart grid and solar stocks have a strong future roadmap in India?
Ans. Smart grid and solar stocks have a strong roadmap in India because the country is installing smart meters, adding renewable capacity and investing in data centres that need reliable power. The main drivers are as follows. Smart meter rollout. State programmes create multi-year order books for meter makers. Solar build-out. Rapid installations lift demand for modules. Digital infrastructure. Data centres need dependable power and create new asset opportunities. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Genus Power Infrastructures performed financially?
Ans. Revenue rose from Rs 744 crore in FY22 to Rs 4,821 crore in FY26, a compound annual growth rate of 59.5%. Net profit grew from Rs 295 crore in FY25 to Rs 565 crore in FY26, a rise of 91.7%. In the June 2026 quarter, revenue grew 46.0% year on year to Rs 1,407 crore, while net profit rose 35.6% to Rs 175 crore. The company has a return on equity of 26.7%, a debt to equity ratio of 1.04 and a market capitalisation of Rs 8,639 crore. The stock trades at a P/E of 13.3, below the industry P/E of 44.3. Looking ahead, the national smart meter rollout is the company’s main growth driver, with large orders from state utilities. The company has added capacity and is building manufacturing depth to deliver on its order book.
How has Techno Electric & Engineering Company performed financially?
Ans. Revenue rose from Rs 1,154 crore in FY22 to Rs 3,401 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 239 crore in FY22 to Rs 449 crore in FY26, which works out to a compound annual growth rate of 17.0%. In the June 2026 quarter, revenue grew 14.8% year on year to Rs 659 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 10,943 crore. The stock trades at a P/E of 25.4, above the industry P/E of 22.7. Looking ahead, strong demand for transmission networks and substations supports its engineering order book, while a new data centre platform opens a second growth path. Its operating wind assets add recurring cash flow.
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.
What risks should investors check before buying smart grid and solar stocks?
Ans. Investors should check a few risks before buying smart grid and solar stocks. Utility payments. Collections from state utilities can vary. Project timelines. Delays in approvals can shift revenue 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 smart grid and solar stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 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.
