3 Solar Module, Marine Electrical and Power Utility Stocks With a Strong Future Roadmap: Marine Electricals (India), Vikram Solar and CESC
- October 13, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Marine Electricals Rs 464.65. Vikram Solar Rs 141.97, P/E 14.56. CESC Rs 136.27, P/E 10.48. Closing prices of 12 Oct 2026.
Quick Answer
Solar module, marine electrical and power utility stocks with the clearest long-term roadmaps today include Marine Electricals in electrical and automation systems for ships, power and rail, Vikram Solar in solar modules for utility, commercial and rooftop projects and CESC in electricity distribution in Kolkata with thermal and renewable generation. FY26 revenue growth was 14.5% at Marine Electricals, 40.9% at Vikram Solar and 8.9% at CESC. P/E stands at 14.56 for Vikram Solar (industry 47.09) and 10.48 for CESC (industry 22.17). 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.
Solar module, marine electrical and power utility stocks give investors exposure to modules, systems and electricity that power projects, shipyards and cities. Order flow, execution and tariffs decide how much of that demand turns into profit.
This list covers three solar module, marine electrical and power utility stocks: Marine Electricals (India) for electrical and automation systems for ships, power and rail, Vikram Solar for solar modules for utility, commercial and rooftop projects and CESC for electricity distribution in Kolkata with thermal and renewable generation. Every figure comes from the latest reported financials and the 12 October 2026 market close. Companies without complete current figures were left out.
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What Are Solar Module, Marine Electrical and Power Utility Stocks?
Solar module, marine electrical and power utility stocks are shares of companies that make solar modules and electrical systems or distribute power. Results depend on order flow, execution and tariffs, so execution and tariffs separate the stronger names.
Solar Module, Marine Electrical and Power Utility Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three solar module, marine electrical and power utility stocks as of the 12 Oct 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|
| Marine Electricals (India) | 464.65 | 6,334 | 47.09 | 11.84% | 0.18 |
| Vikram Solar | 141.97 | 5,198 | 47.09 | 14.85% | 0.20 |
| CESC | 136.27 | 17,080 | 22.17 | 12.31% | 1.73 |
Among power and electricals stocks, both trade at a discount to their industry P/E multiples.
Why Do Solar Module, Marine Electrical and Power Utility Stocks Have a Strong Roadmap in India?
Solar module, marine electrical and power utility stocks have a strong roadmap in India because solar capacity additions, shipbuilding programmes and rising power use keep adding work for module makers, system builders and utilities. Three drivers stand out.
- Solar build-out: Utility and rooftop projects need modules.
- Shipbuilding: Naval and commercial yards need electrical systems.
- Power demand: Homes and factories keep using more electricity.
Marine Electricals (India): Marine and Power Automation Drive the Pipeline
Marine Electricals’ roadmap rests on electrical and automation systems for shipbuilding, power, defence and railway projects, with naval, shipyard and infrastructure programmes supporting the order book.
Revenue grew from Rs 381.18 crore in FY22 to Rs 893.22 crore in FY26, a 134.3% rise, and FY26 revenue was 14.5% higher than FY25. FY26 net profit rose 53.8% to Rs 58.62 crore. Over four years, net profit rose from Rs 13.28 crore in FY22 to Rs 58.62 crore. In Q1 FY27, revenue grew 53.0% to Rs 263.46 crore, and net profit rose 50.9% to Rs 17.51 crore. Operating margin was 12.49% in FY26.
Debt to equity is 0.18 and return on equity is 11.84%. Marine Electricals paid a dividend of Rs 0.3 per share for FY26, a yield of 0.07%.
What to watch: Return on equity of 11.84% is the figure to follow as growth continues.
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.
CESC: Kolkata Power Distribution Drives the Pipeline
CESC’s roadmap rests on electricity distribution in Kolkata along with thermal and renewable generation, with a regulated distribution base supporting steady earnings.
Revenue grew from Rs 12,826.70 crore in FY22 to Rs 18,927.29 crore in FY26, a 47.6% rise, and FY26 revenue was 8.9% higher than FY25. FY26 net profit rose 13.2% to Rs 1,617.57 crore. Over four years, net profit rose from Rs 1,404.08 crore in FY22 to Rs 1,617.57 crore. In Q1 FY27, revenue grew 5.2% to Rs 5,559.00 crore, and net profit rose 3.7% to Rs 419.00 crore. Operating margin was 26.27% in FY26.
Debt to equity is 1.73 and return on equity is 12.31%. FY26 operating cash flow was Rs 4,057.49 crore against capital expenditure of Rs 3,916.20 crore. CESC paid a dividend of Rs 6 per share for FY26, a yield of 4.68%. At a P/E of 10.48 against an industry P/E of 22.17, the stock trades below its industry multiple.
What to watch: Debt to equity of 1.73 is on the higher side.
Best Solar Module, Marine Electrical and Power Utility Stocks in India: Marine Electricals vs Vikram Solar vs CESC on Key Financials
Among the best solar module, marine electrical and power utility stocks in India, Marine Electricals leads on Q1 FY27 revenue growth and the lowest debt to equity; Vikram Solar leads on FY26 revenue growth and return on equity; CESC leads on FY26 operating margin and dividend yield. The table puts the numbers side by side.
| Metric | Marine Electricals | Vikram Solar | CESC |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 893.22 | 4,861.87 | 18,927.29 |
| FY26 revenue growth | 14.5% | 40.9% | 8.9% |
| FY26 net profit (Rs Cr) | 58.62 | 469.06 | 1,617.57 |
| FY26 operating profit margin | 12.49% | 20.17% | 26.27% |
| Q1 FY27 revenue growth (YoY) | 53.0% | 38.5% | 5.2% |
| Return on equity | 11.84% | 14.85% | 12.31% |
| Debt to equity | 0.18 | 0.20 | 1.73 |
| Dividend yield | 0.07% | 0.00% | 4.68% |
Power and electricals earnings follow order flow, execution and tariffs, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Solar Module, Marine Electrical and Power Utility Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen solar module, marine electrical and power utility stocks and shortlist solar module, marine electrical and power utility 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 Solar Module, Marine Electrical and Power Utility Stocks
- Debt and cash flow: CESC has debt to equity of 1.73.
- Project timing: Delays in orders can shift revenue between quarters.
- Regulation: Tariff and policy changes can affect earnings.
- 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 Marine Electricals, Vikram Solar and CESC 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.
The shareholding pattern published every quarter shows whether promoters, mutual funds and foreign investors are raising or trimming their holdings, which adds useful context to the financial numbers.
Final Take: Which Stock Has the Strongest Roadmap?
These three power and electricals stocks cover solar modules, marine electrical systems and electricity distribution. Marine Electricals leads on Q1 FY27 revenue growth and the lowest debt to equity; Vikram Solar leads on FY26 revenue growth and return on equity; CESC leads on FY26 operating margin and dividend yield.
Across solar module, marine electrical and power utility 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 solar module, marine electrical and power utility 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 Solar Module, Marine Electrical and Power Utility Stocks
Which are the best solar module, marine electrical and power utility stocks in India with a strong roadmap?
Ans. Marine Electricals (India), Vikram Solar and CESC stand out for their roadmaps in solar modules, marine electrical systems and electricity distribution. FY26 revenue growth was 14.5% at Marine Electricals, 40.9% at Vikram Solar and 8.9% at CESC, and return on equity ranges from 11.84% to 14.85%.
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, execution and tariffs move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of Marine Electricals, Vikram Solar and CESC?
Ans. The P/E ratio is 14.56 for Vikram Solar (industry 47.09) and 10.48 for CESC (industry 22.17). All of them trade below the industry multiple.
Which of these solar module, marine electrical and power utility stocks has the highest return on equity?
Ans. Vikram Solar has the highest return on equity at 14.85%, followed by CESC at 12.31% and Marine Electricals (India) at 11.84%.
What are the risks of investing in solar module, marine electrical and power utility stocks?
Ans. The main risks are debt and cash flow, project timing, regulation and quarterly trends. CESC has debt to equity of 1.73.
How did Marine Electricals, Vikram Solar and CESC perform in Q1 FY27?
Ans. Marine Electricals (India) reported revenue of Rs 263.46 crore, up 53.0% year on year, and net profit rose 50.9% to Rs 17.51 crore. Vikram Solar reported revenue of Rs 1,575.71 crore, up 38.5% year on year. CESC reported revenue of Rs 5,559.00 crore, up 5.2% year on year, and net profit rose 3.7% to Rs 419.00 crore.
Do solar module, marine electrical and power utility stocks pay dividends?
Ans. Marine Electricals and CESC pay dividends. The dividend yield is 0.07% for Marine Electricals and 4.68% for CESC, based on dividends declared for FY26.
How can I invest in solar module, marine electrical and power utility stocks in India?
Ans. You can buy solar module, marine electrical and power utility 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.
