3 Solar Panel Maker, Biggest Domestic Oil and Gas Explorer and Sponge Iron and Alloys Producer Stocks With a Strong Future Roadmap: Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy
- November 4, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy: ROE of 11.1% to 25.7% and FY22 to FY26 revenue CAGR of 5.6% to 74.3%. Prices as of 3 Nov 2026.
Quick Answer
The three solar module, oil producer and alloy stocks to watch are Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy. Their return on equity ranges from 11.1% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.6% 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 3 November 2026 close, and this article is educational, not investment advice.
Solar module, oil producer and alloy stocks bring together companies with a visible plan for the years ahead. Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy cover a solar modules maker, the largest crude oil and gas producer and a ferro alloys and sponge iron producer.
This list covers three solar module, oil producer and alloy stocks with complete current figures: Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy. Every figure comes from the latest reported financials and the 3 November 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Solar Module, Oil Producer and Alloy Stocks?
Solar module, oil producer and alloy stocks are listed companies that make solar photovoltaic modules and provide solar projects, produce crude oil and natural gas from domestic basins, and make ferro alloys, sponge iron and power. Their earnings depend on solar demand, energy prices and steel linked demand.
Solar Module, Oil Producer and Alloy Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Waaree Energies | 2,318 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| Oil and Natural Gas Corporation | 232.17 | 282,679 | 6.3 | 7.2 | 11.1 | 0.47 |
| Sarda Energy | 429.35 | 16,079 | 14.0 | 22.4 | 15.0 | 0.36 |
On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing solar module, oil producer and alloy stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in solar module, oil producer and alloy stocks can use the coming numbers to test whether growth is holding.
Why Do Solar Module, Oil Producer and Alloy Stocks Have a Strong Roadmap in India?
Solar module, oil producer and alloy stocks have a strong roadmap in India because fast solar capacity additions, steady domestic fuel needs and steady steel demand keep widening the market for these energy and metal companies.
- Solar additions. New capacity needs many modules.
- Domestic output. Local oil and gas supports energy security.
- Steel inputs. Alloys and sponge iron serve steel makers.
Why Waaree Energies Features Among These Solar Module, Oil Producer and Alloy Stocks
Among the solar module, oil producer and alloy 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.
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.
Why Oil and Natural Gas Corporation Features Among These Solar Module, Oil Producer and Alloy Stocks
Among the energy and steel input shares on this list, Oil and Natural Gas Corporation is India’s largest producer of crude oil and natural gas, with operations in domestic basins and overseas assets. It also has interests in refining, petrochemicals and gas through group companies.
In the June 2026 quarter, revenue grew 25.5% year on year to Rs 207,776 crore. Revenue rose from Rs 498,738 crore in FY22 to Rs 621,019 crore in FY26, a compound annual growth rate of 5.6%.
Net profit grew from Rs 32,778 crore in FY23 to Rs 49,793 crore in FY26, which works out to a compound annual growth rate of 15.0%. The company has a return on equity of 11.1%, a debt to equity ratio of 0.47 and a market capitalisation of Rs 282,679 crore. The stock trades at a P/E of 6.3, below the industry P/E of 7.2.
Roadmap: The company is investing in new wells, deepwater projects and field redevelopment to raise output, and it is entering new energy areas such as gas and renewables. Its large reserve base supports long-term production.
What to watch: Follow production volumes, new field start-ups and realisations.
Why Sarda Energy Features Among These Solar Module, Oil Producer and Alloy Stocks
Among the three companies on this list, Sarda Energy and Minerals is a Raipur-based integrated company producing ferro alloys, sponge iron, steel billets and power, supported by its own mines.
The company has a return on equity of 15.0%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 16,079 crore. The stock trades at a P/E of 14.0, below the industry P/E of 22.4.
Revenue rose from Rs 3,964 crore in FY22 to Rs 5,928 crore in FY26, a compound annual growth rate of 10.6%. Net profit grew from Rs 808 crore in FY22 to Rs 1,063 crore in FY26, which works out to a compound annual growth rate of 7.1%. In the June 2026 quarter, revenue grew 0.2% year on year to Rs 1,717 crore, while net profit rose 9.4% to Rs 463 crore.
Roadmap: The company is growing capacity in steel and power while using captive mines to support its cost base. An integrated model lets it capture margin at several steps of production.
What to watch: Track capacity additions, captive mine output and power plant performance.
Waaree Energies vs Oil and Natural Gas Corporation vs Sarda Energy on Key Financials
The table below sets the three solar module, oil producer and alloy 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% |
| Oil and Natural Gas Corporation | 498,738 | 621,019 | 5.6% | 49,793 | 8.0% |
| Sarda Energy | 3,964 | 5,928 | 10.6% | 1,063 | 17.9% |
Waaree Energies posts the highest return on equity in this group at 25.7%. Oil and Natural Gas Corporation has the largest FY26 revenue at Rs 621,019 crore, and Waaree Energies shows the fastest revenue growth with a 74.3% compound annual rate. A useful habit with solar module, oil producer and alloy stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Solar Module, Oil Producer and Alloy Stocks
Every theme carries risks that deserve a check before any decision. For these solar module, oil producer and alloy stocks, the main points are: Long-term energy and steel input shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Oil and gas prices. Earnings follow crude oil, gas and refining margins.
- Commodity prices. Selling prices follow global and domestic markets.
- 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, oil producer and alloy stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar Module, Oil Producer and Alloy Stocks
Solar module, oil producer and alloy stocks suit investors who prefer to study business strength before price moves. Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy each have a clear plan to grow. Based on the 3 November 2026 close, Waaree Energies trades at Rs 2,318, Oil and Natural Gas Corporation at Rs 232.17 and Sarda Energy at Rs 429.35. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these solar module, oil producer and alloy stocks to a watchlist.
Download the Univest iOS App or Univest Android App to track solar module, oil producer and alloy stocks, set price alerts and get research-backed stock ideas.
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, oil producer and alloy stocks?
Ans. Solar module, oil producer and alloy stocks are listed companies that make solar photovoltaic modules and provide solar projects, produce crude oil and natural gas from domestic basins, and make ferro alloys, sponge iron and power. Their earnings depend on solar demand, energy prices and steel linked demand. This list looks at three of them, Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy, using reported FY22 to FY26 financials and the 3 November 2026 closing prices.
Which solar module, oil producer and alloy stocks are covered in this list?
Ans. This list covers Waaree Energies, Oil and Natural Gas Corporation and Sarda Energy. Based on the 3 November 2026 close, Waaree Energies traded at Rs 2,318, Oil and Natural Gas Corporation at Rs 232.17 and Sarda Energy at Rs 429.35. Their return on equity ranges from 11.1% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.6% to 74.3%.
Why do solar module, oil producer and alloy stocks have a strong future roadmap in India?
Ans. Solar module, oil producer and alloy stocks have a strong roadmap in India because fast solar capacity additions, steady domestic fuel needs and steady steel demand keep widening the market for these energy and metal companies. The main drivers are as follows. Solar additions. New capacity needs many modules. Domestic output. Local oil and gas supports energy security. Steel inputs. Alloys and sponge iron serve steel makers. 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 Oil and Natural Gas Corporation performed financially?
Ans. Revenue rose from Rs 498,738 crore in FY22 to Rs 621,019 crore in FY26, a compound annual growth rate of 5.6%. Net profit grew from Rs 32,778 crore in FY23 to Rs 49,793 crore in FY26, which works out to a compound annual growth rate of 15.0%. In the June 2026 quarter, revenue grew 25.5% year on year to Rs 207,776 crore. The company has a return on equity of 11.1%, a debt to equity ratio of 0.47 and a market capitalisation of Rs 282,679 crore. The stock trades at a P/E of 6.3, below the industry P/E of 7.2. Looking ahead, the company is investing in new wells, deepwater projects and field redevelopment to raise output, and it is entering new energy areas such as gas and renewables. Its large reserve base supports long-term production.
How has Sarda Energy performed financially?
Ans. Revenue rose from Rs 3,964 crore in FY22 to Rs 5,928 crore in FY26, a compound annual growth rate of 10.6%. Net profit grew from Rs 808 crore in FY22 to Rs 1,063 crore in FY26, which works out to a compound annual growth rate of 7.1%. In the June 2026 quarter, revenue grew 0.2% year on year to Rs 1,717 crore, while net profit rose 9.4% to Rs 463 crore. The company has a return on equity of 15.0%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 16,079 crore. The stock trades at a P/E of 14.0, below the industry P/E of 22.4. Looking ahead, the company is growing capacity in steel and power while using captive mines to support its cost base. An integrated model lets it capture margin at several steps of production.
What risks should investors check before buying solar module, oil producer and alloy stocks?
Ans. Investors should check a few risks before buying solar module, oil producer and alloy stocks. Oil and gas prices. Earnings follow crude oil, gas and refining margins. Commodity prices. Selling prices follow global and domestic markets. 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, oil producer and alloy stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 3 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.
