3 Solar Panel Maker, Biggest Iron Ore Miner and Refining and Fuel Retail Major Stocks With a Strong Future Roadmap: Waaree Energies, NMDC and Bharat Petroleum
- November 2, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Waaree Energies, NMDC and Bharat Petroleum: ROE of 15.6% to 25.7% and FY22 to FY26 revenue CAGR of 5.9% to 74.3%. Prices as of 30 Oct 2026.
Quick Answer
The three solar module, iron ore and refiner stocks to watch are Waaree Energies, NMDC and Bharat Petroleum. Their return on equity ranges from 15.6% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% 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 30 October 2026 close, and this article is educational, not investment advice.
Solar module, iron ore and refiner stocks give investors a way to track businesses that sit close to everyday demand in India. Waaree Energies, NMDC and Bharat Petroleum cover a solar modules maker, the largest iron ore producer and a refining and fuel marketing company.
This list covers three solar module, iron ore and refiner stocks with complete current figures: Waaree Energies, NMDC and Bharat Petroleum. Every figure comes from the latest reported financials and the 30 October 2026 market close. Companies without complete current figures were left out.
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What Are Solar Module, Iron Ore and Refiner Stocks?
Solar module, iron ore and refiner stocks are listed companies that make solar photovoltaic modules and provide solar projects, mine iron ore in Chhattisgarh and Karnataka, and refine crude oil and sell fuels through a wide network. Their earnings depend on solar demand, steel demand and fuel volumes.
Solar Module, Iron Ore and Refiner Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Waaree Energies | 2,304 | 72,290 | 18.1 | 43.9 | 25.7 | 0.22 |
| NMDC | 67.34 | 61,921 | 8.3 | 9.9 | 21.9 | 0.19 |
| Bharat Petroleum | 284.9 | 128,116 | 8.1 | 15.4 | 15.6 | 0.62 |
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, iron ore and refiner stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Solar Module, Iron Ore and Refiner Stocks Have a Strong Roadmap in India?
Solar module, iron ore and refiner stocks have a strong roadmap in India because fast solar capacity additions, steady steel demand and growing fuel use keep widening the market for these energy and mining companies.
- Solar additions. New capacity needs many modules.
- Steel demand. Construction keeps iron ore moving.
- Fuel use. Retail fuel sales keep growing.
Why Waaree Energies Features Among These Solar Module, Iron Ore and Refiner Stocks
Among the solar module, iron ore and refiner 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.
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 NMDC Features Among These Solar Module, Iron Ore and Refiner Stocks
Among the energy and mining shares on this list, NMDC is a public sector miner and India’s largest producer of iron ore, with mines in Chhattisgarh and Karnataka, and it also has interests in lithium, diamonds and other minerals.
Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%.
In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore. The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P/E of 8.3, below the industry P/E of 9.9.
Roadmap: The company plans to raise production capacity to meet the country’s growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.
What to watch: Follow iron ore volumes and prices and the pace of its expansion and critical mineral projects.
Why Bharat Petroleum Features Among These Solar Module, Iron Ore and Refiner Stocks
Among the three companies on this list, Bharat Petroleum Corporation is a public sector oil marketing and refining company that refines crude oil and sells petrol, diesel, cooking gas and lubricants through a nationwide network of fuel stations.
Revenue rose from Rs 349,060 crore in FY22 to Rs 458,527 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 11,682 crore in FY22 to Rs 25,843 crore in FY26, which works out to a compound annual growth rate of 22.0%.
The company has a return on equity of 15.6%, a debt to equity ratio of 0.62 and a market capitalisation of Rs 128,116 crore. The stock trades at a P/E of 8.1, below the industry P/E of 15.4.
Roadmap: The company is expanding its refining and petrochemical capacity and building a presence in gas, renewable energy and electric vehicle charging. A large retail fuel network gives it steady demand across the country.
What to watch: Follow refining margins, fuel demand and progress on new capacity.
Waaree Energies vs NMDC vs Bharat Petroleum on Key Financials
The table below sets the three solar module, iron ore and refiner 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% |
| NMDC | 26,683 | 33,559 | 5.9% | 7,415 | 22.1% |
| Bharat Petroleum | 349,060 | 458,527 | 7.1% | 25,843 | 5.6% |
Waaree Energies posts the highest return on equity in this group at 25.7%. Bharat Petroleum has the largest FY26 revenue at Rs 458,527 crore, and Waaree Energies shows the fastest revenue growth with a 74.3% compound annual rate. A useful habit with solar module, iron ore and refiner 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, Iron Ore and Refiner Stocks
Every theme carries risks that deserve a check before any decision. For these solar module, iron ore and refiner stocks, the main points are: Long-term energy and mining shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Fuel and power prices. Tariffs and fuel costs can influence earnings.
- 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, iron ore and refiner stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Solar Module, Iron Ore and Refiner Stocks
Solar module, iron ore and refiner stocks work best when investors track growth, valuation and return on equity side by side. Waaree Energies, NMDC and Bharat Petroleum each have a clear plan to grow. Based on the 30 October 2026 close, Waaree Energies trades at Rs 2,304, NMDC at Rs 67.34 and Bharat Petroleum at Rs 284.9. 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, iron ore and refiner stocks to a watchlist.
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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 solar module, iron ore and refiner stocks?
Ans. Solar module, iron ore and refiner stocks are listed companies that make solar photovoltaic modules and provide solar projects, mine iron ore in Chhattisgarh and Karnataka, and refine crude oil and sell fuels through a wide network. Their earnings depend on solar demand, steel demand and fuel volumes. This list looks at three of them, Waaree Energies, NMDC and Bharat Petroleum, using reported FY22 to FY26 financials and the 30 October 2026 closing prices.
Which solar module, iron ore and refiner stocks are covered in this list?
Ans. This list covers Waaree Energies, NMDC and Bharat Petroleum. Based on the 30 October 2026 close, Waaree Energies traded at Rs 2,304, NMDC at Rs 67.34 and Bharat Petroleum at Rs 284.9. Their return on equity ranges from 15.6% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% to 74.3%.
Why do solar module, iron ore and refiner stocks have a strong future roadmap in India?
Ans. Solar module, iron ore and refiner stocks have a strong roadmap in India because fast solar capacity additions, steady steel demand and growing fuel use keep widening the market for these energy and mining companies. The main drivers are as follows. Solar additions. New capacity needs many modules. Steel demand. Construction keeps iron ore moving. Fuel use. Retail fuel sales keep growing. 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 NMDC performed financially?
Ans. Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%. In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore. The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P/E of 8.3, below the industry P/E of 9.9. Looking ahead, the company plans to raise production capacity to meet the country’s growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.
How has Bharat Petroleum performed financially?
Ans. Revenue rose from Rs 349,060 crore in FY22 to Rs 458,527 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 11,682 crore in FY22 to Rs 25,843 crore in FY26, which works out to a compound annual growth rate of 22.0%. The company has a return on equity of 15.6%, a debt to equity ratio of 0.62 and a market capitalisation of Rs 128,116 crore. The stock trades at a P/E of 8.1, below the industry P/E of 15.4. Looking ahead, the company is expanding its refining and petrochemical capacity and building a presence in gas, renewable energy and electric vehicle charging. A large retail fuel network gives it steady demand across the country.
What risks should investors check before buying solar module, iron ore and refiner stocks?
Ans. Investors should check a few risks before buying solar module, iron ore and refiner stocks. Fuel and power prices. Tariffs and fuel costs can influence earnings. 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, iron ore and refiner stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 30 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.
