{"id":292298,"date":"2026-10-07T13:23:37","date_gmt":"2026-10-07T07:53:37","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=292298"},"modified":"2026-10-07T13:23:37","modified_gmt":"2026-10-07T07:53:37","slug":"solar-cell-and-module-stocks-strong-roadmap","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/","title":{"rendered":"3 Solar Cell and Module Stocks With a Strong Future Roadmap: Websol Energy System, Insolation Energy and Alpex Solar"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Websol Rs 70.89, P\/E 9.84. Insolation Rs 83.81, P\/E 9.45. Alpex Solar Rs 814.15, P\/E 10.39. Closing prices of 6 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Solar cell and module stocks with the clearest long-term roadmaps today include Websol Energy System in solar cells and solar modules, Insolation Energy in solar modules for rooftop and utility-scale projects and Alpex Solar in solar modules for domestic and project customers. FY26 revenue growth was 88.3% at Websol, 61.0% at Insolation and 185.0% at Alpex Solar. P\/E stands at 9.84 for Websol (industry 46.00), 9.45 for Insolation (industry 46.00) and 10.39 for Alpex Solar (industry 46.00). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Solar cell and module stocks give investors exposure to smaller makers that turn imported and local cells into panels for rooftops and solar parks. Results depend on module prices, capacity use and policy support, which is why margins and cash flow matter as much as headline growth.<\/p>\n<p>This list covers three solar manufacturing small caps: Websol Energy System for solar cells and solar modules, Insolation Energy for solar modules for rooftop and utility-scale projects and Alpex Solar for solar modules for domestic and project customers. Every figure comes from the latest reported financials and the 6 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=solar-cell-and-module-stocks-strong-roadmap\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#What_Are_Solar_Cell_and_Module_Stocks\" title=\"What Are Solar Cell and Module Stocks?\">What Are Solar Cell and Module Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Solar_Cell_and_Module_Stocks_at_a_Glance\" title=\"Solar Cell and Module Stocks at a Glance\">Solar Cell and Module Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Why_Do_Solar_Cell_and_Module_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Solar Cell and Module Stocks Have a Strong Roadmap in India?\">Why Do Solar Cell and Module Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Websol_Energy_System_Solar_Cells_and_Modules_Anchor_the_Roadmap\" title=\"Websol Energy System: Solar Cells and Modules Anchor the Roadmap\">Websol Energy System: Solar Cells and Modules Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Insolation_Energy_Rooftop_and_Utility-Scale_Modules_Drive_the_Pipeline\" title=\"Insolation Energy: Rooftop and Utility-Scale Modules Drive the Pipeline\">Insolation Energy: Rooftop and Utility-Scale Modules Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Alpex_Solar_New_Capacity_and_Project_Orders_Build_the_Next_Leg\" title=\"Alpex Solar: New Capacity and Project Orders Build the Next Leg\">Alpex Solar: New Capacity and Project Orders Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Best_Solar_Cell_and_Module_Stocks_in_India_Websol_vs_Insolation_vs_Alpex_Solar_on_Key_Financials\" title=\"Best Solar Cell and Module Stocks in India: Websol vs Insolation vs Alpex Solar on Key Financials\">Best Solar Cell and Module Stocks in India: Websol vs Insolation vs Alpex Solar on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#How_to_Evaluate_Solar_Module_Maker_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Solar Module Maker Stocks to Buy Before You Invest\">How to Evaluate Solar Module Maker Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Risks_to_Consider_Before_Investing_in_Solar_Cell_and_Module_Stocks\" title=\"Risks to Consider Before Investing in Solar Cell and Module Stocks\">Risks to Consider Before Investing in Solar Cell and Module Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#FAQs_on_Solar_Cell_and_Module_Stocks\" title=\"FAQs on Solar Cell and Module Stocks\">FAQs on Solar Cell and Module Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Which_are_the_best_solar_cell_and_module_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best solar cell and module stocks in India with a strong roadmap?\">Which are the best solar cell and module stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Is_Websol_Energy_System_a_good_stock_to_buy_now\" title=\"Is Websol Energy System a good stock to buy now?\">Is Websol Energy System a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#What_is_the_PE_ratio_of_Websol_Insolation_and_Alpex_Solar\" title=\"What is the P\/E ratio of Websol, Insolation and Alpex Solar?\">What is the P\/E ratio of Websol, Insolation and Alpex Solar?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Which_of_these_solar_cell_and_module_stocks_has_the_highest_return_on_equity\" title=\"Which of these solar cell and module stocks has the highest return on equity?\">Which of these solar cell and module stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#What_are_the_risks_of_investing_in_solar_cell_and_module_stocks\" title=\"What are the risks of investing in solar cell and module stocks?\">What are the risks of investing in solar cell and module stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#How_did_Websol_Insolation_and_Alpex_Solar_perform_in_Q1_FY27\" title=\"How did Websol, Insolation and Alpex Solar perform in Q1 FY27?\">How did Websol, Insolation and Alpex Solar perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#Do_solar_cell_and_module_stocks_pay_dividends\" title=\"Do solar cell and module stocks pay dividends?\">Do solar cell and module stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/solar-cell-and-module-stocks-strong-roadmap\/#How_can_I_invest_in_solar_cell_and_module_stocks_in_India\" title=\"How can I invest in solar cell and module stocks in India?\">How can I invest in solar cell and module stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Solar_Cell_and_Module_Stocks\"><\/span><strong>What Are Solar Cell and Module Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar cell and module stocks are shares of companies that make solar cells and assemble them into modules for homes, factories and large solar projects. Results depend on module prices, input costs, duty rules, capacity use and operating margin, so lower costs and steady order books separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solar_Cell_and_Module_Stocks_at_a_Glance\"><\/span><strong>Solar Cell and Module Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three solar cell and module stocks as of the 6 October 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/webelsolar\/websol-energy-system-ltd-share-price-today\">Websol Energy System<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">70.89<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,086<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.84<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">46.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">48.04%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.21<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/ina\/insolation-energy-ltd-share-price-today\">Insolation Energy<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">83.81<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,848<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.45<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">46.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.81%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.10<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/alpexsolar\/alpex-solar-ltd-share-price-today\">Alpex Solar<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">814.15<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,080<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.39<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">46.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">35.87%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.95<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among solar manufacturing small caps, all three trade below their industry P\/E multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Solar_Cell_and_Module_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Solar Cell and Module Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar cell and module stocks have a strong roadmap in India because renewable capacity targets are rising, rooftop solar is spreading and policy favours locally made modules. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Renewable capacity targets:<\/strong> Large solar additions every year need modules.<\/li>\n<li><strong>Rooftop adoption:<\/strong> Homes and factories are installing more panels.<\/li>\n<li><strong>Local manufacturing support:<\/strong> Policy favours Indian-made cells and modules.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Websol_Energy_System_Solar_Cells_and_Modules_Anchor_the_Roadmap\"><\/span><strong>Websol Energy System: Solar Cells and Modules Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Websol&#8217;s roadmap rests on solar cells and solar modules, with added cell capacity and higher volumes supporting revenue.<\/p>\n<p>FY26 revenue was Rs 984.02 crore, 88.3% higher than FY25. FY26 net profit rose 95.8% to Rs 303.00 crore. In Q1 FY27, revenue grew 70.6% to Rs 376.98 crore, and net profit rose 15.8% to Rs 77.78 crore. Operating margin was 41.65% in FY26 and 34.88% in Q1 FY27 against 48.30% a year earlier.<\/p>\n<p>Debt to equity is 0.21 and return on equity is 48.04%. FY26 operating cash flow was Rs 255.35 crore against capital expenditure of Rs 180.03 crore. Websol paid a dividend of Rs 0.25 per share for FY26, a yield of 0.35%. At a P\/E of 9.84 against an industry P\/E of 46.00, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The Q1 FY27 operating margin of 34.88% was below the 48.30% of a year earlier, and Q1 FY27 net profit growth of 15.8% is well below the 95.8% of FY26.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Insolation_Energy_Rooftop_and_Utility-Scale_Modules_Drive_the_Pipeline\"><\/span><strong>Insolation Energy: Rooftop and Utility-Scale Modules Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insolation Energy&#8217;s roadmap rests on solar modules for rooftop and utility-scale projects, with new module capacity lifting volumes.<\/p>\n<p>FY26 revenue was Rs 2,163.52 crore, 61.0% higher than FY25. FY26 net profit rose 59.7% to Rs 200.63 crore. In Q1 FY27, revenue grew 105.4% to Rs 745.41 crore, and net profit fell 11.8% to Rs 38.02 crore.<\/p>\n<p>Debt to equity is 1.10 and return on equity is 24.81%. At a P\/E of 9.45 against an industry P\/E of 46.00, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The Q1 FY27 operating margin of 10.38% was below the 15.97% of a year earlier, and a market cap of Rs 1,848 Cr means the share price can swing sharply. Q1 FY27 net profit was 11.8% lower than a year earlier; debt to equity of 1.10 deserves tracking.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Alpex_Solar_New_Capacity_and_Project_Orders_Build_the_Next_Leg\"><\/span><strong>Alpex Solar: New Capacity and Project Orders Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Alpex Solar&#8217;s roadmap rests on solar modules for domestic and project customers, with a larger plant and a growing order flow supporting revenue.<\/p>\n<p>FY26 revenue was Rs 2,231.76 crore, 185.0% higher than FY25. FY26 net profit rose 141.4% to Rs 201.51 crore. In Q1 FY27, revenue grew 32.4% to Rs 506.67 crore, and net profit fell 5.7% to Rs 39.87 crore. Operating margin was 14.90% in FY26 and 15.58% in Q1 FY27 against 17.05% a year earlier.<\/p>\n<p>Debt to equity is 0.95 and return on equity is 35.87%. FY26 operating cash flow was negative at Rs 115.61 crore against capital expenditure of Rs 245.96 crore. At a P\/E of 10.39 against an industry P\/E of 46.00, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The FY26 operating margin of 14.90% was below the 16.55% of FY25, and a market cap of Rs 2,080 Cr means the share price can swing sharply. Q1 FY27 net profit was 5.7% lower than a year earlier; operating cash flow was negative in FY26.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Solar_Cell_and_Module_Stocks_in_India_Websol_vs_Insolation_vs_Alpex_Solar_on_Key_Financials\"><\/span><strong>Best Solar Cell and Module Stocks in India: Websol vs Insolation vs Alpex Solar on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best solar cell and module stocks in India, Websol leads on FY26 operating margin and return on equity; Insolation leads on Q1 FY27 revenue growth and the lowest P\/E. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Websol<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Insolation<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Alpex Solar<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">984.02<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,163.52<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,231.76<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">88.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">61.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">185.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">303.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">200.63<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">201.51<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">95.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">59.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">141.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">70.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">105.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 net profit growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-11.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-5.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">48.04%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.81%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">35.87%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.84<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.45<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.39<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.21<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.10<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.95<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.35%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Solar manufacturing earnings follow module prices and capacity use, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Solar_Module_Maker_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Solar Module Maker Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen solar cell and module stocks and shortlist solar module maker stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which is 46.00 for all three here.<\/li>\n<li>Track operating margin across several quarters, because input costs can move faster than prices.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these solar cell and module stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Solar_Cell_and_Module_Stocks\"><\/span><strong>Risks to Consider Before Investing in Solar Cell and Module Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Price and policy swings:<\/strong> Module prices and duty rules can shift quickly.<\/li>\n<li><strong>Quarterly profit:<\/strong> Insolation Energy and Alpex Solar reported lower Q1 FY27 profit than a year earlier.<\/li>\n<li><strong>Cash flow:<\/strong> Alpex Solar had negative operating cash flow in FY26.<\/li>\n<li><strong>Debt:<\/strong> Insolation Energy has debt to equity of 1.10 and Alpex Solar 0.95.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Websol, Insolation and Alpex Solar live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three solar module maker stocks cover solar cells and modules, rooftop and utility-scale modules, and domestic and project modules. Websol leads on FY26 operating margin and return on equity; Insolation leads on Q1 FY27 revenue growth and the lowest P\/E.<\/p>\n<p>Across solar manufacturing small caps, 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 maker stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Solar_Cell_and_Module_Stocks\"><\/span><strong>FAQs on Solar Cell and Module Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_solar_cell_and_module_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best solar cell and module stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Websol Energy System, Insolation Energy and Alpex Solar stand out for their roadmaps in solar cells and modules. FY26 revenue growth was 88.3% at Websol, 61.0% at Insolation and 185.0% at Alpex Solar, and return on equity ranges from 24.81% to 48.04%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Websol_Energy_System_a_good_stock_to_buy_now\"><\/span><strong>Is Websol Energy System a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Websol Energy System has a debt to equity ratio of 0.21, a return on equity of 48.04% and a P\/E of 9.84 against an industry P\/E of 46.00. Module prices, quarterly profit and cash flow move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Websol_Insolation_and_Alpex_Solar\"><\/span><strong>What is the P\/E ratio of Websol, Insolation and Alpex Solar?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 9.84 for Websol (industry 46.00), 9.45 for Insolation (industry 46.00) and 10.39 for Alpex Solar (industry 46.00). All three trade below the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_solar_cell_and_module_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these solar cell and module stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Websol Energy System has the highest return on equity at 48.04%, followed by Alpex Solar at 35.87% and Insolation Energy at 24.81%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_solar_cell_and_module_stocks\"><\/span><strong>What are the risks of investing in solar cell and module stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are module price and policy swings, lower quarterly profit at two firms, negative operating cash flow at one and debt. Insolation Energy has debt to equity of 1.10.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Websol_Insolation_and_Alpex_Solar_perform_in_Q1_FY27\"><\/span><strong>How did Websol, Insolation and Alpex Solar perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Websol Energy System reported revenue of Rs 376.98 crore, up 70.6% year on year, and net profit rose 15.8% to Rs 77.78 crore. Insolation Energy reported revenue of Rs 745.41 crore, up 105.4% year on year, and net profit fell 11.8% to Rs 38.02 crore. Alpex Solar reported revenue of Rs 506.67 crore, up 32.4% year on year, and net profit fell 5.7% to Rs 39.87 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_solar_cell_and_module_stocks_pay_dividends\"><\/span><strong>Do solar cell and module stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dividend payouts differ across the three companies. The dividend yield is 0.35% for Websol, 0.00% for Insolation and 0.00% for Alpex Solar, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_solar_cell_and_module_stocks_in_India\"><\/span><strong>How can I invest in solar cell and module stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy solar cell and module stocks through a demat and trading account on NSE or BSE after checking each company&#8217;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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best solar cell and module stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Websol Energy System, Insolation Energy and Alpex Solar stand out for their roadmaps in solar cells and modules. FY26 revenue growth was 88.3% at Websol, 61.0% at Insolation and 185.0% at Alpex Solar, and return on equity ranges from 24.81% to 48.04%.\"}},{\"@type\":\"Question\",\"name\":\"Is Websol Energy System a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Websol Energy System has a debt to equity ratio of 0.21, a return on equity of 48.04% and a P\/E of 9.84 against an industry P\/E of 46.00. 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All three trade below the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these solar cell and module stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Websol Energy System has the highest return on equity at 48.04%, followed by Alpex Solar at 35.87% and Insolation Energy at 24.81%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in solar cell and module stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are module price and policy swings, lower quarterly profit at two firms, negative operating cash flow at one and debt. Insolation Energy has debt to equity of 1.10.\"}},{\"@type\":\"Question\",\"name\":\"How did Websol, Insolation and Alpex Solar perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Websol Energy System reported revenue of Rs 376.98 crore, up 70.6% year on year, and net profit rose 15.8% to Rs 77.78 crore. 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Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Websol Energy System, Insolation Energy and Alpex Solar compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":34,"featured_media":292297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[9488,9487,9485,9486,7516],"class_list":["post-292298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-alpex-solar","tag-insolation-energy","tag-solar-cell-and-module-stocks","tag-solar-module-maker-stocks","tag-websol-energy-system"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["292297"],"rank_math_title":["Solar Cell and Module Stocks: Websol, Insolation, Alpex Solar"],"rank_math_description":["Solar cell and module stocks with a strong roadmap: Websol Energy System, Insolation Energy and Alpex Solar compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["solar cell and module stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-solar-cell-and-module-stocks-with-a-strong-future-roadmap-websol-energy-system.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/292298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=292298"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/292298\/revisions"}],"predecessor-version":[{"id":292299,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/292298\/revisions\/292299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/292297"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=292298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=292298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=292298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}