{"id":304908,"date":"2026-10-13T11:55:29","date_gmt":"2026-10-13T06:25:29","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=304908"},"modified":"2026-10-13T11:55:29","modified_gmt":"2026-10-13T06:25:29","slug":"solar-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/solar-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/","title":{"rendered":"3 Solar Module, Marine Electrical and Power Utility Stocks With a Strong Future Roadmap: Marine Electricals (India), Vikram Solar and CESC"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>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.<\/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 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&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>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.<\/p>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=solar-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\"><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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#What_Are_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks\" title=\"What Are Solar Module, Marine Electrical and Power Utility Stocks?\">What Are Solar Module, Marine Electrical and Power Utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_at_a_Glance\" title=\"Solar Module, Marine Electrical and Power Utility Stocks at a Glance\">Solar Module, Marine Electrical and Power Utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Why_Do_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Solar Module, Marine Electrical and Power Utility Stocks Have a Strong Roadmap in India?\">Why Do Solar Module, Marine Electrical and Power Utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Marine_Electricals_India_Marine_and_Power_Automation_Drive_the_Pipeline\" title=\"Marine Electricals (India): Marine and Power Automation Drive the Pipeline\">Marine Electricals (India): Marine and Power Automation Drive the Pipeline<\/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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Vikram_Solar_Solar_Module_Output_Drives_the_Pipeline\" title=\"Vikram Solar: Solar Module Output Drives the Pipeline\">Vikram Solar: Solar Module Output Drives 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#CESC_Kolkata_Power_Distribution_Drives_the_Pipeline\" title=\"CESC: Kolkata Power Distribution Drives the Pipeline\">CESC: Kolkata Power Distribution Drives the Pipeline<\/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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Best_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_in_India_Marine_Electricals_vs_Vikram_Solar_vs_CESC_on_Key_Financials\" title=\"Best Solar Module, Marine Electrical and Power Utility Stocks in India: Marine Electricals vs Vikram Solar vs CESC on Key Financials\">Best Solar Module, Marine Electrical and Power Utility Stocks in India: Marine Electricals vs Vikram Solar vs CESC 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#How_to_Evaluate_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Solar Module, Marine Electrical and Power Utility Stocks to Buy Before You Invest\">How to Evaluate Solar Module, Marine Electrical and Power Utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Risks_to_Consider_Before_Investing_in_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks\" title=\"Risks to Consider Before Investing in Solar Module, Marine Electrical and Power Utility Stocks\">Risks to Consider Before Investing in Solar Module, Marine Electrical and Power Utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#FAQs_on_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks\" title=\"FAQs on Solar Module, Marine Electrical and Power Utility Stocks\">FAQs on Solar Module, Marine Electrical and Power Utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Which_are_the_best_solar_module_marine_electrical_and_power_utility_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best solar module, marine electrical and power utility stocks in India with a strong roadmap?\">Which are the best solar module, marine electrical and power utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Is_Vikram_Solar_a_good_stock_to_buy_now\" title=\"Is Vikram Solar a good stock to buy now?\">Is Vikram Solar 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#What_is_the_PE_ratio_of_Marine_Electricals_Vikram_Solar_and_CESC\" title=\"What is the P\/E ratio of Marine Electricals, Vikram Solar and CESC?\">What is the P\/E ratio of Marine Electricals, Vikram Solar and CESC?<\/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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Which_of_these_solar_module_marine_electrical_and_power_utility_stocks_has_the_highest_return_on_equity\" title=\"Which of these solar module, marine electrical and power utility stocks has the highest return on equity?\">Which of these solar module, marine electrical and power utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#What_are_the_risks_of_investing_in_solar_module_marine_electrical_and_power_utility_stocks\" title=\"What are the risks of investing in solar module, marine electrical and power utility stocks?\">What are the risks of investing in solar module, marine electrical and power utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#How_did_Marine_Electricals_Vikram_Solar_and_CESC_perform_in_Q1_FY27\" title=\"How did Marine Electricals, Vikram Solar and CESC perform in Q1 FY27?\">How did Marine Electricals, Vikram Solar and CESC 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#Do_solar_module_marine_electrical_and_power_utility_stocks_pay_dividends\" title=\"Do solar module, marine electrical and power utility stocks pay dividends?\">Do solar module, marine electrical and power utility 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-module-marine-electrical-and-power-utility-stocks-next-phase-spotlight\/#How_can_I_invest_in_solar_module_marine_electrical_and_power_utility_stocks_in_India\" title=\"How can I invest in solar module, marine electrical and power utility stocks in India?\">How can I invest in solar module, marine electrical and power utility stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks\"><\/span><strong>What Are Solar Module, Marine Electrical and Power Utility Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_at_a_Glance\"><\/span><strong>Solar Module, Marine Electrical and Power Utility 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 module, marine electrical and power utility stocks as of the 12 Oct 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;\">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\/marine\/marine-electricals-india-ltd-share-price-today\">Marine Electricals (India)<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">464.65<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,334<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.09<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.84%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.18<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/vikramsolr\/vikram-solar-ltd-share-price-today\">Vikram Solar<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">141.97<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,198<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.09<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.85%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.20<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/cesc\/cesc-ltd-share-price-today\">CESC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">136.27<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17,080<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.31%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.73<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among power and electricals stocks, both trade at a discount to their industry P\/E multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Solar Module, Marine Electrical and Power Utility Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<ul>\n<li><strong>Solar build-out:<\/strong> Utility and rooftop projects need modules.<\/li>\n<li><strong>Shipbuilding:<\/strong> Naval and commercial yards need electrical systems.<\/li>\n<li><strong>Power demand:<\/strong> Homes and factories keep using more electricity.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Marine_Electricals_India_Marine_and_Power_Automation_Drive_the_Pipeline\"><\/span><strong>Marine Electricals (India): Marine and Power Automation Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Marine Electricals&#8217; roadmap rests on electrical and automation systems for shipbuilding, power, defence and railway projects, with naval, shipyard and infrastructure programmes supporting the order book.<\/p>\n<p>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.<\/p>\n<p>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%.<\/p>\n<p>What to watch: Return on equity of 11.84% is the figure to follow as growth continues.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Vikram_Solar_Solar_Module_Output_Drives_the_Pipeline\"><\/span><strong>Vikram Solar: Solar Module Output Drives the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Vikram Solar&#8217;s roadmap rests on solar module manufacturing for utility, commercial and rooftop projects, with rising solar installations supporting volumes.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CESC_Kolkata_Power_Distribution_Drives_the_Pipeline\"><\/span><strong>CESC: Kolkata Power Distribution Drives the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CESC&#8217;s roadmap rests on electricity distribution in Kolkata along with thermal and renewable generation, with a regulated distribution base supporting steady earnings.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>What to watch: Debt to equity of 1.73 is on the higher side.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks_in_India_Marine_Electricals_vs_Vikram_Solar_vs_CESC_on_Key_Financials\"><\/span><strong>Best Solar Module, Marine Electrical and Power Utility Stocks in India: Marine Electricals vs Vikram Solar vs CESC on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/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;\">Marine Electricals<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Vikram Solar<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CESC<\/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;\">893.22<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,861.87<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18,927.29<\/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;\">14.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">40.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.9%<\/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;\">58.62<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">469.06<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,617.57<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.49%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.17%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.27%<\/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;\">53.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">38.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.2%<\/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;\">11.84%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.85%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.31%<\/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;\">0.18<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.20<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.73<\/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;\">0.07%<\/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;\">4.68%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power and electricals earnings follow order flow, execution and tariffs, 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_Marine_Electrical_and_Power_Utility_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Solar Module, Marine Electrical and Power Utility 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 module, marine electrical and power utility stocks and shortlist solar module, marine electrical and power utility stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which differs by company here.<\/li>\n<li>Check operating margin, debt and cash flow together.<\/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 module, marine electrical and power utility stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Solar_Module_Marine_Electrical_and_Power_Utility_Stocks\"><\/span><strong>Risks to Consider Before Investing in Solar Module, Marine Electrical and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Debt and cash flow:<\/strong> CESC has debt to equity of 1.73.<\/li>\n<li><strong>Project timing:<\/strong> Delays in orders can shift revenue between quarters.<\/li>\n<li><strong>Regulation:<\/strong> Tariff and policy changes can affect earnings.<\/li>\n<li><strong>Quarterly trends:<\/strong> A single weak quarter can change near-term earnings, so track results every quarter.<\/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 Marine Electricals, Vikram Solar and CESC live.<\/em><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/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 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.<\/p>\n<p>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.<\/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_Module_Marine_Electrical_and_Power_Utility_Stocks\"><\/span><strong>FAQs on Solar Module, Marine Electrical and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_solar_module_marine_electrical_and_power_utility_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best solar module, marine electrical and power utility stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Vikram_Solar_a_good_stock_to_buy_now\"><\/span><strong>Is Vikram Solar a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Marine_Electricals_Vikram_Solar_and_CESC\"><\/span><strong>What is the P\/E ratio of Marine Electricals, Vikram Solar and CESC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_solar_module_marine_electrical_and_power_utility_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these solar module, marine electrical and power utility stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Vikram Solar has the highest return on equity at 14.85%, followed by CESC at 12.31% and Marine Electricals (India) at 11.84%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_solar_module_marine_electrical_and_power_utility_stocks\"><\/span><strong>What are the risks of investing in solar module, marine electrical and power utility stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are debt and cash flow, project timing, regulation and quarterly trends. CESC has debt to equity of 1.73.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Marine_Electricals_Vikram_Solar_and_CESC_perform_in_Q1_FY27\"><\/span><strong>How did Marine Electricals, Vikram Solar and CESC perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_solar_module_marine_electrical_and_power_utility_stocks_pay_dividends\"><\/span><strong>Do solar module, marine electrical and power utility stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_solar_module_marine_electrical_and_power_utility_stocks_in_India\"><\/span><strong>How can I invest in solar module, marine electrical and power utility stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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&#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 module, marine electrical and power utility stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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%.\"}},{\"@type\":\"Question\",\"name\":\"Is Vikram Solar a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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. 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All of them trade below the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these solar module, marine electrical and power utility stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Vikram Solar has the highest return on equity at 14.85%, followed by CESC at 12.31% and Marine Electricals (India) at 11.84%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in solar module, marine electrical and power utility stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are debt and cash flow, project timing, regulation and quarterly trends. CESC has debt to equity of 1.73.\"}},{\"@type\":\"Question\",\"name\":\"How did Marine Electricals, Vikram Solar and CESC perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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. 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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>Marine Electricals (India), Vikram Solar and CESC compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":29,"featured_media":304905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[8318,11613,11614,10503,11612,11376],"class_list":["post-304908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-cesc","tag-marine-electrical-and-power-utility-stocks","tag-marine-electrical-and-power-utility-stocks-to-buy","tag-marine-electricals-india","tag-solar-module","tag-vikram-solar"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["304905"],"rank_math_title":["Solar Module, Marine Electrical and Power Utility Stocks"],"rank_math_description":["Solar module, marine electrical and power utility stocks with a strong roadmap compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["solar module, marine electrical and power utility 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-module-marine-electrical-and-power-utility-stocks-with-a-strong-future.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/304908","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\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=304908"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/304908\/revisions"}],"predecessor-version":[{"id":304909,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/304908\/revisions\/304909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/304905"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=304908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=304908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=304908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}