{"id":311985,"date":"2026-10-16T09:35:12","date_gmt":"2026-10-16T04:05:12","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=311985"},"modified":"2026-10-16T09:35:12","modified_gmt":"2026-10-16T04:05:12","slug":"solar-module-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/solar-module-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/","title":{"rendered":"3 Solar Module Maker, Transmission Operator and Power Lender Stocks With a Strong Future Roadmap: Vikram Solar, Adani Energy Solutions and REC Limited"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Vikram Solar Rs 146.75, P\/E 14.56. Adani Energy Solutions Rs 1,364.00, P\/E 49.58. REC Rs 311.80, P\/E 4.82. Closing prices of 14 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 maker, transmission operator and power lender stocks with the clearest long-term roadmaps today include Vikram Solar in solar module manufacturing for utility, commercial and rooftop projects, Adani Energy Solutions in power transmission, electricity distribution and smart metering and REC in financing for power and infrastructure projects across generation, transmission and distribution. FY26 revenue growth was 40.9% at Vikram Solar, 15.9% at Adani Energy Solutions and 5.7% at REC. P\/E stands at 14.56 for Vikram Solar (industry 47.09), 49.58 for Adani Energy Solutions (industry 22.17) and 4.82 for REC (industry 17.72). 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 maker, transmission operator and power lender stocks give investors exposure to solar equipment, power networks and project funding for the energy sector. Order flow, network additions and execution decide how much of that demand turns into profit.<\/p>\n<p>This list covers three solar module maker, transmission operator and power lender stocks: Vikram Solar for solar module manufacturing for utility, commercial and rooftop projects, Adani Energy Solutions for power transmission, electricity distribution and smart metering and REC Limited for financing for power and infrastructure projects across generation, transmission and distribution. Every figure comes from the latest reported financials and the 14 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\"><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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#What_Are_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks\" title=\"What Are Solar Module Maker, Transmission Operator and Power Lender Stocks?\">What Are Solar Module Maker, Transmission Operator and Power Lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_at_a_Glance\" title=\"Solar Module Maker, Transmission Operator and Power Lender Stocks at a Glance\">Solar Module Maker, Transmission Operator and Power Lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Why_Do_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Solar Module Maker, Transmission Operator and Power Lender Stocks Have a Strong Roadmap in India?\">Why Do Solar Module Maker, Transmission Operator and Power Lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#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-5\" href=\"https:\/\/univest.in\/blogs-2\/solar-module-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Adani_Energy_Solutions_Transmission_Lines_and_Smart_Meters_Anchor_the_Roadmap\" title=\"Adani Energy Solutions: Transmission Lines and Smart Meters Anchor the Roadmap\">Adani Energy Solutions: Transmission Lines and Smart Meters Anchor the Roadmap<\/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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#REC_Limited_Power_Sector_Financing_Anchors_the_Roadmap\" title=\"REC Limited: Power Sector Financing Anchors the Roadmap\">REC Limited: Power Sector Financing Anchors the Roadmap<\/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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Best_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_in_India_Vikram_Solar_vs_Adani_Energy_Solutions_vs_REC_on_Key_Financials\" title=\"Best Solar Module Maker, Transmission Operator and Power Lender Stocks in India: Vikram Solar vs Adani Energy Solutions vs REC on Key Financials\">Best Solar Module Maker, Transmission Operator and Power Lender Stocks in India: Vikram Solar vs Adani Energy Solutions vs REC 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#How_to_Evaluate_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Solar Module Maker, Transmission Operator and Power Lender Stocks to Buy Before You Invest\">How to Evaluate Solar Module Maker, Transmission Operator and Power Lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Risks_to_Consider_Before_Investing_in_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks\" title=\"Risks to Consider Before Investing in Solar Module Maker, Transmission Operator and Power Lender Stocks\">Risks to Consider Before Investing in Solar Module Maker, Transmission Operator and Power Lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#FAQs_on_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks\" title=\"FAQs on Solar Module Maker, Transmission Operator and Power Lender Stocks\">FAQs on Solar Module Maker, Transmission Operator and Power Lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Which_are_the_best_solar_module_maker_transmission_operator_and_power_lender_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best solar module maker, transmission operator and power lender stocks in India with a strong roadmap?\">Which are the best solar module maker, transmission operator and power lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#What_is_the_PE_ratio_of_Vikram_Solar_Adani_Energy_Solutions_and_REC\" title=\"What is the P\/E ratio of Vikram Solar, Adani Energy Solutions and REC?\">What is the P\/E ratio of Vikram Solar, Adani Energy Solutions and REC?<\/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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Which_of_these_solar_module_maker_transmission_operator_and_power_lender_stocks_has_the_highest_return_on_equity\" title=\"Which of these solar module maker, transmission operator and power lender stocks has the highest return on equity?\">Which of these solar module maker, transmission operator and power lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#What_are_the_risks_of_investing_in_solar_module_maker_transmission_operator_and_power_lender_stocks\" title=\"What are the risks of investing in solar module maker, transmission operator and power lender stocks?\">What are the risks of investing in solar module maker, transmission operator and power lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#How_did_Vikram_Solar_Adani_Energy_Solutions_and_REC_perform_in_Q1_FY27\" title=\"How did Vikram Solar, Adani Energy Solutions and REC perform in Q1 FY27?\">How did Vikram Solar, Adani Energy Solutions and REC 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#Do_solar_module_maker_transmission_operator_and_power_lender_stocks_pay_dividends\" title=\"Do solar module maker, transmission operator and power lender stocks pay dividends?\">Do solar module maker, transmission operator and power lender 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-maker-transmission-operator-and-power-lender-stocks-roadmap-frontier-list\/#How_can_I_invest_in_solar_module_maker_transmission_operator_and_power_lender_stocks_in_India\" title=\"How can I invest in solar module maker, transmission operator and power lender stocks in India?\">How can I invest in solar module maker, transmission operator and power lender stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks\"><\/span><strong>What Are Solar Module Maker, Transmission Operator and Power Lender Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar module maker, transmission operator and power lender stocks are shares of companies that make power equipment, run grids or fund projects. Results depend on order flow, network additions and execution, so execution and margins separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_at_a_Glance\"><\/span><strong>Solar Module Maker, Transmission Operator and Power Lender 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 maker, transmission operator and power lender stocks as of the 14 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;\">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\/vikramsolr\/vikram-solar-ltd-share-price-today\">Vikram Solar<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">146.75<\/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;\">14.56<\/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\/adaniensol\/adani-transmission-ltd-share-price-today\">Adani Energy Solutions<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,364.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">153,230<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">49.58<\/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;\">8.98%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.93<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/recltd\/rec-ltd-share-price-today\">REC Limited<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">311.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">77,364<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.82<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.17%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.05<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among power and energy stocks, Adani Energy Solutions trades at a premium to the industry P\/E, while Vikram Solar and REC trade at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Solar Module Maker, Transmission Operator and Power Lender Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar module maker, transmission operator and power lender stocks have a strong roadmap in India because renewable capacity targets, grid expansion and smart metering keep adding orders and loans for these firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Solar capacity:<\/strong> Utilities and homes add solar through new projects.<\/li>\n<li><strong>Grid expansion:<\/strong> New lines and smart meters need large investment.<\/li>\n<li><strong>Project funding:<\/strong> Power projects need long-tenure loans.<\/li>\n<\/ul>\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=\"Adani_Energy_Solutions_Transmission_Lines_and_Smart_Meters_Anchor_the_Roadmap\"><\/span><strong>Adani Energy Solutions: Transmission Lines and Smart Meters Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Adani Energy Solutions&#8217; roadmap rests on power transmission, electricity distribution and smart metering, with grid expansion supporting revenue.<\/p>\n<p>Revenue grew from Rs 11,861.47 crore in FY22 to Rs 28,325.16 crore in FY26, a 138.8% rise, and FY26 revenue was 15.9% higher than FY25. FY26 net profit was Rs 2,392.75 crore. In Q1 FY27, revenue grew 40.2% to Rs 9,852.20 crore. Operating margin was 31.63% in FY26 and 32.73% in Q1 FY27 against 29.58% a year earlier.<\/p>\n<p>Debt to equity is 1.93 and return on equity is 8.98%. FY26 operating cash flow was Rs 10,996.68 crore against capital expenditure of Rs 14,431.80 crore. At a P\/E of 49.58 against an industry P\/E of 22.17, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Debt to equity of 1.93 is on the higher side. The P\/E of 49.58 sits above the industry P\/E of 22.17, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"REC_Limited_Power_Sector_Financing_Anchors_the_Roadmap\"><\/span><strong>REC Limited: Power Sector Financing Anchors the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>REC&#8217;s roadmap rests on financing for power and infrastructure projects across generation, transmission and distribution, with the build-out of the power grid supporting loan demand.<\/p>\n<p>Revenue grew from Rs 39,339.20 crore in FY22 to Rs 59,628.35 crore in FY26, a 51.6% rise, and FY26 revenue was 5.7% higher than FY25. FY26 net profit rose 2.7% to Rs 16,308.17 crore. Over four years, net profit rose from Rs 10,035.70 crore in FY22 to Rs 16,308.17 crore.<\/p>\n<p>Debt to equity is 6.05 and return on equity is 19.17%. At a P\/E of 4.82 against an industry P\/E of 17.72, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 4.82 against an industry P\/E of 17.72 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks_in_India_Vikram_Solar_vs_Adani_Energy_Solutions_vs_REC_on_Key_Financials\"><\/span><strong>Best Solar Module Maker, Transmission Operator and Power Lender Stocks in India: Vikram Solar vs Adani Energy Solutions vs REC on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best solar module maker, transmission operator and power lender stocks in India, Vikram Solar leads on FY26 revenue growth and the lowest debt to equity; Adani Energy Solutions ranks second on FY26 revenue growth and the lowest debt to equity; REC leads on return on equity 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;\">Vikram Solar<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Adani Energy Solutions<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">REC<\/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;\">4,861.87<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">28,325.16<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">59,628.35<\/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;\">40.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.9%<\/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;\">FY26 net profit (Rs Cr)<\/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;\">2,392.75<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,308.17<\/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;\">14.85%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.98%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.17%<\/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;\">14.56<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">49.58<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.82<\/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;\">0.20<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.93<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.05<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power and engineering earnings follow order flow, network additions and execution, 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_Transmission_Operator_and_Power_Lender_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Solar Module Maker, Transmission Operator and Power Lender 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 maker, transmission operator and power lender stocks and shortlist solar module maker, transmission operator and power lender 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 loan growth against funding costs to see how growth is financed.<\/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 maker, transmission operator and power lender stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Solar_Module_Maker_Transmission_Operator_and_Power_Lender_Stocks\"><\/span><strong>Risks to Consider Before Investing in Solar Module Maker, Transmission Operator and Power Lender Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Valuation:<\/strong> Adani Energy Solutions trades at 49.58 times earnings against an industry multiple of 22.17.<\/li>\n<li><strong>Debt and cash flow:<\/strong> Adani Energy Solutions has debt to equity of 1.93.<\/li>\n<li><strong>Order timing:<\/strong> Delays in customer projects can shift revenue between quarters.<\/li>\n<li><strong>Government spending:<\/strong> Changes in public budgets can affect orders.<\/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 Vikram Solar, Adani Energy Solutions and REC 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 power and energy stocks cover solar modules, transmission and power lending. Vikram Solar leads on FY26 revenue growth and the lowest debt to equity; Adani Energy Solutions ranks second on FY26 revenue growth and the lowest debt to equity; REC leads on return on equity and the lowest P\/E.<\/p>\n<p>Across solar module maker, transmission operator and power lender 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 maker, transmission operator and power lender 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_Maker_Transmission_Operator_and_Power_Lender_Stocks\"><\/span><strong>FAQs on Solar Module Maker, Transmission Operator and Power Lender Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_solar_module_maker_transmission_operator_and_power_lender_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best solar module maker, transmission operator and power lender stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Vikram Solar, Adani Energy Solutions and REC Limited stand out for their roadmaps in solar modules, transmission and power lending. FY26 revenue growth was 40.9% at Vikram Solar, 15.9% at Adani Energy Solutions and 5.7% at REC, and return on equity ranges from 8.98% to 19.17%.<\/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, order flow and execution 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_Vikram_Solar_Adani_Energy_Solutions_and_REC\"><\/span><strong>What is the P\/E ratio of Vikram Solar, Adani Energy Solutions and REC?<\/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), 49.58 for Adani Energy Solutions (industry 22.17) and 4.82 for REC (industry 17.72). Only Adani Energy Solutions trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_solar_module_maker_transmission_operator_and_power_lender_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these solar module maker, transmission operator and power lender stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> REC Limited has the highest return on equity at 19.17%, followed by Vikram Solar at 14.85% and Adani Energy Solutions at 8.98%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_solar_module_maker_transmission_operator_and_power_lender_stocks\"><\/span><strong>What are the risks of investing in solar module maker, transmission operator and power lender stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are valuation, debt and cash flow, order timing and government spending. Adani Energy Solutions trades at 49.58 times earnings against an industry multiple of 22.17.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Vikram_Solar_Adani_Energy_Solutions_and_REC_perform_in_Q1_FY27\"><\/span><strong>How did Vikram Solar, Adani Energy Solutions and REC perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Vikram Solar reported revenue of Rs 1,575.71 crore, up 38.5% year on year. Adani Energy Solutions reported revenue of Rs 9,852.20 crore, up 40.2% year on year. REC Limited reported .<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_solar_module_maker_transmission_operator_and_power_lender_stocks_pay_dividends\"><\/span><strong>Do solar module maker, transmission operator and power lender stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dividend yields are small or absent across this group for FY26, so returns depend more on earnings growth.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_solar_module_maker_transmission_operator_and_power_lender_stocks_in_India\"><\/span><strong>How can I invest in solar module maker, transmission operator and power lender stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy solar module maker, transmission operator and power lender 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 maker, transmission operator and power lender stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Vikram Solar, Adani Energy Solutions and REC Limited stand out for their roadmaps in solar modules, transmission and power lending. FY26 revenue growth was 40.9% at Vikram Solar, 15.9% at Adani Energy Solutions and 5.7% at REC, and return on equity ranges from 8.98% to 19.17%.\"}},{\"@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. Valuation, order flow and execution move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.\"}},{\"@type\":\"Question\",\"name\":\"What is the P\/E ratio of Vikram Solar, Adani Energy Solutions and REC?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 14.56 for Vikram Solar (industry 47.09), 49.58 for Adani Energy Solutions (industry 22.17) and 4.82 for REC (industry 17.72). 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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>Vikram Solar, Adani Energy Solutions and REC Limited compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":35,"featured_media":311981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[8054,11236,12570,12571,12572,11376],"class_list":["post-311985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-adani-energy-solutions","tag-rec-limited","tag-solar-module-maker","tag-transmission-operator-and-power-lender-stocks","tag-transmission-operator-and-power-lender-stocks-to-buy","tag-vikram-solar"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["311981"],"rank_math_title":["Solar Module, Transmission and Power Lender Stocks"],"rank_math_description":["Solar module maker, transmission operator and power lender stocks with a strong roadmap compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["solar module maker, transmission operator and power lender 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-maker-transmission-operator-and-power-lender-stocks-with-a-strong.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/311985","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\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=311985"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/311985\/revisions"}],"predecessor-version":[{"id":311987,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/311985\/revisions\/311987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/311981"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=311985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=311985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=311985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}