{"id":330405,"date":"2026-10-28T12:49:19","date_gmt":"2026-10-28T07:19:19","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=330405"},"modified":"2026-10-28T12:49:19","modified_gmt":"2026-10-28T07:19:19","slug":"solar-module-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/solar-module-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/","title":{"rendered":"3 Solar Module and Cell Maker, Integrated Solar Panel Manufacturer and Wind Turbine Leader Stocks With a Strong Future Roadmap: Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy: ROE of 26.2% to 33.4% and FY22 to FY26 revenue CAGR of 26.4% to 73.2%. Prices as of 27 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;\">The three solar module and wind turbine stocks to watch are Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy. Their return on equity ranges from 26.2% to 33.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 26.4% to 73.2%. Suzlon Energy has the highest return on equity at 33.4%, while Emmvee Photovoltaic Power has the fastest revenue growth at 73.2% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Solar module and wind turbine stocks bring together companies with a visible plan for the years ahead. Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy cover a solar module and cell maker, an integrated solar panel manufacturer and a wind turbine leader.<\/p>\n<p>This list covers three solar module and wind turbine stocks with complete current figures: Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy. Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=solar-module-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#What_Are_Solar_Module_and_Wind_Turbine_Stocks\" title=\"What Are Solar Module and Wind Turbine Stocks?\">What Are Solar Module and Wind Turbine 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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Solar_Module_and_Wind_Turbine_Stocks_at_a_Glance\" title=\"Solar Module and Wind Turbine Stocks at a Glance\">Solar Module and Wind Turbine 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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Why_Do_Solar_Module_and_Wind_Turbine_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Solar Module and Wind Turbine Stocks Have a Strong Roadmap in India?\">Why Do Solar Module and Wind Turbine 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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Why_Emmvee_Photovoltaic_Power_Features_Among_These_Solar_Module_and_Wind_Turbine_Stocks\" title=\"Why Emmvee Photovoltaic Power Features Among These Solar Module and Wind Turbine Stocks\">Why Emmvee Photovoltaic Power Features Among These Solar Module and Wind Turbine Stocks<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Why_Saatvik_Green_Energy_Features_Among_These_Solar_Module_and_Wind_Turbine_Stocks\" title=\"Why Saatvik Green Energy Features Among These Solar Module and Wind Turbine Stocks\">Why Saatvik Green Energy Features Among These Solar Module and Wind Turbine Stocks<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Why_Suzlon_Energy_Features_Among_These_Solar_Module_and_Wind_Turbine_Stocks\" title=\"Why Suzlon Energy Features Among These Solar Module and Wind Turbine Stocks\">Why Suzlon Energy Features Among These Solar Module and Wind Turbine Stocks<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Emmvee_Photovoltaic_Power_vs_Saatvik_Green_Energy_vs_Suzlon_Energy_on_Key_Financials\" title=\"Emmvee Photovoltaic Power vs Saatvik Green Energy vs Suzlon Energy on Key Financials\">Emmvee Photovoltaic Power vs Saatvik Green Energy vs Suzlon Energy 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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Key_Risks_to_Check_Before_Investing_in_Solar_Module_and_Wind_Turbine_Stocks\" title=\"Key Risks to Check Before Investing in Solar Module and Wind Turbine Stocks\">Key Risks to Check Before Investing in Solar Module and Wind Turbine Stocks<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Final_Thoughts_on_Solar_Module_and_Wind_Turbine_Stocks\" title=\"Final Thoughts on Solar Module and Wind Turbine Stocks\">Final Thoughts on Solar Module and Wind Turbine Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/solar-module-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#What_are_solar_module_and_wind_turbine_stocks\" title=\"What are solar module and wind turbine stocks?\">What are solar module and wind turbine stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/solar-module-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Which_solar_module_and_wind_turbine_stocks_are_covered_in_this_list\" title=\"Which solar module and wind turbine stocks are covered in this list?\">Which solar module and wind turbine stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/solar-module-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Why_do_solar_module_and_wind_turbine_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do solar module and wind turbine stocks have a strong future roadmap in India?\">Why do solar module and wind turbine stocks have a strong future roadmap in India?<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#How_has_Emmvee_Photovoltaic_Power_performed_financially\" title=\"How has Emmvee Photovoltaic Power performed financially?\">How has Emmvee Photovoltaic Power performed financially?<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#How_has_Saatvik_Green_Energy_performed_financially\" title=\"How has Saatvik Green Energy performed financially?\">How has Saatvik Green Energy performed financially?<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#How_has_Suzlon_Energy_performed_financially\" title=\"How has Suzlon Energy performed financially?\">How has Suzlon Energy performed financially?<\/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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#What_risks_should_investors_check_before_buying_solar_module_and_wind_turbine_stocks\" title=\"What risks should investors check before buying solar module and wind turbine stocks?\">What risks should investors check before buying solar module and wind turbine 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-and-cell-maker-integrated-solar-panel-manufacturer-and-wind-turbine-leader-stocks-roadmap-polaris-list\/#Is_this_list_of_solar_module_and_wind_turbine_stocks_investment_advice\" title=\"Is this list of solar module and wind turbine stocks investment advice?\">Is this list of solar module and wind turbine stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Solar_Module_and_Wind_Turbine_Stocks\"><\/span><strong>What Are Solar Module and Wind Turbine Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar module and wind turbine stocks are listed companies that manufacture solar modules and cells and build wind turbines for utility, commercial and industrial customers. Their earnings depend on installation targets, order inflows, capacity utilisation and policy support.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solar_Module_and_Wind_Turbine_Stocks_at_a_Glance\"><\/span><strong>Solar Module and Wind Turbine Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/emmvee\/emmvee-photovoltaic-pwr-l-share-price-today\">Emmvee Photovoltaic Power<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">240.65<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,672<\/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;\">40.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.25<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/saatvikgl\/saatvik-green-energy-ltd-share-price-today\">Saatvik Green Energy<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">350<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,934<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">43.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.69<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/suzlon\/suzlon-energy-ltd-share-price-today\">Suzlon Energy<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">36.92<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">55,008<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">43.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.06<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, all three trade at a P\/E below their industry P\/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing solar module and wind turbine stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Solar_Module_and_Wind_Turbine_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Solar Module and Wind Turbine Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar module and wind turbine stocks have a strong roadmap in India because India&#8217;s clean energy targets, support for locally made equipment and rising electricity demand keep widening the market for Indian renewable equipment makers.<\/p>\n<ul>\n<li><strong>Clean energy targets.<\/strong> Large solar and wind capacity is planned.<\/li>\n<li><strong>Local manufacturing.<\/strong> Policy supports locally made equipment.<\/li>\n<li><strong>Order books.<\/strong> Orders give revenue visibility.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Emmvee_Photovoltaic_Power_Features_Among_These_Solar_Module_and_Wind_Turbine_Stocks\"><\/span><strong>Why Emmvee Photovoltaic Power Features Among These Solar Module and Wind Turbine Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the solar module and wind turbine stocks on this list, Emmvee Photovoltaic Power is a Bengaluru-based manufacturer of solar photovoltaic modules and solar cells for utility-scale, commercial and rooftop customers.<\/p>\n<p>Revenue rose from Rs 567 crore in FY22 to Rs 5,103 crore in FY26, a compound annual growth rate of 73.2%. Net profit for FY26 was Rs 1,082 crore, a net margin of 21.2%.<\/p>\n<p>The company has a return on equity of 32.3%, a debt to equity ratio of 0.25 and a market capitalisation of Rs 16,672 crore. The stock trades at a P\/E of 11.8, below the industry P\/E of 40.7.<\/p>\n<p><strong>Roadmap:<\/strong> The company is expanding module and cell capacity to serve India&#8217;s rising solar installations and is moving toward a more integrated manufacturing chain. Policy support for locally made solar equipment helps its order flow.<\/p>\n<p><strong>What to watch:<\/strong> Follow capacity commissioning, order inflows and solar policy changes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Saatvik_Green_Energy_Features_Among_These_Solar_Module_and_Wind_Turbine_Stocks\"><\/span><strong>Why Saatvik Green Energy Features Among These Solar Module and Wind Turbine Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the solar manufacturing and wind energy shares on this list, Saatvik Green Energy is a Haryana-based manufacturer of solar photovoltaic modules and cells that supplies utility-scale, commercial and rooftop solar projects.<\/p>\n<p>Revenue rose from Rs 618 crore in FY22 to Rs 4,588 crore in FY26, a compound annual growth rate of 65.1%. Net profit grew from Rs 217 crore in FY25 to Rs 357 crore in FY26, a rise of 64.5%.<\/p>\n<p>The company has a return on equity of 26.2%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 4,934 crore. The stock trades at a P\/E of 20.1, below the industry P\/E of 43.9.<\/p>\n<p><strong>Roadmap:<\/strong> The company is adding module and cell capacity to meet rising demand for locally made solar equipment and is building a more integrated production chain. India&#8217;s solar capacity targets support a steady flow of orders.<\/p>\n<p><strong>What to watch:<\/strong> Track capacity additions, order book growth and solar policy support.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Suzlon_Energy_Features_Among_These_Solar_Module_and_Wind_Turbine_Stocks\"><\/span><strong>Why Suzlon Energy Features Among These Solar Module and Wind Turbine Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Suzlon Energy is a wind turbine maker with manufacturing and service operations across India, supplying turbines for utility, independent power producer and corporate customers and servicing a large installed base.<\/p>\n<p>The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P\/E of 17.5, below the industry P\/E of 43.9.<\/p>\n<p>Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%. In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore.<\/p>\n<p><strong>Roadmap:<\/strong> The company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.<\/p>\n<p><strong>What to watch:<\/strong> Check order book conversion to revenue and the pace of turbine deliveries each quarter.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Emmvee_Photovoltaic_Power_vs_Saatvik_Green_Energy_vs_Suzlon_Energy_on_Key_Financials\"><\/span><strong>Emmvee Photovoltaic Power vs Saatvik Green Energy vs Suzlon Energy on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three solar module and wind turbine stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Emmvee Photovoltaic Power<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">567<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,103<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">73.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,082<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Saatvik Green Energy<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">618<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,588<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">65.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">357<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Suzlon Energy<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,604<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,842<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,163<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Suzlon Energy posts the highest return on equity in this group at 33.4%. Suzlon Energy has the largest FY26 revenue at Rs 16,842 crore, and Emmvee Photovoltaic Power shows the fastest revenue growth with a 73.2% compound annual rate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Solar_Module_and_Wind_Turbine_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Solar Module and Wind Turbine Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these solar module and wind turbine stocks, the main points are:<\/p>\n<ul>\n<li><strong>Policy changes.<\/strong> Support rules can alter demand.<\/li>\n<li><strong>Execution timing.<\/strong> Installations can shift between periods.<\/li>\n<li><strong>Valuation levels.<\/strong> Some of these companies trade at high earnings multiples, so growth must continue to justify them.<\/li>\n<\/ul>\n<p>Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter solar module and wind turbine stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Solar_Module_and_Wind_Turbine_Stocks\"><\/span><strong>Final Thoughts on Solar Module and Wind Turbine Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar module and wind turbine stocks suit investors who prefer to study business strength before price moves. Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy each have a clear plan to grow. Based on the 27 October 2026 close, Emmvee Photovoltaic Power trades at Rs 240.65, Saatvik Green Energy at Rs 350 and Suzlon Energy at Rs 36.92.<\/p>\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 solar module and wind turbine stocks, set price alerts and get research-backed stock ideas.<\/em><\/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<\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_solar_module_and_wind_turbine_stocks\"><\/span><strong>What are solar module and wind turbine stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Solar module and wind turbine stocks are listed companies that manufacture solar modules and cells and build wind turbines for utility, commercial and industrial customers. Their earnings depend on installation targets, order inflows, capacity utilisation and policy support. This list looks at three of them, Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_solar_module_and_wind_turbine_stocks_are_covered_in_this_list\"><\/span><strong>Which solar module and wind turbine stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy. Based on the 27 October 2026 close, Emmvee Photovoltaic Power traded at Rs 240.65, Saatvik Green Energy at Rs 350 and Suzlon Energy at Rs 36.92. Their return on equity ranges from 26.2% to 33.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 26.4% to 73.2%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_solar_module_and_wind_turbine_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do solar module and wind turbine stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Solar module and wind turbine stocks have a strong roadmap in India because India&#8217;s clean energy targets, support for locally made equipment and rising electricity demand keep widening the market for Indian renewable equipment makers. The main drivers are as follows. Clean energy targets. Large solar and wind capacity is planned. Local manufacturing. Policy supports locally made equipment. Order books. Orders give revenue visibility. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Emmvee_Photovoltaic_Power_performed_financially\"><\/span><strong>How has Emmvee Photovoltaic Power performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 567 crore in FY22 to Rs 5,103 crore in FY26, a compound annual growth rate of 73.2%. Net profit for FY26 was Rs 1,082 crore, a net margin of 21.2%. The company has a return on equity of 32.3%, a debt to equity ratio of 0.25 and a market capitalisation of Rs 16,672 crore. The stock trades at a P\/E of 11.8, below the industry P\/E of 40.7. Looking ahead, the company is expanding module and cell capacity to serve India&#8217;s rising solar installations and is moving toward a more integrated manufacturing chain. Policy support for locally made solar equipment helps its order flow.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Saatvik_Green_Energy_performed_financially\"><\/span><strong>How has Saatvik Green Energy performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 618 crore in FY22 to Rs 4,588 crore in FY26, a compound annual growth rate of 65.1%. Net profit grew from Rs 217 crore in FY25 to Rs 357 crore in FY26, a rise of 64.5%. The company has a return on equity of 26.2%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 4,934 crore. The stock trades at a P\/E of 20.1, below the industry P\/E of 43.9. Looking ahead, the company is adding module and cell capacity to meet rising demand for locally made solar equipment and is building a more integrated production chain. India&#8217;s solar capacity targets support a steady flow of orders.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Suzlon_Energy_performed_financially\"><\/span><strong>How has Suzlon Energy performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%. In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore. The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P\/E of 17.5, below the industry P\/E of 43.9. Looking ahead, the company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_solar_module_and_wind_turbine_stocks\"><\/span><strong>What risks should investors check before buying solar module and wind turbine stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying solar module and wind turbine stocks. Policy changes. Support rules can alter demand. Execution timing. Installations can shift between periods. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_solar_module_and_wind_turbine_stocks_investment_advice\"><\/span><strong>Is this list of solar module and wind turbine stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 27 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are solar module and wind turbine stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Solar module and wind turbine stocks are listed companies that manufacture solar modules and cells and build wind turbines for utility, commercial and industrial customers. Their earnings depend on installation targets, order inflows, capacity utilisation and policy support. This list looks at three of them, Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which solar module and wind turbine stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy. Based on the 27 October 2026 close, Emmvee Photovoltaic Power traded at Rs 240.65, Saatvik Green Energy at Rs 350 and Suzlon Energy at Rs 36.92. 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Policy support for locally made solar equipment helps its order flow.\"}},{\"@type\":\"Question\",\"name\":\"How has Saatvik Green Energy performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 618 crore in FY22 to Rs 4,588 crore in FY26, a compound annual growth rate of 65.1%. Net profit grew from Rs 217 crore in FY25 to Rs 357 crore in FY26, a rise of 64.5%. The company has a return on equity of 26.2%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 4,934 crore. The stock trades at a P\/E of 20.1, below the industry P\/E of 43.9. Looking ahead, the company is adding module and cell capacity to meet rising demand for locally made solar equipment and is building a more integrated production chain. India's solar capacity targets support a steady flow of orders.\"}},{\"@type\":\"Question\",\"name\":\"How has Suzlon Energy performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%. In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore. The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P\/E of 17.5, below the industry P\/E of 43.9. Looking ahead, the company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying solar module and wind turbine stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying solar module and wind turbine stocks. Policy changes. Support rules can alter demand. Execution timing. Installations can shift between periods. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.\"}},{\"@type\":\"Question\",\"name\":\"Is this list of solar module and wind turbine stocks investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. This article is educational and uses publicly available data as of the 27 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solar Module and Wind Turbine Stocks with a strong future roadmap: Emmvee Photovoltaic Power, Saatvik Green Energy and Suzlon Energy. Compare price, valuation, return on equity and revenue growth as of 27 October 2026.<\/p>\n","protected":false},"author":38,"featured_media":330404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,17203,17202,17204,17201,17200,2534],"class_list":["post-330405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-emmvee-photovoltaic-power","tag-renewable-energy-equipment-stocks","tag-saatvik-green-energy","tag-solar-manufacturing-and-wind-energy-shares","tag-solar-module-and-wind-turbine-stocks","tag-suzlon-energy"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["330404"],"rank_math_title":["Solar Module and Wind Turbine Stocks"],"rank_math_description":["Compare 3 solar module and wind turbine stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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