{"id":331797,"date":"2026-10-29T12:36:26","date_gmt":"2026-10-29T07:06:26","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=331797"},"modified":"2026-10-29T12:36:26","modified_gmt":"2026-10-29T07:06:26","slug":"solar-module-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/solar-module-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/","title":{"rendered":"3 Solar Module Manufacturer, Large Solar Cell and Module Producer and Home Electricals Brand Stocks With a Strong Future Roadmap: Saatvik Green Energy, Waaree Energies and V-Guard Industries"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E83;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Saatvik Green Energy, Waaree Energies and V-Guard Industries: ROE of 13.0% to 26.2% and FY22 to FY26 revenue CAGR of 14.3% to 74.3%. Prices as of 28 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:#1F4E83;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three solar modules, solar cells and home electricals to watch are Saatvik Green Energy, Waaree Energies and V-Guard Industries. Their return on equity ranges from 13.0% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.3% to 74.3%. Saatvik Green Energy has the highest return on equity at 26.2%, while Waaree Energies has the fastest revenue growth at 74.3% a year. Prices are based on the 28 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Solar modules, solar cells and home electricals offer a focused view of a sector where demand keeps widening. Saatvik Green Energy, Waaree Energies and V-Guard Industries cover a solar module manufacturer, a large solar cell and module producer and a home electricals brand.<\/p>\n<p>This list covers three solar modules, solar cells and home electricals with complete current figures: Saatvik Green Energy, Waaree Energies and V-Guard Industries. Every figure comes from the latest reported financials and the 28 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#What_Are_Solar_Modules_Solar_Cells_and_Home_Electricals\" title=\"What Are Solar Modules, Solar Cells and Home Electricals?\">What Are Solar Modules, Solar Cells and Home Electricals?<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Solar_Modules_Solar_Cells_and_Home_Electricals_at_a_Glance\" title=\"Solar Modules, Solar Cells and Home Electricals at a Glance\">Solar Modules, Solar Cells and Home Electricals 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Why_Do_Solar_Modules_Solar_Cells_and_Home_Electricals_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Solar Modules, Solar Cells and Home Electricals Have a Strong Roadmap in India?\">Why Do Solar Modules, Solar Cells and Home Electricals 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Why_Saatvik_Green_Energy_Features_Among_These_Solar_Modules_Solar_Cells_and_Home_Electricals\" title=\"Why Saatvik Green Energy Features Among These Solar Modules, Solar Cells and Home Electricals\">Why Saatvik Green Energy Features Among These Solar Modules, Solar Cells and Home Electricals<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Why_Waaree_Energies_Features_Among_These_Solar_Modules_Solar_Cells_and_Home_Electricals\" title=\"Why Waaree Energies Features Among These Solar Modules, Solar Cells and Home Electricals\">Why Waaree Energies Features Among These Solar Modules, Solar Cells and Home Electricals<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Why_V-Guard_Industries_Features_Among_These_Solar_Modules_Solar_Cells_and_Home_Electricals\" title=\"Why V-Guard Industries Features Among These Solar Modules, Solar Cells and Home Electricals\">Why V-Guard Industries Features Among These Solar Modules, Solar Cells and Home Electricals<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Saatvik_Green_Energy_vs_Waaree_Energies_vs_V-Guard_Industries_on_Key_Financials\" title=\"Saatvik Green Energy vs Waaree Energies vs V-Guard Industries on Key Financials\">Saatvik Green Energy vs Waaree Energies vs V-Guard Industries 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Key_Risks_to_Check_Before_Investing_in_Solar_Modules_Solar_Cells_and_Home_Electricals\" title=\"Key Risks to Check Before Investing in Solar Modules, Solar Cells and Home Electricals\">Key Risks to Check Before Investing in Solar Modules, Solar Cells and Home Electricals<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Final_Thoughts_on_Solar_Modules_Solar_Cells_and_Home_Electricals\" title=\"Final Thoughts on Solar Modules, Solar Cells and Home Electricals\">Final Thoughts on Solar Modules, Solar Cells and Home Electricals<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#What_are_solar_modules_solar_cells_and_home_electricals\" title=\"What are solar modules, solar cells and home electricals?\">What are solar modules, solar cells and home electricals?<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Which_solar_modules_solar_cells_and_home_electricals_are_covered_in_this_list\" title=\"Which solar modules, solar cells and home electricals are covered in this list?\">Which solar modules, solar cells and home electricals 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Why_do_solar_modules_solar_cells_and_home_electricals_have_a_strong_future_roadmap_in_India\" title=\"Why do solar modules, solar cells and home electricals have a strong future roadmap in India?\">Why do solar modules, solar cells and home electricals 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-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-14\" href=\"https:\/\/univest.in\/blogs-2\/solar-module-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#How_has_Waaree_Energies_performed_financially\" title=\"How has Waaree Energies performed financially?\">How has Waaree Energies 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#How_has_V-Guard_Industries_performed_financially\" title=\"How has V-Guard Industries performed financially?\">How has V-Guard Industries 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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#What_risks_should_investors_check_before_buying_solar_modules_solar_cells_and_home_electricals\" title=\"What risks should investors check before buying solar modules, solar cells and home electricals?\">What risks should investors check before buying solar modules, solar cells and home electricals?<\/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-manufacturer-large-solar-cell-and-module-producer-and-home-electricals-brand-stocks-roadmap-cascade-list\/#Is_this_list_of_solar_modules_solar_cells_and_home_electricals_investment_advice\" title=\"Is this list of solar modules, solar cells and home electricals investment advice?\">Is this list of solar modules, solar cells and home electricals investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Solar_Modules_Solar_Cells_and_Home_Electricals\"><\/span><strong>What Are Solar Modules, Solar Cells and Home Electricals?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar modules, solar cells and home electricals are listed companies that make solar modules and cells for utility and rooftop projects and sell stabilisers, wires, pumps, fans and solar water heaters to households. Their earnings depend on solar installations, order books and consumer demand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solar_Modules_Solar_Cells_and_Home_Electricals_at_a_Glance\"><\/span><strong>Solar Modules, Solar Cells and Home Electricals 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\/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;\">349.25<\/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\/waareeener\/waaree-energies-ltd-share-price-today\">Waaree Energies<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,238<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">72,290<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.1<\/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;\">25.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.22<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/vguard\/v-share-price-today\">V-Guard Industries<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">264<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,446<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.1<\/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;\">13.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.07<\/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 modules, solar cells and home electricals 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_Modules_Solar_Cells_and_Home_Electricals_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Solar Modules, Solar Cells and Home Electricals Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar modules, solar cells and home electricals have a strong roadmap in India because large solar capacity targets, local manufacturing support and steady household demand for electricals keep widening the market for these solar manufacturing and electrical companies.<\/p>\n<ul>\n<li><strong>Solar capacity.<\/strong> New plants and rooftops need modules.<\/li>\n<li><strong>Local cells.<\/strong> Domestic cell making supports supply.<\/li>\n<li><strong>Home electricals.<\/strong> Households buy pumps, wires and fans.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Saatvik_Green_Energy_Features_Among_These_Solar_Modules_Solar_Cells_and_Home_Electricals\"><\/span><strong>Why Saatvik Green Energy Features Among These Solar Modules, Solar Cells and Home Electricals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the solar modules, solar cells and home electricals 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_Waaree_Energies_Features_Among_These_Solar_Modules_Solar_Cells_and_Home_Electricals\"><\/span><strong>Why Waaree Energies Features Among These Solar Modules, Solar Cells and Home Electricals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the solar manufacturing and electrical brand shares on this list, Waaree Energies is one of India&#8217;s largest manufacturers of solar photovoltaic modules, with factories in Gujarat, and it also provides solar project engineering and has expanded into cells and related products.<\/p>\n<p>The company has a return on equity of 25.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 72,290 crore. The stock trades at a P\/E of 18.1, below the industry P\/E of 43.9.<\/p>\n<p>Revenue rose from Rs 2,951 crore in FY22 to Rs 27,245 crore in FY26, a compound annual growth rate of 74.3%. Net profit grew from Rs 1,274 crore in FY24 to Rs 3,884 crore in FY26, which works out to a compound annual growth rate of 74.6%.<\/p>\n<p><strong>Roadmap:<\/strong> The company is adding module, cell and wafer capacity to build a deeper in-house supply chain, in line with domestic manufacturing incentives and rapid growth in solar installations. A strong order book from domestic and overseas customers supports volumes.<\/p>\n<p><strong>What to watch:<\/strong> Track the commissioning of new cell and module capacity and the order book for the coming quarters.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_V-Guard_Industries_Features_Among_These_Solar_Modules_Solar_Cells_and_Home_Electricals\"><\/span><strong>Why V-Guard Industries Features Among These Solar Modules, Solar Cells and Home Electricals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, V-Guard Industries is a Kochi-based consumer electricals company that makes voltage stabilisers, inverters, water heaters, fans, kitchen appliances, wires and cables, and solar water heaters.<\/p>\n<p>Revenue rose from Rs 3,511 crore in FY22 to Rs 5,989 crore in FY26, a compound annual growth rate of 14.3%. Net profit grew from Rs 228 crore in FY22 to Rs 308 crore in FY26, which works out to a compound annual growth rate of 7.8%.<\/p>\n<p>In the June 2026 quarter, revenue grew 23.9% year on year to Rs 1,822 crore, while net profit rose 76.4% to Rs 130 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 12,446 crore. The stock trades at a P\/E of 34.1, below the industry P\/E of 43.9.<\/p>\n<p><strong>Roadmap:<\/strong> The company is widening its distribution beyond South India and growing newer categories such as kitchen appliances and cables. Strong brand recall and a growing dealer network support sales across its product basket.<\/p>\n<p><strong>What to watch:<\/strong> Check growth outside South India and the contribution of newer product categories.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Saatvik_Green_Energy_vs_Waaree_Energies_vs_V-Guard_Industries_on_Key_Financials\"><\/span><strong>Saatvik Green Energy vs Waaree Energies vs V-Guard Industries on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three solar modules, solar cells and home electricals 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;\">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;\">Waaree Energies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,951<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">27,245<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">74.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,884<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">V-Guard Industries<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,511<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,989<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">308<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Saatvik Green Energy posts the highest return on equity in this group at 26.2%. Waaree Energies combines the largest FY26 revenue at Rs 27,245 crore with the fastest revenue growth, a 74.3% compound annual rate. A useful habit with solar modules, solar cells and home electricals is to check each new quarterly result against the capacity plans the company described earlier.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Solar_Modules_Solar_Cells_and_Home_Electricals\"><\/span><strong>Key Risks to Check Before Investing in Solar Modules, Solar Cells and Home Electricals<\/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 modules, solar cells and home electricals, the main points are: Long-term solar manufacturing and electrical brand shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.<\/p>\n<ul>\n<li><strong>Order timing.<\/strong> Project awards can shift between periods.<\/li>\n<li><strong>Input costs.<\/strong> Metal and material prices can move margins.<\/li>\n<li><strong>Competition.<\/strong> Rivals can influence pricing and market share.<\/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 modules, solar cells and home electricals 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_Modules_Solar_Cells_and_Home_Electricals\"><\/span><strong>Final Thoughts on Solar Modules, Solar Cells and Home Electricals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solar modules, solar cells and home electricals reward patient research into demand, execution and financial strength. Saatvik Green Energy, Waaree Energies and V-Guard Industries each have a clear plan to grow. Based on the 28 October 2026 close, Saatvik Green Energy trades at Rs 349.25, Waaree Energies at Rs 2,238 and V-Guard Industries at Rs 264.<\/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 modules, solar cells and home electricals, 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_modules_solar_cells_and_home_electricals\"><\/span><strong>What are solar modules, solar cells and home electricals?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Solar modules, solar cells and home electricals are listed companies that make solar modules and cells for utility and rooftop projects and sell stabilisers, wires, pumps, fans and solar water heaters to households. Their earnings depend on solar installations, order books and consumer demand. This list looks at three of them, Saatvik Green Energy, Waaree Energies and V-Guard Industries, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_solar_modules_solar_cells_and_home_electricals_are_covered_in_this_list\"><\/span><strong>Which solar modules, solar cells and home electricals are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Saatvik Green Energy, Waaree Energies and V-Guard Industries. Based on the 28 October 2026 close, Saatvik Green Energy traded at Rs 349.25, Waaree Energies at Rs 2,238 and V-Guard Industries at Rs 264. Their return on equity ranges from 13.0% to 26.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.3% to 74.3%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_solar_modules_solar_cells_and_home_electricals_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do solar modules, solar cells and home electricals have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Solar modules, solar cells and home electricals have a strong roadmap in India because large solar capacity targets, local manufacturing support and steady household demand for electricals keep widening the market for these solar manufacturing and electrical companies. The main drivers are as follows. Solar capacity. New plants and rooftops need modules. Local cells. Domestic cell making supports supply. Home electricals. Households buy pumps, wires and fans. 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_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_Waaree_Energies_performed_financially\"><\/span><strong>How has Waaree Energies performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 2,951 crore in FY22 to Rs 27,245 crore in FY26, a compound annual growth rate of 74.3%. Net profit grew from Rs 1,274 crore in FY24 to Rs 3,884 crore in FY26, which works out to a compound annual growth rate of 74.6%. The company has a return on equity of 25.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 72,290 crore. The stock trades at a P\/E of 18.1, below the industry P\/E of 43.9. Looking ahead, the company is adding module, cell and wafer capacity to build a deeper in-house supply chain, in line with domestic manufacturing incentives and rapid growth in solar installations. A strong order book from domestic and overseas customers supports volumes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_V-Guard_Industries_performed_financially\"><\/span><strong>How has V-Guard Industries performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 3,511 crore in FY22 to Rs 5,989 crore in FY26, a compound annual growth rate of 14.3%. Net profit grew from Rs 228 crore in FY22 to Rs 308 crore in FY26, which works out to a compound annual growth rate of 7.8%. In the June 2026 quarter, revenue grew 23.9% year on year to Rs 1,822 crore, while net profit rose 76.4% to Rs 130 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 12,446 crore. The stock trades at a P\/E of 34.1, below the industry P\/E of 43.9. Looking ahead, the company is widening its distribution beyond South India and growing newer categories such as kitchen appliances and cables. Strong brand recall and a growing dealer network support sales across its product basket.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_solar_modules_solar_cells_and_home_electricals\"><\/span><strong>What risks should investors check before buying solar modules, solar cells and home electricals?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying solar modules, solar cells and home electricals. Order timing. Project awards can shift between periods. Input costs. Metal and material prices can move margins. Competition. Rivals can influence pricing and market share. 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_modules_solar_cells_and_home_electricals_investment_advice\"><\/span><strong>Is this list of solar modules, solar cells and home electricals 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 28 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 modules, solar cells and home electricals?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Solar modules, solar cells and home electricals are listed companies that make solar modules and cells for utility and rooftop projects and sell stabilisers, wires, pumps, fans and solar water heaters to households. Their earnings depend on solar installations, order books and consumer demand. 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India's solar capacity targets support a steady flow of orders.\"}},{\"@type\":\"Question\",\"name\":\"How has Waaree Energies performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 2,951 crore in FY22 to Rs 27,245 crore in FY26, a compound annual growth rate of 74.3%. Net profit grew from Rs 1,274 crore in FY24 to Rs 3,884 crore in FY26, which works out to a compound annual growth rate of 74.6%. The company has a return on equity of 25.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 72,290 crore. The stock trades at a P\/E of 18.1, below the industry P\/E of 43.9. Looking ahead, the company is adding module, cell and wafer capacity to build a deeper in-house supply chain, in line with domestic manufacturing incentives and rapid growth in solar installations. 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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 Modules, Solar Cells and Home Electricals with a strong future roadmap: Saatvik Green Energy, Waaree Energies and V-Guard Industries. Compare price, valuation, return on equity and revenue growth as of 28 October 2026.<\/p>\n","protected":false},"author":36,"featured_media":331796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,17204,17888,17889,17890,17887,7150,7515],"class_list":["post-331797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-saatvik-green-energy","tag-solar-cells-and-home-electricals","tag-solar-manufacturing-and-electrical-brand-shares","tag-solar-manufacturing-and-electrical-stocks","tag-solar-modules","tag-v-guard-industries","tag-waaree-energies"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["331796"],"rank_math_title":["Solar Module, Solar Cell and Electrical Brand Stocks"],"rank_math_description":["Compare 3 solar modules, solar cells and home electricals with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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