{"id":338862,"date":"2026-11-04T13:22:40","date_gmt":"2026-11-04T07:52:40","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=338862"},"modified":"2026-11-04T13:22:40","modified_gmt":"2026-11-04T07:52:40","slug":"state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/","title":{"rendered":"3 State Run Iron Ore Miner, CNG and Piped Gas Distributor and Solar Panels Maker Stocks With a Strong Future Roadmap: NMDC, Indraprastha Gas and Emmvee Photovoltaic Power"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E84;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>NMDC, Indraprastha Gas and Emmvee Photovoltaic Power: ROE of 13.5% to 32.3% and FY22 to FY26 revenue CAGR of 5.9% to 73.2%. Prices as of 3 Nov 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:#1F4E84;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three iron ore miner, city gas and solar module stocks to watch are NMDC, Indraprastha Gas and Emmvee Photovoltaic Power. Their return on equity ranges from 13.5% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% to 73.2%. Emmvee Photovoltaic Power leads on both return on equity at 32.3% and revenue growth at 73.2% a year. Prices are based on the 3 November 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Iron ore miner, city gas and solar module stocks let investors follow companies that serve a growing part of the Indian economy. NMDC, Indraprastha Gas and Emmvee Photovoltaic Power cover the largest iron ore producer, a city gas distributor and a solar modules maker.<\/p>\n<p>This list covers three iron ore miner, city gas and solar module stocks with complete current figures: NMDC, Indraprastha Gas and Emmvee Photovoltaic Power. Every figure comes from the latest reported financials and the 3 November 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=state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#What_Are_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\" title=\"What Are Iron Ore Miner, City Gas and Solar Module Stocks?\">What Are Iron Ore Miner, City Gas and Solar Module Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks_at_a_Glance\" title=\"Iron Ore Miner, City Gas and Solar Module Stocks at a Glance\">Iron Ore Miner, City Gas and Solar Module Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Why_Do_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Iron Ore Miner, City Gas and Solar Module Stocks Have a Strong Roadmap in India?\">Why Do Iron Ore Miner, City Gas and Solar Module Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Why_NMDC_Features_Among_These_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\" title=\"Why NMDC Features Among These Iron Ore Miner, City Gas and Solar Module Stocks\">Why NMDC Features Among These Iron Ore Miner, City Gas and Solar Module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Why_Indraprastha_Gas_Features_Among_These_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\" title=\"Why Indraprastha Gas Features Among These Iron Ore Miner, City Gas and Solar Module Stocks\">Why Indraprastha Gas Features Among These Iron Ore Miner, City Gas and Solar Module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Why_Emmvee_Photovoltaic_Power_Features_Among_These_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\" title=\"Why Emmvee Photovoltaic Power Features Among These Iron Ore Miner, City Gas and Solar Module Stocks\">Why Emmvee Photovoltaic Power Features Among These Iron Ore Miner, City Gas and Solar Module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#NMDC_vs_Indraprastha_Gas_vs_Emmvee_Photovoltaic_Power_on_Key_Financials\" title=\"NMDC vs Indraprastha Gas vs Emmvee Photovoltaic Power on Key Financials\">NMDC vs Indraprastha Gas vs Emmvee Photovoltaic Power 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Key_Risks_to_Check_Before_Investing_in_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\" title=\"Key Risks to Check Before Investing in Iron Ore Miner, City Gas and Solar Module Stocks\">Key Risks to Check Before Investing in Iron Ore Miner, City Gas and Solar Module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Final_Thoughts_on_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\" title=\"Final Thoughts on Iron Ore Miner, City Gas and Solar Module Stocks\">Final Thoughts on Iron Ore Miner, City Gas and Solar Module Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#What_are_iron_ore_miner_city_gas_and_solar_module_stocks\" title=\"What are iron ore miner, city gas and solar module stocks?\">What are iron ore miner, city gas and solar module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Which_iron_ore_miner_city_gas_and_solar_module_stocks_are_covered_in_this_list\" title=\"Which iron ore miner, city gas and solar module stocks are covered in this list?\">Which iron ore miner, city gas and solar module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Why_do_iron_ore_miner_city_gas_and_solar_module_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do iron ore miner, city gas and solar module stocks have a strong future roadmap in India?\">Why do iron ore miner, city gas and solar module 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#How_has_NMDC_performed_financially\" title=\"How has NMDC performed financially?\">How has NMDC 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#How_has_Indraprastha_Gas_performed_financially\" title=\"How has Indraprastha Gas performed financially?\">How has Indraprastha Gas 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\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-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-16\" href=\"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#What_risks_should_investors_check_before_buying_iron_ore_miner_city_gas_and_solar_module_stocks\" title=\"What risks should investors check before buying iron ore miner, city gas and solar module stocks?\">What risks should investors check before buying iron ore miner, city gas and solar module stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/state-run-iron-ore-miner-cng-and-piped-gas-distributor-and-solar-panels-maker-stocks-roadmap-harborline-list\/#Is_this_list_of_iron_ore_miner_city_gas_and_solar_module_stocks_investment_advice\" title=\"Is this list of iron ore miner, city gas and solar module stocks investment advice?\">Is this list of iron ore miner, city gas and solar module stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\"><\/span><strong>What Are Iron Ore Miner, City Gas and Solar Module Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Iron ore miner, city gas and solar module stocks are listed companies that mine iron ore and other minerals, supply compressed natural gas to vehicles and piped gas to homes and industries, and make solar modules and cells. Their earnings depend on steel demand, gas volumes and solar installations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks_at_a_Glance\"><\/span><strong>Iron Ore Miner, City Gas and Solar Module 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\/nmdc\/nmdc-ltd-share-price-today\">NMDC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">68.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">61,921<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.19<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/igl\/indraprastha-gas-ltd-share-price-today\">Indraprastha Gas<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">133.28<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19,943<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.7<\/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;\">13.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.01<\/td>\n<\/tr>\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;\">231.26<\/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<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, NMDC and Emmvee Photovoltaic Power trade at a P\/E below the industry P\/E, while Indraprastha Gas trades above it, which reflects the growth the market already expects. Readers comparing iron ore miner, city gas and solar module 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_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Iron Ore Miner, City Gas and Solar Module Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Iron ore miner, city gas and solar module stocks have a strong roadmap in India because steady steel demand, expanding gas networks and large solar capacity plans keep widening the market for these energy and mining companies.<\/p>\n<ul>\n<li><strong>Iron ore.<\/strong> Steel makers need steady ore supply.<\/li>\n<li><strong>City gas.<\/strong> More vehicles and homes connect to gas.<\/li>\n<li><strong>Solar modules.<\/strong> Large projects drive module demand.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_NMDC_Features_Among_These_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\"><\/span><strong>Why NMDC Features Among These Iron Ore Miner, City Gas and Solar Module Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the iron ore miner, city gas and solar module stocks on this list, NMDC is a public sector miner and India&#8217;s largest producer of iron ore, with mines in Chhattisgarh and Karnataka, and it also has interests in lithium, diamonds and other minerals.<\/p>\n<p>Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%.<\/p>\n<p>In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore. The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P\/E of 8.3, below the industry P\/E of 9.9.<\/p>\n<p><strong>Roadmap:<\/strong> The company plans to raise production capacity to meet the country&#8217;s growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.<\/p>\n<p><strong>What to watch:<\/strong> Follow iron ore volumes and prices and the pace of its expansion and critical mineral projects.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Indraprastha_Gas_Features_Among_These_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\"><\/span><strong>Why Indraprastha Gas Features Among These Iron Ore Miner, City Gas and Solar Module Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the mining and clean energy shares on this list, Indraprastha Gas distributes compressed natural gas to vehicles and piped natural gas to homes, businesses and industries in Delhi NCR and other licensed regions.<\/p>\n<p>In the June 2026 quarter, revenue grew 16.5% year on year to Rs 5,145 crore. Revenue rose from Rs 7,887 crore in FY22 to Rs 16,541 crore in FY26, a compound annual growth rate of 20.3%.<\/p>\n<p>Net profit for FY26 was Rs 1,544 crore, a net margin of 9.3%. The company has a return on equity of 13.5%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 19,943 crore. The stock trades at a P\/E of 14.7, above the industry P\/E of 14.3.<\/p>\n<p><strong>Roadmap:<\/strong> The company benefits from growing use of cleaner fuel in vehicles and homes and from new geographic areas it serves. A growing station network and household connections add to volumes.<\/p>\n<p><strong>What to watch:<\/strong> Track gas volumes, new station additions and input gas costs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Emmvee_Photovoltaic_Power_Features_Among_These_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\"><\/span><strong>Why Emmvee Photovoltaic Power Features Among These Iron Ore Miner, City Gas and Solar Module Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies 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>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>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><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=\"NMDC_vs_Indraprastha_Gas_vs_Emmvee_Photovoltaic_Power_on_Key_Financials\"><\/span><strong>NMDC vs Indraprastha Gas vs Emmvee Photovoltaic Power on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three iron ore miner, city gas and solar module 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;\">NMDC<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26,683<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33,559<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7,415<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Indraprastha Gas<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7,887<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,541<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,544<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.3%<\/td>\n<\/tr>\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<\/tbody>\n<\/table>\n<\/div>\n<p>Emmvee Photovoltaic Power posts the highest return on equity in this group at 32.3%. NMDC has the largest FY26 revenue at Rs 33,559 crore, and Emmvee Photovoltaic Power shows the fastest revenue growth with a 73.2% compound annual rate. A useful habit with iron ore miner, city gas and solar module stocks 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_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Iron Ore Miner, City Gas and Solar Module 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 iron ore miner, city gas and solar module stocks, the main points are: Long-term mining and clean energy 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>Commodity prices.<\/strong> Selling prices follow global and domestic markets.<\/li>\n<li><strong>Gas prices and rules.<\/strong> Gas costs and regulated tariffs can influence earnings.<\/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 iron ore miner, city gas and solar module 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_Iron_Ore_Miner_City_Gas_and_Solar_Module_Stocks\"><\/span><strong>Final Thoughts on Iron Ore Miner, City Gas and Solar Module Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Iron ore miner, city gas and solar module stocks reward investors who follow demand trends, order books and margins together. NMDC, Indraprastha Gas and Emmvee Photovoltaic Power each have a clear plan to grow. Based on the 3 November 2026 close, NMDC trades at Rs 68.2, Indraprastha Gas at Rs 133.28 and Emmvee Photovoltaic Power at Rs 231.26. Valuation matters as much as growth, so compare each company&#8217;s P\/E with its industry P\/E before adding any of these iron ore miner, city gas and solar module stocks to a watchlist.<\/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 iron ore miner, city gas and solar module 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_iron_ore_miner_city_gas_and_solar_module_stocks\"><\/span><strong>What are iron ore miner, city gas and solar module stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Iron ore miner, city gas and solar module stocks are listed companies that mine iron ore and other minerals, supply compressed natural gas to vehicles and piped gas to homes and industries, and make solar modules and cells. Their earnings depend on steel demand, gas volumes and solar installations. This list looks at three of them, NMDC, Indraprastha Gas and Emmvee Photovoltaic Power, using reported FY22 to FY26 financials and the 3 November 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_iron_ore_miner_city_gas_and_solar_module_stocks_are_covered_in_this_list\"><\/span><strong>Which iron ore miner, city gas and solar module stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers NMDC, Indraprastha Gas and Emmvee Photovoltaic Power. Based on the 3 November 2026 close, NMDC traded at Rs 68.2, Indraprastha Gas at Rs 133.28 and Emmvee Photovoltaic Power at Rs 231.26. Their return on equity ranges from 13.5% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% to 73.2%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_iron_ore_miner_city_gas_and_solar_module_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do iron ore miner, city gas and solar module stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Iron ore miner, city gas and solar module stocks have a strong roadmap in India because steady steel demand, expanding gas networks and large solar capacity plans keep widening the market for these energy and mining companies. The main drivers are as follows. Iron ore. Steel makers need steady ore supply. City gas. More vehicles and homes connect to gas. Solar modules. Large projects drive module demand. 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_NMDC_performed_financially\"><\/span><strong>How has NMDC performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%. In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore. The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P\/E of 8.3, below the industry P\/E of 9.9. Looking ahead, the company plans to raise production capacity to meet the country&#8217;s growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Indraprastha_Gas_performed_financially\"><\/span><strong>How has Indraprastha Gas performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 7,887 crore in FY22 to Rs 16,541 crore in FY26, a compound annual growth rate of 20.3%. Net profit for FY26 was Rs 1,544 crore, a net margin of 9.3%. In the June 2026 quarter, revenue grew 16.5% year on year to Rs 5,145 crore. The company has a return on equity of 13.5%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 19,943 crore. The stock trades at a P\/E of 14.7, above the industry P\/E of 14.3. Looking ahead, the company benefits from growing use of cleaner fuel in vehicles and homes and from new geographic areas it serves. A growing station network and household connections add to volumes.<\/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=\"What_risks_should_investors_check_before_buying_iron_ore_miner_city_gas_and_solar_module_stocks\"><\/span><strong>What risks should investors check before buying iron ore miner, city gas and solar module stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying iron ore miner, city gas and solar module stocks. Commodity prices. Selling prices follow global and domestic markets. Gas prices and rules. Gas costs and regulated tariffs can influence earnings. 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_iron_ore_miner_city_gas_and_solar_module_stocks_investment_advice\"><\/span><strong>Is this list of iron ore miner, city gas and solar module 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 3 November 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 iron ore miner, city gas and solar module stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Iron ore miner, city gas and solar module stocks are listed companies that mine iron ore and other minerals, supply compressed natural gas to vehicles and piped gas to homes and industries, and make solar modules and cells. Their earnings depend on steel demand, gas volumes and solar installations. This list looks at three of them, NMDC, Indraprastha Gas and Emmvee Photovoltaic Power, using reported FY22 to FY26 financials and the 3 November 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which iron ore miner, city gas and solar module stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers NMDC, Indraprastha Gas and Emmvee Photovoltaic Power. Based on the 3 November 2026 close, NMDC traded at Rs 68.2, Indraprastha Gas at Rs 133.28 and Emmvee Photovoltaic Power at Rs 231.26. Their return on equity ranges from 13.5% to 32.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% to 73.2%.\"}},{\"@type\":\"Question\",\"name\":\"Why do iron ore miner, city gas and solar module stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Iron ore miner, city gas and solar module stocks have a strong roadmap in India because steady steel demand, expanding gas networks and large solar capacity plans keep widening the market for these energy and mining companies. The main drivers are as follows. Iron ore. Steel makers need steady ore supply. City gas. More vehicles and homes connect to gas. Solar modules. Large projects drive module demand. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has NMDC performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%. In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore. The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P\/E of 8.3, below the industry P\/E of 9.9. Looking ahead, the company plans to raise production capacity to meet the country's growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.\"}},{\"@type\":\"Question\",\"name\":\"How has Indraprastha Gas performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 7,887 crore in FY22 to Rs 16,541 crore in FY26, a compound annual growth rate of 20.3%. Net profit for FY26 was Rs 1,544 crore, a net margin of 9.3%. In the June 2026 quarter, revenue grew 16.5% year on year to Rs 5,145 crore. The company has a return on equity of 13.5%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 19,943 crore. The stock trades at a P\/E of 14.7, above the industry P\/E of 14.3. Looking ahead, the company benefits from growing use of cleaner fuel in vehicles and homes and from new geographic areas it serves. A growing station network and household connections add to volumes.\"}},{\"@type\":\"Question\",\"name\":\"How has Emmvee Photovoltaic Power performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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's rising solar installations and is moving toward a more integrated manufacturing chain. Policy support for locally made solar equipment helps its order flow.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying iron ore miner, city gas and solar module stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying iron ore miner, city gas and solar module stocks. Commodity prices. Selling prices follow global and domestic markets. Gas prices and rules. Gas costs and regulated tariffs can influence earnings. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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Compare price, valuation, return on equity and revenue growth as of 3 November 2026.<\/p>\n","protected":false},"author":35,"featured_media":338861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,19562,19783,17203,7502,19780,19781,8607,19782],"class_list":["post-338862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-city-gas-and-solar-module-stocks","tag-cng-and-solar-panel-stocks","tag-emmvee-photovoltaic-power","tag-indraprastha-gas","tag-iron-ore-miner","tag-mining-and-clean-energy-shares","tag-nmdc","tag-ore"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["338861"],"rank_math_title":["Iron Ore, City Gas and Solar Module Stocks"],"rank_math_description":["Compare 3 iron ore miner, city gas and solar module stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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