3 Solar and Wind Project Stocks With a Strong Future Roadmap: Waaree Renewable Technologies, KPI Green Energy and KP Energy

Waaree Renewables Rs 825.95, P/E 16.87. KPI Green Rs 326.80, P/E 13.09. KP Energy Rs 215.47, P/E 8.02. Closing prices of 6 Oct 2026.

Updated: 7 Oct 2026 • 9:21 am

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3 Solar and Wind Project Stocks With a Strong Future Roadmap: Waaree Renewable Technologies, KPI Green Energy and KP Energy

Quick Answer

Solar and wind project stocks with the clearest long-term roadmaps today include Waaree Renewable Technologies in solar EPC and project execution for utility and commercial customers, KPI Green Energy in solar and wind power generation and project development and KP Energy in wind project development, balance-of-plant work and renewable power generation. FY26 revenue growth was 107.9% at Waaree Renewables, 56.2% at KPI Green and 57.1% at KP Energy. P/E stands at 16.87 for Waaree Renewables (industry 15.23), 13.09 for KPI Green (industry 22.31) and 8.02 for KP Energy (industry 23.15). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company's risks need equal attention.

Solar and wind project stocks give investors exposure to companies that build and run renewable power plants. Results depend on order books, project execution and financing costs, which is why execution speed and debt matter as much as headline growth.

This list covers three wind and solar EPC stocks: Waaree Renewable Technologies for solar EPC and project execution for utility and commercial customers, KPI Green Energy for solar and wind power generation and project development and KP Energy for wind project development, balance-of-plant work and renewable power generation. Every figure comes from the latest reported financials and the 6 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Solar and Wind Project Stocks?

Solar and wind project stocks are shares of companies that design, build and operate solar and wind power plants, or supply project services to developers. Results depend on order books, project execution, power purchase agreements, financing costs and operating margin, so timely delivery and a manageable debt load separate the stronger names.

Solar and Wind Project Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three solar and wind project stocks as of the 6 October 2026 close.

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE	Debt to Equity
Waaree Renewable Technologies	825.95	8,624	16.87	15.23	51.23%	0.16
KPI Green Energy	326.80	6,450	13.09	22.31	15.69%	1.71
KP Energy	215.47	1,460	8.02	23.15	34.66%	0.84

Among wind and solar EPC stocks, KPI Green and KP Energy trade below the industry P/E, while Waaree Renewables trades at a premium to the industry multiple.

Why Do Solar and Wind Project Stocks Have a Strong Roadmap in India?

Solar and wind project stocks have a strong roadmap in India because the country is adding renewable capacity, power demand is rising and long-term power sales contracts give visibility. Three drivers stand out.

Renewable capacity targets: Government targets keep adding solar and wind projects.
Rising power demand: Industry and households use more electricity each year.
Long-term contracts: Power purchase agreements give steady revenue once plants run.

Waaree Renewable Technologies: Solar EPC and a Growing Order Book Anchor the Roadmap

Waaree Renewable Technologies' roadmap rests on solar EPC and project execution for utility and commercial customers, with a growing order book supporting revenue.

Revenue grew from Rs 169.82 crore in FY22 to Rs 3,351.85 crore in FY26, a 1873.8% rise, and FY26 revenue was 107.9% higher than FY25. FY26 net profit rose 109.1% to Rs 478.64 crore. Over four years, net profit rose from Rs 8.89 crore in FY22 to Rs 478.64 crore. In Q1 FY27, revenue grew 52.9% to Rs 929.52 crore, and net profit rose 37.7% to Rs 118.98 crore. Operating margin was 19.86% in FY26 and 19.34% in Q1 FY27 against 20.29% a year earlier.

Debt to equity is 0.16 and return on equity is 51.23%. FY26 operating cash flow was Rs 286.95 crore against capital expenditure of Rs 122.50 crore. At a P/E of 16.87 against an industry P/E of 15.23, the stock trades above its industry multiple.

What to watch: The Q1 FY27 operating margin of 19.34% was slightly below the 20.29% of a year earlier, and the company did not pay a dividend for FY26. The P/E of 16.87 sits above the industry P/E of 15.23, so earnings delivery matters for the valuation.

KPI Green Energy: Solar and Wind Capacity Drive the Pipeline

KPI Green Energy's roadmap rests on solar and wind power generation and project development, with new capacity adding to long-term power sales.

Revenue grew from Rs 231.52 crore in FY22 to Rs 2,741.52 crore in FY26, a 1084.1% rise, and FY26 revenue was 56.2% higher than FY25. FY26 net profit rose 56.6% to Rs 509.24 crore. Over four years, net profit rose from Rs 43.25 crore in FY22 to Rs 509.24 crore. In Q1 FY27, revenue grew 15.6% to Rs 709.82 crore, and net profit fell 15.0% to Rs 94.63 crore. Operating margin was 37.32% in FY26 and 37.70% in Q1 FY27 against 35.97% a year earlier.

Debt to equity is 1.71 and return on equity is 15.69%. FY26 operating cash flow was Rs 481.95 crore against capital expenditure of Rs 3,035.07 crore. KPI Green paid a dividend of Rs 1.05 per share for FY26, a yield of 0.32%. At a P/E of 13.09 against an industry P/E of 22.31, the stock trades below its industry multiple.

What to watch: Debt to equity is 1.71, and FY26 capex of Rs 3,035.07 Cr was far above operating cash flow of Rs 481.95 Cr. Q1 FY27 net profit was 15.0% lower than a year earlier; debt to equity of 1.71 deserves tracking.

KP Energy: Wind Projects and Balance-of-Plant Work Build the Next Leg

KP Energy's roadmap rests on wind project development, balance-of-plant work and renewable power generation, with a growing project pipeline lifting revenue.

Revenue grew from Rs 253.85 crore in FY22 to Rs 1,505.54 crore in FY26, a 493.1% rise, and FY26 revenue was 57.1% higher than FY25. FY26 net profit rose 57.3% to Rs 181.40 crore. Over four years, net profit rose from Rs 18.27 crore in FY22 to Rs 181.40 crore. In Q1 FY27, revenue grew 136.2% to Rs 520.97 crore, and net profit rose 2.6% to Rs 26.08 crore. Operating margin was 21.91% in FY26 and 11.92% in Q1 FY27 against 22.55% a year earlier.

Debt to equity is 0.84 and return on equity is 34.66%. FY26 operating cash flow was Rs 122.57 crore against capital expenditure of Rs 217.59 crore. KP Energy paid a dividend of Rs 0.9 per share for FY26, a yield of 0.42%. At a P/E of 8.02 against an industry P/E of 23.15, the stock trades below its industry multiple.

What to watch: The Q1 FY27 operating margin fell to 11.92% from 22.55% a year earlier, and debt to equity is 0.84. Debt to equity of 0.84 deserves tracking.

Best Solar and Wind Project Stocks in India: Waaree Renewables vs KPI Green vs KP Energy on Key Financials

Among the best solar and wind project stocks in India, KPI Green leads on FY26 operating margin; KP Energy leads on Q1 FY27 revenue growth and the lowest P/E; Waaree Renewables leads on five-year revenue growth and return on equity. The table puts the numbers side by side.

Metric	Waaree Renewables	KPI Green	KP Energy
FY26 revenue (Rs Cr)	3,351.85	2,741.52	1,505.54
FY26 revenue growth	107.9%	56.2%	57.1%
Revenue growth FY22 to FY26	1873.8%	1084.1%	493.1%
FY26 net profit (Rs Cr)	478.64	509.24	181.40
FY26 net profit growth	109.1%	56.6%	57.3%
FY26 operating profit margin	19.86%	37.32%	21.91%
Q1 FY27 revenue growth (YoY)	52.9%	15.6%	136.2%
Q1 FY27 net profit growth (YoY)	37.7%	-15.0%	2.6%
Return on equity	51.23%	15.69%	34.66%
P/E ratio	16.87	13.09	8.02
Debt to equity	0.16	1.71	0.84
Dividend yield	0.00%	0.32%	0.42%
FY26 operating cash flow (Rs Cr)	286.95	481.95	122.57

Renewable project earnings follow execution and financing, so full-year numbers and quarterly trends together give a better view.

How to Evaluate Renewable Project Developer Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen solar and wind project stocks and shortlist renewable project developer stocks to buy.

Compare each stock's P/E with its industry P/E, which differs by stock.
Track operating margin across several quarters, because input costs can move faster than prices.
Check whether revenue growth is turning into profit growth, not only sales.
Read operating cash flow against capital expenditure to see how growth is funded.
Watch debt to equity and interest cover before sizing a position.
Spread exposure across companies and business lines instead of one demand cycle.

Check the Univest Screener for live data on these solar and wind project stocks

Risks to Consider Before Investing in Solar and Wind Project Stocks

Debt: KPI Green has debt to equity of 1.71 and KP Energy 0.84.
Capex: KPI Green's FY26 capex ran far above operating cash flow.
Margin swings: KP Energy's Q1 FY27 operating margin fell sharply.
Execution: Project delays can push out revenue and raise costs.

Download the Univest iOS App or Univest Android App to track Waaree Renewables, KPI Green and KP Energy live.

Final Take: Which Stock Has the Strongest Roadmap?

These three renewable project developer stocks cover solar EPC, solar and wind generation, and wind project development. KPI Green leads on FY26 operating margin; KP Energy leads on Q1 FY27 revenue growth and the lowest P/E; Waaree Renewables leads on five-year revenue growth and return on equity.

Across wind and solar EPC stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the renewable project developer stocks to buy discussed here.

Disclaimer: 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).

FAQs on Solar and Wind Project Stocks

Which are the best solar and wind project stocks in India with a strong roadmap?

Ans. Waaree Renewable Technologies, KPI Green Energy and KP Energy stand out for their roadmaps in solar and wind project execution and power generation. FY26 revenue growth was 107.9% at Waaree Renewables, 56.2% at KPI Green and 57.1% at KP Energy, and return on equity ranges from 15.69% to 51.23%.

Is Waaree Renewable Technologies a good stock to buy now?

Ans. Waaree Renewable Technologies has a debt to equity ratio of 0.16, a return on equity of 51.23% and a P/E of 16.87 against an industry P/E of 15.23. Debt, capex and margin swings move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Waaree Renewables, KPI Green and KP Energy?

Ans. The P/E ratio is 16.87 for Waaree Renewables (industry 15.23), 13.09 for KPI Green (industry 22.31) and 8.02 for KP Energy (industry 23.15). Only Waaree Renewables trades at or above the industry multiple.

Which of these solar and wind project stocks has the highest return on equity?

Ans. Waaree Renewable Technologies has the highest return on equity at 51.23%, followed by KP Energy at 34.66% and KPI Green Energy at 15.69%.

What are the risks of investing in solar and wind project stocks?

Ans. The main risks are high debt, capex running ahead of cash flow, margin swings and project delays. KPI Green has debt to equity of 1.71, and KP Energy's Q1 FY27 operating margin fell to 11.92% from 22.55%.

How did Waaree Renewables, KPI Green and KP Energy perform in Q1 FY27?

Ans. Waaree Renewable Technologies reported revenue of Rs 929.52 crore, up 52.9% year on year, and net profit rose 37.7% to Rs 118.98 crore. KPI Green Energy reported revenue of Rs 709.82 crore, up 15.6% year on year, and net profit fell 15.0% to Rs 94.63 crore. KP Energy reported revenue of Rs 520.97 crore, up 136.2% year on year, and net profit rose 2.6% to Rs 26.08 crore.

Do solar and wind project stocks pay dividends?

Ans. Dividend payouts differ across the three companies. The dividend yield is 0.00% for Waaree Renewables, 0.32% for KPI Green and 0.42% for KP Energy, based on dividends declared for FY26.

How can I invest in solar and wind project stocks in India?

Ans. You can buy solar and wind project stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.