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

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.

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.

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What Are Solar Module and Wind Turbine Stocks?

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.

Solar Module and Wind Turbine Stocks at a Glance

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.

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

Solar module and wind turbine stocks have a strong roadmap in India because India's clean energy targets, support for locally made equipment and rising electricity demand keep widening the market for Indian renewable equipment makers.

• Clean energy targets. Large solar and wind capacity is planned.
• Local manufacturing. Policy supports locally made equipment.
• Order books. Orders give revenue visibility.

Why Emmvee Photovoltaic Power Features Among These Solar Module and Wind Turbine Stocks

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.

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.

Roadmap: 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.

What to watch: Follow capacity commissioning, order inflows and solar policy changes.

Why Saatvik Green Energy Features Among These Solar Module and Wind Turbine Stocks

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.

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.

Roadmap: 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.

What to watch: Track capacity additions, order book growth and solar policy support.

Why Suzlon Energy Features Among These Solar Module and Wind Turbine Stocks

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.

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.

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.

Roadmap: 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.

What to watch: Check order book conversion to revenue and the pace of turbine deliveries each quarter.

Emmvee Photovoltaic Power vs Saatvik Green Energy vs Suzlon Energy on Key Financials

The table below sets the three solar module and wind turbine stocks side by side on revenue, profit and margin, using reported figures.

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.

Key Risks to Check Before Investing in Solar Module and Wind Turbine Stocks

Every theme carries risks that deserve a check before any decision. For these solar module and wind turbine stocks, the main points are:

• 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.

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.

Use the Univest Stock Screener to filter solar module and wind turbine stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Solar Module and Wind Turbine Stocks

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.

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What are solar module and wind turbine stocks?

Ans. 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.

Which solar module and wind turbine stocks are covered in this list?

Ans. 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%.

Why do solar module and wind turbine stocks have a strong future roadmap in India?

Ans. Solar module and wind turbine stocks have a strong roadmap in India because India'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.

How has Emmvee Photovoltaic Power performed financially?

Ans. 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.

How has Saatvik Green Energy performed financially?

Ans. 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.

How has Suzlon Energy performed financially?

Ans. 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.

What risks should investors check before buying solar module and wind turbine stocks?

Ans. 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.

Is this list of solar module and wind turbine stocks investment advice?

Ans. 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.