3 Solar Module and Smart Metering Stocks With a Strong Future Roadmap: Vikram Solar, Pace Digitek and HPL Electric & Power

Solar module and smart metering stocks give investors exposure to solar panels, meters and network equipment for power and telecom customers. Order inflow, capacity use and margins decide how much of that demand turns into profit.

This list covers three solar module and smart metering stocks: Vikram Solar for solar module manufacturing, Pace Digitek for telecom infrastructure, solar and energy storage and HPL Electric & Power for smart meters, switchgear and lighting. Every figure comes from the latest reported financials and the 9 October 2026 market close. Companies without complete current figures were left out.

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What Are Solar Module and Smart Metering Stocks?

Solar module and smart metering stocks are shares of companies that make modules, meters and infrastructure equipment for energy and telecom. Results depend on order inflow, capacity use and margins, so order inflow and margins separate the stronger names.

Solar Module and Smart Metering Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three solar module and smart metering stocks as of the 9 Oct 2026 close.

Among clean energy equipment stocks, all three trade at a discount to their industry P/E multiples.

Why Do Solar Module and Smart Metering Stocks Have a Strong Roadmap in India?

Solar module and smart metering stocks have a strong roadmap in India because solar capacity additions, smart meter rollouts and telecom build-outs create steady orders for local equipment makers. Three drivers stand out.

• Solar additions: Utility and rooftop projects need modules.
• Smart metering: Power distributors are replacing old meters.
• Network build-out: Telecom and storage projects add equipment demand.

Vikram Solar: Solar Module Output Drives the Pipeline

Vikram Solar's roadmap rests on solar module manufacturing for utility, commercial and rooftop projects, with rising solar installations supporting volumes.

Revenue grew from Rs 1,743.05 crore in FY22 to Rs 4,861.87 crore in FY26, a 178.9% rise, and FY26 revenue was 40.9% higher than FY25. FY26 net profit was Rs 469.06 crore. In Q1 FY27, revenue grew 38.5% to Rs 1,575.71 crore. Operating margin was 20.17% in FY26.

Debt to equity is 0.20 and return on equity is 14.85%. FY26 operating cash flow was Rs 666.94 crore against capital expenditure of Rs 283.09 crore. At a P/E of 14.56 against an industry P/E of 47.09, the stock trades below its industry multiple.

What to watch: The P/E of 14.56 against an industry P/E of 47.09 leaves valuation less stretched, so the next quarters' growth is the figure to follow.

Pace Digitek: Telecom and Energy Projects Anchor the Roadmap

Pace Digitek's roadmap rests on telecom infrastructure, solar and energy storage projects, with network and clean energy spending supporting orders.

FY26 revenue was Rs 2,687.38 crore, 9.1% higher than FY25. FY26 net profit rose 10.1% to Rs 307.26 crore. In Q1 FY27, net profit rose 14.3% to Rs 62.51 crore. Operating margin was 19.11% in FY26.

Debt to equity is 0.44 and return on equity is 13.48%. At a P/E of 11.08 against an industry P/E of 18.50, the stock trades below its industry multiple.

What to watch: The P/E of 11.08 against an industry P/E of 18.50 leaves valuation less stretched, so the next quarters' growth is the figure to follow.

HPL Electric & Power: Smart Meters and Switchgear Anchor the Roadmap

HPL Electric's roadmap rests on smart meters, switchgear, lighting and wiring products, with the smart meter rollout supporting orders.

Revenue grew from Rs 1,018.15 crore in FY22 to Rs 1,815.93 crore in FY26, a 78.4% rise, and FY26 revenue was 6.5% higher than FY25. FY26 net profit was Rs 91.25 crore. In Q1 FY27, revenue grew 34.7% to Rs 517.40 crore, and net profit rose 1.1% to Rs 18.69 crore. Operating margin was 15.51% in FY26.

Debt to equity is 0.75 and return on equity is 9.10%. FY26 operating cash flow was Rs 226.48 crore against capital expenditure of Rs 182.81 crore. HPL Electric paid a dividend of Rs 1 per share for FY26, a yield of 0.39%. At a P/E of 18.03 against an industry P/E of 47.09, the stock trades below its industry multiple.

What to watch: The P/E of 18.03 against an industry P/E of 47.09 leaves valuation less stretched, so the next quarters' growth is the figure to follow.

Best Solar Module and Smart Metering Stocks in India: Vikram Solar vs Pace Digitek vs HPL Electric on Key Financials

Among the best solar module and smart metering stocks in India, Vikram Solar leads on FY26 revenue growth and FY26 operating margin; Pace Digitek leads on the lowest P/E; HPL Electric leads on dividend yield. The table puts the numbers side by side.

Equipment earnings follow order inflow, capacity use and margins, so full-year numbers and quarterly trends together give a better view.

How to Evaluate Solar Module and Smart Metering Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen solar module and smart metering stocks and shortlist solar module and smart metering stocks to buy.

1. Compare each stock's P/E with its industry P/E, which differs by company here.
2. Check order book, capacity plans and operating margin together.
3. Check whether revenue growth is turning into profit growth, not only sales.
4. Read operating cash flow against capital expenditure to see how growth is funded.
5. Watch debt to equity and interest cover before sizing a position.
6. Spread exposure across companies and business lines instead of one demand cycle.

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Risks to Consider Before Investing in Solar Module and Smart Metering Stocks

• Policy changes: Duties and incentives can affect pricing.
• Order timing: Tender delays can shift revenue.
• Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.

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Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.

Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.

The shareholding pattern published every quarter shows whether promoters, mutual funds and foreign investors are raising or trimming their holdings, which adds useful context to the financial numbers.

Spreading money across several sectors and company sizes helps keep a portfolio steady, because each business responds differently to interest rates, commodity prices and consumer demand.

Investors who plan to hold for several years often review results twice a year, check whether management delivered on earlier guidance and compare progress with the original reasons for investing.

Reading the notes to accounts and the management discussion section helps separate recurring income from one-time items, which matters when a single quarter looks unusually strong or weak.

Position sizing matters as much as stock selection, because even a well-researched company can move against an investor in the short term for reasons unrelated to its business.

Final Take: Which Stock Has the Strongest Roadmap?

These three clean energy equipment stocks cover solar modules, smart meters, telecom infrastructure and energy storage. Vikram Solar leads on FY26 revenue growth and FY26 operating margin; Pace Digitek leads on the lowest P/E; HPL Electric leads on dividend yield.

Across solar module and smart metering 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 solar module and smart metering stocks to buy discussed here.

FAQs on Solar Module and Smart Metering Stocks

Which are the best solar module and smart metering stocks in India with a strong roadmap?

Ans. Vikram Solar, Pace Digitek and HPL Electric & Power stand out for their roadmaps in solar modules, smart meters, telecom infrastructure and energy storage. FY26 revenue growth was 40.9% at Vikram Solar, 9.1% at Pace Digitek and 6.5% at HPL Electric, and return on equity ranges from 9.10% to 14.85%.

Is Vikram Solar a good stock to buy now?

Ans. Vikram Solar has a debt to equity ratio of 0.20, a return on equity of 14.85% and a P/E of 14.56 against an industry P/E of 47.09. Valuation, orders and policy changes move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Vikram Solar, Pace Digitek and HPL Electric?

Ans. The P/E ratio is 14.56 for Vikram Solar (industry 47.09), 11.08 for Pace Digitek (industry 18.50) and 18.03 for HPL Electric (industry 47.09). All of them trade below the industry multiple.

Which of these solar module and smart metering stocks has the highest return on equity?

Ans. Vikram Solar has the highest return on equity at 14.85%, followed by Pace Digitek at 13.48% and HPL Electric & Power at 9.10%.

What are the risks of investing in solar module and smart metering stocks?

Ans. The main risks are policy changes, order timing and quarterly trends. Duties and incentives can affect pricing.

How did Vikram Solar, Pace Digitek and HPL Electric perform in Q1 FY27?

Ans. Vikram Solar reported revenue of Rs 1,575.71 crore, up 38.5% year on year. Pace Digitek reported net profit rose 14.3% to Rs 62.51 crore. HPL Electric & Power reported revenue of Rs 517.40 crore, up 34.7% year on year, and net profit rose 1.1% to Rs 18.69 crore.

Do solar module and smart metering stocks pay dividends?

Ans. HPL Electric pays dividends. The dividend yield is 0.39% for HPL Electric, based on dividends declared for FY26.

How can I invest in solar module and smart metering stocks in India?

Ans. You can buy solar module and smart metering 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.