3 Solar Modules Manufacturer, Largest Power Generator and Crude Oil and Gas Explorer Stocks With a Strong Future Roadmap: Waaree Energies, NTPC and Oil India

Waaree Energies, NTPC and Oil India: ROE of 11.4% to 25.7% and FY22 to FY26 revenue CAGR of 7.3% to 74.3%. Prices as of 29 Oct 2026.

Updated: 30 Oct 2026 • 2:55 pm

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3 Solar Modules Manufacturer, Largest Power Generator and Crude Oil and Gas Explorer Stocks With a Strong Future Roadmap: Waaree Energies, NTPC and Oil India

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The three solar module, power and upstream oil stocks to watch are Waaree Energies, NTPC and Oil India. Their return on equity ranges from 11.4% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.3% to 74.3%. Waaree Energies leads on both return on equity at 25.7% and revenue growth at 74.3% a year. Prices are based on the 29 October 2026 close, and this article is educational, not investment advice.

Solar module, power and upstream oil stocks offer a focused view of a sector where demand keeps widening. Waaree Energies, NTPC and Oil India cover a solar modules manufacturer, the largest power generator and a crude oil and gas explorer.

This list covers three solar module, power and upstream oil stocks with complete current figures: Waaree Energies, NTPC and Oil India. Every figure comes from the latest reported financials and the 29 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Solar Module, Power and Upstream Oil Stocks?

Solar module, power and upstream oil stocks are listed companies that make solar modules and offer project services, generate electricity from thermal, hydro and renewable plants and explore for and produce crude oil and natural gas. Their earnings depend on power demand, project orders and energy prices.

Solar Module, Power and Upstream Oil Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Waaree Energies	2,318	72,290	18.1	43.9	25.7	0.22
NTPC	310.5	292,694	10.3	21.3	13.3	1.33
Oil India	454.5	72,563	7.6	7.2	11.4	0.65

On valuation, Waaree Energies and NTPC trade at a P/E below the industry P/E, while Oil India trades above it, which reflects the growth the market already expects. Readers comparing solar module, power and upstream oil 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, Power and Upstream Oil Stocks Have a Strong Roadmap in India?

Solar module, power and upstream oil stocks have a strong roadmap in India because rising electricity use, new renewable capacity and steady domestic fuel needs keep widening the market for these energy companies.

Power demand. Homes and factories use more electricity.
Green capacity. Solar and renewable projects add new growth paths.
Domestic fuel. Local output supports energy security.

Why Waaree Energies Features Among These Solar Module, Power and Upstream Oil Stocks

Among the solar module, power and upstream oil stocks on this list, Waaree Energies is one of India'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.

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.

Roadmap: 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.

What to watch: Track the commissioning of new cell and module capacity and the order book for the coming quarters.

Why NTPC Features Among These Solar Module, Power and Upstream Oil Stocks

Among the power and fuel supply shares on this list, NTPC is India's largest power generation company, with thermal, hydro and renewable plants and a growing pipeline of green energy projects.

In the June 2026 quarter, revenue grew 6.9% year on year to Rs 51,142 crore, while net profit rose 12.9% to Rs 6,896 crore. Revenue rose from Rs 134,994 crore in FY22 to Rs 189,799 crore in FY26, a compound annual growth rate of 8.9%.

Net profit grew from Rs 15,474 crore in FY22 to Rs 30,010 crore in FY26, which works out to a compound annual growth rate of 18.0%. The company has a return on equity of 13.3%, a debt to equity ratio of 1.33 and a market capitalisation of Rs 292,694 crore. The stock trades at a P/E of 10.3, below the industry P/E of 21.3.

Roadmap: The company is adding thermal capacity to meet rising electricity demand while building a large renewable portfolio. Long-term power purchase agreements give it steady visibility.

What to watch: Follow capacity additions, renewable progress and plant availability.

Why Oil India Features Among These Solar Module, Power and Upstream Oil Stocks

Among the three companies on this list, Oil India is a public sector company that explores for and produces crude oil and natural gas, mainly in Assam and other parts of the country, and it also operates a crude pipeline in the North East.

The company has a return on equity of 11.4%, a debt to equity ratio of 0.65 and a market capitalisation of Rs 72,563 crore. The stock trades at a P/E of 7.6, above the industry P/E of 7.2.

Revenue rose from Rs 27,048 crore in FY22 to Rs 35,877 crore in FY26, a compound annual growth rate of 7.3%. Net profit grew from Rs 7,040 crore in FY25 to Rs 7,551 crore in FY26, a rise of 7.3%. In the June 2026 quarter, revenue grew 47.0% year on year to Rs 13,236 crore, while net profit rose 96.8% to Rs 4,027 crore.

Roadmap: The company is stepping up exploration and development spending and building a presence in refining and clean energy through its group companies. Steady production supports earnings and dividends.

What to watch: Track crude oil prices, production volumes and progress on new exploration blocks.

Waaree Energies vs NTPC vs Oil India on Key Financials

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

Company	FY22 Revenue (Rs Cr)	FY26 Revenue (Rs Cr)	Revenue CAGR (FY22-FY26)	FY26 Net Profit (Rs Cr)	FY26 Net Margin
Waaree Energies	2,951	27,245	74.3%	3,884	14.3%
NTPC	134,994	189,799	8.9%	30,010	15.8%
Oil India	27,048	35,877	7.3%	7,551	21.0%

Waaree Energies posts the highest return on equity in this group at 25.7%. NTPC has the largest FY26 revenue at Rs 189,799 crore, and Waaree Energies shows the fastest revenue growth with a 74.3% compound annual rate. A useful habit with solar module, power and upstream oil stocks is to check each new quarterly result against the capacity plans the company described earlier.

Key Risks to Check Before Investing in Solar Module, Power and Upstream Oil Stocks

Every theme carries risks that deserve a check before any decision. For these solar module, power and upstream oil stocks, the main points are: Long-term power and fuel supply shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Fuel and power prices. Tariffs and fuel costs can influence earnings.
Oil and gas prices. Earnings follow crude oil, gas and refining margins.
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, power and upstream oil stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Solar Module, Power and Upstream Oil Stocks

Solar module, power and upstream oil stocks reward patient research into demand, execution and financial strength. Waaree Energies, NTPC and Oil India each have a clear plan to grow. Based on the 29 October 2026 close, Waaree Energies trades at Rs 2,318, NTPC at Rs 310.5 and Oil India at Rs 454.5. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these solar module, power and upstream oil stocks to a watchlist.

Download the Univest iOS App or Univest Android App to track solar module, power and upstream oil stocks, set price alerts and get research-backed stock ideas.

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).

What are solar module, power and upstream oil stocks?

Ans. Solar module, power and upstream oil stocks are listed companies that make solar modules and offer project services, generate electricity from thermal, hydro and renewable plants and explore for and produce crude oil and natural gas. Their earnings depend on power demand, project orders and energy prices. This list looks at three of them, Waaree Energies, NTPC and Oil India, using reported FY22 to FY26 financials and the 29 October 2026 closing prices.

Which solar module, power and upstream oil stocks are covered in this list?

Ans. This list covers Waaree Energies, NTPC and Oil India. Based on the 29 October 2026 close, Waaree Energies traded at Rs 2,318, NTPC at Rs 310.5 and Oil India at Rs 454.5. Their return on equity ranges from 11.4% to 25.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.3% to 74.3%.

Why do solar module, power and upstream oil stocks have a strong future roadmap in India?

Ans. Solar module, power and upstream oil stocks have a strong roadmap in India because rising electricity use, new renewable capacity and steady domestic fuel needs keep widening the market for these energy companies. The main drivers are as follows. Power demand. Homes and factories use more electricity. Green capacity. Solar and renewable projects add new growth paths. Domestic fuel. Local output supports energy security. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Waaree Energies performed financially?

Ans. 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.

How has NTPC performed financially?

Ans. Revenue rose from Rs 134,994 crore in FY22 to Rs 189,799 crore in FY26, a compound annual growth rate of 8.9%. Net profit grew from Rs 15,474 crore in FY22 to Rs 30,010 crore in FY26, which works out to a compound annual growth rate of 18.0%. In the June 2026 quarter, revenue grew 6.9% year on year to Rs 51,142 crore, while net profit rose 12.9% to Rs 6,896 crore. The company has a return on equity of 13.3%, a debt to equity ratio of 1.33 and a market capitalisation of Rs 292,694 crore. The stock trades at a P/E of 10.3, below the industry P/E of 21.3. Looking ahead, the company is adding thermal capacity to meet rising electricity demand while building a large renewable portfolio. Long-term power purchase agreements give it steady visibility.

How has Oil India performed financially?

Ans. Revenue rose from Rs 27,048 crore in FY22 to Rs 35,877 crore in FY26, a compound annual growth rate of 7.3%. Net profit grew from Rs 7,040 crore in FY25 to Rs 7,551 crore in FY26, a rise of 7.3%. In the June 2026 quarter, revenue grew 47.0% year on year to Rs 13,236 crore, while net profit rose 96.8% to Rs 4,027 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.65 and a market capitalisation of Rs 72,563 crore. The stock trades at a P/E of 7.6, above the industry P/E of 7.2. Looking ahead, the company is stepping up exploration and development spending and building a presence in refining and clean energy through its group companies. Steady production supports earnings and dividends.

What risks should investors check before buying solar module, power and upstream oil stocks?

Ans. Investors should check a few risks before buying solar module, power and upstream oil stocks. Fuel and power prices. Tariffs and fuel costs can influence earnings. Oil and gas prices. Earnings follow crude oil, gas and refining margins. 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, power and upstream oil stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 29 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.