# Capital Goods - Solar — company-by-company sector analysis

> Capital Goods - Solar: Waaree Energies Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Capital Goods - Solar has underperformed NIFTY 500 by 28.8% over 52 weeks and 16.9% over 13 weeks. 1 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself. Waaree Energies Ltd leads with revenue of ₹26,537 crore, based on 6 of 7 comparable companies through Mar 2026.

### Is the Capital Goods - Solar sector outperforming NIFTY 500?

Capital Goods - Solar has underperformed NIFTY 500 by 28.8% over 52 weeks and 16.9% over 13 weeks. 1 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself.

### Which Capital Goods - Solar company is largest by revenue?

Waaree Energies Ltd leads with revenue of ₹26,537 crore, based on 6 of 7 comparable companies through Mar 2026.

### Which Capital Goods - Solar company is growing fastest?

Waaree Energies Ltd has the fastest current revenue growth at 83.7%, across 5 of 7 comparable companies.

### Which Capital Goods - Solar company has the strongest 4-Factor Sector Score?

Websol Energy System Ltd ranks first at 68.9/100 with 93% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - Solar company reports the most CAPEX?

Waaree Energies Ltd reports the largest latest CAPEX at ₹1,210 crore, with 4 of 7 companies comparable.

### Which Capital Goods - Solar company has the least gross debt?

Bright Solar Ltd has the lowest comparable gross debt at ₹1 crore. Premier Energies Ltd has the highest at ₹3,707 crore.

### Which Capital Goods - Solar company has the lowest comparable PEG?

Websol Energy System Ltd has the lowest comparable Guarded PEG at 0.3, among 4 of 7 companies that pass the metric’s comparability rules.

### How much history does this Capital Goods - Solar comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Capital Goods - Solar has underperformed NIFTY 500 by 28.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 16.9%. 1 of 6 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Premier Energies Ltd is the strongest against the sector itself at +22.3%.

13-week sector return versus NIFTY 500: -17%
52-week sector return versus NIFTY 500: -29%
Stocks leading NIFTY: 1/6
Stocks leading sector: 2/6

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 7
Combined market value: ₹1.4 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Websol Energy System Ltd (WEBELSOLAR): 69/100 — Favorable setup; evidence 93%
   - Growth & earnings 16.4/35 | Capital efficiency 20.6/25 | Valuation 14.7/20 | Relative strength 17.2/20
   - Exact sum: 16.4 + 20.6 + 14.7 + 17.2 = 68.9
   - Decision use: Price leads the evidence: RS versus the benchmark is -0.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Waaree Energies Ltd (WAAREEENER): 60/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 26.8/35 | Capital efficiency 17.5/25 | Valuation 8.6/20 | Relative strength 6.9/20
   - Exact sum: 26.8 + 17.5 + 8.6 + 6.9 = 59.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -0.3% and the one-year return is -13.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Premier Energies Ltd (PREMIERENE): 60/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 12.9/35 | Capital efficiency 13.1/25 | Valuation 13.5/20 | Relative strength 20.0/20
   - Exact sum: 12.9 + 13.1 + 13.5 + 20 = 59.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Vikram Solar Ltd (VIKRAMSOLR): 52/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 18.7/35 | Capital efficiency 14.9/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Exact sum: 18.7 + 14.9 + 8.7 + 10 = 52.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Solex Energy Ltd (SOLEX): 51/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 20.8/35 | Capital efficiency 12.1/25 | Valuation 10.9/20 | Relative strength 7.1/20
   - Exact sum: 20.8 + 12.1 + 10.9 + 7.1 = 50.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Australian Premium Solar (India) Ltd (APS): 45/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 16.2/35 | Capital efficiency 15.6/25 | Valuation 11.5/20 | Relative strength 2.0/20
   - Exact sum: 16.2 + 15.6 + 11.5 + 2 = 45.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Bright Solar Ltd (BRIGHT): 37/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 16.4/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 16.4 + 7.8 + 10 + 3 = 37.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Waaree Energies Ltd is the scale leader at ₹26,537 crore, 239.2% ahead of Premier Energies Ltd. Waaree Energies Ltd's growth is 83.7% from a ₹26,537 crore base, with 12 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Waaree Energies Ltd is the scale benchmark; Waaree Energies Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Waaree Energies Ltd's growth falls below Waaree Energies Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Waaree Energies Ltd · ₹26,537 crore | 239.2% versus #2 · Premier Energies Ltd | 8/8 recent comparable periods | 6/7 companies · 79 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Waaree Energies Ltd (WAAREEENER): ₹26.5K Cr
2. Premier Energies Ltd (PREMIERENE): ₹7.8K Cr
3. Vikram Solar Ltd (VIKRAMSOLR): ₹4.8K Cr
4. Solex Energy Ltd (SOLEX): ₹1.6K Cr
5. Websol Energy System Ltd (WEBELSOLAR): ₹1.0K Cr

### Revenue growth — fastest growers
1. Waaree Energies Ltd (WAAREEENER): 84%
2. Websol Energy System Ltd (WEBELSOLAR): 82%
3. Vikram Solar Ltd (VIKRAMSOLR): 40%
4. Premier Energies Ltd (PREMIERENE): 20%
5. Bright Solar Ltd (BRIGHT): -63% — older report

### 20-quarter Revenue history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹8.5K Cr
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹611 Cr | Sep 2023 ₹694 Cr | Dec 2023 ₹712 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.2K Cr
- VIKRAMSOLR: Jun 2021 ₹299 Cr | Sep 2021 ₹299 Cr | Dec 2021 ₹566 Cr | Mar 2022 ₹566 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹631 Cr | Sep 2024 ₹573 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr
- WEBELSOLAR: Jun 2021 ₹43 Cr | Sep 2021 ₹58 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹168 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹401 Cr
- SOLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹132 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹254 Cr | Jun 2025 ₹260 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹886 Cr
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹47 Cr | Jun 2023 — | Sep 2023 ₹81 Cr | Dec 2023 — | Mar 2024 ₹75 Cr | Jun 2024 — | Sep 2024 ₹164 Cr | Dec 2024 — | Mar 2025 ₹275 Cr | Jun 2025 — | Sep 2025 ₹302 Cr | Dec 2025 — | Mar 2026 ₹405 Cr
- BRIGHT: Jun 2021 — | Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Revenue growth history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.4% | Sep 2024 1.1% | Dec 2024 117% | Mar 2025 36% | Jun 2025 30% | Sep 2025 70% | Dec 2025 119% | Mar 2026 112%
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 171% | Sep 2024 120% | Dec 2024 141% | Mar 2025 44% | Jun 2025 9.9% | Sep 2025 20% | Dec 2025 13% | Mar 2026 38%
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 80% | Sep 2025 94% | Dec 2025 7.8% | Mar 2026 22%
- WEBELSOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -93% | Sep 2022 -76% | Dec 2022 -100% | Mar 2023 -100% | Jun 2023 -100% | Sep 2023 -100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 14,600% | Mar 2025 592% | Jun 2025 96% | Sep 2025 17% | Dec 2025 78% | Mar 2026 132%
- SOLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 17% | Dec 2025 136% | Mar 2026 249%
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 60% | Jun 2024 — | Sep 2024 102% | Dec 2024 — | Mar 2025 267% | Jun 2025 — | Sep 2025 84% | Dec 2025 — | Mar 2026 47%
- BRIGHT: Jun 2021 — | Sep 2021 -89% | Dec 2021 — | Mar 2022 -46% | Jun 2022 — | Sep 2022 203% | Dec 2022 — | Mar 2023 234% | Jun 2023 — | Sep 2023 -89% | Dec 2023 — | Mar 2024 -53% | Jun 2024 — | Sep 2024 -9.6% | Dec 2024 — | Mar 2025 -84% | Jun 2025 — | Sep 2025 -45% | Dec 2025 — | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Websol Energy System Ltd leads opm at 36%; Solex Energy Ltd leads margin change at 0 percentage points.

Investor read: Websol Energy System Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Websol Energy System Ltd · 36% | 20% versus #2 · Premier Energies Ltd | 5/8 recent comparable periods | 7/7 companies · 87 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Websol Energy System Ltd (WEBELSOLAR): 36%
2. Premier Energies Ltd (PREMIERENE): 30%
3. Waaree Energies Ltd (WAAREEENER): 19%
4. Vikram Solar Ltd (VIKRAMSOLR): 16%
5. Australian Premium Solar (India) Ltd (APS): 13%

### Margin change — fastest expanders
1. Solex Energy Ltd (SOLEX): 0.0 pp
2. Australian Premium Solar (India) Ltd (APS): −1.0 pp
3. Premier Energies Ltd (PREMIERENE): −3.0 pp
4. Vikram Solar Ltd (VIKRAMSOLR): −3.0 pp
5. Waaree Energies Ltd (WAAREEENER): −4.0 pp

### 20-quarter OPM history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14% | Sep 2023 15% | Dec 2023 11% | Mar 2024 14% | Jun 2024 16% | Sep 2024 15% | Dec 2024 21% | Mar 2025 23% | Jun 2025 23% | Sep 2025 23% | Dec 2025 25% | Mar 2026 19%
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 12% | Sep 2023 14% | Dec 2023 17% | Mar 2024 16% | Jun 2024 22% | Sep 2024 25% | Dec 2024 30% | Mar 2025 33% | Jun 2025 30% | Sep 2025 31% | Dec 2025 31% | Mar 2026 30%
- VIKRAMSOLR: Jun 2021 2.5% | Sep 2021 2.5% | Dec 2021 0.9% | Mar 2022 0.9% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 18% | Sep 2024 13% | Dec 2024 8.0% | Mar 2025 19% | Jun 2025 21% | Sep 2025 21% | Dec 2025 19% | Mar 2026 16%
- WEBELSOLAR: Jun 2021 17% | Sep 2021 12% | Dec 2021 13% | Mar 2022 8.6% | Jun 2022 -129% | Sep 2022 -14% | Dec 2022 — | Mar 2023 — | Jun 2023 -750% | Sep 2023 -277% | Dec 2023 -429% | Mar 2024 -13% | Jun 2024 39% | Sep 2024 44% | Dec 2024 46% | Mar 2025 45% | Jun 2025 43% | Sep 2025 43% | Dec 2025 41% | Mar 2026 36%
- SOLEX: Jun 2021 — | Sep 2021 2.9% | Dec 2021 — | Mar 2022 2.2% | Jun 2022 — | Sep 2022 9.2% | Dec 2022 — | Mar 2023 6.7% | Jun 2023 — | Sep 2023 9.4% | Dec 2023 — | Mar 2024 7.2% | Jun 2024 — | Sep 2024 11% | Dec 2024 18% | Mar 2025 11% | Jun 2025 16% | Sep 2025 12% | Dec 2025 8.0% | Mar 2026 11%
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.0% | Jun 2023 — | Sep 2023 5.0% | Dec 2023 6.3% | Mar 2024 6.0% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 14% | Sep 2025 14% | Dec 2025 — | Mar 2026 13%
- BRIGHT: Jun 2021 — | Sep 2021 -176% | Dec 2021 — | Mar 2022 -81% | Jun 2022 — | Sep 2022 1.6% | Dec 2022 — | Mar 2023 -0.5% | Jun 2023 — | Sep 2023 -102% | Dec 2023 — | Mar 2024 -34% | Jun 2024 — | Sep 2024 -30% | Dec 2024 — | Mar 2025 -4.2% | Jun 2025 — | Sep 2025 -58% | Dec 2025 — | Mar 2026 —

### 20-quarter Margin change history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 +10.0 pp | Mar 2025 +9.0 pp | Jun 2025 +7.0 pp | Sep 2025 +8.0 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +10.0 pp | Sep 2024 +11.0 pp | Dec 2024 +13.0 pp | Mar 2025 +17.0 pp | Jun 2025 +8.0 pp | Sep 2025 +6.0 pp | Dec 2025 +1.0 pp | Mar 2026 −3.0 pp
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +3.0 pp | Sep 2025 +8.0 pp | Dec 2025 +11.0 pp | Mar 2026 −3.0 pp
- WEBELSOLAR: Jun 2021 −36.9 pp | Sep 2021 −15.5 pp | Dec 2021 +6.1 pp | Mar 2022 −10.4 pp | Jun 2022 −145.6 pp | Sep 2022 −26.1 pp | Dec 2022 −1,640.6 pp | Mar 2023 −1,335.9 pp | Jun 2023 −621.3 pp | Sep 2023 −262.9 pp | Dec 2023 +1,197.9 pp | Mar 2024 +1,314.6 pp | Jun 2024 +789.4 pp | Sep 2024 +320.3 pp | Dec 2024 +475.4 pp | Mar 2025 +57.7 pp | Jun 2025 +3.1 pp | Sep 2025 −0.7 pp | Dec 2025 −5.0 pp | Mar 2026 −9.0 pp
- SOLEX: Jun 2021 — | Sep 2021 −3.9 pp | Dec 2021 — | Mar 2022 −1.0 pp | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 — | Mar 2025 +3.8 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 −10.0 pp | Mar 2026 0.0 pp
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +7.0 pp | Dec 2024 +7.2 pp | Mar 2025 +8.0 pp | Jun 2025 +2.2 pp | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 −1.0 pp
- BRIGHT: Jun 2021 — | Sep 2021 −180.1 pp | Dec 2021 — | Mar 2022 −80.0 pp | Jun 2022 — | Sep 2022 +177.4 pp | Dec 2022 — | Mar 2023 +80.2 pp | Jun 2023 — | Sep 2023 −103.5 pp | Dec 2023 — | Mar 2024 −33.5 pp | Jun 2024 — | Sep 2024 +72.1 pp | Dec 2024 — | Mar 2025 +29.7 pp | Jun 2025 — | Sep 2025 −27.9 pp | Dec 2025 — | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Waaree Energies Ltd leads with ₹3,884 crore of TTM profit, 157.2% above Premier Energies Ltd. Vikram Solar Ltd shows ≥100% on the scoring scale (235% uncapped) growth from a ₹469 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Waaree Energies Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Waaree Energies Ltd · ₹3,884 crore | 157.2% versus #2 · Premier Energies Ltd | 8/8 recent comparable periods | 6/7 companies · 79 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Waaree Energies Ltd (WAAREEENER): ₹3.9K Cr
2. Premier Energies Ltd (PREMIERENE): ₹1.5K Cr
3. Vikram Solar Ltd (VIKRAMSOLR): ₹469 Cr
4. Websol Energy System Ltd (WEBELSOLAR): ₹302 Cr
5. Solex Energy Ltd (SOLEX): ₹99 Cr

### Profit growth — fastest growers
1. Vikram Solar Ltd (VIKRAMSOLR): 100%
2. Waaree Energies Ltd (WAAREEENER): 100%
3. Websol Energy System Ltd (WEBELSOLAR): 95%
4. Bright Solar Ltd (BRIGHT): 61% — older report
5. Premier Energies Ltd (PREMIERENE): 61%

### 20-quarter Net profit history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹338 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹475 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹376 Cr | Dec 2024 ₹507 Cr | Mar 2025 ₹644 Cr | Jun 2025 ₹773 Cr | Sep 2025 ₹878 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹353 Cr | Dec 2025 ₹392 Cr | Mar 2026 ₹457 Cr
- VIKRAMSOLR: Jun 2021 ₹-9 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-22 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹23 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹110 Cr
- WEBELSOLAR: Jun 2021 ₹3 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-55 Cr | Mar 2024 ₹-57 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹124 Cr
- SOLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹9 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹59 Cr
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹13 Cr | Dec 2024 — | Mar 2025 ₹27 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹29 Cr
- BRIGHT: Jun 2021 — | Sep 2021 ₹-3 Cr | Dec 2021 — | Mar 2022 ₹-5 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹-0 Cr | Jun 2023 — | Sep 2023 ₹-3 Cr | Dec 2023 — | Mar 2024 ₹-3 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹-0 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Profit growth history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 19% | Sep 2024 18% | Dec 2024 260% | Mar 2025 36% | Jun 2025 93% | Sep 2025 134% | Dec 2025 118% | Mar 2026 75%
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 539% | Sep 2024 289% | Dec 2024 493% | Mar 2025 167% | Jun 2025 56% | Sep 2025 71% | Dec 2025 54% | Mar 2026 64%
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 478% | Sep 2025 1,729% | Dec 2025 416% | Mar 2026 21%
- WEBELSOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -367% | Sep 2022 -200% | Dec 2022 -450% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 191% | Sep 2025 9.5% | Dec 2025 55% | Mar 2026 158%
- SOLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -33% | Dec 2025 -36% | Mar 2026 293%
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 200% | Jun 2024 — | Sep 2024 333% | Dec 2024 — | Mar 2025 350% | Jun 2025 — | Sep 2025 123% | Dec 2025 — | Mar 2026 7.4%
- BRIGHT: Jun 2021 — | Sep 2021 -1,023% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -1,133% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -467% | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Waaree Energies Ltd reports ₹1,210 crore of CAPEX; Solex Energy Ltd has the highest covered intensity at 48.4%. Coverage is only 4 of 7 companies and 28 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Waaree Energies Ltd · ₹1,210 crore | 646.9% versus #2 · Premier Energies Ltd | 4/4 recent comparable periods | 4/7 companies · 28 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Waaree Energies Ltd (WAAREEENER): ₹1.2K Cr
2. Premier Energies Ltd (PREMIERENE): ₹162 Cr
3. Solex Energy Ltd (SOLEX): ₹75 Cr
4. Vikram Solar Ltd (VIKRAMSOLR): ₹20 Cr

### CAPEX intensity — highest reinvestment intensity
1. Solex Energy Ltd (SOLEX): 48%
2. Waaree Energies Ltd (WAAREEENER): 34%
3. Premier Energies Ltd (PREMIERENE): 11%
4. Vikram Solar Ltd (VIKRAMSOLR): 3.5%

### 20-quarter CAPEX history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹312 Cr | Sep 2023 ₹92 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹402 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹81 Cr | Sep 2023 ₹232 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹162 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- VIKRAMSOLR: Jun 2021 ₹51 Cr | Sep 2021 ₹51 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹20 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SOLEX: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹14 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹75 Cr | Sep 2025 ₹75 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.4% | Sep 2023 2.6% | Dec 2023 — | Mar 2024 — | Jun 2024 12% | Sep 2024 34% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13% | Sep 2023 33% | Dec 2023 5.8% | Mar 2024 8.6% | Jun 2024 7.0% | Sep 2024 11% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- VIKRAMSOLR: Jun 2021 17% | Sep 2021 17% | Dec 2021 3.5% | Mar 2022 3.5% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SOLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8% | Dec 2024 — | Mar 2025 — | Jun 2025 29% | Sep 2025 48% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Waaree Energies Ltd has the clearest covered balance-sheet capacity with ₹4,176 crore net cash and gross debt of ₹3,213 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Bright Solar Ltd · ₹1 crore | 97.8% versus #2 · Australian Premium Solar (India) Ltd | Not enough history | 7/7 companies · 85 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Bright Solar Ltd (BRIGHT): ₹1 Cr — older report
2. Australian Premium Solar (India) Ltd (APS): ₹45 Cr
3. Websol Energy System Ltd (WEBELSOLAR): ₹131 Cr
4. Solex Energy Ltd (SOLEX): ₹339 Cr
5. Vikram Solar Ltd (VIKRAMSOLR): ₹617 Cr

### Net debt — lowest net debt
1. Waaree Energies Ltd (WAAREEENER): ₹-4.2K Cr
2. Websol Energy System Ltd (WEBELSOLAR): ₹-21 Cr
3. Solex Energy Ltd (SOLEX): ₹216 Cr
4. Vikram Solar Ltd (VIKRAMSOLR): ₹609 Cr
5. Premier Energies Ltd (PREMIERENE): ₹1.2K Cr

### 20-quarter Gross debt history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹363 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹320 Cr | Jun 2023 ₹320 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹553 Cr | Jun 2024 ₹513 Cr | Sep 2024 ₹985 Cr | Dec 2024 ₹985 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.2K Cr
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹455 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹765 Cr | Jun 2023 ₹764 Cr | Sep 2023 — | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹3.7K Cr
- VIKRAMSOLR: Jun 2021 ₹778 Cr | Sep 2021 ₹778 Cr | Dec 2021 ₹749 Cr | Mar 2022 ₹703 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹792 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹854 Cr | Jun 2024 ₹854 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹272 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹617 Cr
- WEBELSOLAR: Jun 2021 ₹26 Cr | Sep 2021 ₹28 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹28 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹184 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹131 Cr
- SOLEX: Jun 2021 ₹8 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹73 Cr | Dec 2024 — | Mar 2025 ₹148 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹293 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹339 Cr
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹32 Cr | Dec 2025 — | Mar 2026 ₹45 Cr
- BRIGHT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-1.4K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹360 Cr | Jun 2024 ₹-3.3K Cr | Sep 2024 ₹-2.9K Cr | Dec 2024 ₹-2.9K Cr | Mar 2025 ₹-2.7K Cr | Jun 2025 ₹-6.6K Cr | Sep 2025 ₹-5.1K Cr | Dec 2025 ₹-5.1K Cr | Mar 2026 ₹-4.2K Cr
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹648 Cr | Sep 2023 — | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹743 Cr | Sep 2024 ₹-771 Cr | Dec 2024 ₹-771 Cr | Mar 2025 ₹-280 Cr | Jun 2025 ₹-884 Cr | Sep 2025 ₹-424 Cr | Dec 2025 ₹-424 Cr | Mar 2026 ₹1.2K Cr
- VIKRAMSOLR: Jun 2021 ₹776 Cr | Sep 2021 ₹776 Cr | Dec 2021 ₹730 Cr | Mar 2022 ₹730 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹845 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹233 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹-1.5K Cr | Dec 2025 ₹-1.5K Cr | Mar 2026 ₹609 Cr
- WEBELSOLAR: Jun 2021 ₹24 Cr | Sep 2021 ₹27 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹28 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹183 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹-21 Cr
- SOLEX: Jun 2021 ₹8 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹72 Cr | Dec 2024 — | Mar 2025 ₹135 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹216 Cr

## Return On Capital Employed

What the numbers say: Websol Energy System Ltd leads ROCE at 63.2%, 6.7 percentage points above Australian Premium Solar (India) Ltd. Bright Solar Ltd has the strongest latest improvement at +10.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Websol Energy System Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Websol Energy System Ltd · 63.2% | 11.9% versus #2 · Australian Premium Solar (India) Ltd | 2/6 recent comparable periods | 7/7 companies · 56 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Websol Energy System Ltd (WEBELSOLAR): 63%
2. Australian Premium Solar (India) Ltd (APS): 57%
3. Waaree Energies Ltd (WAAREEENER): 39%
4. Solex Energy Ltd (SOLEX): 36%
5. Premier Energies Ltd (PREMIERENE): 33%

### ROCE change — fastest improvers
1. Bright Solar Ltd (BRIGHT): +10.9 pp — older report
2. Waaree Energies Ltd (WAAREEENER): +7.1 pp
3. Solex Energy Ltd (SOLEX): +0.3 pp
4. Websol Energy System Ltd (WEBELSOLAR): −2.2 pp
5. Vikram Solar Ltd (VIKRAMSOLR): −2.7 pp

### 20-quarter ROCE history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 22% | Jun 2024 23% | Sep 2024 22% | Dec 2024 41% | Mar 2025 21% | Jun 2025 37% | Sep 2025 25% | Dec 2025 48% | Mar 2026 28%
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 24% | Jun 2024 33% | Sep 2024 24% | Dec 2024 47% | Mar 2025 33% | Jun 2025 53% | Sep 2025 32% | Dec 2025 46% | Mar 2026 25%
- VIKRAMSOLR: Jun 2021 1.0% | Sep 2021 2.0% | Dec 2021 2.6% | Mar 2022 3.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 24% | Jun 2025 46% | Sep 2025 20% | Dec 2025 40% | Mar 2026 21%
- WEBELSOLAR: Jun 2021 — | Sep 2021 5.1% | Dec 2021 6.5% | Mar 2022 5.0% | Jun 2022 — | Sep 2022 -4.6% | Dec 2022 — | Mar 2023 -13% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -14% | Jun 2024 — | Sep 2024 18% | Dec 2024 — | Mar 2025 49% | Jun 2025 — | Sep 2025 50% | Dec 2025 — | Mar 2026 47%
- SOLEX: Jun 2021 6.9% | Sep 2021 6.3% | Dec 2021 3.9% | Mar 2022 2.9% | Jun 2022 1.9% | Sep 2022 1.8% | Dec 2022 6.0% | Mar 2023 10% | Jun 2023 12% | Sep 2023 14% | Dec 2023 18% | Mar 2024 22% | Jun 2024 — | Sep 2024 22% | Dec 2024 — | Mar 2025 29% | Jun 2025 60% | Sep 2025 24% | Dec 2025 37% | Mar 2026 29%

### 20-quarter ROCE change history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.9 pp | Jun 2025 +14.3 pp | Sep 2025 +2.6 pp | Dec 2025 +7.1 pp | Mar 2026 +7.1 pp
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +31.3 pp | Mar 2025 +9.4 pp | Jun 2025 +20.0 pp | Sep 2025 +8.4 pp | Dec 2025 −0.9 pp | Mar 2026 −7.8 pp
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −2.7 pp
- WEBELSOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.7 pp | Dec 2022 — | Mar 2023 −18.2 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +63.2 pp | Jun 2025 — | Sep 2025 +31.8 pp | Dec 2025 — | Mar 2026 −2.2 pp
- SOLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.0 pp | Sep 2022 −4.5 pp | Dec 2022 +2.1 pp | Mar 2023 +7.5 pp | Jun 2023 +9.9 pp | Sep 2023 +12.5 pp | Dec 2023 +11.9 pp | Mar 2024 +11.3 pp | Jun 2024 — | Sep 2024 +7.5 pp | Dec 2024 — | Mar 2025 +6.9 pp | Jun 2025 — | Sep 2025 +1.8 pp | Dec 2025 — | Mar 2026 +0.3 pp

## Valuation Against Growth & Quality

What the numbers say: Websol Energy System Ltd has the lowest comparable Guarded PEG at 0.3×, 54.5% below Premier Energies Ltd. Only 4 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Websol Energy System Ltd · 0.3× | 54.5% versus #2 · Premier Energies Ltd | 2/8 recent comparable periods | 4/7 companies · 8 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Websol Energy System Ltd (WEBELSOLAR): 0.3
2. Premier Energies Ltd (PREMIERENE): 0.7
3. Waaree Energies Ltd (WAAREEENER): 1.8
4. Vikram Solar Ltd (VIKRAMSOLR): 2.0

### P/E — lowest P/E
1. Australian Premium Solar (India) Ltd (APS): 9.6
2. Solex Energy Ltd (SOLEX): 10.6
3. Vikram Solar Ltd (VIKRAMSOLR): 14.0
4. Websol Energy System Ltd (WEBELSOLAR): 14.2
5. Waaree Energies Ltd (WAAREEENER): 19.8

### 20-quarter Guarded PEG history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 0.6 | Mar 2026 0.7
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.0
- WEBELSOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 0.3 | Mar 2026 —

### 20-quarter P/E history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 55.7 | Mar 2025 48.0 | Jun 2025 40.6 | Sep 2025 40.9 | Dec 2025 32.4 | Mar 2026 25.5
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 119.9 | Dec 2024 81.4 | Mar 2025 46.6 | Jun 2025 46.8 | Sep 2025 44.3 | Dec 2025 33.1 | Mar 2026 30.4
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 72.0 | Dec 2025 54.2 | Mar 2026 13.2
- WEBELSOLAR: Jun 2021 4.1 | Sep 2021 5.0 | Dec 2021 -100.0 | Mar 2022 35.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -26.3 | Sep 2024 -98.6 | Dec 2024 143.0 | Mar 2025 32.6 | Jun 2025 27.7 | Sep 2025 25.7 | Dec 2025 16.7 | Mar 2026 19.3
- SOLEX: Jun 2021 29.7 | Sep 2021 26.5 | Dec 2021 60.1 | Mar 2022 92.5 | Jun 2022 — | Sep 2022 — | Dec 2022 201.8 | Mar 2023 126.8 | Jun 2023 153.5 | Sep 2023 172.7 | Dec 2023 127.5 | Mar 2024 239.1 | Jun 2024 132.3 | Sep 2024 152.2 | Dec 2024 67.3 | Mar 2025 31.4 | Jun 2025 34.3 | Sep 2025 42.5 | Dec 2025 24.2 | Mar 2026 20.0
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 170.7 | Sep 2024 147.6 | Dec 2024 62.5 | Mar 2025 45.5 | Jun 2025 27.8 | Sep 2025 18.8 | Dec 2025 — | Mar 2026 10.4
- BRIGHT: Jun 2021 — | Sep 2021 74.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 270.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Vikram Solar Ltd leads ev/ebitda at 5.2×; Bright Solar Ltd leads p/bv at 0.24×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Vikram Solar Ltd · 5.2× | 26.8% versus #2 · Australian Premium Solar (India) Ltd | 0/3 recent comparable periods | 6/7 companies · 57 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Vikram Solar Ltd (VIKRAMSOLR): 5.2
2. Australian Premium Solar (India) Ltd (APS): 7.1
3. Solex Energy Ltd (SOLEX): 11.4
4. Websol Energy System Ltd (WEBELSOLAR): 12.3
5. Waaree Energies Ltd (WAAREEENER): 14.2

### P/BV — lowest P/BV
1. Bright Solar Ltd (BRIGHT): 0.2 — older report
2. Vikram Solar Ltd (VIKRAMSOLR): 2.1
3. Australian Premium Solar (India) Ltd (APS): 3.4
4. Solex Energy Ltd (SOLEX): 4.0
5. Waaree Energies Ltd (WAAREEENER): 5.4

### 20-quarter EV/EBITDA history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 43.5 | Mar 2025 37.3 | Jun 2025 26.1 | Sep 2025 23.5 | Dec 2025 18.0 | Mar 2026 14.2
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 95.2 | Dec 2024 53.2 | Mar 2025 27.4 | Jun 2025 25.1 | Sep 2025 21.7 | Dec 2025 16.8 | Mar 2026 16.6
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 18.8 | Dec 2025 13.5 | Mar 2026 5.2
- WEBELSOLAR: Jun 2021 7.4 | Sep 2021 9.4 | Dec 2021 20.1 | Mar 2022 14.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 89.7 | Sep 2024 52.2 | Dec 2024 45.5 | Mar 2025 20.8 | Jun 2025 18.3 | Sep 2025 16.8 | Dec 2025 11.0 | Mar 2026 12.3
- SOLEX: Jun 2021 17.0 | Sep 2021 16.3 | Dec 2021 34.2 | Mar 2022 56.1 | Jun 2022 57.9 | Sep 2022 139.7 | Dec 2022 41.1 | Mar 2023 29.5 | Jun 2023 27.4 | Sep 2023 24.7 | Dec 2023 16.7 | Mar 2024 24.7 | Jun 2024 41.0 | Sep 2024 50.2 | Dec 2024 32.4 | Mar 2025 15.9 | Jun 2025 19.7 | Sep 2025 25.1 | Dec 2025 15.1 | Mar 2026 11.4
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 104.0 | Sep 2024 89.8 | Dec 2024 40.0 | Mar 2025 70.1 | Jun 2025 18.9 | Sep 2025 13.2 | Dec 2025 — | Mar 2026 7.1
- BRIGHT: Jun 2021 — | Sep 2021 10.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 30.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/BV history
- WAAREEENER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 16.6 | Mar 2025 14.3 | Jun 2025 8.9 | Sep 2025 9.7 | Dec 2025 7.6 | Mar 2026 7.8
- PREMIERENE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21.1 | Dec 2024 25.7 | Mar 2025 18.4 | Jun 2025 16.7 | Sep 2025 16.4 | Dec 2025 11.5 | Mar 2026 11.7
- VIKRAMSOLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.9 | Dec 2025 2.9 | Mar 2026 2.2
- WEBELSOLAR: Jun 2021 1.1 | Sep 2021 1.1 | Dec 2021 3.0 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 1.6 | Jun 2023 1.8 | Sep 2023 — | Dec 2023 — | Mar 2024 19.1 | Jun 2024 22.7 | Sep 2024 24.7 | Dec 2024 37.2 | Mar 2025 18.1 | Jun 2025 19.9 | Sep 2025 13.4 | Dec 2025 9.7 | Mar 2026 10.7
- SOLEX: Jun 2021 1.3 | Sep 2021 1.1 | Dec 2021 2.0 | Mar 2022 2.6 | Jun 2022 2.8 | Sep 2022 8.3 | Dec 2022 7.1 | Mar 2023 9.1 | Jun 2023 10.9 | Sep 2023 12.2 | Dec 2023 7.5 | Mar 2024 14.0 | Jun 2024 25.0 | Sep 2024 28.7 | Dec 2024 11.1 | Mar 2025 5.2 | Jun 2025 9.0 | Sep 2025 11.1 | Dec 2025 7.6 | Mar 2026 5.6
- APS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 21.9 | Sep 2024 18.9 | Dec 2024 16.5 | Mar 2025 10.1 | Jun 2025 12.7 | Sep 2025 8.8 | Dec 2025 — | Mar 2026 4.3
- BRIGHT: Jun 2021 — | Sep 2021 0.3 | Dec 2021 — | Mar 2022 0.4 | Jun 2022 — | Sep 2022 0.4 | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 0.4 | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 0.6 | Dec 2024 — | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Market action

Premier Energies Ltd has the strongest one-year price move in Capital Goods - Solar at -3.7%. It also leads on Mansfield relative strength against NIFTY at +7.8%. 1 of 6 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Premier Energies Ltd (PREMIERENE): -3.7%
2. Waaree Energies Ltd (WAAREEENER): -14%
3. Websol Energy System Ltd (WEBELSOLAR): -27%
4. Solex Energy Ltd (SOLEX): -41%
5. Australian Premium Solar (India) Ltd (APS): -49%

### Strongest relative strength versus NIFTY 500
1. Premier Energies Ltd (PREMIERENE): 7.8%
2. Websol Energy System Ltd (WEBELSOLAR): -0.7%
3. Waaree Energies Ltd (WAAREEENER): -12%
4. Solex Energy Ltd (SOLEX): -25%
5. Australian Premium Solar (India) Ltd (APS): -28%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.

## Every company
- Waaree Energies Ltd (WAAREEENER) — market value ₹77.7K Cr; latest fundamentals Mar 2026
- Premier Energies Ltd (PREMIERENE) — market value ₹46.3K Cr; latest fundamentals Mar 2026
- Vikram Solar Ltd (VIKRAMSOLR) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Websol Energy System Ltd (WEBELSOLAR) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Solex Energy Ltd (SOLEX) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Australian Premium Solar (India) Ltd (APS) — market value ₹555 Cr; latest fundamentals Mar 2026
- Bright Solar Ltd (BRIGHT) — market value ₹7 Cr; latest fundamentals Sep 2025

## Source standing of each company

Cross-checked: 4. Unverified: 3. Withheld: 0. Graded companies: 7.

1 of 7 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | SOLEX | Solex Energy Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Capital Goods - Solar index?

The Nifty Capital Goods - Solar index tracks India's listed Capital Goods - Solar companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Capital Goods - Solar sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Capital Goods - Solar stocks in India?

Ranked by this page's four-factor score, Websol Energy System Ltd places first among 7 listed Capital Goods - Solar companies, followed by Waaree Energies Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Capital Goods - Solar stocks are listed in India?

This comparison covers 7 listed Capital Goods - Solar companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Capital Goods - Solar company is the biggest?

Waaree Energies Ltd is the largest, with trailing-twelve-month revenue of ₹26,537 crore, ahead of Premier Energies Ltd at ₹7,824 crore. That covers 6 of 7 companies with comparable reporting through Mar 2026.

### Which Capital Goods - Solar company is growing fastest?

Waaree Energies Ltd has the fastest revenue growth at 83.7% year on year, across 5 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Capital Goods - Solar company has the best profit margins?

Websol Energy System Ltd has the highest operating margin at 36%, from 7 of 7 comparable companies. Solex Energy Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Capital Goods - Solar company makes the most profit?

Waaree Energies Ltd earns the most, at ₹3,884 crore of trailing-twelve-month net profit, from 6 of 7 comparable companies. Vikram Solar Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Capital Goods - Solar company earns the highest return on capital?

Websol Energy System Ltd leads on return on capital employed at 63.2%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Capital Goods - Solar stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Websol Energy System Ltd screens cheapest at 0.3×. Only 4 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Capital Goods - Solar company has the strongest balance sheet?

Bright Solar Ltd carries the lowest comparable gross debt at ₹1 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Capital Goods - Solar company is investing most in new capacity?

Waaree Energies Ltd reports the largest capital spending at ₹1,210 crore, across 4 of 7 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Capital Goods - Solar sector beating the market?

Capital Goods - Solar has underperformed NIFTY 500 by 28.8% over the last 52 weeks and 16.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Capital Goods - Solar stock has the strongest price momentum?

Premier Energies Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Capital Goods - Solar company scores highest for research priority?

Websol Energy System Ltd scores 68.9 out of 100 with 93% evidence confidence, from 16.4 points on growth and earnings, 20.6 on capital efficiency, 14.7 on valuation and 17.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Capital Goods - Solar companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Capital Goods - Solar sector?

The 7 Capital Goods - Solar companies on this page carry ₹1,36,525 crore of combined market value. Waaree Energies Ltd is the largest at ₹77,723 crore, about 57% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Capital Goods - Solar sector's P/E ratio?

The median price-to-earnings ratio across the 7 Capital Goods - Solar companies on this page is 14.2×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Capital Goods - Solar sector performing?

1 of the 6 covered Capital Goods - Solar companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 28.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/capital-goods-solar