Solar EPC Stocks in India

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.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

Revenue Scale & Growth Durability

Sterling & Wilson Renewable Energy Ltd has the highest Revenue among the 5 Solar EPC companies compared here, at ₹7,377 crore. Waaree Renewable Technologies Ltd is next at ₹3,652 crore. Solarworld Energy Solutions Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Sterling & Wilson Renewable Energy Ltd is the scale leader at ₹7,377 crore, 102% ahead of Waaree Renewable Technologies Ltd. Solarworld Energy Solutions Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 152.5% from a ₹1,376 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Sterling & Wilson Renewable Energy Ltd is the scale benchmark; Solarworld Energy Solutions Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Sterling & Wilson Renewable Energy Ltd's growth falls below Solarworld Energy Solutions Ltd's for two consecutive comparable reports while operating margin also compresses.

Operating Economics & Margin Trend

KP Green Engineering Ltd has the highest OPM among the 5 Solar EPC companies compared here, at 21%. The same company also holds the highest Margin change, at +5 percentage points. 5 of 5 companies report a comparable reading, the latest through Mar 2026. Its OPM series carries 7 reported observations across the 20-quarter window.

What the numbers say: KP Green Engineering Ltd leads both opm at 21% and margin change at +5 percentage points.

Investor read: KP Green Engineering 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.

Profit Scale & Acceleration

Waaree Renewable Technologies Ltd has the highest Net profit among the 5 Solar EPC companies compared here, at ₹511 crore. Solarworld Energy Solutions Ltd is next at ₹120 crore. The same company also holds the highest Profit growth, at 78%. 3 of 5 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Waaree Renewable Technologies Ltd leads with ₹511 crore of TTM profit, 325.8% above Solarworld Energy Solutions Ltd. Waaree Renewable Technologies Ltd shows 78% growth from a ₹511 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Waaree Renewable Technologies 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.

Capacity Spending & Returns On It

Oriana Power Ltd has the highest CAPEX among the 5 Solar EPC companies compared here, at ₹17 crore. Waaree Renewable Technologies Ltd is next at ₹5 crore. Waaree Renewable Technologies Ltd has the highest CAPEX intensity at 45.5%, so level and change sit with different companies. 2 of 5 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Oriana Power Ltd reports ₹17 crore of CAPEX; Waaree Renewable Technologies Ltd has the highest covered intensity at 45.5%. Coverage is only 2 of 5 companies and 6 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.

Debt Load & Balance-Sheet Headroom

Waaree Renewable Technologies Ltd has the lowest Gross debt among the 5 Solar EPC companies compared here, at ₹146 crore. Solarworld Energy Solutions Ltd is next at ₹255 crore. Solarworld Energy Solutions Ltd has the lowest Net debt at ₹317 crore net cash, so level and change sit with different companies.

What the numbers say: Solarworld Energy Solutions Ltd has the clearest covered balance-sheet capacity with ₹317 crore net cash and gross debt of ₹255 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.

Return On Capital Employed

Waaree Renewable Technologies Ltd has the highest ROCE among the 5 Solar EPC companies compared here, at 83.6%. Oriana Power Ltd is next at 39.6%. Oriana Power Ltd has the highest ROCE change at +15.4 percentage points, so level and change sit with different companies. 5 of 5 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Waaree Renewable Technologies Ltd leads ROCE at 83.6%, 44 percentage points above Oriana Power Ltd. Oriana Power Ltd has the strongest latest improvement at +15.4 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: Waaree Renewable Technologies 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.

Valuation Against Growth & Quality

Waaree Renewable Technologies Ltd has the lowest Guarded PEG among the 5 Solar EPC companies compared here, at 3.93×. Oriana Power Ltd has the lowest P/E at 11.3×, so level and change sit with different companies. 1 of 5 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Waaree Renewable Technologies Ltd has the lowest comparable Guarded PEG at 3.93×. Only 1 of 5 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.

Enterprise Value & Book Value

Solarworld Energy Solutions Ltd has the lowest EV/EBITDA among the 5 Solar EPC companies compared here, at 6.4×. Oriana Power Ltd is next at 9.5×. The same company also holds the lowest P/BV, at 2.07×. 5 of 5 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Solarworld Energy Solutions Ltd leads both ev/ebitda at 6.4× and p/bv at 2.07×.

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.

Market action

Waaree Renewable Technologies Ltd has the strongest one-year price move in Solar EPC at -15.8%. Sterling & Wilson Renewable Energy Ltd leads on Mansfield relative strength against NIFTY at -0.2%. 0 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

What can make this comparison misleading?

This Solar EPC comparison names 6 specific ways its own evidence can mislead, all listed below. All 5 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 2 of the 8 ranked sections have fewer than three usable current readings.

Which companies are included?

All 5 companies in the canonical Solar EPC membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

How was this comparison built?

This comparison is built from the reported filings of 5 Solar EPC companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Solar EPC company comparison FAQs

These 18 answers restate the Solar EPC comparison above in question form. Every one is computed from the same 5 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.