# Solar EPC — company-by-company sector analysis

> Solar EPC: Sterling & Wilson Renewable Energy Ltd owns the largest revenue base; Solarworld Energy Solutions Ltd has the fastest current growth.

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

## Bottom line

Solar EPC has underperformed NIFTY 500 by 31.8% over 52 weeks and 13.7% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 4 of 4 beat the sector itself. Sterling & Wilson Renewable Energy Ltd leads with revenue of ₹7,377 crore, based on 3 of 5 comparable companies through Jun 2026.

### Is the Solar EPC sector outperforming NIFTY 500?

Solar EPC has underperformed NIFTY 500 by 31.8% over 52 weeks and 13.7% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 4 of 4 beat the sector itself.

### Which Solar EPC company is largest by revenue?

Sterling & Wilson Renewable Energy Ltd leads with revenue of ₹7,377 crore, based on 3 of 5 comparable companies through Jun 2026.

### Which Solar EPC company is growing fastest?

Solarworld Energy Solutions Ltd has the fastest current revenue growth at 100%, across 3 of 5 comparable companies.

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

Oriana Power Ltd ranks first at 63.3/100 with 58.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Solar EPC company reports the most CAPEX?

Oriana Power Ltd reports the largest latest CAPEX at ₹17 crore, with 2 of 5 companies comparable.

### Which Solar EPC company has the least gross debt?

Waaree Renewable Technologies Ltd has the lowest comparable gross debt at ₹146 crore. Sterling & Wilson Renewable Energy Ltd has the highest at ₹1,191 crore.

### Which Solar EPC company has the lowest comparable PEG?

Waaree Renewable Technologies Ltd has the lowest comparable Guarded PEG at 3.93, among 1 of 5 companies that pass the metric’s comparability rules.

### How much history does this Solar EPC comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 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

Solar EPC has underperformed NIFTY 500 by 31.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 13.7%. 0 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Sterling & Wilson Renewable Energy Ltd is the strongest against the sector itself at +17.1%.

13-week sector return versus NIFTY 500: -14%
52-week sector return versus NIFTY 500: -32%
Stocks leading NIFTY: 0/4
Stocks leading sector: 4/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹20.8K 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. Oriana Power Ltd (ORIANA): 63/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.5/35 | Capital efficiency 17.8/25 | Valuation 15.0/20 | Relative strength 12.0/20
   - Exact sum: 18.5 + 17.8 + 15 + 12 = 63.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Waaree Renewable Technologies Ltd (WAAREERTL): 56/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 24.2/35 | Capital efficiency 17.9/25 | Valuation 3.5/20 | Relative strength 10.7/20
   - Exact sum: 24.2 + 17.9 + 3.5 + 10.7 = 56.3
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Solarworld Energy Solutions Ltd (SOLARWORLD): 56/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 24.4/35 | Capital efficiency 11.3/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 24.4 + 11.3 + 10 + 10 = 55.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 34/100 — Adverse evidence; evidence 80%
   - Growth & earnings 4.5/35 | Capital efficiency 5.2/25 | Valuation 9.3/20 | Relative strength 15.4/20
   - Exact sum: 4.5 + 5.2 + 9.3 + 15.4 = 34.4
   - Decision use: Price leads the evidence: RS versus the benchmark is -4.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. KP Green Engineering Ltd (544150): 55/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 21.1/35 | Capital efficiency 15.5/25 | Valuation 10.8/20 | Relative strength 7.7/20
   - Exact sum: 21.1 + 15.5 + 10.8 + 7.7 = 55.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

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.

Evidence: Sterling & Wilson Renewable Energy Ltd · ₹7,377 crore | 102% versus #2 · Waaree Renewable Technologies Ltd | 6/8 recent comparable periods | 3/5 companies · 61 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. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): ₹7.4K Cr
2. Waaree Renewable Technologies Ltd (WAAREERTL): ₹3.7K Cr
3. Solarworld Energy Solutions Ltd (SOLARWORLD): ₹1.4K Cr

### Revenue growth — fastest growers
1. Solarworld Energy Solutions Ltd (SOLARWORLD): 100%
2. Waaree Renewable Technologies Ltd (WAAREERTL): 86%
3. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 3.2%

### 20-quarter Revenue history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹53 Cr | Jun 2023 — | Sep 2023 ₹104 Cr | Dec 2023 — | Mar 2024 ₹245 Cr | Jun 2024 — | Sep 2024 ₹262 Cr | Dec 2024 — | Mar 2025 ₹432 Cr | Jun 2025 — | Sep 2025 ₹532 Cr | Dec 2025 — | Mar 2026 ₹714 Cr | Jun 2026 —
- WAAREERTL: Sep 2021 ₹11 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹273 Cr | Jun 2024 ₹236 Cr | Sep 2024 ₹524 Cr | Dec 2024 ₹360 Cr | Mar 2025 ₹477 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹775 Cr | Dec 2025 ₹851 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹924 Cr
- SWSOLAR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹313 Cr | Dec 2022 ₹407 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹515 Cr | Sep 2023 ₹760 Cr | Dec 2023 ₹583 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹915 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹1.6K Cr
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹64 Cr | Dec 2023 — | Mar 2024 ₹319 Cr | Jun 2024 — | Sep 2024 ₹360 Cr | Dec 2024 — | Mar 2025 ₹628 Cr | Jun 2025 — | Sep 2025 ₹781 Cr | Dec 2025 — | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SOLARWORLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹23 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹578 Cr | Mar 2026 ₹592 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 362% | Jun 2024 — | Sep 2024 152% | Dec 2024 — | Mar 2025 76% | Jun 2025 — | Sep 2025 103% | Dec 2025 — | Mar 2026 65% | Jun 2026 —
- WAAREERTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 239% | Sep 2022 1,000% | Dec 2022 64% | Mar 2023 -21% | Jun 2023 36% | Sep 2023 24% | Dec 2023 338% | Mar 2024 348% | Jun 2024 83% | Sep 2024 249% | Dec 2024 11% | Mar 2025 75% | Jun 2025 156% | Sep 2025 48% | Dec 2025 136% | Mar 2026 131% | Jun 2026 53%
- SWSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -78% | Dec 2022 -73% | Mar 2023 -92% | Jun 2023 -57% | Sep 2023 143% | Dec 2023 43% | Mar 2024 1,239% | Jun 2024 78% | Sep 2024 36% | Dec 2024 215% | Mar 2025 114% | Jun 2025 93% | Sep 2025 70% | Dec 2025 14% | Mar 2026 -23% | Jun 2026 -9.8%
- ORIANA: 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 463% | Dec 2024 — | Mar 2025 97% | Jun 2025 — | Sep 2025 117% | Dec 2025 — | Mar 2026 64% | Jun 2026 —
- SOLARWORLD: 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 196% | Sep 2025 -2.8% | Dec 2025 183% | Mar 2026 236% | Jun 2026 —

## Operating Economics & Margin Trend

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.

Evidence: KP Green Engineering Ltd · 21% | 0% versus #2 · Oriana Power Ltd | 3/5 recent comparable periods | 5/5 companies · 61 observations

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

### OPM — highest
1. KP Green Engineering Ltd (544150): 21%
2. Oriana Power Ltd (ORIANA): 21%
3. Waaree Renewable Technologies Ltd (WAAREERTL): 19%
4. Solarworld Energy Solutions Ltd (SOLARWORLD): 10%
5. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 5.0%

### Margin change — fastest expanders
1. KP Green Engineering Ltd (544150): +5.0 pp
2. Solarworld Energy Solutions Ltd (SOLARWORLD): +3.0 pp
3. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 0.0 pp
4. Waaree Renewable Technologies Ltd (WAAREERTL): 0.0 pp
5. Oriana Power Ltd (ORIANA): −4.0 pp

### 20-quarter OPM history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 14% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 21% | Jun 2026 —
- WAAREERTL: Sep 2021 28% | Dec 2021 9.6% | Mar 2022 16% | Jun 2022 14% | Sep 2022 10% | Dec 2022 48% | Mar 2023 36% | Jun 2023 10% | Sep 2023 20% | Dec 2023 27% | Mar 2024 28% | Jun 2024 17% | Sep 2024 14% | Dec 2024 20% | Mar 2025 27% | Jun 2025 19% | Sep 2025 20% | Dec 2025 19% | Mar 2026 19% | Jun 2026 19%
- SWSOLAR: Sep 2021 -20% | Dec 2021 -26% | Mar 2022 -12% | Jun 2022 -28% | Sep 2022 -118% | Dec 2022 -16% | Mar 2023 -398% | Jun 2023 -7.0% | Sep 2023 0.0% | Dec 2023 -3.0% | Mar 2024 2.0% | Jun 2024 3.0% | Sep 2024 2.0% | Dec 2024 4.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 0.0% | Dec 2025 3.0% | Mar 2026 7.0% | Jun 2026 5.0%
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 22% | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 25% | Jun 2025 — | Sep 2025 23% | Dec 2025 — | Mar 2026 21% | Jun 2026 —
- SOLARWORLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 23% | Sep 2024 21% | Dec 2024 29% | Mar 2025 7.0% | Jun 2025 13% | Sep 2025 11% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 — | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 +5.0 pp | Jun 2026 —
- WAAREERTL: Sep 2021 −41.6 pp | Dec 2021 −19.9 pp | Mar 2022 −44.9 pp | Jun 2022 +1.1 pp | Sep 2022 −17.1 pp | Dec 2022 +38.5 pp | Mar 2023 +19.7 pp | Jun 2023 −3.7 pp | Sep 2023 +9.5 pp | Dec 2023 −21.0 pp | Mar 2024 −8.0 pp | Jun 2024 +7.0 pp | Sep 2024 −6.0 pp | Dec 2024 −7.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +6.0 pp | Dec 2025 −1.0 pp | Mar 2026 −8.0 pp | Jun 2026 0.0 pp
- SWSOLAR: Sep 2021 −20.8 pp | Dec 2021 −27.3 pp | Mar 2022 +19.5 pp | Jun 2022 −19.8 pp | Sep 2022 −97.9 pp | Dec 2022 +10.5 pp | Mar 2023 −386.4 pp | Jun 2023 +21.5 pp | Sep 2023 +118.4 pp | Dec 2023 +12.7 pp | Mar 2024 +400.0 pp | Jun 2024 +10.0 pp | Sep 2024 +2.0 pp | Dec 2024 +7.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 0.0 pp
- ORIANA: 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 +3.0 pp | Dec 2024 — | Mar 2025 +3.0 pp | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 −4.0 pp | Jun 2026 —
- SOLARWORLD: 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 −10.0 pp | Sep 2025 −10.0 pp | Dec 2025 −18.0 pp | Mar 2026 +3.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

Evidence: Waaree Renewable Technologies Ltd · ₹511 crore | 325.8% versus #2 · Solarworld Energy Solutions Ltd | 7/8 recent comparable periods | 3/5 companies · 61 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 Renewable Technologies Ltd (WAAREERTL): ₹511 Cr
2. Solarworld Energy Solutions Ltd (SOLARWORLD): ₹120 Cr
3. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): ₹-281 Cr

### Profit growth — fastest growers
1. Waaree Renewable Technologies Ltd (WAAREERTL): 78%
2. Solarworld Energy Solutions Ltd (SOLARWORLD): 56%
3. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): -80%

### 20-quarter Net profit history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 ₹11 Cr | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 ₹27 Cr | Dec 2024 — | Mar 2025 ₹46 Cr | Jun 2025 — | Sep 2025 ₹58 Cr | Dec 2025 — | Mar 2026 ₹77 Cr | Jun 2026 —
- WAAREERTL: Sep 2021 ₹5 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹156 Cr | Jun 2026 ₹119 Cr
- SWSOLAR: Sep 2021 ₹-285 Cr | Dec 2021 ₹-422 Cr | Mar 2022 ₹-126 Cr | Jun 2022 ₹-354 Cr | Sep 2022 ₹-297 Cr | Dec 2022 ₹-99 Cr | Mar 2023 ₹-421 Cr | Jun 2023 ₹-95 Cr | Sep 2023 ₹-55 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹-478 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹142 Cr | Jun 2026 ₹53 Cr
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹49 Cr | Jun 2024 — | Sep 2024 ₹49 Cr | Dec 2024 — | Mar 2025 ₹110 Cr | Jun 2025 — | Sep 2025 ₹122 Cr | Dec 2025 — | Mar 2026 ₹130 Cr | Jun 2026 —
- SOLARWORLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹49 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 380% | Jun 2024 — | Sep 2024 145% | Dec 2024 — | Mar 2025 92% | Jun 2025 — | Sep 2025 115% | Dec 2025 — | Mar 2026 67% | Jun 2026 —
- WAAREERTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 60% | Dec 2022 — | Mar 2023 71% | Jun 2023 -10% | Sep 2023 163% | Dec 2023 156% | Mar 2024 325% | Jun 2024 211% | Sep 2024 157% | Dec 2024 -17% | Mar 2025 84% | Jun 2025 207% | Sep 2025 115% | Dec 2025 126% | Mar 2026 66% | Jun 2026 38%
- SWSOLAR: 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 5,400% | Jun 2025 680% | Sep 2025 -5,411% | Dec 2025 -88% | Mar 2026 158% | Jun 2026 36%
- ORIANA: 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 717% | Dec 2024 — | Mar 2025 124% | Jun 2025 — | Sep 2025 149% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- SOLARWORLD: 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 333% | Sep 2025 -59% | Dec 2025 14% | Mar 2026 444% | Jun 2026 —

## Capacity Spending & Returns On It

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.

Evidence: Oriana Power Ltd · ₹17 crore | 240% versus #2 · Waaree Renewable Technologies Ltd | 5/5 recent comparable periods | 2/5 companies · 6 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. Oriana Power Ltd (ORIANA): ₹17 Cr
2. Waaree Renewable Technologies Ltd (WAAREERTL): ₹5 Cr

### CAPEX intensity — highest reinvestment intensity
1. Waaree Renewable Technologies Ltd (WAAREERTL): 46%
2. Oriana Power Ltd (ORIANA): 2.2%

### 20-quarter CAPEX history
- WAAREERTL: Sep 2021 ₹5 Cr | 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 — | Jun 2026 —
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹10 Cr | Dec 2023 — | Mar 2024 ₹104 Cr | Jun 2024 — | Sep 2024 ₹95 Cr | Dec 2024 — | Mar 2025 ₹45 Cr | Jun 2025 — | Sep 2025 ₹17 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- WAAREERTL: Sep 2021 46% | 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 — | Jun 2026 —
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 33% | Jun 2024 — | Sep 2024 26% | Dec 2024 — | Mar 2025 7.2% | Jun 2025 — | Sep 2025 2.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

Evidence: Waaree Renewable Technologies Ltd · ₹146 crore | 42.7% versus #2 · Solarworld Energy Solutions Ltd | 5/8 recent comparable periods | 5/5 companies · 61 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. Waaree Renewable Technologies Ltd (WAAREERTL): ₹146 Cr
2. Solarworld Energy Solutions Ltd (SOLARWORLD): ₹255 Cr
3. KP Green Engineering Ltd (544150): ₹349 Cr
4. Oriana Power Ltd (ORIANA): ₹509 Cr
5. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): ₹1.2K Cr

### Net debt — lowest net debt
1. Solarworld Energy Solutions Ltd (SOLARWORLD): ₹-317 Cr
2. Waaree Renewable Technologies Ltd (WAAREERTL): ₹-213 Cr
3. Oriana Power Ltd (ORIANA): ₹117 Cr
4. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): ₹874 Cr

### 20-quarter Gross debt history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 ₹20 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹18 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹46 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹100 Cr | Jun 2025 — | Sep 2025 ₹204 Cr | Dec 2025 — | Mar 2026 ₹349 Cr | Jun 2026 —
- WAAREERTL: Sep 2021 ₹41 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹42 Cr | Jun 2022 — | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹146 Cr | Jun 2026 —
- SWSOLAR: Sep 2021 ₹684 Cr | Dec 2021 ₹684 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹446 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹516 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹907 Cr | Dec 2024 ₹907 Cr | Mar 2025 ₹936 Cr | Jun 2025 ₹936 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹28 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹71 Cr | Jun 2023 — | Sep 2023 ₹90 Cr | Dec 2023 — | Mar 2024 ₹184 Cr | Jun 2024 — | Sep 2024 ₹257 Cr | Dec 2024 — | Mar 2025 ₹271 Cr | Jun 2025 — | Sep 2025 ₹316 Cr | Dec 2025 — | Mar 2026 ₹509 Cr | Jun 2026 —
- SOLARWORLD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹52 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹65 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹61 Cr | Jun 2024 ₹61 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹115 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹255 Cr | Jun 2026 —

### 20-quarter Net debt history
- WAAREERTL: Sep 2021 ₹36 Cr | Dec 2021 — | Mar 2022 ₹29 Cr | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 — | Mar 2023 ₹36 Cr | Jun 2023 — | Sep 2023 ₹-24 Cr | Dec 2023 — | Mar 2024 ₹30 Cr | Jun 2024 — | Sep 2024 ₹-159 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹-114 Cr | Dec 2025 — | Mar 2026 ₹-213 Cr | Jun 2026 —
- SWSOLAR: Sep 2021 ₹256 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-58 Cr | Sep 2022 ₹849 Cr | Dec 2022 ₹849 Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹349 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹225 Cr | Sep 2025 ₹786 Cr | Dec 2025 ₹786 Cr | Mar 2026 ₹874 Cr | Jun 2026 ₹874 Cr
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹76 Cr | Dec 2023 — | Mar 2024 ₹155 Cr | Jun 2024 — | Sep 2024 ₹51 Cr | Dec 2024 — | Mar 2025 ₹305 Cr | Jun 2025 — | Sep 2025 ₹117 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOLARWORLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹38 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹36 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹-415 Cr | Dec 2025 ₹-415 Cr | Mar 2026 ₹-317 Cr | Jun 2026 —

## Return On Capital Employed

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.

Evidence: Waaree Renewable Technologies Ltd · 83.6% | 111.1% versus #2 · Oriana Power Ltd | 4/8 recent comparable periods | 5/5 companies · 41 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. Waaree Renewable Technologies Ltd (WAAREERTL): 84%
2. Oriana Power Ltd (ORIANA): 40%
3. KP Green Engineering Ltd (544150): 37%
4. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 27%
5. Solarworld Energy Solutions Ltd (SOLARWORLD): 24%

### ROCE change — fastest improvers
1. Oriana Power Ltd (ORIANA): +15.4 pp
2. KP Green Engineering Ltd (544150): +7.0 pp
3. Waaree Renewable Technologies Ltd (WAAREERTL): +0.3 pp
4. Solarworld Energy Solutions Ltd (SOLARWORLD): −13.5 pp
5. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): −32.9 pp

### 20-quarter ROCE history
- WAAREERTL: Sep 2021 13% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 43% | Dec 2022 — | Mar 2023 62% | Jun 2023 — | Sep 2023 62% | Dec 2023 119% | Mar 2024 68% | Jun 2024 110% | Sep 2024 73% | Dec 2024 100% | Mar 2025 60% | Jun 2025 98% | Sep 2025 61% | Dec 2025 101% | Mar 2026 61% | Jun 2026 —
- SWSOLAR: Sep 2021 -162% | Dec 2021 — | Mar 2022 -95% | Jun 2022 — | Sep 2022 -151% | Dec 2022 — | Mar 2023 -226% | Jun 2023 — | Sep 2023 119% | Dec 2023 -57% | Mar 2024 -3.1% | Jun 2024 13% | Sep 2024 2.6% | Dec 2024 21% | Mar 2025 15% | Jun 2025 24% | Sep 2025 23% | Dec 2025 -14% | Mar 2026 24% | Jun 2026 -8.9%
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.8% | Dec 2023 — | Mar 2024 28% | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 31% | Jun 2025 — | Sep 2025 38% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOLARWORLD: 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 29% | Jun 2025 34% | Sep 2025 12% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —

### 20-quarter ROCE change history
- WAAREERTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +29.2 pp | Dec 2022 — | Mar 2023 +35.8 pp | Jun 2023 — | Sep 2023 +19.2 pp | Dec 2023 — | Mar 2024 +6.6 pp | Jun 2024 — | Sep 2024 +11.3 pp | Dec 2024 −19.0 pp | Mar 2025 −8.0 pp | Jun 2025 −11.6 pp | Sep 2025 −11.9 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- SWSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.8 pp | Dec 2022 — | Mar 2023 −130.6 pp | Jun 2023 — | Sep 2023 +270.4 pp | Dec 2023 — | Mar 2024 +222.5 pp | Jun 2024 — | Sep 2024 −116.8 pp | Dec 2024 +78.8 pp | Mar 2025 +18.0 pp | Jun 2025 +10.9 pp | Sep 2025 +20.6 pp | Dec 2025 −35.6 pp | Mar 2026 +9.3 pp | Jun 2026 −32.9 pp
- ORIANA: 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 +17.1 pp | Dec 2024 — | Mar 2025 +3.1 pp | Jun 2025 — | Sep 2025 +15.4 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOLARWORLD: 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 −13.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

Evidence: Waaree Renewable Technologies Ltd · 3.93× | Not enough peers | 0/8 recent comparable periods | 1/5 companies · 1 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. Waaree Renewable Technologies Ltd (WAAREERTL): 3.9

### P/E — lowest P/E
1. Oriana Power Ltd (ORIANA): 11.3
2. KP Green Engineering Ltd (544150): 12.3
3. Solarworld Energy Solutions Ltd (SOLARWORLD): 14.5
4. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 15.6
5. Waaree Renewable Technologies Ltd (WAAREERTL): 19.1

### 20-quarter Guarded PEG history
- WAAREERTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.8 | Jun 2024 — | Sep 2024 77.2 | Dec 2024 — | Mar 2025 53.4 | Jun 2025 — | Sep 2025 34.6 | Dec 2025 — | Mar 2026 15.6 | Jun 2026 —
- WAAREERTL: Sep 2021 -1,563.6 | Dec 2021 1,297.7 | Mar 2022 732.2 | Jun 2022 73.4 | Sep 2022 43.0 | Dec 2022 41.5 | Mar 2023 32.3 | Jun 2023 42.4 | Sep 2023 48.7 | Dec 2023 61.5 | Mar 2024 137.7 | Jun 2024 141.1 | Sep 2024 121.9 | Dec 2024 67.8 | Mar 2025 50.6 | Jun 2025 44.2 | Sep 2025 36.3 | Dec 2025 28.5 | Mar 2026 20.1 | Jun 2026 22.2
- SWSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -57.6 | Jun 2024 -148.3 | Sep 2024 -282.3 | Dec 2024 389.2 | Mar 2025 71.8 | Jun 2025 91.4 | Sep 2025 51.8 | Dec 2025 24.7 | Mar 2026 17.5 | Jun 2026 17.4
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21.6 | Dec 2023 — | Mar 2024 47.1 | Jun 2024 — | Sep 2024 76.7 | Dec 2024 — | Mar 2025 26.6 | Jun 2025 — | Sep 2025 30.7 | Dec 2025 — | Mar 2026 14.1 | Jun 2026 —
- SOLARWORLD: 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 31.2 | Dec 2025 26.4 | Mar 2026 14.6 | Jun 2026 —

## Enterprise Value & Book Value

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.

Evidence: Solarworld Energy Solutions Ltd · 6.4× | 32.6% versus #2 · Oriana Power Ltd | 0/3 recent comparable periods | 5/5 companies · 42 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. Solarworld Energy Solutions Ltd (SOLARWORLD): 6.4
2. Oriana Power Ltd (ORIANA): 9.5
3. KP Green Engineering Ltd (544150): 10.5
4. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 12.4
5. Waaree Renewable Technologies Ltd (WAAREERTL): 15.8

### P/BV — lowest P/BV
1. Solarworld Energy Solutions Ltd (SOLARWORLD): 2.1
2. KP Green Engineering Ltd (544150): 3.7
3. Oriana Power Ltd (ORIANA): 3.7
4. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): 7.5
5. Waaree Renewable Technologies Ltd (WAAREERTL): 10.4

### 20-quarter EV/EBITDA history
- 544150: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 46.1 | Jun 2024 — | Sep 2024 45.6 | Dec 2024 — | Mar 2025 34.5 | Jun 2025 — | Sep 2025 21.2 | Dec 2025 — | Mar 2026 10.5 | Jun 2026 —
- WAAREERTL: Sep 2021 37.1 | Dec 2021 31.0 | Mar 2022 26.0 | Jun 2022 23.4 | Sep 2022 22.3 | Dec 2022 23.8 | Mar 2023 21.3 | Jun 2023 27.5 | Sep 2023 31.3 | Dec 2023 39.3 | Mar 2024 93.4 | Jun 2024 97.1 | Sep 2024 82.9 | Dec 2024 46.5 | Mar 2025 34.2 | Jun 2025 31.3 | Sep 2025 25.6 | Dec 2025 20.3 | Mar 2026 14.4 | Jun 2026 15.8
- SWSOLAR: 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 117.7 | Dec 2024 67.4 | Mar 2025 27.6 | Jun 2025 26.6 | Sep 2025 16.6 | Dec 2025 13.9 | Mar 2026 10.5 | Jun 2026 12.4
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 35.2 | Dec 2023 — | Mar 2024 73.1 | Jun 2024 — | Sep 2024 54.1 | Dec 2024 — | Mar 2025 18.1 | Jun 2025 — | Sep 2025 20.6 | Dec 2025 — | Mar 2026 9.5 | Jun 2026 —
- SOLARWORLD: 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 21.2 | Dec 2025 17.4 | Mar 2026 6.4 | Jun 2026 —

### 20-quarter P/BV history
- 544150: 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 10.2 | Dec 2024 — | Mar 2025 6.7 | Jun 2025 — | Sep 2025 9.6 | Dec 2025 — | Mar 2026 4.3 | Jun 2026 —
- WAAREERTL: Sep 2021 17.5 | Dec 2021 27.1 | Mar 2022 25.9 | Jun 2022 28.4 | Sep 2022 19.4 | Dec 2022 22.1 | Mar 2023 54.0 | Jun 2023 78.5 | Sep 2023 31.2 | Dec 2023 36.6 | Mar 2024 129.7 | Jun 2024 240.8 | Sep 2024 81.3 | Dec 2024 42.0 | Mar 2025 29.7 | Jun 2025 41.6 | Sep 2025 23.1 | Dec 2025 15.3 | Mar 2026 12.9 | Jun 2026 11.4
- SWSOLAR: Sep 2021 8.6 | Dec 2021 13.9 | Mar 2022 13.1 | Jun 2022 7.1 | Sep 2022 16.8 | Dec 2022 14.5 | Mar 2023 6.0 | Jun 2023 -24.4 | Sep 2023 -30.4 | Dec 2023 -20.5 | Mar 2024 -30.5 | Jun 2024 -43.1 | Sep 2024 15.6 | Dec 2024 10.9 | Mar 2025 6.0 | Jun 2025 7.7 | Sep 2025 5.6 | Dec 2025 10.7 | Mar 2026 7.9 | Jun 2026 8.9
- ORIANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.7 | Dec 2023 — | Mar 2024 14.6 | Jun 2024 — | Sep 2024 28.5 | Dec 2024 — | Mar 2025 6.7 | Jun 2025 — | Sep 2025 9.6 | Dec 2025 — | Mar 2026 5.1 | Jun 2026 —
- SOLARWORLD: 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 3.7 | Dec 2025 3.2 | Mar 2026 1.6 | Jun 2026 —

## Market action

Waaree Renewable Technologies Ltd has the strongest one-year price move in Solar EPC at -21.3%. Sterling & Wilson Renewable Energy Ltd leads on Mansfield relative strength against NIFTY at -4.2%. 0 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Waaree Renewable Technologies Ltd (WAAREERTL): -21%
2. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): -35%
3. KP Green Engineering Ltd (544150): -38%
4. Oriana Power Ltd (ORIANA): -42%

### Strongest relative strength versus NIFTY 500
1. Sterling & Wilson Renewable Energy Ltd (SWSOLAR): -4.2%
2. Waaree Renewable Technologies Ltd (WAAREERTL): -5.4%
3. KP Green Engineering Ltd (544150): -24%
4. Oriana Power Ltd (ORIANA): -33%

## 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 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.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Waaree Renewable Technologies Ltd (WAAREERTL) — market value ₹9.7K Cr; latest fundamentals Jun 2026
- Sterling & Wilson Renewable Energy Ltd (SWSOLAR) — market value ₹4.9K Cr; latest fundamentals Jun 2026
- Oriana Power Ltd (ORIANA) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Solarworld Energy Solutions Ltd (SOLARWORLD) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- KP Green Engineering Ltd (544150) — market value ₹1.7K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 2. Withheld: 0. Graded companies: 5.

1 of 5 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 | SOLARWORLD | Solarworld Energy Solutions Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 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 Solar EPC index?

The Nifty Solar EPC index tracks India's listed Solar EPC companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Solar EPC sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Solar EPC stocks in India?

Ranked by this page's four-factor score, Oriana Power Ltd places first among 5 listed Solar EPC companies, followed by Waaree Renewable Technologies Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Solar EPC stocks are listed in India?

This comparison covers 5 listed Solar EPC 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 Jun 2026.

### Which Solar EPC company is the biggest?

Sterling & Wilson Renewable Energy Ltd is the largest, with trailing-twelve-month revenue of ₹7,377 crore, ahead of Waaree Renewable Technologies Ltd at ₹3,652 crore. That covers 3 of 5 companies with comparable reporting through Jun 2026.

### Which Solar EPC company is growing fastest?

Solarworld Energy Solutions Ltd has the fastest revenue growth at 100% year on year, across 3 of 5 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 Solar EPC company has the best profit margins?

KP Green Engineering Ltd has the highest operating margin at 21%, from 5 of 5 comparable companies. KP Green Engineering Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Solar EPC company makes the most profit?

Waaree Renewable Technologies Ltd earns the most, at ₹511 crore of trailing-twelve-month net profit, from 3 of 5 comparable companies. Waaree Renewable Technologies Ltd has the fastest profit growth at 78%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Solar EPC company earns the highest return on capital?

Waaree Renewable Technologies Ltd leads on return on capital employed at 83.6%, across 5 of 5 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 Solar EPC stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Waaree Renewable Technologies Ltd screens cheapest at 3.93×. Only 1 of 5 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 Solar EPC company has the strongest balance sheet?

Waaree Renewable Technologies Ltd carries the lowest comparable gross debt at ₹146 crore, from 5 of 5 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.

### Is the Solar EPC sector beating the market?

Solar EPC has underperformed NIFTY 500 by 31.8% over the last 52 weeks and 13.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Solar EPC stock has the strongest price momentum?

Sterling & Wilson Renewable Energy 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 Solar EPC company scores highest for research priority?

Oriana Power Ltd scores 63.3 out of 100 with 58.5% evidence confidence, from 18.5 points on growth and earnings, 17.8 on capital efficiency, 15 on valuation and 12 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 Solar EPC companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 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 Solar EPC sector?

The 5 Solar EPC companies on this page carry ₹20,841 crore of combined market value. Waaree Renewable Technologies Ltd is the largest at ₹9,725 crore, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Solar EPC sector's P/E ratio?

The median price-to-earnings ratio across the 5 Solar EPC companies on this page is 14.5×, measured on the 5 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 Solar EPC sector performing?

0 of the 4 covered Solar EPC companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 31.8% 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/solar-epc