Solar Panel Stocks and Companies in India

The largest Solar Panel stocks in India by market value are Waaree Energies (₹69,267 crore), Premier Energies (₹41,037 crore) and Vikram Solar (₹4,890 crore), at prices of 4 Nov 2026.

• Waaree Energies: ₹2,408 | market value ₹69,267 crore | P/E 17.8
• Premier Energies: ₹904 | market value ₹41,037 crore | P/E 24.7
• Vikram Solar: ₹134.96 | market value ₹4,890 crore | P/E 13.6
• Websol Energy System: ₹68.58 | market value ₹2,977 crore | P/E 9.5
• Solex Energy: ₹584.40 | market value ₹632 crore | P/E 8.0
• Australian Premium Solar (India): ₹235 (price from the week of 27 Sep 2026) | market value ₹474 crore | P/E 8.2
• Bright Solar: ₹2.80 (price from the week of 26 Feb 2025) | market value ₹7.0 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Capital Goods - Solar companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Capital Goods - Solar index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Waaree Energies Ltd₹66,300 cr
2. Premier Energies Ltd₹39,800 cr
3. Vikram Solar Ltd₹4,540 cr
4. Websol Energy System Ltd₹2,850 cr
5. Solex Energy Ltd₹580 cr
6. Australian Premium Solar (India) Ltd₹474 cr
7. Bright Solar Ltd₹7 cr

7 Solar Panel companies in the Capital Goods - Solar industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is Waaree Energies (₹66,275 crore) and the smallest with a market value is Bright Solar.

Download all 7 Solar Panel companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 36% behind NIFTY 500. Earnings across its companies grew 64% on average over the last four reported quarters.

0 of the 5 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 4 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 0 of the 5 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 5 pass the momentum test (no change from four weeks earlier); earnings rising at 5 of the 5 that report earnings.

Behind NIFTY 500 by −37.8% over a year, with participation off the floor of its own 26-week range. Earnings confirming, 5 of 5 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 5 of its 7 companies (the 2 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Capital Goods - Solar has done worse than the NIFTY 500 by 43.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 19.9%. Premier Energies Ltd is the strongest against the sector itself at +29.9%.

Capital Goods - Solar has done worse than the NIFTY 500 by 43.6% over 52 weeks and by 19.9% over 13 weeks. 0 of 7 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 3 of the 3 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Premier Energies Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 88.6% evidence confidence.

Vikram Solar Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (2 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Premier Energies Ltd has the strongest one-year price move in Capital Goods - Solar at −19.9%. It also leads on relative strength against the NIFTY, at −1.3%. 0 of 7 companies we track are ahead of the index on that measure (2 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Capital Goods - Solar itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Revenue went from 4,656 Cr (2020) to 26,064 Cr (2025) to 42,538 Cr (2026), and profit from a −1 Cr trough (2022) to 507 → 1,594 → 3,243 → 6,323 Cr (2023→2026). Operating margin climbed from a 3.55% bottom (2022) to 23.3% (2026) and profit margin to 14.86%, with quarterly profit running 369 (2023-06) straight to 1,905 (2026-03), earnings still EXPANDING.

From our industry review of 14 June 2026. A newer review (10 October 2026) did not cover Capital Goods - Solar, so this is the latest we have.

1 of 5 Capital Goods - Solar companies held a results call for July to September 2026. Waaree Energies guided: FY27 operating profit ₹7,000-7,700 crore.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 1.7 points over the last two quarters. Founders and promoters cut theirs by 0.8 points.

• Spending on new plants and equipment was ₹8,404 crore in the last 12 months, 12% less than a year before.
• Projects still being built grew 162% in a year.
• 1 Capital Goods - Solar call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 7 Capital Goods - Solar companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Capital Goods - Solar figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 22 Jul 2026, so the words are older than the numbers. 4 themes are live here, 1 of them rated high severity.

The sector exhibits strong operational momentum but faces existential trade threats. While WAAREEENER beat EBITDA guidance, the looming 123% duty decision creates uncertainty.

The Capital Goods - Solar sector shows divergent signals between operational execution and external headwinds. WAAREEENER delivered the highest-revenue quarter in company history with Q4 FY26 revenue of Rs 8,840 Cr (+111.8% YoY). Full-year FY26 revenue reached Rs 26,537 Cr (+84% YoY).

How old this read is: OLD: this read comes from our Capital Goods - Solar sector brief dated 22 Jul 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Capital Goods - Solar sector brief, 22 Jul 2026 · company earnings-call transcripts.

Waaree Energies Ltd has the highest Revenue among the 7 Capital Goods - Solar companies compared here, at ₹31,495 crore. Premier Energies Ltd is next at ₹8,466 crore. Solex Energy 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: Waaree Energies Ltd is the largest at ₹31,495 crore, 272% ahead of Premier Energies Ltd. Solex Energy Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 107.5% from a ₹1,619 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Waaree Energies Ltd is the size to compare against; Solex Energy Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Websol Energy System Ltd has the highest OPM among the 7 Capital Goods - Solar companies compared here, at 34%. Premier Energies Ltd is next at 29%. Australian Premium Solar (India) Ltd has the highest Margin change at −1 percentage points, so level and change sit with different companies. Its OPM series carries 17 reported observations across the 20-quarter window.

What the numbers say: Websol Energy System Ltd leads opm at 34%; Australian Premium Solar (India) Ltd leads margin change at −1 percentage points.

What this means: Websol Energy System Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Waaree Energies Ltd has the highest Net profit among the 7 Capital Goods - Solar companies compared here, at ₹3,879 crore. Premier Energies Ltd is next at ₹1,674 crore. Bright Solar Ltd has the highest Profit growth at 61.3%, so level and change sit with different companies. 6 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Waaree Energies Ltd earns the most, ₹3,879 crore of profit over the last 12 months, 131.7% above Premier Energies Ltd. Bright Solar Ltd shows 61.3% growth from a profit base of ₹3 crore net cash. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Waaree Energies Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Websol Energy System Ltd has the highest ROCE among the 7 Capital Goods - Solar companies compared here, at 63.2%. Australian Premium Solar (India) Ltd is next at 56.5%. Bright Solar Ltd has the highest ROCE change at +9.1 percentage points, so level and change sit with different companies. Its ROCE series carries 14 reported observations across the 20-quarter window.

What the numbers say: Websol Energy System Ltd leads ROCE at 63.2%, 6.7 percentage points above Australian Premium Solar (India) Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Websol Energy System Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Waaree Energies Ltd (WAAREEENER): its two data sources disagree by up to 11% on reported income across 13 comparable periods, so its derived ratios are withheld; Australian Premium Solar (India) Ltd (APS): its two data sources disagree by up to 66% on reported income across 6 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Vikram Solar Ltd has the lowest PEG among the 7 Capital Goods - Solar companies compared here, at 0.51×. Premier Energies Ltd is next at 0.58×. Solex Energy Ltd has the lowest P/E at 7.27×, so level and change sit with different companies. 2 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Vikram Solar Ltd has the lowest comparable PEG at 0.51×, 12.1% below Premier Energies Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Capital Goods - Solar companies show up on 5 of our India lists. The most are on the power & green energy stocks list (5 companies).

This Capital Goods - Solar comparison names 7 specific ways its own evidence can mislead, all listed below. 2 of the 7 companies report on an older date than the sector's freshest reporters, so their ranks are marked stale. 2 have second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 7 Capital Goods - Solar companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

2 of 7 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Waaree Energies Ltd (WAAREEENER): its two data sources disagree by up to 11% on reported income across 13 comparable periods, so its derived ratios are withheld; Australian Premium Solar (India) Ltd (APS): its two data sources disagree by up to 66% on reported income across 6 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Capital Goods - Solar comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.