20-quarter listed-company comparison

Capital Goods - Solar Stocks in India

Capital Goods - Solar: Waaree Energies Ltd owns the largest revenue base; Solex Energy Ltd has the fastest current growth.

The 7 Capital Goods - Solar companies listed in India are Waaree Energies Ltd (₹75.5K Cr, the largest), Premier Energies Ltd, Vikram Solar Ltd and 4 more. 1 of 7 covered companies beats NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

All 7 Capital Goods - Solar Stocks in India (Sep 2026) — ranked by 4-Factor score

1Waaree Energies Ltd₹75.5K Cr70.6/100Favorable setup · strongest on profit growth and ROCE improvement
2Premier Energies Ltd₹44.2K Cr66.1/100Favorable setup · strongest on PEG and relative strength versus sector
3Websol Energy System Ltd₹3.3K Cr55.1/100Mixed-positive evidence · strongest on ROCE and PEG
4Solex Energy Ltd₹755 Cr54.8/100Mixed-positive evidence · strongest on revenue growth and ROCE
5Australian Premium Solar (India) Ltd₹482 Cr54.5/100Thin evidence · provisional · strongest on ROCE and 13-week relative-strength change
6Vikram Solar Ltd₹6.0K Cr40.6/100Mixed-negative evidence · strongest on revenue growth
7Bright Solar Ltd₹7 Cr34.6/100Thin evidence · provisional · strongest on ROCE improvement and profit growth

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Capital Goods - Solar Index — Constituents & Performance

All 7 listed Indian Capital Goods - Solar companies are named here, largest first — the same constituent set people search for as the Nifty Capital Goods - Solar index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

Waaree Energies Ltd₹75.5K Cr
Premier Energies Ltd₹44.2K Cr
Vikram Solar Ltd₹6.0K Cr
Websol Energy System Ltd₹3.3K Cr
Solex Energy Ltd₹755 Cr
Australian Premium Solar (India) Ltd₹482 Cr
Bright Solar Ltd₹7 Cr

02 · the sector itself · before any single company

How has Capital Goods - Solar moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 11% behind NIFTY 500. Earnings across its companies grew 63% on average over the last four reported quarters.

BASING · 1y −31.3%✓Moving with the index0 of the 5 companies with a long enough price record ahead of NIFTY 500 by 5% or more over three months4 are 20% or more behind over a year while earnings grew 20% or more

RS — · 1/5 >200d (+0) · 0/5 lead (+0) · EPS 5/5↑

Capital Goods - Solar, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole 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 rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Capital Goods - Solar outperforming NIFTY 500?

Capital Goods - Solar has underperformed NIFTY 500 by 35.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 19.6%. 1 of 7 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 +27.4%.

-19.6%Sector vs NIFTY 500 · 13 weeks

-35.7%Sector vs NIFTY 500 · 52 weeks

1/7Stocks leading NIFTY 500

3/6Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Capital Goods - Solar has underperformed NIFTY 500 by 35.7% over 52 weeks and 19.6% over 13 weeks. 1 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself. Waaree Energies Ltd leads with revenue of ₹30,043 crore, based on 6 of 7 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹1.3 L Cr

Waaree Energies Ltd

Revenue growing

5/6

positive TTM year-on-year growth

Beating NIFTY 500

1/7

positive Mansfield relative strength

Comparing 5 of 7

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Waaree Energies Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 75.3% evidence confidence.

Websol Energy System Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Waaree Energies LtdWAAREEENER	70.6/100Favorable setup75% evidence	BASING	27.4/35 Revenue 94.3% · PAT 74% · OPM change -5 pp 95% evidence	17.9/25 ROCE 38.8% · OPM 18% 76% evidence	9.1/20 P/E 18.8× · PEG — 15% evidence	16.2/20 RS sector 9% · RS bench -11.7% · 1Y -18.5%0 of 12 weeks ahead 100% evidence
Exact sum: 27.4 + 17.9 + 9.1 + 16.2 = 70.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Premier Energies LtdPREMIERENE	66.1/100Favorable setup93% evidence	ASLEEP	18.2/35 Revenue 26.7% · PAT 59.9% · OPM change -1 pp 100% evidence	14.7/25 ROCE 33.3% · OPM 29% 100% evidence	13.5/20 P/E 26.6× · PEG 0.66 65% evidence	19.7/20 RS sector 27.4% · RS bench 3.4% · 1Y -2.6%3 of 12 weeks ahead 100% evidence
Exact sum: 18.2 + 14.7 + 13.5 + 19.7 = 66.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Websol Energy System LtdWEBELSOLAR	55.1/100Mixed-positive evidence93% evidence	ASLEEP	15.5/35 Revenue 76.1% · PAT 57.3% · OPM change -13 pp 100% evidence	16.6/25 ROCE 63.2% · OPM 34% 100% evidence	15.3/20 P/E 10.5× · PEG 0.3 65% evidence	7.7/20 RS sector 1.5% · RS bench -19% · 1Y -42.4%4 of 12 weeks ahead 100% evidence
Exact sum: 15.5 + 16.6 + 15.3 + 7.7 = 55.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4Solex Energy LtdSOLEX	54.8/100Mixed-positive evidence74% evidence	BASING	20.9/35 Revenue 100% · PAT 30% · OPM change -4.8 pp 95% evidence	16.6/25 ROCE 35.8% · OPM 11.1% 95% evidence	10.9/20 P/E 9.5× · PEG — 15% evidence	6.4/20 RS sector -3.5% · RS bench -40.8% · 1Y -47.4%0 of 10 weeks ahead 70% evidence
Exact sum: 20.9 + 16.6 + 10.9 + 6.4 = 54.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Australian Premium Solar (India) LtdAPS	54.5/100Thin evidence · provisional56% evidence	BASING	16.4/35 Revenue — · PAT — · OPM change -1 pp 26% evidence	18.4/25 ROCE 56.5% · OPM 13% 95% evidence	11.5/20 P/E 8.3× · PEG — 15% evidence	8.2/20 RS sector -13.7% · RS bench -30.9% · 1Y -50.4%0 of 12 weeks ahead 100% evidence
Exact sum: 16.4 + 18.4 + 11.5 + 8.2 = 54.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6Vikram Solar LtdVIKRAMSOLR	40.6/100Mixed-negative evidence78% evidence	BASING	13.0/35 Revenue 33.2% · PAT 42.4% · OPM change -13 pp 100% evidence	10.4/25 ROCE 30.6% · OPM 8% 100% evidence	8.1/20 P/E 16.8× · PEG 2.03 65% evidence	9.1/20 RS sector — · RS bench -25.2% · 1Y -48.3%0 of 10 weeks ahead 25% evidence
Exact sum: 13 + 10.4 + 8.1 + 9.1 = 40.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Bright Solar LtdBRIGHT	34.6/100Thin evidence · provisional41% evidence		17.3/35 Revenue -62.5% · PAT 61.3% · OPM change -27.9 pp 27% evidence	4.3/25 ROCE 0% · OPM -57.7% 71% evidence	10.0/20 P/E — · PEG — 0% evidence	3.0/20 RS sector -44.8% · RS bench -56.2% · 1Y —0 of 12 weeks ahead to 2025-02-26 70% evidence
Exact sum: 17.3 + 4.3 + 10 + 3 = 34.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Premier Energies Ltd has the strongest one-year price move in Capital Goods - Solar at -2.6%. It also leads on Mansfield relative strength against NIFTY at +3.4%. 1 of 7 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

Price and relative strength

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.

06 · the story behind the numbers

Capital Goods - Solar — the story behind the numbers

This is the written read behind the Capital Goods - Solar figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 22 Jul 2026. 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. Investors should monitor the July 13 regulatory outcome closely before increasing exposure.

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: This read comes from our Capital Goods - Solar sector brief dated 22 Jul 2026 — 57 days old. The numbers above it are newer than the words here.

What is live in this sector right now

Live theme	Severity	Evidence on file
US Commerce Department anti-dumping petition threatens exports with high duty rates.Named for WAAREEENER	high	“the agency calculated preliminary duty rates, known as dumping margins, of 123.04% for imports from India. Final decision on or around July 13” Waiting for final decision; upstream integration may reduce import dependency.
US administration fossil fuel priorities create hostile environment for Asian solar exporters.Named for WAAREEENER	medium	“US President Donald Trump continues a pro-fossil fuel agenda and has decried the energy transition as a 'green new scam'” Diversification into overseas markets beyond US.
Global silver prices rising impacts photovoltaic cell silver paste input costs.Named for WAAREEENER	medium	“silver and the other commodities... is it going to hurt your gross margin going forward? we do a back-to-back cell tying, which we have been doing for the last many years” Back-to-back cell tying employed to manage costs.
Large USD-denominated revenue base creates two-way FX exposure.Named for WAAREEENER	low	“Around 33 percent of the company's revenue for the October-December quarter came from the overseas markets” Revenue diversification across markets.

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

07 · compare level, then change

Revenue Scale & Growth Durability

Waaree Energies Ltd has the highest Revenue among the 7 Capital Goods - Solar companies compared here, at ₹30,043 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 scale leader at ₹30,043 crore, 254.9% ahead of Premier Energies Ltd. Solex Energy Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 107.5% from a ₹1,619 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderWaaree Energies Ltd · ₹30,043 crore

Gap254.9% versus #2 · Premier Energies Ltd

Persistence8/8 recent comparable periods

Coverage6/7 companies · 82 observations

Investor read: Waaree Energies Ltd is the scale benchmark; Solex Energy 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 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.

Revenuelargest

1Waaree Energies Ltd WAAREEENER₹30.0K Cr

2Premier Energies Ltd PREMIERENE₹8.5K Cr

3Vikram Solar Ltd VIKRAMSOLR₹5.2K Cr

4Solex Energy Ltd SOLEX⚠ unverified₹1.6K Cr

5Websol Energy System Ltd WEBELSOLAR₹1.2K Cr

Revenue growthfastest growers

1Solex Energy Ltd SOLEX⚠ unverified100%

2Waaree Energies Ltd WAAREEENER94%

3Websol Energy System Ltd WEBELSOLAR76%

4Vikram Solar Ltd VIKRAMSOLR33%

5Premier Energies Ltd PREMIERENE27%

Revenue · company comparison

6/7 level · 6/7 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

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.

Company	Revenue	Revenue growth	Reported
Waaree Energies Ltd WAAREEENER	₹7.9K Cr	79%	Jun 2026
Premier Energies Ltd PREMIERENE	₹2.5K Cr	35%	Jun 2026
Vikram Solar Ltd VIKRAMSOLR	₹1.6K Cr	38%	Jun 2026
Australian Premium Solar (India) Ltd APS	₹405 Cr	47%	Mar 2026
Websol Energy System Ltd WEBELSOLAR	₹373 Cr	70%	Jun 2026
Solex Energy Ltd SOLEX⚠ unverified	₹261 Cr	0.5%	Jun 2026
Bright Solar Ltd BRIGHT	₹0 Cr	-45%	Sep 2025

Full 20-quarter history · every available company

Revenue · reported quarter history

Australian Premium Solar (India) Ltd · APS

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

Jun 2026—

Bright Solar Ltd · BRIGHT

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—

Jun 2026—

Premier Energies Ltd · PREMIERENE

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

Jun 2026₹2.5K Cr

Solex Energy Ltd · SOLEX⚠ unverified

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

Jun 2026₹261 Cr

Vikram Solar Ltd · VIKRAMSOLR

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

Jun 2026₹1.6K Cr

Waaree Energies Ltd · WAAREEENER

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

Jun 2026₹7.9K Cr

Websol Energy System Ltd · WEBELSOLAR

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

Jun 2026₹373 Cr

Revenue growth · reported quarter history

Australian Premium Solar (India) Ltd · APS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202460%

Jun 2024—

Sep 2024102%

Dec 2024—

Mar 2025267%

Jun 2025—

Sep 202584%

Dec 2025—

Mar 202647%

Jun 2026—

Bright Solar Ltd · BRIGHT

Sep 2021-89%

Dec 2021—

Mar 2022-46%

Jun 2022—

Sep 2022203%

Dec 2022—

Mar 2023234%

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—

Jun 2026—

Premier Energies Ltd · PREMIERENE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024171%

Sep 2024120%

Dec 2024141%

Mar 202544%

Jun 20259.9%

Sep 202520%

Dec 202513%

Mar 202638%

Jun 202635%

Solex Energy Ltd · SOLEX⚠ unverified

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 202518%

Dec 2025136%

Mar 2026248%

Jun 20260.5%

Vikram Solar Ltd · VIKRAMSOLR

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 202580%

Sep 202594%

Dec 20257.8%

Mar 202622%

Jun 202638%

Waaree Energies Ltd · WAAREEENER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20242.4%

Sep 20241.1%

Dec 2024117%

Mar 202536%

Jun 202530%

Sep 202570%

Dec 2025119%

Mar 2026112%

Jun 202679%

Websol Energy System Ltd · WEBELSOLAR

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 202414,600%

Mar 2025592%

Jun 202596%

Sep 202517%

Dec 202578%

Mar 2026132%

Jun 202670%

08 · compare level, then change

Operating Economics & Margin Trend

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 18 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.

LeaderWebsol Energy System Ltd · 34%

Gap17.2% versus #2 · Premier Energies Ltd

Persistence4/8 recent comparable periods

Coverage7/7 companies · 90 observations

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.

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

OPMhighest

1Websol Energy System Ltd WEBELSOLAR34%

2Premier Energies Ltd PREMIERENE29%

3Waaree Energies Ltd WAAREEENER18%

4Australian Premium Solar (India) Ltd APS13%

5Solex Energy Ltd SOLEX⚠ unverified11%

Margin changefastest expanders

1Australian Premium Solar (India) Ltd APS−1.0 pp

2Premier Energies Ltd PREMIERENE−1.0 pp

3Solex Energy Ltd SOLEX⚠ unverified−4.8 pp

4Waaree Energies Ltd WAAREEENER−5.0 pp

5Vikram Solar Ltd VIKRAMSOLR−13.0 pp

Operating margin · company comparison

7/7 level · 7/7 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Websol Energy System Ltd WEBELSOLAR	34%	−13.0 pp	Jun 2026
Premier Energies Ltd PREMIERENE	29%	−1.0 pp	Jun 2026
Waaree Energies Ltd WAAREEENER	18%	−5.0 pp	Jun 2026
Australian Premium Solar (India) Ltd APS	13%	−1.0 pp	Mar 2026
Solex Energy Ltd SOLEX⚠ unverified	11%	−4.8 pp	Jun 2026
Vikram Solar Ltd VIKRAMSOLR	8.0%	−13.0 pp	Jun 2026
Bright Solar Ltd BRIGHT	-58%	−27.9 pp	Sep 2025

Full 20-quarter history · every available company

OPM · reported quarter history

Australian Premium Solar (India) Ltd · APS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20236.0%

Jun 2023—

Sep 20235.0%

Dec 20236.3%

Mar 20246.0%

Jun 202412%

Sep 202412%

Dec 202413%

Mar 202514%

Jun 202514%

Sep 202514%

Dec 2025—

Mar 202613%

Jun 2026—

Bright Solar Ltd · BRIGHT

Sep 2021-176%

Dec 2021—

Mar 2022-81%

Jun 2022—

Sep 20221.6%

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—

Jun 2026—

Premier Energies Ltd · PREMIERENE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202312%

Sep 202314%

Dec 202317%

Mar 202416%

Jun 202422%

Sep 202425%

Dec 202430%

Mar 202533%

Jun 202530%

Sep 202531%

Dec 202531%

Mar 202630%

Jun 202629%

Solex Energy Ltd · SOLEX⚠ unverified

Sep 20212.9%

Dec 2021—

Mar 20222.2%

Jun 2022—

Sep 20229.2%

Dec 2022—

Mar 20236.7%

Jun 2023—

Sep 20239.4%

Dec 2023—

Mar 20247.2%

Jun 2024—

Sep 202411%

Dec 202418%

Mar 202511%

Jun 202516%

Sep 202512%

Dec 20258.1%

Mar 202611%

Jun 202611%

Vikram Solar Ltd · VIKRAMSOLR

Sep 20212.5%

Dec 20210.9%

Mar 20220.9%

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202418%

Sep 202413%

Dec 20248.0%

Mar 202519%

Jun 202521%

Sep 202521%

Dec 202519%

Mar 202616%

Jun 20268.0%

Waaree Energies Ltd · WAAREEENER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202314%

Sep 202315%

Dec 202311%

Mar 202414%

Jun 202416%

Sep 202415%

Dec 202421%

Mar 202523%

Jun 202523%

Sep 202523%

Dec 202525%

Mar 202619%

Jun 202618%

Websol Energy System Ltd · WEBELSOLAR

Sep 202112%

Dec 202113%

Mar 20228.6%

Jun 2022-129%

Sep 2022-14%

Dec 2022—

Mar 2023—

Jun 2023-750%

Sep 2023-277%

Dec 2023-429%

Mar 2024-13%

Jun 202439%

Sep 202444%

Dec 202446%

Mar 202545%

Jun 202547%

Sep 202543%

Dec 202541%

Mar 202636%

Jun 202634%

Margin change · reported quarter history

Australian Premium Solar (India) Ltd · APS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.0 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

Jun 2026—

Bright Solar Ltd · BRIGHT

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—

Jun 2026—

Premier Energies Ltd · PREMIERENE

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

Jun 2026−1.0 pp

Solex Energy Ltd · SOLEX⚠ unverified

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+1.5 pp

Dec 2024—

Mar 2025+3.8 pp

Jun 2025—

Sep 2025+1.1 pp

Dec 2025−9.4 pp

Mar 2026+0.1 pp

Jun 2026−4.8 pp

Vikram Solar Ltd · VIKRAMSOLR

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

Jun 2026−13.0 pp

Waaree Energies Ltd · WAAREEENER

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 20240.0 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

Jun 2026−5.0 pp

Websol Energy System Ltd · WEBELSOLAR

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+7.6 pp

Sep 2025−0.7 pp

Dec 2025−5.0 pp

Mar 2026−9.0 pp

Jun 2026−13.0 pp

09 · compare level, then change

Profit Scale & Acceleration

Waaree Energies Ltd has the highest Net profit among the 7 Capital Goods - Solar companies compared here, at ₹4,003 crore. Premier Energies Ltd is next at ₹1,674 crore. The same company also holds the highest Profit growth, at 74%. 6 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Waaree Energies Ltd leads with ₹4,003 crore of TTM profit, 139.1% above Premier Energies Ltd. Waaree Energies Ltd shows 74% growth from a ₹4,003 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderWaaree Energies Ltd · ₹4,003 crore

Gap139.1% versus #2 · Premier Energies Ltd

Persistence8/8 recent comparable periods

Coverage6/7 companies · 82 observations

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.

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 profitlargest

1Waaree Energies Ltd WAAREEENER₹4.0K Cr

2Premier Energies Ltd PREMIERENE₹1.7K Cr

3Vikram Solar Ltd VIKRAMSOLR₹356 Cr

4Websol Energy System Ltd WEBELSOLAR₹313 Cr

5Solex Energy Ltd SOLEX⚠ unverified₹82 Cr

Profit growthfastest growers

1Waaree Energies Ltd WAAREEENER74%

2Bright Solar Ltd BRIGHT · older report61%

3Premier Energies Ltd PREMIERENE60%

4Websol Energy System Ltd WEBELSOLAR57%

5Vikram Solar Ltd VIKRAMSOLR42%

Net profit · company comparison

6/7 level · 6/7 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Waaree Energies Ltd WAAREEENER	₹892 Cr	15%	Jun 2026
Premier Energies Ltd PREMIERENE	₹472 Cr	53%	Jun 2026
Websol Energy System Ltd WEBELSOLAR	₹78 Cr	16%	Jun 2026
Australian Premium Solar (India) Ltd APS	₹29 Cr	7.4%	Mar 2026
Vikram Solar Ltd VIKRAMSOLR	₹20 Cr	-85%	Jun 2026
Solex Energy Ltd SOLEX⚠ unverified	₹8 Cr	-67%	Jun 2026
Bright Solar Ltd BRIGHT	₹-0 Cr	-467%	Sep 2025

Full 20-quarter history · every available company

Net profit · reported quarter history

Australian Premium Solar (India) Ltd · APS

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

Jun 2026—

Bright Solar Ltd · BRIGHT

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—

Jun 2026—

Premier Energies Ltd · PREMIERENE

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

Jun 2026₹472 Cr

Solex Energy Ltd · SOLEX⚠ unverified

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

Jun 2026₹8 Cr

Vikram Solar Ltd · VIKRAMSOLR

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

Jun 2026₹20 Cr

Waaree Energies Ltd · WAAREEENER

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

Jun 2026₹892 Cr

Websol Energy System Ltd · WEBELSOLAR

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

Jun 2026₹78 Cr

Profit growth · reported quarter history

Australian Premium Solar (India) Ltd · APS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024200%

Jun 2024—

Sep 2024333%

Dec 2024—

Mar 2025350%

Jun 2025—

Sep 2025123%

Dec 2025—

Mar 20267.4%

Jun 2026—

Bright Solar Ltd · BRIGHT

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—

Jun 2026—

Premier Energies Ltd · PREMIERENE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024539%

Sep 2024289%

Dec 2024493%

Mar 2025167%

Jun 202556%

Sep 202571%

Dec 202554%

Mar 202664%

Jun 202653%

Solex Energy Ltd · SOLEX⚠ unverified

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 2025-36%

Dec 2025-37%

Mar 2026289%

Jun 2026-67%

Vikram Solar Ltd · VIKRAMSOLR

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 2025478%

Sep 20251,729%

Dec 2025416%

Mar 202621%

Jun 2026-85%

Waaree Energies Ltd · WAAREEENER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202419%

Sep 202418%

Dec 2024260%

Mar 202536%

Jun 202593%

Sep 2025134%

Dec 2025118%

Mar 202675%

Jun 202615%

Websol Energy System Ltd · WEBELSOLAR

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 2025191%

Sep 20259.5%

Dec 202555%

Mar 2026158%

Jun 202616%

10 · compare level, then change

Return On Capital Employed

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 +10.9 percentage points, so level and change sit with different companies. Its ROCE series carries 11 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. 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.

LeaderWebsol Energy System Ltd · 63.2%

Gap11.9% versus #2 · Australian Premium Solar (India) Ltd

Persistence2/6 recent comparable periods

Coverage7/7 companies · 46 observations

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.

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.

ROCEhighest

1Websol Energy System Ltd WEBELSOLAR63%

2Australian Premium Solar (India) Ltd APS57%

3Waaree Energies Ltd WAAREEENER39%

4Solex Energy Ltd SOLEX⚠ unverified36%

5Premier Energies Ltd PREMIERENE33%

ROCE changefastest improvers

1Bright Solar Ltd BRIGHT · older report+10.9 pp

2Waaree Energies Ltd WAAREEENER+4.0 pp

3Solex Energy Ltd SOLEX⚠ unverified+0.3 pp

4Websol Energy System Ltd WEBELSOLAR−2.2 pp

5Vikram Solar Ltd VIKRAMSOLR−2.7 pp

Return on capital · company comparison

7/7 level · 7/7 change

Withheld from this chart: Waaree Energies Ltd (WAAREEENER) — its two data sources disagree by up to 11% on reported income across 12 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.

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Websol Energy System Ltd WEBELSOLAR	47%	−2.2 pp	Jun 2026
Solex Energy Ltd SOLEX⚠ unverified	29%	+0.3 pp	Jun 2026
Premier Energies Ltd PREMIERENE	25%	−7.8 pp	Jun 2026
Vikram Solar Ltd VIKRAMSOLR	21%	−2.7 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Premier Energies Ltd · PREMIERENE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202316%

Mar 202424%

Jun 202433%

Sep 202424%

Dec 202447%

Mar 202533%

Jun 202553%

Sep 202532%

Dec 202546%

Mar 202625%

Jun 2026—

Solex Energy Ltd · SOLEX⚠ unverified

Sep 20216.3%

Dec 20213.9%

Mar 20222.9%

Jun 20221.9%

Sep 20221.8%

Dec 20226.0%

Mar 202310%

Jun 202312%

Sep 202314%

Dec 202318%

Mar 202422%

Jun 2024—

Sep 202422%

Dec 2024—

Mar 202529%

Jun 202560%

Sep 202524%

Dec 202537%

Mar 202629%

Jun 2026—

Vikram Solar Ltd · VIKRAMSOLR

Sep 20212.0%

Dec 20212.6%

Mar 20223.2%

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 202524%

Jun 202546%

Sep 202520%

Dec 202540%

Mar 202621%

Jun 2026—

Websol Energy System Ltd · WEBELSOLAR

Sep 20215.1%

Dec 20216.5%

Mar 20225.0%

Jun 2022—

Sep 2022-4.6%

Dec 2022—

Mar 2023-13%

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024-14%

Jun 2024—

Sep 202418%

Dec 2024—

Mar 202549%

Jun 2025—

Sep 202550%

Dec 202571%

Mar 202647%

Jun 2026—

ROCE change · reported quarter history

Premier Energies Ltd · PREMIERENE

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

Jun 2026—

Solex Energy Ltd · SOLEX⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

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

Jun 2026—

Vikram Solar Ltd · VIKRAMSOLR

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

Jun 2026—

Websol Energy System Ltd · WEBELSOLAR

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

Jun 2026—

11 · compare level, then change

Valuation Against Growth & Quality

Websol Energy System Ltd has the lowest PEG among the 7 Capital Goods - Solar companies compared here, at 0.3×. Premier Energies Ltd is next at 0.66×. Australian Premium Solar (India) Ltd has the lowest P/E at 8.34×, so level and change sit with different companies. 3 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Websol Energy System Ltd has the lowest comparable PEG at 0.3×, 54.5% below Premier Energies Ltd. Only 3 of 7 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderWebsol Energy System Ltd · 0.3×

Gap54.5% versus #2 · Premier Energies Ltd

Persistence1/8 recent comparable periods

Coverage3/7 companies · 7 observations

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.

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 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.

PEGlowest PEG

1Websol Energy System Ltd WEBELSOLAR0.3

2Premier Energies Ltd PREMIERENE0.7

3Vikram Solar Ltd VIKRAMSOLR2.0

P/Elowest P/E

1Australian Premium Solar (India) Ltd APS8.3

2Solex Energy Ltd SOLEX⚠ unverified9.5

3Websol Energy System Ltd WEBELSOLAR10.5

4Vikram Solar Ltd VIKRAMSOLR16.8

5Waaree Energies Ltd WAAREEENER18.8

Valuation · company comparison

3/7 level · 6/7 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Vikram Solar Ltd VIKRAMSOLR	2.0	13.2	Jun 2026
Premier Energies Ltd PREMIERENE	0.7	31.5	Jun 2026
Websol Energy System Ltd WEBELSOLAR	0.3	14.5	Jun 2026
Waaree Energies Ltd WAAREEENER	—	22.1	Jun 2026
Solex Energy Ltd SOLEX⚠ unverified	—	12.3	Jun 2026
Australian Premium Solar (India) Ltd APS	—	10.4	Mar 2026
Bright Solar Ltd BRIGHT	—	270.0	Sep 2025

Full 20-quarter history · every available company

PEG · reported quarter history

Premier Energies Ltd · PREMIERENE

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 20251.0

Sep 20251.2

Dec 20250.6

Mar 20260.7

Jun 2026—

Vikram Solar Ltd · VIKRAMSOLR

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 20262.0

Jun 2026—

Websol Energy System Ltd · WEBELSOLAR

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 20252.8

Dec 20250.3

Mar 2026—

Jun 2026—

P/E · reported quarter history

Australian Premium Solar (India) Ltd · APS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024170.7

Sep 2024147.6

Dec 202462.5

Mar 202545.5

Jun 202527.8

Sep 202518.8

Dec 2025—

Mar 202610.4

Jun 2026—

Bright Solar Ltd · BRIGHT

Sep 202174.9

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023270.0

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Premier Energies Ltd · PREMIERENE

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 2024119.9

Dec 202481.4

Mar 202546.6

Jun 202546.8

Sep 202544.3

Dec 202533.1

Mar 202630.4

Jun 202631.5

Solex Energy Ltd · SOLEX⚠ unverified

Sep 202126.5

Dec 202160.1

Mar 202292.5

Jun 2022—

Sep 2022—

Dec 2022201.8

Mar 2023126.8

Jun 2023153.5

Sep 2023172.7

Dec 2023127.5

Mar 2024239.1

Jun 2024132.3

Sep 2024152.2

Dec 202467.3

Mar 202531.4

Jun 202534.3

Sep 202542.5

Dec 202524.2

Mar 202620.0

Jun 202612.3

Vikram Solar Ltd · VIKRAMSOLR

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 202572.0

Dec 202554.2

Mar 202613.2

Jun 202613.2

Waaree Energies Ltd · WAAREEENER

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 202455.7

Mar 202548.0

Jun 202540.6

Sep 202540.9

Dec 202532.4

Mar 202625.5

Jun 202622.1

Websol Energy System Ltd · WEBELSOLAR

Sep 20215.0

Dec 2021-100.0

Mar 202235.6

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 2024143.0

Mar 202532.6

Jun 202527.7

Sep 202525.7

Dec 202516.7

Mar 202619.3

Jun 202614.5

12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Capital Goods - Solar comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 7 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 draws at least one figure from a second feed with too little overlap to cross-check.

Keep these limits visible

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.
1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

13 · evidence and freshness

How was this comparison built?

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 Jun 2026 and market data through 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-09-11 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing3 cross-checked · 3 unverified · 1 withheld, of 7 graded companies.

How a second data feed is admitted, and what happens when it disagrees

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.

14 · questions investors ask, short speakable answers

Capital Goods - Solar company comparison FAQs

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 Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

Is the Capital Goods - Solar sector outperforming NIFTY 500?

Which Capital Goods - Solar company is largest by revenue?

Waaree Energies Ltd leads with revenue of ₹30,043 crore, based on 6 of 7 comparable companies through Jun 2026.

Which Capital Goods - Solar company is growing fastest?

Solex Energy Ltd has the fastest current revenue growth at 100%, across 6 of 7 comparable companies.

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

Waaree Energies Ltd ranks first at 70.6/100 with 75.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Websol Energy System Ltd has the lowest comparable PEG at 0.3, among 3 of 7 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Capital Goods - Solar index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Capital Goods - Solar, this page builds its own equal-weight basket of 7 listed Capital Goods - Solar companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, Waaree Energies Ltd places first among 7 listed Capital Goods - Solar companies, followed by Premier Energies 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 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 Jun 2026.

Which Capital Goods - Solar company is the biggest?

Waaree Energies Ltd is the largest, with trailing-twelve-month revenue of ₹30,043 crore, ahead of Premier Energies Ltd at ₹8,466 crore. That covers 6 of 7 companies with comparable reporting through Jun 2026.

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

Websol Energy System Ltd has the highest operating margin at 34%, from 7 of 7 comparable companies. Australian Premium Solar (India) Ltd shows the biggest recent improvement, at -1 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 ₹4,003 crore of trailing-twelve-month net profit, from 6 of 7 comparable companies. Waaree Energies Ltd has the fastest profit growth at 74%, 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 PEG — where a LOWER number is cheaper — Websol Energy System Ltd screens cheapest at 0.3×. Only 3 of 7 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Capital Goods - Solar sector beating the market?

Capital Goods - Solar has underperformed NIFTY 500 by 35.7% over the last 52 weeks and 19.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 7 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?

Waaree Energies Ltd scores 70.6 out of 100 with 75.3% evidence confidence, from 27.4 points on growth and earnings, 17.9 on capital efficiency, 9.1 on valuation and 16.2 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, 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 Capital Goods - Solar sector?

The 7 Capital Goods - Solar companies on this page carry ₹1,30,315 crore of combined market value. Waaree Energies Ltd is the largest at ₹75,508 crore, about 58% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

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 16.8×, 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 2026-09-17.

How is the Capital Goods - Solar sector performing?

1 of the 7 covered Capital Goods - Solar companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 35.7% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

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.

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Not SEBI Registered !! Not Investment advice !!