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

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Capital Goods - Solar has underperformed NIFTY 500 by 28.9% over 52 weeks and 18.1% over 13 weeks. 1 of 6 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.

## Sector relative strength

Capital Goods - Solar has underperformed NIFTY 500 by 28.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 18.1%. 1 of 6 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Premier Energies Ltd is the strongest against the sector itself at +24.1%.

13-week sector return versus NIFTY 500: -18%
52-week sector return versus NIFTY 500: -29%
Stocks leading NIFTY: 1/6
Stocks leading sector: 3/6

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

Companies: 7
Combined market value: ₹1.4 L Cr

## 4-Factor Sector Score

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

1. Websol Energy System Ltd (WEBELSOLAR): 70/100 — Favorable setup; evidence 89%
   - Growth & earnings 17.8/35 | Capital efficiency 21.1/25 | Valuation 14.7/20 | Relative strength 16.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 17.8 + 21.1 + 14.7 + 16.4 = 70
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Premier Energies Ltd (PREMIERENE): 62/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 13.4/35 | Capital efficiency 15.1/25 | Valuation 13.5/20 | Relative strength 20.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 13.4 + 15.1 + 13.5 + 20 = 62
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Waaree Energies Ltd (WAAREEENER): 61/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 24.7/35 | Capital efficiency 17.9/25 | Valuation 9.1/20 | Relative strength 9.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 24.7 + 17.9 + 9.1 + 9.5 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Solex Energy Ltd (SOLEX): 54/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 20.8/35 | Capital efficiency 15.0/25 | Valuation 10.9/20 | Relative strength 7.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of 10 weeks with a reading, within the last 12
   - Exact sum: 20.8 + 15 + 10.9 + 7.1 = 53.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Vikram Solar Ltd (VIKRAMSOLR): 51/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 19.4/35 | Capital efficiency 13.0/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 19.4 + 13 + 8.7 + 10 = 51.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Australian Premium Solar (India) Ltd (APS): 47/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 16.2/35 | Capital efficiency 16.8/25 | Valuation 11.5/20 | Relative strength 2.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 16.2 + 16.8 + 11.5 + 2.5 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Bright Solar Ltd (BRIGHT): 33/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 16.4/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks, ending 2025-02-26 (no longer priced)
   - Exact sum: 16.4 + 3.6 + 10 + 3 = 33
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Premier Energies Ltd has the strongest one-year price move in Capital Goods - Solar at -6.1%. It also leads on Mansfield relative strength against NIFTY at +5.7%. 1 of 6 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Premier Energies Ltd (PREMIERENE): -6.1%
2. Waaree Energies Ltd (WAAREEENER): -16%
3. Websol Energy System Ltd (WEBELSOLAR): -30%
4. Solex Energy Ltd (SOLEX): -37%
5. Australian Premium Solar (India) Ltd (APS): -51%

### Strongest relative strength versus NIFTY 500
1. Premier Energies Ltd (PREMIERENE): 5.7%
2. Websol Energy System Ltd (WEBELSOLAR): -5.4%
3. Waaree Energies Ltd (WAAREEENER): -14%
4. Solex Energy Ltd (SOLEX): -29%
5. Australian Premium Solar (India) Ltd (APS): -30%

## Revenue Scale & Growth Durability

What the numbers say: Waaree Energies Ltd is the scale leader at ₹30,043 crore, 284% ahead of Premier Energies Ltd. Waaree Energies Ltd's growth is 94.3% from a ₹30,043 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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

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

Evidence: Waaree Energies Ltd · ₹30,043 crore | 284% versus #2 · Premier Energies Ltd | 8/8 recent comparable periods | 6/7 companies · 78 observations

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

### Revenue — largest
1. Waaree Energies Ltd (WAAREEENER): ₹30.0K Cr
2. Premier Energies Ltd (PREMIERENE): ₹7.8K Cr
3. Vikram Solar Ltd (VIKRAMSOLR): ₹4.8K Cr
4. Solex Energy Ltd (SOLEX): ₹1.6K Cr
5. Websol Energy System Ltd (WEBELSOLAR): ₹1.0K Cr

### Revenue growth — fastest growers
1. Waaree Energies Ltd (WAAREEENER): 94%
2. Websol Energy System Ltd (WEBELSOLAR): 82%
3. Vikram Solar Ltd (VIKRAMSOLR): 40%
4. Premier Energies Ltd (PREMIERENE): 20%
5. Bright Solar Ltd (BRIGHT): -63% — older report

### 20-quarter Revenue history
- WAAREEENER: 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
- 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 —
- 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 —
- 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 —
- SOLEX: 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 —
- 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: 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 —

### 20-quarter Revenue growth history
- 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 2.4% | Sep 2024 1.1% | Dec 2024 117% | Mar 2025 36% | Jun 2025 30% | Sep 2025 70% | Dec 2025 119% | Mar 2026 112% | Jun 2026 79%
- 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 171% | Sep 2024 120% | Dec 2024 141% | Mar 2025 44% | Jun 2025 9.9% | Sep 2025 20% | Dec 2025 13% | Mar 2026 38% | Jun 2026 —
- 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 80% | Sep 2025 94% | Dec 2025 7.8% | Mar 2026 22% | Jun 2026 —
- 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 2024 14,600% | Mar 2025 592% | Jun 2025 96% | Sep 2025 17% | Dec 2025 78% | Mar 2026 132% | Jun 2026 —
- SOLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 17% | Dec 2025 136% | Mar 2026 249% | Jun 2026 —
- APS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 60% | Jun 2024 — | Sep 2024 102% | Dec 2024 — | Mar 2025 267% | Jun 2025 — | Sep 2025 84% | Dec 2025 — | Mar 2026 47% | Jun 2026 —
- BRIGHT: Sep 2021 -89% | Dec 2021 — | Mar 2022 -46% | Jun 2022 — | Sep 2022 203% | Dec 2022 — | Mar 2023 234% | Jun 2023 — | Sep 2023 -89% | Dec 2023 — | Mar 2024 -53% | Jun 2024 — | Sep 2024 -9.6% | Dec 2024 — | Mar 2025 -84% | Jun 2025 — | Sep 2025 -45% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

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

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

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

Evidence: Websol Energy System Ltd · 36% | 20% versus #2 · Premier Energies Ltd | 5/8 recent comparable periods | 7/7 companies · 86 observations

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

### OPM — highest
1. Websol Energy System Ltd (WEBELSOLAR): 36%
2. Premier Energies Ltd (PREMIERENE): 30%
3. Waaree Energies Ltd (WAAREEENER): 18%
4. Vikram Solar Ltd (VIKRAMSOLR): 16%
5. Australian Premium Solar (India) Ltd (APS): 13%

### Margin change — fastest expanders
1. Solex Energy Ltd (SOLEX): 0.0 pp
2. Australian Premium Solar (India) Ltd (APS): −1.0 pp
3. Premier Energies Ltd (PREMIERENE): −3.0 pp
4. Vikram Solar Ltd (VIKRAMSOLR): −3.0 pp
5. Waaree Energies Ltd (WAAREEENER): −5.0 pp

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

### 20-quarter Margin change history
- 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 2024 0.0 pp | Dec 2024 +10.0 pp | Mar 2025 +9.0 pp | Jun 2025 +7.0 pp | Sep 2025 +8.0 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp | Jun 2026 −5.0 pp
- 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 —
- 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 —
- 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 +3.1 pp | Sep 2025 −0.7 pp | Dec 2025 −5.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- SOLEX: Sep 2021 −3.9 pp | Dec 2021 — | Mar 2022 −1.0 pp | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 — | Mar 2025 +3.8 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 −10.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- APS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +7.0 pp | Dec 2024 +7.2 pp | Mar 2025 +8.0 pp | Jun 2025 +2.2 pp | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 −1.0 pp | Jun 2026 —
- 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 —

## Profit Scale & Acceleration

What the numbers say: Waaree Energies Ltd leads with ₹4,003 crore of TTM profit, 165.1% above Premier Energies Ltd. Vikram Solar Ltd shows ≥100% on the scoring scale (235% uncapped) growth from a ₹469 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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

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

Evidence: Waaree Energies Ltd · ₹4,003 crore | 165.1% versus #2 · Premier Energies Ltd | 8/8 recent comparable periods | 6/7 companies · 78 observations

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

### Net profit — largest
1. Waaree Energies Ltd (WAAREEENER): ₹4.0K Cr
2. Premier Energies Ltd (PREMIERENE): ₹1.5K Cr
3. Vikram Solar Ltd (VIKRAMSOLR): ₹469 Cr
4. Websol Energy System Ltd (WEBELSOLAR): ₹302 Cr
5. Solex Energy Ltd (SOLEX): ₹99 Cr

### Profit growth — fastest growers
1. Vikram Solar Ltd (VIKRAMSOLR): 100%
2. Websol Energy System Ltd (WEBELSOLAR): 95%
3. Waaree Energies Ltd (WAAREEENER): 74%
4. Bright Solar Ltd (BRIGHT): 61% — older report
5. Premier Energies Ltd (PREMIERENE): 61%

### 20-quarter Net profit history
- 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
- 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 —
- 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 —
- 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 —
- SOLEX: 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 —
- 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: 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 —

### 20-quarter Profit growth history
- 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 19% | Sep 2024 18% | Dec 2024 260% | Mar 2025 36% | Jun 2025 93% | Sep 2025 134% | Dec 2025 118% | Mar 2026 75% | Jun 2026 15%
- 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 539% | Sep 2024 289% | Dec 2024 493% | Mar 2025 167% | Jun 2025 56% | Sep 2025 71% | Dec 2025 54% | Mar 2026 64% | Jun 2026 —
- 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 478% | Sep 2025 1,729% | Dec 2025 416% | Mar 2026 21% | Jun 2026 —
- 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 2025 191% | Sep 2025 9.5% | Dec 2025 55% | Mar 2026 158% | Jun 2026 —
- SOLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -33% | Dec 2025 -36% | Mar 2026 293% | Jun 2026 —
- APS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 200% | Jun 2024 — | Sep 2024 333% | Dec 2024 — | Mar 2025 350% | Jun 2025 — | Sep 2025 123% | Dec 2025 — | Mar 2026 7.4% | Jun 2026 —
- 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 —

## Return On Capital Employed

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

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

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

Evidence: Websol Energy System Ltd · 63.2% | 11.9% versus #2 · Australian Premium Solar (India) Ltd | 2/6 recent comparable periods | 7/7 companies · 45 observations

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

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

### ROCE change — fastest improvers
1. Bright Solar Ltd (BRIGHT): +10.9 pp — older report
2. Waaree Energies Ltd (WAAREEENER): +4.0 pp
3. Solex Energy Ltd (SOLEX): +0.3 pp
4. Websol Energy System Ltd (WEBELSOLAR): −2.2 pp
5. Vikram Solar Ltd (VIKRAMSOLR): −2.7 pp

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

### 20-quarter ROCE change history
- 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 —
- 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 —
- 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 —
- SOLEX: 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 —

## Valuation Against Growth & Quality

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.

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

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

Evidence: Websol Energy System Ltd · 0.3× | 54.5% versus #2 · Premier Energies Ltd | 2/8 recent comparable periods | 3/7 companies · 7 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 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.

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

### P/E — lowest P/E
1. Australian Premium Solar (India) Ltd (APS): 9.4
2. Solex Energy Ltd (SOLEX): 10.3
3. Vikram Solar Ltd (VIKRAMSOLR): 13.6
4. Websol Energy System Ltd (WEBELSOLAR): 13.8
5. Waaree Energies Ltd (WAAREEENER): 19.2

### 20-quarter PEG history
- 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 2025 1.0 | Sep 2025 1.2 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- 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 2.0 | Jun 2026 —
- 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 2025 2.8 | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 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 2024 55.7 | Mar 2025 48.0 | Jun 2025 40.6 | Sep 2025 40.9 | Dec 2025 32.4 | Mar 2026 25.5 | Jun 2026 22.1
- 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 119.9 | Dec 2024 81.4 | Mar 2025 46.6 | Jun 2025 46.8 | Sep 2025 44.3 | Dec 2025 33.1 | Mar 2026 30.4 | Jun 2026 —
- 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 72.0 | Dec 2025 54.2 | Mar 2026 13.2 | Jun 2026 —
- WEBELSOLAR: Sep 2021 5.0 | Dec 2021 -100.0 | Mar 2022 35.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -26.3 | Sep 2024 -98.6 | Dec 2024 143.0 | Mar 2025 32.6 | Jun 2025 27.7 | Sep 2025 25.7 | Dec 2025 16.7 | Mar 2026 19.3 | Jun 2026 —
- SOLEX: Sep 2021 26.5 | Dec 2021 60.1 | Mar 2022 92.5 | Jun 2022 — | Sep 2022 — | Dec 2022 201.8 | Mar 2023 126.8 | Jun 2023 153.5 | Sep 2023 172.7 | Dec 2023 127.5 | Mar 2024 239.1 | Jun 2024 132.3 | Sep 2024 152.2 | Dec 2024 67.3 | Mar 2025 31.4 | Jun 2025 34.3 | Sep 2025 42.5 | Dec 2025 24.2 | Mar 2026 20.0 | Jun 2026 —
- APS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 170.7 | Sep 2024 147.6 | Dec 2024 62.5 | Mar 2025 45.5 | Jun 2025 27.8 | Sep 2025 18.8 | Dec 2025 — | Mar 2026 10.4 | Jun 2026 —
- BRIGHT: Sep 2021 74.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 270.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —


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

## Every company
- Waaree Energies Ltd (WAAREEENER) — market value ₹77.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Premier Energies Ltd (PREMIERENE) — market value ₹46.4K Cr; latest fundamentals Mar 2026
- Vikram Solar Ltd (VIKRAMSOLR) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- Websol Energy System Ltd (WEBELSOLAR) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Solex Energy Ltd (SOLEX) — market value ₹984 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Australian Premium Solar (India) Ltd (APS) — market value ₹546 Cr; latest fundamentals Mar 2026
- Bright Solar Ltd (BRIGHT) — market value ₹7 Cr; latest fundamentals Sep 2025

## Source standing of each company

Cross-checked: 3. Unverified: 3. Withheld: 1. Graded companies: 7.

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

1 of 7 companies has 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 12 comparable periods, so its derived ratios are withheld.

- WITHHELD | WAAREEENER | Waaree Energies Ltd | diff_gt_2pct | disagreement up to 11.33% over 12 comparable periods

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

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
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

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

Capital Goods - Solar has underperformed NIFTY 500 by 28.9% over 52 weeks and 18.1% over 13 weeks. 1 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself.

### 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?

Waaree Energies Ltd has the fastest current revenue growth at 94.3%, across 5 of 7 comparable companies.

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

Websol Energy System Ltd ranks first at 70/100 with 88.6% 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.

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

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

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

Ranked by this page's four-factor score, Websol Energy System Ltd places first among 7 listed Capital Goods - Solar companies, followed by 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 ₹7,824 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 36%, from 7 of 7 comparable companies. Solex Energy Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Waaree Energies Ltd earns the most, at ₹4,003 crore of trailing-twelve-month net profit, from 6 of 7 comparable companies. Vikram Solar Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

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

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

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

On 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 28.9% over the last 52 weeks and 18.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

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

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

Websol Energy System Ltd scores 70 out of 100 with 88.6% evidence confidence, from 17.8 points on growth and earnings, 21.1 on capital efficiency, 14.7 on valuation and 16.4 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 ₹1,35,671 crore of combined market value. Waaree Energies Ltd is the largest at ₹77,096 crore, about 57% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 13.8×, 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 2026-08-05.

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

1 of the 6 covered Capital Goods - Solar companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 28.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.