KP Green Engineering Ltd · 544150
—
—
—
—
—
—
₹53 Cr
—
₹104 Cr
—
₹245 Cr
—
₹262 Cr
—
₹432 Cr
—
₹532 Cr
—
₹714 Cr
—
20-quarter listed-company comparison
Solar EPC Stocks in India
Solar EPC: Sterling & Wilson Renewable Energy Ltd owns the largest revenue base; Solarworld Energy Solutions Ltd has the fastest current growth.
The 5 Solar EPC companies listed in India are Waaree Renewable Technologies Ltd (₹8.7K Cr, the largest), Sterling & Wilson Renewable Energy Ltd, Oriana Power Ltd and 2 more. 0 of 4 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.
All 5 Solar EPC Stocks in India (Sep 2026) — ranked by 4-Factor score
- 1Oriana Power Ltd₹2.5K Cr64.2/100Thin evidence · provisional · strongest on ROCE improvement and relative strength versus sector
- 2Waaree Renewable Technologies Ltd₹8.7K Cr55.4/100Mixed-positive evidence · strongest on ROCE and profit growth
- 3Solarworld Energy Solutions Ltd₹1.2K Cr47.1/100Mixed-negative evidence · strongest on profit growth and revenue growth
- 4Sterling & Wilson Renewable Energy Ltd₹4.2K Cr46.8/100Mixed-negative evidence · strongest on relative strength versus sector and ROCE improvement
- 5KP Green Engineering Ltd₹1.3K Cr56.3/100Thin evidence · provisional · strongest on margin improvement and ROCE
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 Solar EPC Index — Constituents & Performance
All 5 listed Indian Solar EPC companies are named here, largest first — the same constituent set people search for as the Nifty Solar EPC index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- Waaree Renewable Technologies Ltd₹8.7K Cr
- Sterling & Wilson Renewable Energy Ltd₹4.2K Cr
- Oriana Power Ltd₹2.5K Cr
- KP Green Engineering Ltd₹1.3K Cr
- Solarworld Energy Solutions Ltd₹1.2K Cr
02 · the sector itself · before any single company
How has Solar EPC 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 46% behind NIFTY 500. Earnings across its companies grew 47% on average over the last four reported quarters.
BASING · 1y −42.1%✓Fundamentals up, price down0 of 5 companies ahead of NIFTY 500 by 5% or more over three months3 are 20% or more behind over a year while earnings grew 20% or more
RS — · 0/5 >200d (+0) · 0/5 lead (+0) · EPS 4/5↑
Solar EPC, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Solar EPC, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Solar EPC, 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 its 5 companies. 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 Solar EPC outperforming NIFTY 500?
Solar EPC has underperformed NIFTY 500 by 44.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 18.4%. 0 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Sterling & Wilson Renewable Energy Ltd is the strongest against the sector itself at +19%.
-18.4%Sector vs NIFTY 500 · 13 weeks
-44.5%Sector vs NIFTY 500 · 52 weeks
0/4Stocks leading NIFTY 500
4/4Stocks 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
Solar EPC has underperformed NIFTY 500 by 44.5% over 52 weeks and 18.4% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 4 of 4 beat the sector itself. Sterling & Wilson Renewable Energy Ltd leads with revenue of ₹7,377 crore, based on 3 of 5 comparable companies through Jun 2026.
Companies
5
complete canonical membership
Combined market value
₹18.0K Cr
Waaree Renewable Technologies Ltd
Revenue growing
3/3
positive TTM year-on-year growth
Beating NIFTY 500
0/4
positive Mansfield relative strength
Comparing 3 of 5
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%
Oriana Power Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 58.5% evidence confidence.
Sterling & Wilson Renewable Energy Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
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 |
|---|---|---|---|---|---|---|
| 1Oriana Power LtdORIANA | 64.2/100Thin evidence · provisional59% evidence | BASING | 19.1/35 Revenue — · PAT — · OPM change -4 pp 27% evidence | 18.1/25 ROCE 39.6% · OPM 21% 100% evidence | 15.0/20 P/E 9.9× · PEG — 50% evidence | 12.0/20 RS sector 9.3% · RS bench -37% · 1Y -49.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 19.1 + 18.1 + 15 + 12 = 64.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 2Waaree Renewable Technologies LtdWAAREERTL | 55.4/100Mixed-positive evidence93% evidence | ASLEEP | 23.6/35 Revenue 86% · PAT 78% · OPM change 0 pp 100% evidence | 16.5/25 ROCE 83.6% · OPM 19% 100% evidence | 3.5/20 P/E 17.1× · PEG 3.93 65% evidence | 11.8/20 RS sector 18% · RS bench -13.6% · 1Y -18.1%3 of 12 weeks ahead 100% evidence |
| Exact sum: 23.6 + 16.5 + 3.5 + 11.8 = 55.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Solarworld Energy Solutions LtdSOLARWORLD | 47.1/100Mixed-negative evidence60% evidence | ASLEEP | 18.5/35 Revenue 100% · PAT 34.1% · OPM change -6.1 pp 95% evidence | 8.6/25 ROCE 23.8% · OPM 6.6% 95% evidence | 10.0/20 P/E 10.5× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y -57.7%1 of 10 weeks ahead 0% evidence |
| Exact sum: 18.5 + 8.6 + 10 + 10 = 47.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Sterling & Wilson Renewable Energy LtdSWSOLAR | 46.8/100Mixed-negative evidence75% evidence | ASLEEP | 13.6/35 Revenue 3.2% · PAT -80% · OPM change 0.2 pp 95% evidence | 9.1/25 ROCE 26.8% · OPM 5% 76% evidence | 9.3/20 P/E 13.5× · PEG — 15% evidence | 14.8/20 RS sector 19% · RS bench -12.6% · 1Y -31.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 13.6 + 9.1 + 9.3 + 14.8 = 46.8 · Decision use: Price leads the evidence: RS versus the benchmark is -12.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5KP Green Engineering Ltd544150 | 56.3/100Thin evidence · provisional45% evidence | BASING | 20.4/35 Revenue — · PAT — · OPM change 5 pp 26% evidence | 17.4/25 ROCE 36.7% · OPM 21% 76% evidence | 10.8/20 P/E 9.9× · PEG — 15% evidence | 7.7/20 RS sector 0.2% · RS bench -33.2% · 1Y -51.4%0 of 11 weeks ahead 70% evidence |
| Exact sum: 20.4 + 17.4 + 10.8 + 7.7 = 56.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
05 · what price has already done
Market action
Waaree Renewable Technologies Ltd has the strongest one-year price move in Solar EPC at -18.1%. Sterling & Wilson Renewable Energy Ltd leads on Mansfield relative strength against NIFTY at -12.6%. 0 of 4 covered companies are 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.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against Solar EPC itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
06 · the story behind the numbers
Solar EPC — the story behind the numbers
This is the written read behind the Solar EPC figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 2 themes are live here.
The Solar EPC sector is entering a phase of hyper-execution, as evidenced by WAAREERTL's Q4 FY26 results. Revenue surged by 131.31% YoY to ₹1,102.40 Cr, driven by the rapid conversion of a massive order book. This performance highlights a sector benefiting from India's aggressive 500 GW renewable energy target.
How old this read is: STALE — this read comes from our Solar EPC sector brief dated 19 Apr 2026, about 5 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| Volatility in solar module and cell prices, specifically influenced by Chinese export rebate changes.Named for WAAREERTL | medium | “As and when the order is confirmed and firm, we immediately book our raw material component... so we don't see any kind of pressure.” Immediate booking of raw materials upon order confirmation to hedge price risk. |
| Potential slowdown in project awards due to transmission capacity constraints.Named for WAAREERTL | low | “No, we have not really have this or faced this slowdown. We have not sensed this kind of slowdown.” Management reports no sensed slowdown in the current 29 GW pipeline. |
Sources: our Solar EPC sector brief, 19 Apr 2026 · company earnings-call transcripts.
07 · compare level, then change
Revenue Scale & Growth Durability
Sterling & Wilson Renewable Energy Ltd has the highest Revenue among the 5 Solar EPC companies compared here, at ₹7,377 crore. Waaree Renewable Technologies Ltd is next at ₹3,652 crore. Solarworld Energy Solutions Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Sterling & Wilson Renewable Energy Ltd is the scale leader at ₹7,377 crore, 102% ahead of Waaree Renewable Technologies Ltd. Solarworld Energy Solutions Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 150% from a ₹1,476 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderSterling & Wilson Renewable Energy Ltd · ₹7,377 crore
Gap102% versus #2 · Waaree Renewable Technologies Ltd
Persistence6/8 recent comparable periods
Coverage3/5 companies · 57 observations
Investor read: Sterling & Wilson Renewable Energy Ltd is the scale benchmark; Solarworld Energy Solutions Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Sterling & Wilson Renewable Energy Ltd's growth falls below Solarworld Energy Solutions Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
Revenue growthfastest growers
Revenue · company comparison
3/5 level · 3/5 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 |
|---|---|---|---|
| Sterling & Wilson Renewable Energy Ltd SWSOLAR | ₹1.6K Cr | -9.8% | Jun 2026 |
| Oriana Power Ltd ORIANA | ₹1.0K Cr | 64% | Mar 2026 |
| Waaree Renewable Technologies Ltd WAAREERTL | ₹924 Cr | 53% | Jun 2026 |
| KP Green Engineering Ltd 544150 | ₹714 Cr | 65% | Mar 2026 |
| Solarworld Energy Solutions Ltd SOLARWORLD⚠ unverified | ₹168 Cr | 147% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
₹64 Cr
—
₹319 Cr
—
₹360 Cr
—
₹628 Cr
—
₹781 Cr
—
₹1.0K Cr
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
₹23 Cr
₹142 Cr
₹204 Cr
₹176 Cr
₹68 Cr
₹138 Cr
₹578 Cr
₹592 Cr
₹168 Cr
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
—
—
—
—
—
₹407 Cr
₹88 Cr
₹515 Cr
₹760 Cr
₹583 Cr
₹1.2K Cr
₹915 Cr
₹1.0K Cr
₹1.8K Cr
₹2.5K Cr
₹1.8K Cr
₹1.7K Cr
₹2.1K Cr
₹1.9K Cr
₹1.6K Cr
Waaree Renewable Technologies Ltd · WAAREERTL
₹11 Cr
₹45 Cr
₹77 Cr
₹95 Cr
₹121 Cr
₹74 Cr
₹61 Cr
₹129 Cr
₹150 Cr
₹324 Cr
₹273 Cr
₹236 Cr
₹524 Cr
₹360 Cr
₹477 Cr
₹603 Cr
₹775 Cr
₹851 Cr
₹1.1K Cr
₹924 Cr
Revenue growth · reported quarter history
KP Green Engineering Ltd · 544150
—
—
—
—
—
—
—
—
—
—
362%
—
152%
—
76%
—
103%
—
65%
—
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
—
—
—
—
463%
—
97%
—
117%
—
64%
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
202%
-2.9%
184%
235%
147%
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
—
—
—
—
—
—
—
—
—
43%
1,239%
78%
36%
215%
114%
93%
70%
14%
-23%
-9.8%
Waaree Renewable Technologies Ltd · WAAREERTL
—
—
—
239%
1,000%
64%
-21%
36%
24%
338%
348%
83%
249%
11%
75%
156%
48%
136%
131%
53%
08 · compare level, then change
Operating Economics & Margin Trend
KP Green Engineering Ltd has the highest OPM among the 5 Solar EPC companies compared here, at 21%. The same company also holds the highest Margin change, at +5 percentage points. 5 of 5 companies report a comparable reading, the latest through Mar 2026. Its OPM series carries 7 reported observations across the 20-quarter window.
What the numbers say: KP Green Engineering Ltd leads both opm at 21% and margin change at +5 percentage points.
LeaderKP Green Engineering Ltd · 21%
Gap0% versus #2 · Oriana Power Ltd
Persistence3/5 recent comparable periods
Coverage5/5 companies · 62 observations
Investor read: KP Green Engineering Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
Margin changefastest expanders
Operating margin · company comparison
5/5 level · 5/5 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| KP Green Engineering Ltd 544150 | 21% | +5.0 pp | Mar 2026 |
| Oriana Power Ltd ORIANA | 21% | −4.0 pp | Mar 2026 |
| Waaree Renewable Technologies Ltd WAAREERTL | 19% | 0.0 pp | Jun 2026 |
| Solarworld Energy Solutions Ltd SOLARWORLD⚠ unverified | 6.6% | −6.1 pp | Jun 2026 |
| Sterling & Wilson Renewable Energy Ltd SWSOLAR | 5.0% | +0.2 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
KP Green Engineering Ltd · 544150
—
—
—
—
—
—
17%
—
17%
—
14%
—
15%
—
16%
—
18%
—
21%
—
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
18%
—
22%
—
21%
—
25%
—
23%
—
21%
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
23%
21%
29%
7.4%
13%
11%
11%
9.8%
6.6%
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
-20%
-26%
-12%
-28%
-118%
-16%
-398%
-7.0%
0.2%
-2.8%
2.5%
2.7%
1.8%
3.8%
5.0%
4.8%
0.2%
3.2%
7.0%
5.0%
Waaree Renewable Technologies Ltd · WAAREERTL
28%
9.6%
16%
14%
10%
48%
36%
10%
20%
27%
28%
17%
14%
20%
27%
19%
20%
19%
19%
19%
Margin change · reported quarter history
KP Green Engineering Ltd · 544150
—
—
—
—
—
—
—
—
—
—
−3.0 pp
—
−2.0 pp
—
+2.0 pp
—
+3.0 pp
—
+5.0 pp
—
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
—
—
—
—
+3.0 pp
—
+3.0 pp
—
+2.0 pp
—
−4.0 pp
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−10.2 pp
−10.0 pp
−17.6 pp
+2.4 pp
−6.1 pp
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
−20.8 pp
−27.3 pp
+19.5 pp
−19.8 pp
−97.9 pp
+10.5 pp
−386.4 pp
+21.5 pp
+118.6 pp
+12.9 pp
+400.5 pp
+9.7 pp
+1.6 pp
+6.6 pp
+2.5 pp
+2.1 pp
−1.6 pp
−0.6 pp
+2.0 pp
+0.2 pp
Waaree Renewable Technologies Ltd · WAAREERTL
−41.6 pp
−19.9 pp
−44.9 pp
+1.1 pp
−17.1 pp
+38.5 pp
+19.7 pp
−3.7 pp
+9.5 pp
−21.0 pp
−8.0 pp
+7.0 pp
−6.0 pp
−7.0 pp
−1.0 pp
+2.0 pp
+6.0 pp
−1.0 pp
−8.0 pp
0.0 pp
09 · compare level, then change
Profit Scale & Acceleration
Waaree Renewable Technologies Ltd has the highest Net profit among the 5 Solar EPC companies compared here, at ₹511 crore. Solarworld Energy Solutions Ltd is next at ₹117 crore. The same company also holds the highest Profit growth, at 78%. 3 of 5 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Waaree Renewable Technologies Ltd leads with ₹511 crore of TTM profit, 336.4% above Solarworld Energy Solutions Ltd. Waaree Renewable Technologies Ltd shows 78% growth from a ₹511 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderWaaree Renewable Technologies Ltd · ₹511 crore
Gap336.4% versus #2 · Solarworld Energy Solutions Ltd
Persistence7/8 recent comparable periods
Coverage3/5 companies · 57 observations
Investor read: Waaree Renewable Technologies Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
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
Profit growthfastest growers
Net profit · company comparison
3/5 level · 3/5 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Oriana Power Ltd ORIANA | ₹130 Cr | 18% | Mar 2026 |
| Waaree Renewable Technologies Ltd WAAREERTL | ₹119 Cr | 38% | Jun 2026 |
| KP Green Engineering Ltd 544150 | ₹77 Cr | 67% | Mar 2026 |
| Sterling & Wilson Renewable Energy Ltd SWSOLAR | ₹53 Cr | 36% | Jun 2026 |
| Solarworld Energy Solutions Ltd SOLARWORLD⚠ unverified | ₹10 Cr | -26% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
KP Green Engineering Ltd · 544150
—
—
—
—
—
—
₹5 Cr
—
₹11 Cr
—
₹24 Cr
—
₹27 Cr
—
₹46 Cr
—
₹58 Cr
—
₹77 Cr
—
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
₹6 Cr
—
₹49 Cr
—
₹49 Cr
—
₹110 Cr
—
₹122 Cr
—
₹130 Cr
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
₹3 Cr
₹22 Cr
₹43 Cr
₹9 Cr
₹13 Cr
₹9 Cr
₹49 Cr
₹49 Cr
₹10 Cr
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
—
—
—
—
—
₹-99 Cr
₹-421 Cr
₹-95 Cr
₹-55 Cr
₹-62 Cr
₹1 Cr
₹5 Cr
₹9 Cr
₹17 Cr
₹55 Cr
₹39 Cr
₹-478 Cr
₹2 Cr
₹142 Cr
₹53 Cr
Waaree Renewable Technologies Ltd · WAAREERTL
₹5 Cr
₹0 Cr
₹7 Cr
₹10 Cr
₹8 Cr
₹25 Cr
₹12 Cr
₹9 Cr
₹21 Cr
₹64 Cr
₹51 Cr
₹28 Cr
₹54 Cr
₹53 Cr
₹94 Cr
₹86 Cr
₹116 Cr
₹120 Cr
₹156 Cr
₹119 Cr
Profit growth · reported quarter history
KP Green Engineering Ltd · 544150
—
—
—
—
—
—
—
—
—
—
380%
—
145%
—
92%
—
115%
—
67%
—
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
—
—
—
—
717%
—
124%
—
149%
—
18%
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
387%
-58%
15%
420%
-26%
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,400%
680%
-5,411%
-88%
158%
36%
Waaree Renewable Technologies Ltd · WAAREERTL
—
—
—
—
60%
—
71%
-10%
163%
156%
325%
211%
157%
-17%
84%
207%
115%
126%
66%
38%
10 · compare level, then change
Return On Capital Employed
Waaree Renewable Technologies Ltd has the highest ROCE among the 5 Solar EPC companies compared here, at 83.6%. Oriana Power Ltd is next at 39.6%. Oriana Power Ltd has the highest ROCE change at +15.4 percentage points, so level and change sit with different companies. 5 of 5 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Waaree Renewable Technologies Ltd leads ROCE at 83.6%, 44 percentage points above Oriana Power Ltd. Oriana Power Ltd has the strongest latest improvement at +15.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderWaaree Renewable Technologies Ltd · 83.6%
Gap111.1% versus #2 · Oriana Power Ltd
Persistence4/8 recent comparable periods
Coverage5/5 companies · 25 observations
Investor read: Waaree Renewable Technologies Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
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
ROCE changefastest improvers
Return on capital · company comparison
5/5 level · 5/5 change
Withheld from this chart: Sterling & Wilson Renewable Energy Ltd (SWSOLAR) — its two data sources disagree by up to 214% on reported income across 15 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 |
|---|---|---|---|
| Waaree Renewable Technologies Ltd WAAREERTL | 61% | +0.3 pp | Jun 2026 |
| Oriana Power Ltd ORIANA | 38% | +15.4 pp | Mar 2026 |
| Solarworld Energy Solutions Ltd SOLARWORLD⚠ unverified | 16% | −13.5 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
5.8%
—
28%
—
23%
—
31%
—
38%
—
—
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
29%
34%
12%
15%
16%
—
Waaree Renewable Technologies Ltd · WAAREERTL
13%
—
26%
—
43%
—
62%
—
62%
119%
68%
110%
73%
100%
60%
98%
61%
101%
61%
—
ROCE change · reported quarter history
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
—
—
—
—
+17.1 pp
—
+3.1 pp
—
+15.4 pp
—
—
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−13.5 pp
—
Waaree Renewable Technologies Ltd · WAAREERTL
—
—
—
—
+29.2 pp
—
+35.8 pp
—
+19.2 pp
—
+6.6 pp
—
+11.3 pp
−19.0 pp
−8.0 pp
−11.6 pp
−11.9 pp
+0.1 pp
+0.3 pp
—
11 · compare level, then change
Valuation Against Growth & Quality
Waaree Renewable Technologies Ltd has the lowest PEG among the 5 Solar EPC companies compared here, at 3.93×. Oriana Power Ltd has the lowest P/E at 9.88×, so level and change sit with different companies. 1 of 5 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Waaree Renewable Technologies Ltd has the lowest comparable PEG at 3.93×. Only 1 of 5 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.
LeaderWaaree Renewable Technologies Ltd · 3.93×
GapNot enough peers
Persistence0/8 recent comparable periods
Coverage1/5 companies · 1 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
P/Elowest P/E
Valuation · company comparison
1/5 level · 5/5 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Waaree Renewable Technologies Ltd WAAREERTL | 3.9 | 22.2 | Jun 2026 |
| KP Green Engineering Ltd 544150 | — | 15.6 | Mar 2026 |
| Sterling & Wilson Renewable Energy Ltd SWSOLAR | — | 17.4 | Jun 2026 |
| Oriana Power Ltd ORIANA | — | 14.1 | Mar 2026 |
| Solarworld Energy Solutions Ltd SOLARWORLD⚠ unverified | — | 13.2 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Waaree Renewable Technologies Ltd · WAAREERTL
—
—
—
—
—
—
—
3.9
—
—
—
—
—
—
—
—
—
—
—
—
P/E · reported quarter history
KP Green Engineering Ltd · 544150
—
—
—
—
—
—
—
—
—
—
4.8
—
77.2
—
53.4
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34.6
—
15.6
—
Oriana Power Ltd · ORIANA
—
—
—
—
—
—
—
—
21.6
—
47.1
—
76.7
—
26.6
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30.7
—
14.1
—
Solarworld Energy Solutions Ltd · SOLARWORLD⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
31.2
26.4
14.6
13.2
Sterling & Wilson Renewable Energy Ltd · SWSOLAR
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
91.4
51.8
24.7
17.5
17.4
Waaree Renewable Technologies Ltd · WAAREERTL
-1,563.6
1,297.7
732.2
73.4
43.0
41.5
32.3
42.4
48.7
61.5
137.7
141.1
121.9
67.8
50.6
44.2
36.3
28.5
20.1
22.2
12 · before the conclusion, check the blind spots
What can make this comparison misleading?
This Solar EPC comparison names 7 specific ways its own evidence can mislead, all listed below. All 5 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.
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 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.
- Thin comparisons: Valuation have fewer than three usable current readings.
13 · evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 5 Solar EPC companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-11. 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 standing2 cross-checked · 2 unverified · 1 withheld, of 5 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
Solar EPC company comparison FAQs
These 24 answers restate the Solar EPC comparison above in question form. Every one is computed from the same 5 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.
Is the Solar EPC sector outperforming NIFTY 500?
Solar EPC has underperformed NIFTY 500 by 44.5% over 52 weeks and 18.4% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 4 of 4 beat the sector itself.
Which Solar EPC company is largest by revenue?
Sterling & Wilson Renewable Energy Ltd leads with revenue of ₹7,377 crore, based on 3 of 5 comparable companies through Jun 2026.
Which Solar EPC company is growing fastest?
Solarworld Energy Solutions Ltd has the fastest current revenue growth at 100%, across 3 of 5 comparable companies.
Which Solar EPC company has the strongest 4-Factor Sector Score?
Oriana Power Ltd ranks first at 64.2/100 with 58.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Solar EPC company has the lowest comparable PEG?
Waaree Renewable Technologies Ltd has the lowest comparable PEG at 3.93, among 1 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this Solar EPC 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 Solar EPC 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 Solar EPC, this page builds its own equal-weight basket of 5 listed Solar EPC 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 Solar EPC stocks in India?
Ranked by this page's four-factor score, Oriana Power Ltd places first among 5 listed Solar EPC companies, followed by Waaree Renewable Technologies Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many Solar EPC stocks are listed in India?
This comparison covers 5 listed Solar EPC companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.
Which Solar EPC company is the biggest?
Sterling & Wilson Renewable Energy Ltd is the largest, with trailing-twelve-month revenue of ₹7,377 crore, ahead of Waaree Renewable Technologies Ltd at ₹3,652 crore. That covers 3 of 5 companies with comparable reporting through Jun 2026.
Which Solar EPC company has the best profit margins?
KP Green Engineering Ltd has the highest operating margin at 21%, from 5 of 5 comparable companies. KP Green Engineering Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Solar EPC company makes the most profit?
Waaree Renewable Technologies Ltd earns the most, at ₹511 crore of trailing-twelve-month net profit, from 3 of 5 comparable companies. Waaree Renewable Technologies Ltd has the fastest profit growth at 78%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Solar EPC company earns the highest return on capital?
Waaree Renewable Technologies Ltd leads on return on capital employed at 83.6%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Solar EPC stock is the cheapest?
On PEG — where a LOWER number is cheaper — Waaree Renewable Technologies Ltd screens cheapest at 3.93×. Only 1 of 5 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 Solar EPC sector beating the market?
Solar EPC has underperformed NIFTY 500 by 44.5% over the last 52 weeks and 18.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Solar EPC stock has the strongest price momentum?
Sterling & Wilson Renewable Energy Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Solar EPC company scores highest for research priority?
Oriana Power Ltd scores 64.2 out of 100 with 58.5% evidence confidence, from 19.1 points on growth and earnings, 18.1 on capital efficiency, 15 on valuation and 12 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Solar EPC companies does this comparison cover, and over what period?
It compares 5 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Solar EPC sector?
The 5 Solar EPC companies on this page carry ₹17,957 crore of combined market value. Waaree Renewable Technologies Ltd is the largest at ₹8,684 crore, about 48% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.
What is the Solar EPC sector's P/E ratio?
The median price-to-earnings ratio across the 5 Solar EPC companies on this page is 10.5×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-09-17.
How is the Solar EPC sector performing?
0 of the 4 covered Solar EPC companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 44.5% 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.
Not SEBI Registered !! Not Investment advice !!