Solar EPC Stocks and Companies in India

The largest Solar EPC stocks in India by market value are Waaree Renewable Technologies (₹7,642 crore), Sterling & Wilson Renewable Energy (₹3,508 crore) and Oriana Power (₹2,367 crore), at prices of 4 Nov 2026.

• Waaree Renewable Technologies: ₹732.10 | market value ₹7,642 crore | P/E 16.4
• Sterling & Wilson Renewable Energy: ₹150.25 | market value ₹3,508 crore | P/E 15.2
• Oriana Power: ₹233 | market value ₹2,367 crore | P/E 9.4
• KP Green Engineering: ₹265.70 | market value ₹1,402 crore | P/E 10.5
• Solarworld Energy Solutions: ₹109.25 | market value ₹947 crore | P/E 8.1

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

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

All 5 listed Indian Solar EPC companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Solar EPC index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Waaree Renewable Technologies Ltd₹7,250 cr
2. Sterling & Wilson Renewable Energy Ltd₹3,180 cr
3. Oriana Power Ltd₹2,340 cr
4. KP Green Engineering Ltd₹1,400 cr
5. Solarworld Energy Solutions Ltd₹911 cr

5 Solar EPC companies in the Solar EPC industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 5 are listed below, largest first. The largest is Waaree Renewable Technologies (₹7,247 crore) and the smallest with a market value is Solarworld Energy Solutions.

Download all 5 Solar EPC companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 57% behind NIFTY 500. Earnings across its companies grew 47% on average over the last four reported quarters.

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

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

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 5 of 5 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 5 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Solar EPC has done worse than the NIFTY 500 by 51.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 21.5%. Waaree Renewable Technologies Ltd is the strongest against the sector itself at +11.6%.

Solar EPC has done worse than the NIFTY 500 by 51.2% over 52 weeks and by 21.5% over 13 weeks. 0 of 5 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 2 of the 2 with a long enough price history are ahead of the industry itself.

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

Waaree Renewable Technologies Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 83% evidence confidence.

Ranked last: too little evidence (2 companies)

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

Sterling & Wilson Renewable Energy Ltd has the strongest one-year price move in Solar EPC at −38.2%. Waaree Renewable Technologies Ltd leads on relative strength against the NIFTY, at −21.2%. 0 of 5 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

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

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

RS vs sector: The same measure taken against 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.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

2 of 5 Solar EPC companies held a results call for July to September 2026. Waaree Renewable Technologies guided: Consolidated operating margin above 15% sustainable on solar execution and efficiencies.

From the results calls for July to September 2026.

Big funds, foreign and Indian, cut their stake by 0.6 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹2,080 crore in the last 12 months, 42% more than a year before.
• Projects still being built grew 99% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 6 Solar EPC companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Solar EPC figures above: what is actually happening in the industry, 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 goal.

How old this read is: OLD: this read comes from our Solar EPC sector brief dated 19 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Solar EPC sector brief, 19 Apr 2026 · company earnings-call transcripts.

Sterling & Wilson Renewable Energy Ltd has the highest Revenue among the 5 Solar EPC companies compared here, at ₹7,156 crore. Waaree Renewable Technologies Ltd is next at ₹3,935 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 largest at ₹7,156 crore, 81.9% ahead of Waaree Renewable Technologies Ltd. Solarworld Energy Solutions Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 150% from a ₹1,476 crore base, with 9 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

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

This conclusion weakens if: 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

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

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

KP Green Engineering Ltd has the highest OPM among the 5 Solar EPC companies compared here, at 21%. The same company also has 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.

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

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Waaree Renewable Technologies Ltd has the highest Net profit among the 5 Solar EPC companies compared here, at ₹476 crore. Sterling & Wilson Renewable Energy Ltd is next at ₹214 crore. The same company also has the highest Profit growth, at 36.4%. 3 of 5 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Waaree Renewable Technologies Ltd earns the most, ₹476 crore of profit over the last 12 months, 122.4% above Sterling & Wilson Renewable Energy Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

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

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

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

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Waaree Renewable Technologies Ltd has the highest ROCE among the 5 Solar EPC companies compared here, at 83.2%. Oriana Power Ltd is next at 39.7%. Sterling & Wilson Renewable Energy Ltd has the highest ROCE change at +10 percentage points, so level and change sit with different companies. Its ROCE series carries 16 reported observations across the 20-quarter window.

What the numbers say: Waaree Renewable Technologies Ltd leads ROCE at 83.2%, 43.5 percentage points above Oriana Power Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

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

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

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

Return on capital · company comparison

Withheld from this chart: Sterling & Wilson Renewable Energy Ltd (SWSOLAR): its two data sources disagree by up to 214% on reported income across 16 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

No company in this Solar EPC comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, Solarworld Energy Solutions Ltd is lowest at 7.78× at the latest share price, across 5 of 5 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

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

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

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

Valuation · company comparison

PEG · lowest PEG

Not enough comparable data.

P/E · lowest P/E

All-company data · latest reported quarter

PEG is left out: no company here reports it on a comparable basis.

Solar EPC companies show up on 2 of our India lists. The most are on the power & green energy stocks list (4 companies).

This Solar EPC comparison names 7 specific ways its own evidence can mislead, all listed below. 2 of the 5 companies report on an older date than the sector's freshest reporters, so their ranks are marked stale. 1 has second-source figures left out because the two sources disagree.

Keep these limits visible

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

This comparison is built from the reported filings of 5 Solar EPC companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

1 of 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Sterling & Wilson Renewable Energy Ltd (SWSOLAR): its two data sources disagree by up to 214% on reported income across 16 comparable periods, so its derived ratios are withheld.

These 22 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.