Solar Pump Stocks and Companies in India

The largest Solar Pump stocks in India by market value are Shakti Pumps (India) (₹4,302 crore), Oswal Pumps (₹2,613 crore) and GK Energy (₹2,019 crore), at prices of 6 Nov 2026.

• Shakti Pumps (India): ₹348.65 | market value ₹4,302 crore | P/E 26.8
• Oswal Pumps: ₹229.29 | market value ₹2,613 crore | P/E 7.7
• GK Energy: ₹99.55 | market value ₹2,019 crore | P/E 8.9

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Solar Pumps companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Solar Pumps 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. Shakti Pumps (India) Ltd₹4,360 cr
2. Oswal Pumps Ltd₹2,300 cr
3. GK Energy Ltd₹1,950 cr

3 Solar Pump companies in the Solar Pumps industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Shakti Pumps (India) (₹4,364 crore) and the smallest with a market value is GK Energy.

Download all 3 Solar Pump companies (CSV)

The line below covers up to 5.1 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 41% behind NIFTY 500. Earnings across its companies grew 1% on average over the last four reported quarters, close to flat.

Price down, no fundamental support. 0 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 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 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 1 of the 3 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings not confirming, 1 of 3 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 3 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 Pumps has done worse than the NIFTY 500 by 61.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 26.4%. Shakti Pumps (India) Ltd is the strongest against the sector itself at +3.1%.

Solar Pumps has done worse than the NIFTY 500 by 61.3% over 52 weeks and by 26.4% over 13 weeks. 0 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months).

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.

GK Energy Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 65% evidence confidence.

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

GK Energy Ltd has the strongest one-year price move in Solar Pumps at −53.3%. It also leads on relative strength against the NIFTY, at −22.6%. 0 of 3 companies we track are ahead of the index on that measure. 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 Pumps 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

This is a winner whose earnings inflected violently three years ago and are now plateauing at peak margins, a topping super-cycle, not a fresh turn. Aggregate profit exploded from ₹58 crore (2023) to ₹822 crore (2025), then essentially stalled at ₹838 crore (2026), and that last year is the tell: revenue still grew +28.5% (₹5,041 crore to ₹6,477 crore) but profit crept only +1.9%, because aggregate operating margin rolled from 24.26% to 19.22%, a 504 basis points give-back. In the week of 22 June 2026, 0% of 3 Solar Pumps companies were beating the Nifty 500, against 0% on 26 January 2026.

From our industry review of 27 June 2026. A newer review (10 October 2026) did not cover Solar Pumps, so this is the latest we have.

2 of 3 Solar Pumps companies held a results call for July to September 2026. GK Energy guided: FY27 ₹2,200 crore without PM-KUSUM near 40% growth, implying ₹1,300 crore H2 with ₹500 crore rooftop capture.

From the results calls for July to September 2026.

Big funds, foreign and Indian, cut their stake by 3.5 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹821 crore in the last 12 months, 168% more than a year before.
• Projects still being built grew 70% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Solar Pumps companies, in percentage points.

Ownership and spending as of 10 October 2026.

Quarterly aggregate operating margin stops falling and re-stabilises above ~20% with profit resuming sequential growth, i.e. The disproving print is the quarterly operating margin series flattening/turning up (quarterly fundamentals.opm) with the next annual operating margin having the high-teens rather than mean-reverting toward the 15.8% mid-cycle.

From our industry review of 27 June 2026.

Shakti Pumps (India) Ltd has the highest Revenue among the 3 Solar Pumps companies compared here, at ₹3,014 crore. Oswal Pumps Ltd is next at ₹2,025 crore. GK Energy Ltd has the highest Revenue growth at 34.8%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Shakti Pumps (India) Ltd is the largest at ₹3,014 crore, 48.8% ahead of Oswal Pumps Ltd. GK Energy Ltd's growth is 34.8% from a ₹1,787 crore base, with 14 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

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

This conclusion weakens if: Shakti Pumps (India) Ltd's growth falls below GK Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

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

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

GK Energy Ltd has the highest OPM among the 3 Solar Pumps companies compared here, at 18%. Oswal Pumps Ltd is next at 16%. The same company also has the highest Margin change, at −2 percentage points. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: GK Energy Ltd leads both opm at 18% and margin change at −2 percentage points.

What this means: GK Energy 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

Oswal Pumps Ltd has the highest Net profit among the 3 Solar Pumps companies compared here, at ₹337 crore. GK Energy Ltd is next at ₹227 crore. GK Energy Ltd has the highest Profit growth at 37.6%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Oswal Pumps Ltd earns the most, ₹337 crore of profit over the last 12 months, 48.5% above GK Energy Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Oswal Pumps 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

GK Energy Ltd has the highest ROCE among the 3 Solar Pumps companies compared here, at 40.9%. Oswal Pumps Ltd is next at 36.4%. The same company also has the highest ROCE change, at +3.1 percentage points. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: GK Energy Ltd leads ROCE at 40.9%, 4.5 percentage points above Oswal Pumps 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: GK Energy 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

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Shakti Pumps (India) Ltd has the lowest PEG among the 3 Solar Pumps companies compared here, at 0.74×. Oswal Pumps Ltd is next at 1.04×. Oswal Pumps Ltd has the lowest P/E at 6.84×, so level and change sit with different companies. 2 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Shakti Pumps (India) Ltd has the lowest comparable PEG at 0.74×, 28.8% below Oswal Pumps Ltd. That would need today's multiple, the company's own history and steady growth to agree.

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

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

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

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Solar Pumps companies show up on 2 of our India lists. The most are on the power & green energy stocks list (3 companies).

This Solar Pumps comparison names 5 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 5 ranked sections has fewer than three usable current readings. A high growth rate can still come from a very small starting figure.

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.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 3 Solar Pumps 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.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 23 answers restate the Solar Pumps comparison above in question form. Every one is computed from the same 3 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.