Beyond Adani: The 3 niche solar equipment stocks compounding sales over 75%

India is also adapting quickly. Solar capacity has grown from 2.82 GW in March 2014 to 150.26 GW in March 2026. That is a 53-fold increase in just over a decade. The momentum has continued in FY26 as well. India’s cumulative solar capacity stood at 154.24 GW as of April 2026, according to the Ministry of New and Renewable Energy.

This matters for investors because the solar story is no longer only about policy targets. It is now visible in company revenues. It is visible in manufacturing expansion, project execution and order flows. This is why the timing of the screen is important. The sector is growing fast. But not every company with a solar tag is equally exposed to solar. This article looks at companies, beyond the large players like the Adani group, where the link to solar is strong, and where sales growth has been sharp over the last three years.

For this article, we used two filters. First, we considered companies with high solar relevance. We avoided names where solar is only a small part of the overall business. Second, we kept a minimum market capitalisation filter of Rs 5,000 crore. This helped remove very small and less liquid companies. From this filtered list, we selected the three companies with the highest three-year sales growth.

#1 Why Waaree Renewable is Pivoting Toward Utility-Scale O&M to Protect 83.6% RoCE Margins

Incorporated in 1999, Waaree Renewables Technologies is engaged in the business of generation of power through renewable energy sources. The company also provides consultancy services in this regard. Waaree Energy is one of the largest vertically integrated new energy companies.

Waaree Renewables Technologies Financial Performance

Metric	Waaree Renewable Technologies
Order book	2.83 GWp
FY26 revenue growth YoY	108.5%
FY26 PAT growth YoY	109.1%
RoCE	83.6%
RoE	68.9%
EV/EBITDA	14.7x

Waaree Renewable Technologies entered FY27 with strong momentum, helped by India’s fast solar capacity build-out and strong project execution. The company is among the solar engineering, procurement and construction (EPC) players benefiting from the race to add capacity as developers scale up utility-sized projects.

Revenue from operations stood at Rs 1,102.4 crore in Q4 FY26. This was a 131.3% year-on-year (YoY) rise. Net profit increased 66.1% YoY to Rs 155.7 crore. For FY26, revenue grew 108.5% to Rs 3,331.4 crore. Net profit rose 109.1% to Rs 478.6 crore. The growth was backed by strong execution across projects. Sales have compounded at 112% over three years, while profit has compounded at 105%.

Execution Velocity: Converting the 2.83 GWp Order Moat into Active Revenue

The order book is important, but its conversion into revenue is the bigger point. Waaree Renewable executed 2,727 MWp of projects in FY26, its highest annual execution so far. This helped revenue more than double during the year. The company ended FY26 with an unexecuted order book of 2.83 GWp, giving it visibility for the next 12 to 15 months.

The company has also been able to broadly replace what it executed. Its FY26 order inflow stood at 2.3 GWp, compared with 2.4 GWp in the previous year. Management said it is pursuing a pipeline of around 36 GWp. This includes about 23 GWp in India and nearly 12 GWp in international markets.

Structural Margin Metrics: Assessing Back-End Asset Allocation and O&M Expansion

Execution quality will matter because EPC order values can vary depending on project scope. Some orders include modules, while others are pure EPC or balance-of-system contracts. Management said the order value can broadly range around Rs 1 crore to Rs 1.25 crore per MW, but this changes with the mix. This means the size of the order book alone does not fully explain future revenue. The pace and type of execution will be equally important.

The company is also widening its revenue base. Its O&M portfolio stood at 1.18 GWp at the end of FY26. It is also looking at battery energy storage system EPC opportunities, as storage is becoming more important for grid stability. However, the company has not yet reported meaningful revenue from BESS or data centres .

Waaree Renewable also has a small IPP portfolio. It has around 54 MWp of operational solar assets and is setting up more than 200 MWp of additional IPP projects. These are being funded through internal accruals. But management has said EPC will remain the dominant business.

On valuation, the stock trades at an EV/EBITDA of 14.7 times, compared with its one-year average of 21.2 times. This suggests the valuation has cooled from its recent average. Still, the market will watch whether the company can maintain growth without margin pressure.

For now, Waaree Renewable is well placed in India’s solar capacity race. Its order book gives visibility. Its execution record gives comfort. The real test will be whether it can keep converting new orders into revenue while protecting margins in a more competitive EPC market.

In the past year, the share price of Waaree Renewable Technologies is down 8.2%.

Waaree Renewable Technologies 1 Year Share Price Chart

#2 Emmvee Photovoltaic: Balancing a 9.4 GW Order Moat Against Upstream Cell Integration Costs

Incorporated in March 2007, Emmvee Photovoltaic Power is an integrated solar PV module and cell manufacturer.

Emmvee Photovoltaic Power Financial Performance

Metric	Emmvee Photovoltaic Power
Order book	9.4 GW
FY26 revenue growth YoY	116%
FY26 PAT growth YoY	193%
RoCE	44.8%
RoE	51.1%
EV/EBITDA	12.9x

Emmvee Photovoltaic Power closed FY26 with a sharp step-up in scale, helped by India’s solar manufacturing push and rising demand for domestic content-linked modules. The company’s growth fits the broader theme of solar stocks growing faster as India’s capacity race shifts from project development to local manufacturing.

Revenue from operations rose 116% YoY to Rs 5,049 crore in FY26. Net profit increased 193% to Rs 1,082 crore. Q4 FY26 sales rose 62.2% YoY to Rs 1,739 crore. Net profit for the quarter stood at Rs 392 crore up 8.2% YoY.  Sales have compounded at 101% over three years, while profit has compounded at 395%. The company said the growth was driven by higher production volumes, improved cell utilisation and expansion in module capacity.

The order book is the central point here. Emmvee’s order book increased from 4.9 GW in FY25 to 9.4 GW in FY26. Q4 FY26 order inflow stood at 1.27 GW. The company also said its average order size among the top 10 customers rose to 221 MW in FY26 from 121 MW in FY25. This shows that the order book is not only larger, but also backed by bigger customer relationships.

The conversion of this order book into revenue will depend on capacity utilisation and production ramp-up. In FY26, module production rose to 2,999 MW from 1,482 MW in FY25. Cell production rose to 1,520 MW from 534 MW. Cell utilisation improved from 43.3% in FY25 to 69.9% in FY26, and reached 79% in Q4. This is important because a large order book alone is not enough. Emmvee has to keep converting orders into actual module and cell sales.

Upstream Capacity Targets: Analyzing the Devanahalli 6 GW Integrated Facility

Capacity expansion is the next trigger. Emmvee’s installed module capacity stood at 10.3 GW as of March 2026, while solar cell capacity stood at 2.94 GW. The company commissioned two 2.5 GW module lines at Sulibele during FY26. It has also started work on a new 6 GW integrated cell and module facility at Devanahalli. Once completed, total capacity is expected to rise to 16.3 GW for modules and 8.9 GW for cells by the end of FY27.

The Devanahalli expansion has also moved beyond planning. IREDA has sanctioned a Rs 3,306 crore term loan for the facility. The company has completed payment for land allotment, and the land is now in its possession. Management said construction has started, the module line order has been  finalised, and the module line is expected by the end of calendar 2026. The cell line is expected by the end of FY27.

Macro Tailwinds: Leveraging ALMM List 2 and Domestic Content Mandates

Policy support remains another driver. Emmvee is positioned for domestic content requirement-led demand from PM-KUSUM and PM Surya Ghar. Management also said ALMM List 2 for cells should place integrated manufacturers in a better position.

The company is also looking at backward integration. It plans to set up about 9 GW of ingot and wafer capacity in phases, with the first facility planned in FY29. This is still some time away. But it shows the direction of the business as domestic solar manufacturing becomes more value-chain focused.

On valuation front, RoCE stood at 44.8% and RoE at 51.1%. The stock trades at an EV/EBITDA of 12.9 times, compared with its five-year average of 21.2 times.

For now, Emmvee is one of the clearer plays on India’s solar manufacturing push. Its order book has grown sharply. Its cell and module capacity is expanding. The real test in FY27 will be execution. The company will need to convert its 9.4 GW order book into sales while managing inventory, working capital and pricing pressure in a fast-changing solar market.

In the past year, the share price of Emmvee Photovoltaic Power rallied 50.8%.

Emmvee Photovoltaic Power 1 Year Share Price Chart

#3 Premier Energies: Deploying a ₹5,100 Crore Capex Blueprint to Mitigate Domestic ALMM Policy Shifts

Incorporated in April 1995, Premier Energies specializes in manufacturing integrated solar cells and solar panels.

Premier Energies Financial Performance

Metric	Premier Energies
Order book	Rs 14,010 crore
Order book growth YoY	66%
FY26 revenue growth YoY	20.7%
FY26 PAT growth YoY	61.1%
RoCE	33.3%
RoE	42.4%
EV/EBITDA	19.8x

Premier Energies ended FY26 with another strong year of growth, helped by India’s solar capacity race and rising demand for domestic cell and module manufacturing. The company’s performance also reflects a wider shift in the sector. Growth is now moving beyond module assembly toward integrated solar manufacturing.

Total revenue rose 20.7% YoY to Rs 8,026 crore in FY26. Net profit increased 61.1% to Rs 1,510 crore. Q4 FY26 revenue grew 37.6% YoY and profit jumped 64.4% to Rs 457 crore. Sales have compounded at 76% over three years, while profit has compounded at 370%

The order book remains the key support for growth. Premier Energies said its order book stood at Rs 14,010 crore, up 66% YoY. But the size of the order book alone is not enough. Its conversion into revenue will depend on capacity ramp-up, product mix and execution. Management said most of the current order book will be executed in FY27, with more than two-thirds likely to convert during the year.

Capex Deployment: Balancing a ₹5,100 Crore Outlay Against TOPCon Asset Ramps

Capacity expansion is central to this conversion. The company recently completed construction of its 5.6 GW module plant at Sitarampur in Telangana. The plant is expected to fully ramp up in the next two months. Premier’s expanded module capacity now stands at 11.1 GW, while cell capacity is expected to rise to 10.6 GW shortly.

The company is also moving deeper into the clean energy value chain. FY27 capex is estimated at Rs 5,100 crore across cells, ingot wafers, batteries and inverters. Management said its 7 GW cell line remains on track, with 4.8 GW expected in June and 2.2 GW in September. Stabilisation may take four to six months.

Policy support is another tailwind. The company expects demand for domestic cells to rise as ALMM-2 becomes applicable across rooftop, open access and commercial and industrial (C&I) projects from June 2026. Management said the C&I segment is now almost equal in size to the utility-scale segment. This could shift a large part of the market toward domestic cells immediately.

Premier is also widening its product base. It has launched Zero Busbar cells and All-Black modules. Its TOPCon cell line, commissioned in June 2025, is running at more than 90% utilisation. The company has also completed the acquisition of a 51% stake in Transcon. Transcon’s capacity is expected to rise nearly sevenfold to 16.75 GVA by July 2026, with focus on higher-value HV and EHV segments.

Downstream Expansion: Evaluation of Global Asset Moats and Strategic Acquisitions

The company is also evaluating overseas opportunities. Management said it sees export potential in Europe and the US. It has restarted discussions for its US solar cell plans and is also evaluating opportunities in Europe, where annual demand is estimated at around 80 GW.

RoCE stood at 33.3%, and RoE was 42.4%. The stock trades at an EV/EBITDA of 19.8 times, close to its one-year average of 19.4 times.

For now, Premier Energies is well placed in India’s solar manufacturing cycle. Its order book gives visibility. Its cell and module expansion gives it capacity to convert demand into revenue. The real test in FY27 will be ramp-up discipline, working capital control and margin protection as competition and policy-linked demand both rise.

In the past year, the share price of Premier Energies is up 2.5%.

Premier Energies 1 Year Share Price Chart

Conclusion

Solar is clearly having its moment. India is adding capacity fast, and that is helping companies across the chain.

But this growth story still needs proof on the ground. A large order book looks good only when it turns into revenue. New factories matter only when they ramp up on time. Margins also need to hold when competition gets tougher.

So the sector looks promising, but the filter is simple. The better companies will be the ones that execute well, manage cash carefully, and grow without taking too much balance-sheet risk.

Solar Order Book Stocks: Capacity Race vs Execution vs Valuation

Metric	Waaree Renewable Technologies	Emmvee Photovoltaic Power	Premier Energies
Latest order book	2.83 GWp	9.4 GW	Rs 14,010 cr
FY26 revenue growth	108.5%	116%	20.7%
FY26 profit growth	109.1%	193%	61.1%
3-year sales CAGR	112%	101%	76%
3-year profit CAGR	105%	395%	370%
RoCE	83.6%	44.8%	33.3%
RoE	68.9%	51.1%	42.4%
EV/EBITDA	14.7x	12.9x	19.8x
Key theme	EPC order conversion	Integrated solar manufacturing scale-up	Cell-led domestic manufacturing push

For now, the solar growth theme is still strong. India is adding capacity fast, and that is helping companies across the solar chain. But the real test will be simple. Companies must convert order books into revenue, ramp up new capacity on time and protect margins as competition rises.

You can track how these are progressing by adding stocks to your watchlist.

Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. 

The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. 

Ekta Sonecha Desai has a passion for writing and a deep interest in the equity markets. Combined with an analytical approach, she likes to deep dive into the world of companies, studying their performance, and uncovering insights that bring value to her readers.

Disclosure: The writer and her dependents  do not hold the  stocks discussed in this article.  The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein.  The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors.  Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.