The truth behind India’s top 3 fastest-growing companies

In the past ten years, a lot has changed. Especially when it comes to the size and scale of Indian businesses. Some of these businesses have catapulted themselves leveraging progressive reforms by the governments, increasing per capita income, and the step change in spending habits of people.

Today, we will discuss three companies which have witnessed a meteoric rise in their sales over the past ten years. We will try to figure out what made these businesses grow at such a breathtaking pace (aside of the base effect, which in two cases has played a big role), and how they plan to sustain in this dynamic economy.

#1 Waaree Renewable Technologies Limited (WAAREERTL)

Waaree Renewable Technologies Ltd. is a part of Waaree Group, which is a market leader in the energy space. Waaree Group has over 35 years of experience in the industry, and it is India’s tier 1 top solar module manufacturer, with customers across 26 countries.

Waaree Renewable Technologies mainly engages in Engineering, Procurement, and Construction (EPC) projects and has increased its presence in India significantly in the last few years. The company deals in Utility Scale Solar projects, foaling solar projects, rooftop solar projects, solar + energy storage, and others.

In the past ten years, Waaree Renewable has been the fastest-growing listed company in India by sales growth. Sales have grown at a Compound Annual Growth Rate (CAGR) of 134% in the past ten years. It means that the sales of Waaree Renewables grew from almost nothing in 2016, to ₹1,597 crore in 2025.

What fueled such astounding growth?

Above all, what worked for Waaree was being in the right place at the right time. India’s focus on renewables got a big boost about 10 years ago. And it appears the company was well prepared to capitalize on the opportunity.

Some of the important projects that Waaree Renewable has been part of are –

Continuum Project with 140 Megawatt Peak (MWp) capacity
Masaya Project with 210 MWp capacity
Cello Industries Rooftop Project
AM Green Project with 296 MWp capacity
GW Scale Project under which Waaree Partnered with Jindal Renewables to build a 2,012.5 MWp capacity, and with Greenko, it has developed a 980 MWp capacity

As of 30 June 2025, the company has commissioned –

3.03 Gigawatt (GW) EPC projects
59.26 MW of Rooftop projects
Around 769 MW of O&M portfolio of solar power plant assets
2.29 MW of floating solar projects

Key ongoing projects include –

2,012 MWp Ground Mounted Project at Bikaner in Rajasthan
980 MWp Ground Mounted Project at Kurnool in Andhra Pradesh
4.25 MWp Rooftop Project at Chittorgarh in Rajasthan

Road Ahead

The company continues to evaluate opportunities in the EPC segment and increase its exports as well as supplies to the domestic markets. They also expect the O&M market to grow robustly, given the growth of solar capacities. The Indian government is planning to achieve around 280 GW of solar power capacity by 2030, which currently stands at around 106 GW. The order book of the company has around 3,155 MWp of project sites under execution.

Coming to the financials …

The net profit in the past ten years has grown at a 122% CAGR to ₹229 crore at the end of FY25. As the profits jumped, the earnings per share (EPS) also skyrocketed from ₹0.02 per share in FY16 to ₹22.01 per share at the end of FY25. The average return on equity (ROE) for the past ten years is 61%.

Fair Valuation

Even growing at such a pace, the company is still trading at a price earnings (PE) ratio of 37x, which is slightly lower than the industry median of 39.6x. The price earnings to growth (PEG) ratio is at 0.30, again slightly lower than the industry median of 0.32.

3-month Share Price Chart

#2 Aether Industries Limited (AETHER)

Aether Industries Ltd. is engaged in the manufacturing of specialty chemicals. The company manufactures certain chemicals for which there is little competition from other players in the industry. It specializes in producing 4-(2-Methoxyethyl) Phenol (4MEP), 3-Methoxy-2-Methylbezoyl Chloride (MMBC), Thiophene-2-ethanol (T2E), N-Octyl-D-Glucamine, Ortho Tolyl Benzo Nitrile (OTBN), and others.

In the past ten years, the company’s sales have gone up by 98% CAGR. From a mere few lakhs in FY16 to ₹789 crore in FY25. The sales have grown sharply over these ten years. The company mostly generates its revenue from the pharma sector, followed by oil & gas, and Material Science industries.

Strong R&D at the Core

One of the primary reasons that set Aether apart is its research and development (R&D) centric approach. It has always dedicated a significant portion of its revenues towards R&D. For instance, in FY19, the company spent ₹5.3 crore in R&D, which was 2.6% of its revenue for the fiscal, which gradually increased to a whopping ₹98.7 crore in FY24, 15.4% of the total revenue for that fiscal. In this fiscal, FY26, it has already spent ₹16.9 crore in the first quarter on R&D, which is 6.54% of the quarter’s total revenue.

Business Expansions and the Road Ahead

Aether is expanding at a rapid pace with its Site 3++ expansion on track, where all approvals have already been secured, and equipment procurement has begun. This will be dedicated to the products to be developed in partnership with Milliken & Co., and the launch is expected to happen by Q4 of FY26.

Site 5 expansion is in its phase 1, and the commissioning is expected to happen by the end of Q3FY26 for 2 production blocks.

Shift in Business Strategy

In recent years, it has been observed that the company is shifting its focus from large-scale manufacturing to exclusive manufacturing. While 2 years back in Q1FY24, 20% of the revenue used to come from exclusive manufacturing, now in Q1FY26, 37% of the revenue is from the segment. While revenue from large-scale manufacturing reduced from 63% in Q1FY24 to 52% in this June quarter.

Coming to the financials …

The net profit grew at a 57% CAGR in the past ten years from a few lakhs in FY16 to ₹152 crore in FY25. Similar to the sales, the profit also grew gradually. The EPS went up from ₹0.11 per share in FY16 to ₹11.5 per share in FY25. The average ROE for the last ten years stood at 12%.

Premium Valuation

The stock is currently trading at a PE of 57.4x, which is a large premium to the industry median of 31.3x, while the PEG ratio is at 4.1, also way above the industry median of 0.02.

3-month Share Price Chart

#3 Adani Energy Solutions Limited (ADANIENSOL)

Adani Energy Solutions Ltd., a part of Adani Group, is engaged in the power business, where it takes care of transmission, distribution, and smart metering business segments. The company is the largest private sector player in India in the energy transmission space.

Adani Energy Solutions witnessed a growth in its sales at an 68% CAGR in the last ten years. From ₹2,194 crore in FY16, sales of the private energy transmission giant went to ₹23,767 crore in FY25. A major share of the revenues comes from the distribution business segment, followed by transmission, and a smaller share from the smart metering and other services. It is important to note that the company’s growth has been aided by acquisitions. And much of the growth has been funded by debt.

Wrapping Up

While the journeys of these fastest-growing companies in the last decade vary in nature, they have one thing in common and that is innovation and expansion. Whether it is new products, solutions, or business models, they are continuously delivering. As the business landscape has been changing in India, it will be interesting to keep an eye on these long-term achievers.

Disclaimer

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.

Maumita Mitra is a seasoned writer specializing in demystifying the world of investment for a broad audience. She has a keen eye for detail and a knack for explaining complex financial concepts in the simplest manner possible.

Disclosure: The writer and her dependents do not hold the stocks discussed in this article.

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