5 Top Solar Stocks With Strong Order Books to Keep on Your Radar

Synopsis: India’s solar sector is witnessing strong growth momentum, with leading companies reporting robust order books, capacity expansions, and long-term project visibility, supported by rising domestic demand, renewable energy targets, and government support for local manufacturing.

The Government of India is rapidly promoting rooftop solar adoption through the PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar systems in one crore households by 2026-27. As of March 19, 2026, around 26.19 lakh installations had already been completed.

Under the scheme, the government has disbursed Rs. 17,967.53 crore (US$ 2.03 billion) as Central Financial Assistance. The subsidy process has been fully digitised, helping reduce delays and enabling an average processing time of nearly 15 days.

India’s solar power generation rose sharply to 16,983.54 MU in February 2026 from 12,913.58 MU in February 2025. Cumulative solar generation during April 2025 to February 2026 reached 155,370.47 MU, compared to 127,338.85 MU in the corresponding period last year, supported by strong contributions from Rajasthan, Gujarat, and Tamil Nadu.

India has overtaken Japan to emerge as the world’s third-largest producer of solar energy. According to the International Renewable Energy Agency (IRENA), India generated 1,08,494 GWh of solar power, surpassing Japan’s output of 96,459 GWh.

Waaree Energies Ltd

Waaree Energies is one of India’s largest solar module manufacturers and a major player in the renewable energy sector. The company operates large-scale solar panel manufacturing facilities and provides EPC services, solar project development, and energy solutions. It has benefited from India’s push toward domestic solar manufacturing and reduced dependence on imports.

With a market capitalisation of Rs. 86,236 cr, the shares of Waaree Energies Ltd closed at Rs. 2997.95 per share, down from its previous close of Rs. 3,056.55 per share.

The company stated that its order book remains strong at around Rs. 53,000 crore. To support its next phase of growth, it has planned a capital expenditure of nearly Rs. 30,000 crore across various business verticals. It also highlighted its healthy financial performance, with ROCE and ROE standing at 32.4 percent and 29.0  percent, respectively.

Premier Energies Ltd

Premier Energies is an integrated solar manufacturing company engaged in producing solar cells and solar modules. The company supplies products for utility-scale, commercial, and residential solar projects and has been expanding capacity to capitalise on rising clean energy demand in India. Its focus on backward integration strengthens its position in the domestic solar value chain.

With a market capitalisation of Rs. 44,189 cr, the shares of Premier Energies Ltd closed at Rs. 975.50 per share, down from its previous close of Rs. 1,018.50 per share. The company’s total order book stands at a capacity of 9,383 MW, which translates to a financial valuation of Rs. 14,010 crore (Rs. 140.1 billion). 

In terms of product segment distribution, the value is heavily led by solar cells, which command 58% of the order book (approximately Rs. 8,125.8 crore). Solar modules make up the remaining 42% (approximately Rs. 5,884.2 crore), while the Engineering, Procurement, and Construction (EPC) segment sits at 0%. Geographically, the pipeline is entirely concentrated within India, showing 100% domestic utilisation and 0% exports.

Looking at the quarterly movement from December 2025 to March 2026, the order book opened at Rs. 13,723.5 crore. After deducting Rs. 2,175.1 crore recognised through sales execution and adding Rs. 2,461.6 crore in newly secured contracts, the order book net closed at Rs. 14,010 crore by the end of March 2026.

Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power is a solar energy company known for manufacturing photovoltaic modules and solar water heating systems. The company has built a strong presence in both domestic and international solar markets and caters to rooftop, industrial, and utility-scale projects. Emmvee is also expanding manufacturing capacity to align with India’s renewable energy ambitions.

With a market capitalisation of Rs. 18,281 cr, the shares of Emmvee Photovoltaic Power Ltd closed at Rs. 264.05 per share, up from its previous close of Rs. 261.15 per share.

The company’s order book expanded significantly from 4.9 GW to 9.4 GW during FY2026, driven by a major 4.5 GW order for the supply of TOPCon crystalline silicon photovoltaic cells from a domestic customer. The execution timeline for the order extends from December 2025 to 2030, offering strong multi-year revenue visibility for the company.

Websol Energy System Ltd

Websol Energy System is an Indian solar photovoltaic cell and module manufacturer with a focus on high-efficiency solar technologies. The company has been gaining market attention due to renewed policy support for domestic solar manufacturing and increasing demand for locally produced solar components. Websol primarily serves the solar power generation and renewable infrastructure ecosystem.

With a market capitalisation of Rs. 4,691 cr, the shares of Websol Energy System Ltd closed at Rs. 108.05 per share, up from its previous close of Rs. 105.40 per share.

The company has secured a total order book valued at Rs. 1,161 crore. The product mix breakdown reveals that the largest share belongs to Solar Modules, which account for 60% of the total value, equating to Rs. 695 crore. The remaining 40% of the order book is comprised of Solar Cells, contributing Rs. 466 crore to the overall pipeline.

Vikram Solar Ltd

Vikram Solar is one of India’s leading solar photovoltaic (PV) module manufacturers and an integrated renewable energy solutions provider. The company designs, manufactures, and supplies high-efficiency solar panels used in utility-scale solar projects, commercial installations, and rooftop systems.  With a market capitalisation of Rs. 7,221 cr, the shares of Vikram Solar Ltd closed at Rs. 199.30 per share, up from its previous close of Rs. 198.80 per share.

It highlighted is its large and growing order book of about 8.2 GW, with strong quarterly additions of 1.9 GW. A major portion of its business comes from independent power producers (IPPs), while domestic demand dominates its geographic mix, indicating strong reliance on India’s solar expansion and policy-driven clean energy push.

The company’s order pipeline is also aligned with India’s renewable energy programs, including PM-KUSUM and PM-Suryaghar schemes, which support faster solar adoption. Additionally, it is reducing customer concentration risk by broadening its client base, while focusing execution plans toward FY27, reflecting a more stable and scalable long-term growth outlook.

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