Green Energy Stocks: Q3 Results and order book of Waaree Energies and others explained

SYNOPSIS: Green energy companies delivered mixed Q3 FY26 results, with strong year-on-year revenue growth, capacity additions and expanding order books, though sequential profitability varied amid execution cycles and cost pressures across segments.

Renewable energy remains central to India’s long-term power strategy. As of December 2025, the country’s total installed power generation capacity stands at around 514 GW, of which renewables account for nearly 40 percent (~207 GW). Solar energy dominates the renewable mix, contributing about 136 GW, or roughly 66 percent of total renewable capacity.

The government has further scaled up its solar ambition, revising the target to 280 GW by 2030, underscoring significant growth potential ahead. FY25 recorded the highest-ever annual solar installations at 23.8 GW, and installations are expected to reach around 40 GW in FY26, translating into glass demand equivalent to nearly 55 GW for the domestic market. Listed below are some notable green energy-related stocks that have reported their financial results for the third quarter of FY26:

Suzlon Energy Limited

With a market cap of Rs. 64,231 crores, the stock closed in the red at Rs. 46.84 on Thursday, down by over 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 4,236 crores, reflecting a sequential growth of more than 9 percent QoQ compared to Rs. 3,871 crores in Q2 FY26, and a year-on-year increase of around 42 percent from Rs. 2,975 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 445 crores, indicating a decline of about 65 percent QoQ from Rs. 1,279 crores in Q2 FY26, but a rise on a year-on-year basis by nearly 15 percent from Rs. 388 crores reported in Q3 FY25.

During the quarter, the company reported a record order book of 6.4 GW, with the highest-ever quarter deliveries at 617 MW and 2.4 GW execution underway. Suzlon Energy Limited is primarily engaged in the business of manufacturing Wind Turbine Generators (WTGs) and the sale of related components of various capacities, project execution, power evacuation, Operation and Maintenance (O&M) of Wind Turbine Generators (WTGs) and power generation business.

The company is a leading global renewable energy solutions provider, with ~21.5 GW of wind energy capacity installed across 17 countries, an installed base of 15.5 GW of assets and an additional ~6 GW installed outside India. Its portfolio includes the advanced 2.x MW and 3.x MW series of wind turbines.

Waaree Energies Limited

With a market cap of Rs. 91,196.5 crores, the stock closed in the red at Rs. 3,170.5 on Thursday, down by around 0.2 percent on BSE For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 7,565 crores, reflecting a sequential growth of around 25 percent QoQ compared to Rs. 6,066 crores in Q2 FY26, and a year-on-year increase of around 119 percent from Rs. 3,457 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 1,107 crores, indicating a rise of about 26 percent QoQ from Rs. 878 crores in Q2 FY26, as well as a sharp increase of more than 118 percent from Rs. 507 crores reported in Q3 FY25.

In Q3 FY26, the company achieved 3.51 GW module production, 0.75 GW cell production, raised nearly Rs. 1,003 crores towards establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility (as part of the announced capex plan of ~Rs. 10,000 crores), and reported the highest order book of Rs. 60,000 crores.

Waaree Energies Limited, one of India’s leading renewable energy companies, is primarily engaged in the business of manufacturing solar photovoltaic (PV) modules, setting up projects in the solar space and the sale of electricity, panel manufacturing, EPC services, project development, and rooftop systems. It operates state-of-the-art manufacturing facilities with an installed capacity of 22.8 GW for solar PV modules and 5.4 GW for solar cells.

JSW Energy Limited

With a market cap of Rs. 83,858 crores, the stock closed in the red at Rs. 479.8 on Thursday, down by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 4,082 crores, reflecting a sequential decline of around 21 percent QoQ compared to Rs. 5,177 crores in Q2 FY26, but a year-on-year increase of around 67 percent from Rs. 2,439 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 529 crores, indicating a decline of about 36 percent QoQ from Rs. 824 crores in Q2 FY26. However, on a year-on-year basis, profits increased sharply by around 237 percent from Rs. 157 crores reported in Q3 FY25.

During the quarter, the company’s installed capacity increased by 125 MW to 13.3 GW, driven by organic renewable capacity addition. During the last twelve months, the installed capacity addition stood at 5,219 MW, including 3,069 MW of Renewable and 2,150 MW of thermal. The current total locked-in generation capacity stands at 30.5 GW.

JSW Energy Limited is primarily engaged in the business of generating power, along with the manufacturing of turbines. The principal places for power generation are located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).

NTPC Limited

With a market cap of Rs. 3.56 lakh crores, the stock closed in the red at Rs. 368.1 on Thursday, down by around 0.1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 45,846 crores, reflecting a sequential growth of around 2.3 percent QoQ compared to Rs. 44,786 crores in Q2 FY26, and a marginal year-on-year increase of around 1.7 percent from Rs. 45,069 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 5,597 crores, indicating a rise of over 7 percent QoQ from Rs. 5,225 crores in Q2 FY26, as well as an increase on a year-on-year basis by nearly 8 percent from Rs. 5,170 crores reported in Q3 FY25.

NTPC Limited is primarily involved in the generation and sale of bulk power to State Power Utilities. Other business of the company includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.

As of 31st December 2025, the NTPC Group’s installed and commercial capacity increased to 85,637 MW, up from 76,598 MW as of 31st December 2024, reflecting a net addition of 9,039 MW during the year. On a standalone basis, NTPC’s installed and commercial capacity rose to 60,796 MW from 59,168 MW, marking an increase of 1,628 MW.

KPI Green Energy Limited

With a market cap of Rs. 8,064.3 crores, the stock closed in the red at Rs. 408.65  on Thursday, down by around 3 percent on BSE. For the quarter, the company posted a consolidated revenue from operations of Rs. 662.86 crores, reflecting a sequential growth of over 4 percent QoQ compared to Rs. 634.3 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 45 percent from Rs. 458 crores recorded in Q3 FY25.

Net profit for Q3 FY26 stood at Rs. 126 crore, indicating a significant increase of around 8 percent QoQ from Rs. 116.6 crores in Q2 FY26, as well as on a year-on-year basis by nearly 48 percent from Rs. 85 crores reported in Q3 FY25.

KPI Green Energy Limited, the renewable arm of KP Group, is engaged in the sale of renewable power generated from these projects under long-term power purchase agreements (PPAs). It develops, builds, owns, operates and maintains solar power plants as an Independent Power Producer (IPP) and Captive Power Producer (CPP), both under the brand name of ‘Solarism’.

As of 9M FY26, KPI Green Energy’s installed capacity crossed 1.12 GW during the same period. By Q3 FY26, the company had power evacuation capacity of 3.57 GW and orders in hand aggregating to 3.61 GW. As of Q3 FY26, the company’s total renewable energy portfolio stood at 4.74 GW, up from 3.4 GW in Q3 FY25, reflecting a strong expansion in capacity. 

Within this, the Independent Power Producer (IPP) segment accounted for 2.17 GW, comprising 0.52 GW of installed capacity and 1.65 GW under work-in-progress. The Captive Power Producer (CPP) segment contributed 2.57 GW, with 0.61 GW already installed and 1.96 GW under development. 

Borosil Renewables Limited

With a market cap of Rs. 7,082.3 crores, the stock closed in the green at Rs. 505.2 on Thursday, up by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 390 crores, reflecting a sequential growth of around 3 percent QoQ compared to Rs. 379 crores in Q2 FY26, and a year-on-year increase of around 8 percent from Rs. 361 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 100 crores, indicating a rise of about 61 percent QoQ from Rs. 62 crores in Q2 FY26, and a sharp turnaround from a net loss of Rs. 30 crores reported in Q3 FY25.

Borosil Renewables Limited, India’s first and largest solar glass manufacturer, is engaged in the business of manufacturing low-iron textured solar glass for application in photovoltaic panels, flat plate collectors and greenhouses. The present solar glass capacity in the company is 2,600 tons per day, which translates to about 18 GW.

Saatvik Green Energy Limited

With a market cap of Rs. 5,264 crores, the stock closed in the green at Rs. 414.2 on Thursday, up by around 0.5 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 1,257 crores, reflecting a sequential growth of around 64 percent QoQ compared to Rs. 768 crores in Q2 FY26, and a year-on-year increase of around 143 percent from Rs. 518 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 99 crores, indicating a rise of more than 19 percent QoQ from Rs. 83 crores in Q2 FY26, as well as an impressive growth on a year-on-year basis by nearly 147 percent from Rs. 40 crores reported in Q3 FY25.

Saatvik Green Energy Limited is primarily engaged in the business of manufacturing solar photovoltaic modules and also providing engineering, procurement, and construction (EPC) services. As of 31st December 2025, the company’s order book stood at 5.05 GW, providing strong revenue visibility, with domestic orders aggregating Rs. 963 crore for solar PV modules.

The company is among the fastest-growing solar module manufacturers in India, with an operational capacity of ~4.8 GW. It is expanding its footprint in Odisha by setting up an additional 4 GW module manufacturing facility, targeted to be operational in FY26, along with a 4.8 GW cell manufacturing plant expected to commence operations in FY27.

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