Solar Stocks: How Did the Top 5 Companies Perform in FY26?

Synopsis: India’s solar sector delivered strong FY26 growth as rising renewable energy demand, expanding manufacturing capacity, and robust project execution supported sharp improvement in revenue, profitability, and overall sector momentum. 

India’s solar sector witnessed a strong performance in FY26, driven by rising renewable energy adoption, government-led clean energy initiatives, and increasing domestic manufacturing capacity. Several solar-focused companies reported robust growth in revenue and profitability, supported by higher module demand, large-scale project execution, and improving operating efficiencies. 

The sector also benefited from policy support linked to India’s target of achieving 500 GW of non-fossil fuel capacity by 2030. With utility-scale solar installations, rooftop adoption, and export opportunities continuing to expand, industry players remain optimistic about long-term growth. The sector’s momentum reflects growing investments in solar manufacturing, EPC projects, and integrated renewable energy solutions across the country.

Waaree Energies Ltd:

Waaree Energies Ltd is one of India’s leading solar module manufacturers, engaged in solar PV module production, EPC services, project development, and renewable energy solutions. The company operates large-scale manufacturing facilities and serves domestic as well as international markets. It has expanded rapidly through capacity additions, rising exports, and growing participation in India’s clean energy transition. 

With the market capitalization of Rs. 90,346 Crores, the shares of Waaree Energies Ltd were trading at around Rs. 3141 per share which is 18.7 percent discount from its 52 weeks high of Rs. 3865 per share and is trading at a P/E of 23.1 whereas industry P/E stands at 29.2

Revenue from operations has increased from Rs. 14,444 Crores in FY25 to Rs. 26,537 Crores in FY26, up 83 percent. Operating profit has increased from Rs. 2722 Crores to Rs. 5909 Crores, up 117 percent and net profit has increased from Rs. 1928 Crores to Rs. 3884 Crores, up 101 percent 

Emmvee Photovoltaic Power ltd: 

Emmvee Photovoltaic Power Ltd is an Indian solar energy company engaged in manufacturing solar photovoltaic modules and other associated works. The company supplies modules for utility-scale, commercial, and residential projects across domestic and international markets. It has strengthened its presence through manufacturing expansion, technology upgrades, and increasing demand for renewable energy solutions in India. 

With the market capitalization of Rs. 22,501 Crores, the shares of Emmvee Photovoltaic Power Ltd were trading at its 52 weeks high of Rs. 330 per share and is trading at a P/E of 20.8 whereas industry P/E stands at 29.2

Revenue from operations has increased from Rs. 2336 Crores in FY25 to Rs. 5050 Crores in FY26, up 116 percent. Operating profit has increased from Rs. 722 Crores to Rs. 1734 Crores, up 140 percent and net profit has increased from Rs. 369 Crores to Rs. 1082 Crores, up 193 percent

Premier Energies Ltd: 

Premier Energies Ltd is a leading Indian solar manufacturer involved in producing solar cells and photovoltaic modules along with providing EPC and integrated renewable energy solutions. The company caters to utility-scale, commercial, and industrial projects while expanding manufacturing capacity to benefit from rising domestic solar demand and India’s renewable energy ambitions. 

With the market capitalization of Rs. 48,291 Crores, the shares of Premier Energies Ltd were trading at around Rs. 1064 per share which is 6.3 percent discount from its 52 weeks high of Rs. 1136 per share and is trading at a P/E of 32 whereas industry P/E stands at 29.2

Revenue from operations has increased from Rs. 6519 Crores in FY25 to Rs. 7824 Crores in FY26, up 20 percent. Operating profit has increased from Rs. 1781 Crores to Rs. 2377 Crores, up 33 percent and net profit has increased from Rs. 937 Crores to Rs. 1510 Crores, up 61 percent

Websol Energy System Ltd: 

Websol Energy System Ltd is an Indian renewable energy company engaged in manufacturing solar photovoltaic cells and modules. The company primarily caters to domestic and export markets, focusing on high-efficiency solar products and capacity expansion. It benefits from rising demand for locally manufactured solar equipment and India’s growing emphasis on clean energy and import substitution. 

With the market capitalization of Rs. 4782 crores, the shares of Websol Energy System Ltd were trading at around Rs. 110 per share which is 30 percent discount from its 52 weeks high of Rs. 157 per share and is trading at a P/E of 15.7 where as industry P/E stands at 29.2 

Revenue from operations has increased from Rs. 575 Crores in FY25 to Rs. 1049 Crores in FY26, up 82 percent. Operating profit has increased from Rs. 253 Crores to Rs. 429 Crores, up 69 percent and net profit has increased from Rs. 155 Crores to Rs. 303 Crores, up 9 percent 

Vikram Solar: 

Vikram Solar is one of India’s leading solar energy companies engaged in manufacturing photovoltaic modules and providing EPC solutions for solar power projects. The company serves utility-scale, commercial, and residential segments and has expanded its presence across domestic and international renewable energy markets with a focus on sustainable energy solutions. 

With the market capitalization of Rs. 7221 Crores, the shares of Vikram Solar Ltd were trading at around Rs. 199 per share which is 51 percent discount from its 52 weeks high of Rs. 408 per share and is trading at a P/E of 15.2 whereas industry P/E stands at 29.2

Revenue from operations has increased from Rs. 3423 Crores in FY25 to Rs. 4802 Crores in FY26, up 40 percent. Operating profit has increased from Rs. 492 Crores to Rs. 917 Crores, up 86 percent and net profit has increased from Rs. 140 Crores to Rs. 470 Crores, up 235 percent 

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