Synopsis: India’s solar capacity has rapidly expanded to 140.6 GW, driven by policy support, investments, and falling costs. The companies in this space have seen their order books grow up to 93 percent since the start of FY26.
India’s solar sector has expanded rapidly, with cumulative installed solar power capacity reaching approximately 140.6 GW, supported by declining costs, private investments, and strong policy backing. Government initiatives such as PM Surya Ghar Muft Bijli Yojana, PM-KUSUM, and the development of large solar parks are significantly boosting rooftop, agricultural, and utility-scale solar adoption across the country.
To meet its climate commitments made at COP26, the Ministry of New & Renewable Energy (MNRE) is targeting 500 GW of non-fossil fuel capacity by 2030. This ambitious roadmap is also accelerating investments in solar power generation. The following are the 4 solar stocks along with their order book movement across the fiscal year
Waaree Energies Ltd
The company is one of India’s largest solar PV module manufacturers, offering high-efficiency panels, EPC services, project development, and rooftop solutions. It serves utility, commercial, and residential segments globally, supported by integrated manufacturing, strong exports, technology adoption, and expanding renewable energy infrastructure to meet rising clean power demand worldwide.
Waaree Energies reported 27 percent order book growth, increasing from Rs 47,000 Cr at the start of the fiscal year to Rs 60,000 Cr currently as of Q3FY26, reflecting strong demand visibility and order pipeline of more than 100 GW.
Premier Energies Ltd
It is an integrated solar cell and module manufacturer in India, providing photovoltaic products, EPC solutions, and renewable energy services. The company focuses on high-efficiency technologies, large-scale manufacturing, and exports, serving utility and commercial customers while strengthening domestic solar supply chains and supporting India’s energy transition goals effectively.
Premier Energies reported 77 percent order book growth, increasing significantly from 5.3 GW at the start FY26 to 9.4 GW in Q3FY26, supported by strong project inflows
Emmvee Photovoltaic Power Ltd
Based in Bengaluru, the company manufactures solar photovoltaic modules and provides engineering, procurement, and construction services for solar power projects. The company serves domestic and international markets, offering reliable, high-performance modules, rooftop systems, and turnkey solutions, supported by modern facilities, innovation focus, and strong partnerships across renewable energy ecosystem segments globally.
Emmvee Photovoltaic Power reported 93 percent order book growth, rising sharply from 4.8 GW at the start of the fiscal year to the current 9.3 GW, reflecting strong business momentum.
Vikram Solar
Vikram Solar is one of the leading Indian solar module manufacturer delivering photovoltaic modules, EPC services, and project solutions. It operates advanced manufacturing facilities and serves utility, commercial, and industrial customers worldwide, focusing on innovation, reliability, and sustainability while supporting renewable energy adoption through high-quality solar technologies and integrated clean energy offerings. Vikram Solar reported a 3 percent growth in order book, increasing from 10.3 GW at the start of FY26 to 10.6 GW in Q3FY26, indicating slight moderation.
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