Motilal Oswal’s solar-energy analysis highlights companies across solar manufacturing, renewable power generation, energy storage and solar components.
Here are the 5 high-growth solar stocks highlighted in the analysis, and why each could be an interesting stock to watch.
1. Waaree Energies
- One of India’s largest solar module manufacturers, with operations spanning solar cells, PV modules, inverters and EPC projects.
- Its vertically integrated business model gives it exposure to multiple stages of the solar value chain.
- The company has substantial ALMM-approved module and cell capacity, supporting its participation in government-backed solar projects.
- According to the supplied Motilal Oswal analysis, FY26 revenue grew 84%, EBITDA increased 117%, and PAT more than doubled to around ₹3,880 crore.
- Waaree offers broad exposure to India’s expanding domestic solar-manufacturing ecosystem rather than relying on just one solar product.
- Changes in import duties or solar-manufacturing policies could affect pricing and margins.
2. Adani Green Energy
- A major renewable-energy developer focused on solar, wind and hybrid renewable projects.
- The supplied analysis says the company had 19.3 GW of operational renewable capacity at the end of FY26, with around 70% coming from solar.
- Long-term Power Purchase Agreements (PPAs) provide visibility for electricity sales.
- The company generated 116% of its committed generation in FY26, according to the analysis.
- FY26 revenue increased 22%, while EBITDA grew 23%.
- The company is also scaling battery energy storage, which could help address the intermittent nature of renewable generation.
- Adani Green gives investors exposure to India’s large-scale renewable-power buildout and the growing importance of storage.
- Transmission and grid constraints can affect project utilisation, while the stock’s relatively high valuation makes execution particularly important.
3. Premier Energies
- Manufactures solar cells and modules, executes utility-scale EPC projects and serves both domestic and export markets.
- Solar-cell capacity is expected to increase from 3.6 GW to 10.6 GW, while module capacity has already reached around 11.1 GW, according to the supplied analysis.
- The company is expanding into ingots, wafers, inverters, battery-storage systems and aluminium frames.
- FY26 revenue increased 21%, while PAT grew 61%.
- The analysis highlights a substantial domestic order book at the end of FY26.
- Premier Energies is building a broader solar-manufacturing ecosystem, potentially giving it greater control over its supply chain and reducing dependence on imports.
- Volatile input costs, long-term warranty commitments and rapid changes in solar technology could affect profitability.
4. ACME Solar Holdings
- Renewable-energy developer with exposure to solar and other renewable projects.
- The supplied analysis puts its renewable portfolio at around 8.1 GW, with approximately 40% being solar.
- Around 6.9 GW is backed by signed PPAs, providing visibility on future power sales.
- Battery Energy Storage Systems (BESS) are becoming an increasingly important part of the company’s strategy.
- BESS capacity increased to around 3.62 GW, while the company has also secured significant BESS-related revenue, according to the analysis.
- FY26 revenue increased 59%, EBITDA rose 61%, and PAT nearly doubled to approximately ₹498 crore.
- ACME Solar offers exposure not just to renewable generation but also to the emerging energy-storage opportunity.
- Concentration of its operating portfolio in Rajasthan means grid connectivity and transmission infrastructure remain important risks.
5. Borosil Renewables
- India’s largest solar-glass manufacturer, according to the supplied analysis.
- Solar glass is a critical component of solar panels, making Borosil a different way to participate in India’s solar-growth story.
- The company has around 7% domestic market share, according to the analysis.
- Existing capacity of around 1,000 tonnes per day is operating at full utilisation, with investment planned to increase capacity to approximately 1,600 tonnes per day.
- The company is also entering rooftop solar solutions, including solar panels, inverters and lithium batteries.
- FY26 revenue increased 38% to approximately ₹1,535 crore, while EBITDA jumped 172% to around ₹492 crore.
- Borosil provides exposure to the solar-component and import-substitution story, rather than directly competing in the crowded module-manufacturing market.
- Lower-cost imports and changes in anti-dumping protection could put pressure on pricing and margins.
