5 Solar Energy Stocks with Strong Order Book

#2 Premier Energies

Second on the list is Premier Energies.

Premier Energies is a leading integrated solar cell and module manufacturer in India. The company is actively expanding its portfolio to become a comprehensive cleantech solutions provider by entering the transformers, BESS, and solar inverter markets.

The company currently has an annual capacity of 3.6 GW for solar cells and 5.4 GW for solar modules. It aims to scale up to a vertically integrated capacity of over 10 GW across ingots, wafers, cells, and modules.

The order book stands at 9.4 GW worth Rs 137.2 bn, providing revenue visibility of about two years. The order book is 100% domestic. Solar cells account for 54% and solar modules account for 46%.

Around 90% of the current cell capacity is already sold out. The company expects to execute 70-75% of its total order book within the next 12 months.

The company's current capacity expansion will roll out over the next few quarters. Premier is establishing a 5.6 GW module line. This was expected to be completed in March 2026. It's also adding a 7 GW TOPCon cell line, expected to be commissioned in phases (4.8 GW by June 2026, and 2.2 GW by September 2026).

In addition, construction has begun on a 10 GW ingot-wafer line with a projected capex of Rs 59 bn. The first 5 GW phase is expected to be finished by December 2026.

Further, it's also expanding its transformer capacity to 16.75 GVA by July 2026. A brownfield 3 GW (1 m units per year) inverter capacity is scheduled for December 2026. Management expects this expansion (transformers, inverters, and BESS) to help them contribute 20% to revenue by 2028.

From a financial standpoint, revenue grew by 13% YoY to Rs 19.4 bn in Q3 FY26. EBITDA surged 15.5% to Rs 5.9 bn, with margins at 30.6%. Net profit grew significantly (up 53.4%) to Rs 3.9 bn.

Check out Premier's 5-year factsheet and quarterly results to know more.

#3 Sterling & Wilson Renewable Energy

Third on the list is Sterling & Wilson Renewable Energy (SWREL).

SWREL is a leading Solar EPC company. The company offers end-to-end 'concept to commission' turnkey EPC and Balance of System (BoS) services for utility-scale solar and floating solar power projects.

Recently, SWREL has diversified its solutions to include Hybrid Energy, Wind EPC, and BESS. The company has an EPC portfolio of 27.3 GWp and a regional presence in 28 countries.

FY26 was a record-breaking year for SWREL in terms of order bookings. The company bagged 12 new orders in FY26, totaling nearly 5.2 GW of DC solar capacity, plus one BESS project (790 MWh). In monetary terms, the new EPC order inflows grew by more than 43% YoY to Rs 100.6 bn.

As a result of strong inflows, the unexecuted order book reached a record high of Rs 118.1 bn. Domestic orders account for 78%, while international orders account for the remaining 22%.

This order book provides revenue visibility for a little over a year, based on FY26 revenue of Rs 75.5 bn. SWREL is targeting an order book of close to Rs 140 bn by the end of FY27.

Looking ahead, the bid pipeline stands at 31 GW (worth over Rs 500 bn), heavily skewed towards India, which accounts for more than 27 GW of that pipeline. SWREL historically maintains a win/hit ratio of roughly 25-28%.

For SWREL, a key highlight could be the launch of a multi-GW solar project by Reliance Industries. With Reliance holding a 40% stake, SWREL remains a strong contender for the order. SWREL expects to capture a large share of orders once Reliance finalises technology and rollout plans.

From a financial standpoint, revenue grew 20% YoY to Rs 75.5 bn in FY26. EBITDA surged 53% to Rs 4.4 bn, with margins at 5.9%. Net profit more than doubled to Rs 1.4 bn. SWREL conservatively expects to maintain a 15% revenue growth rate in FY27.

Check out Sterling & Wilson's 5-year factsheet and quarterly results to know more.

#4 Websol Energy Systems

Fourth on the list is Websol Energy Systems.

Websol Energy Systems is an Indian renewable energy company specializing in manufacturing solar cells and modules. Websol currently operates a 1.2 GW Mono-PERC solar cell capacity and a 550 MW solar module capacity.

The company is strongly focused on the Domestic Content Requirement market. Their cells and modules are utilised to support major government-funded renewable energy projects, such as the PM-KUSUM and PM Surya Ghar schemes.

Websol Energy closed Q4FY26 with a robust, confirmed order book valued at Rs 11.6 bn. This order book provides revenue visibility of around a year. Modules account for the majority of current demand, contributing 60% to the total order book. Solar cells account for the remaining 40%.

Management expects to fully complete this entire order book within a single financial year.

To de-risk against sudden technology shifts while scaling operations, Websol is implementing its next phase of growth. The company is on track to set up a 4 GW integrated cell-and-module facility in phases. The first leg of this greenfield expansion is scheduled for commissioning in June 2027.

Currently, India imports the majority of its wafers. To secure the supply and improve margins, Websol is pursuing backward integration into ingot and wafer manufacturing. It has partnered with Linton for equipment and technology support, targeting commercial readiness by June 2028.

As part of a major technology upgrade, the company plans to commence commercial production on an upgraded TOPCon line by February 2027. This will allow Websol to increase cell efficiency to over 24.5% and move to larger G12R cell sizes, significantly increasing the watt-peak output per cell.

From a financial standpoint, revenue grew 82.4% YoY to Rs 10.5 bn in FY26. EBITDA surged 70% to Rs 4.3 bn, with margins at 41%. Net profit nearly doubled to Rs 3 bn.

Check out Websol's 5-year factsheet and quarterly results to know more.

#5 ACME Solar Holding

Fifth on the list is ACME Solar Holdings.

ACME Solar Holdings is one of India's largest renewable energy Independent Power Producers (IPPs).

ACME develops, builds, owns, and operates utility-scale renewable power projects across India, with a heavy concentration in high-resource-potential states such as Rajasthan. Its portfolio spans solar, wind, BESS, hybrid, and Firm and Dispatchable Renewable Energy projects.

As of 31 March 2026, ACME boasts a total portfolio of 8 GW of generation capacity, including significant future additions of 17 GW in BESS installation.

ACME generates stable long-term cash flows by selling power under 25-year PPAs at fixed tariffs. More than 80% of its portfolio is tied to government-backed takers such as SECI, NTPC, SJVN, and NHPC.

The current order book stands at 5.1 GW of under-construction generation capacity and 14.7 GWh of BESS capacity. Of this, PPA has been signed for 3.3 GW, and the remaining 1.8 GW is pending.

ACME plans to execute 1.5 GW of contracted renewable capacity in FY27 and 1.1 GW in FY28. It aims to expand its portfolio to 10 GW of generation capacity and 20 GWh of BESS capacity by 2030. Of 20 GWh of BESS capacity, it's targeting 4 GWh of BESS installation in FY27, scaling up to 10 GWh by 2027 end.

ACME even reported strong FY26 performance. Revenue grew 59% YoY to Rs 25.1 bn in FY26. EBITDA surged by 61% to Rs 22.7 bn, with margins at 90.3%. Net profit nearly doubled to Rs 5 bn. The management expects to execute 1.5 GW of contracted renewable capacity in FY27.

Check out ACME Solar's 5-year factsheet and quarterly results to know more.

Bottomline

India's solar sector is no longer just about capacity announcements. The focus has now shifted to execution, scale, and long-term visibility.

Companies with strong order books are entering the next growth phase with clearer revenue pipelines and aggressive expansion plans across cells, modules, EPC, storage, and green hydrogen.

Yet, rising competition, technology shifts, overcapacity, and execution risks remain key challenges. For investors, the opportunity is in identifying businesses that can convert this demand cycle into sustainable earnings growth over the next decade.

This is why you should carefully analyze the company's fundamental aspects, including its financial performance, corporate governance practices, and growth strategies.

Happy investing.

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