5 Solar Stocks with the Strongest Order Books

The shift towards clean energy is no longer just a global trend-it's a structural shift in how power is generated, stored, and consumed.

And in India, solar energy is leading the way.

The country aims to achieve 500 gigawatts (GW) of renewable energy capacity by 2030, up from the current 220 GW. It also targets net-zero emissions by 2070.

This offers a long runway of growth, backed by a strong order book.

A strong order book doesn't just reflect demand. It signals execution capability, capital efficiency, and business stability in a competitive market.

In this piece, we look at five listed solar companies with the most robust order pipelines.

#1 Tata Power

First on the list is Tata Power.

Tata Power, part of the Tata Group, is India's largest vertically integrated utility company.

The company is involved in power generation, transmission, distribution, trading, and the manufacturing of modules and cells.

Tata Power has a total power generation capacity of 25.7 GW. This comprises 16.8 GW of clean and green energy and 8.9 GW of thermal energy.

Additionally, it also has 4.9 GW of integrated module manufacturing capacity and 5,488 public charging electric vehicle points.

As of the March 2025 quarter, Tata Power's solar order book stood at Rs 114 billion (bn).

From a financial standpoint, revenue increased by 5% to Rs 645 bn in FY25. The growth was driven by all-around performance across the core and solar businesses. Net profit rose 11.5% to Rs 48 bn.

Looking ahead, Tata Power remains on track to double its net profit by FY30. The key growth driver will be the renewable business.

To this end, 5.5 GW of capacity will be added in a staggered manner within the next two years, with 2.7 GW expected to be commissioned in FY26. The company aims to have about 70% clean and green energy portfolio by 2030, up from the current 44%.

Renewable energy pumped hydro projects, and rooftop solar, in which it is a market leader, will contribute to the growth.

Check out Tata Power financial factsheet and quarterly snapshot to know more.

#2 Waaree Energies

Second on the list is Waaree Energies.

Waaree Energies is primarily engaged in the manufacturing of solar cells and modules.

The company also provides EPC services for solar power plants and trades other solar-related products, including solar water heaters and solar water pumps.

It has 5.4 GW of operational solar cells and 15 GW of module manufacturing capacity. Waaree leads with 14.1% market share in India's module shipments. It has a solar power capacity of over 105 GW and is expected to reach 280 GW by 2030.

From a financial perspective, revenue grew 28% YoY to Rs 148 bn in FY25, driven by order book execution. Net profit rose 107% YoY to Rs 19 bn, with margin expanding to 21%.

As of Q4 FY25, the order book stood at Rs 470 bn, with 43% from India and 53% from overseas. The order book provides strong revenue visibility of over three years, as per the FY25 revenue forecast.

Looking ahead, Waaree expects cell manufacturing to grow at an annual growth rate of over 30% over the next 5 years. It's expanding its capacity, with most of it expected to go live in FY27.

A 6 GW poly-silicon ingots and wafers plant, and a 3.5 GW-hour lithium-ion storage cells and energy storage system will be ready by FY27.

A 0.3 GW electrolyser (for green hydrogen) manufacturing facility is also expected to start operation in FY27. This facility is approved under the production-linked incentive scheme. Moreover, a 3 lakh unit inverter manufacturing facility is expected to go live by Q4 FY26.

These capacities, a strong order book, and rising demand are expected to benefit Waaree in the years to come. However, policy uncertainties from the U.S. can be a headwind for its growth.

Check out Waaree Energies' financial factsheet and quarterly snapshot to know more.

#3 Premier Energies

Third on the list is Premier Energies.

Premier Energies is one of the largest integrated (solar cell and module) manufacturers in India. The company has a current capacity of 2 GW of cells and 5.1 GW of modules. The company has a 100% market share in solar cell exports to the US from India.

As of Q4 FY25, the order book stood at Rs 84.5 bn, providing modest revenue visibility of over a year. The order book comprises 99% of the domestic market.

Revenue doubled to Rs 66 bn, driven by increasing capacity utilisation. Net profit increased 3 times to Rs 9.4 bn, as margins almost doubled to 27%, from 15% in FY24.

Going forward, the company aims to become India's leading provider of cleantech solutions with an integrated solar module manufacturing capacity of 10 GW by FY28.

To capitalise on the demand, it is also expanding its capacity. 10 GW of ingot, 8 GW of wafer, and 1.6 GW of cell capacity will be operational by FY28. In the near term, 2 GW of wafers, 6.4 GW of cells, 3 GW of solar inverters, and 6 GW of module capacity will likely be operational by FY26.

In addition, a 12 GWh BESS cell-to-pack and container solution, and a 36,000 metric tonne capacity aluminium frame facility are expected to be operational by FY28.

These capacities, along with new products, are expected to be a key growth driver for Premier.

Check out Premier Energies' financial factsheet and quarterly snapshot to know more.

#4 NTPC Green Energy

Fourth on the list is NTPC Green Energy.

NTPC Green is a wholly owned subsidiary of NTPC.

It's the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity. The company benefits from NTPC's financial strength and relationships with offtakes and suppliers.

As of Q4 FY25, the company has 5.4 GW of operating solar capacity. NTPC Renewable Energy has an awarded order book of 11.2 GW in solar projects, with tariffs ranging from Rs 1.99-4.12 per kWh.

The wind project pipeline stands at 2.0 GW, with awarded tariffs between Rs 2.34-4.37 per kWh.

In addition, NTPC Green Energy's joint venture with Indian Oil, INGEL, has secured 1.8 GW of solar and wind capacity. A further 1.99 GW has been awarded under projects linked to Ayana.

Regarding its financials, revenue increased 13% to Rs 22 bn, driven by higher capacity utilization. Capacity doubled to 5.9 GW, from 2.9 GW last fiscal. Net profit rose 38% to Rs 4.7 bn, with an industry-leading margin of 87%.

Looking ahead, NPTC plans to increase its renewable energy capacity to 60.0 GW by 2030 through NTPC Green. It will be diversified across wind, solar, storage, nuclear, and green molecules. In the near term, the company aims to achieve 26 GW of capacity by FY28.

Most of the company contracts are long-term, 25 years, providing strong and stable revenue visibility.

Check out NTPC Green financial factsheet and quarterly snapshot to know more.

#5 ACME Solar Holdings

Last on the list is ACME Solar Holdings.

ACME is a renewable solar power producer with 4.88 GW of operational capacity, including 2.34 GW under construction. The portfolio is spread across more than 11 states and has 17 different counterparties.

The company's products are diversified across pure solar, wind power, hybrid, and solar power projects with energy storage systems.

Additionally, it is involved in EPC and O&M for in-house renewable energy projects.

On the financial front, revenue increased just 7% to Rs 15.8 bn, driven by 1.2 GW of capacity addition in the last quarter of FY25.

Net profit, however, rose 131% to Rs 2.5 bn, driven by operating leverage.

Looking ahead, the company targets to have a portfolio of 10 GW capacity by 2030. Of this, 0.2 GW of capacity was commissioned in May 2025.

In addition, power purchase agreements (PPAs) have been signed for 1.9 GW of projects. Letters of intent have also been awarded for another 2.1 GW.

These projects are expected to be commissioned over the next 2-3 years, which can give a boost to revenue. However, at the same time, it exposes it to execution risk.

Check out ACME Solar financial factsheet and quarterly snapshot to know more.

Conclusion

A strong order book reflects long-term revenue visibility and sectoral tailwinds. All the companies discussed here are at the forefront of India's renewable energy transition.

As the country targets 500 GW of non-fossil energy capacity by 2030, the rapid expansion of solar energy is likely to create significant opportunities.

These companies are well-positioned to benefit from this shift, given their strong order book and capex.

However, instead of relying solely on hype, it's necessary to carefully analyse the company's fundamentals, including its financial performance, corporate governance practices, and growth strategies.

Happy Investing.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...