Solar mounting structures and tracker components, plus transmission towers and line hardware (listed Sep 2026)
Price
₹376.00
snapshot 6 Nov 2026
Strengths
Largest integrated Indian maker of solar mounting structures and tracker parts (~79% of FY26 revenue); its tower business also serves the grid build-out
Risks
Tied to utility-scale solar volumes and steel prices
Very short listed history
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹12,081 Cr
Stock P/E
47.4x
Div Yield
0%
ROCE
23.4%
ROE
20.8%
P/B
—
Revenue growth
+36.5%FY26
Profit growth
+64.7%FY26
Net margin
5.3%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
1,245FY22
1,600FY23
2,425FY24
3,158FY25
4,312FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 16% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Manufactures solar modules and executes EPC to build utility-scale and rooftop solar plants - see the dedicated Solar Module Manufacturing (ALMM) policy flow for the full upstream stack.
Why it matters
Solar is the single fastest-growing source of new generation capacity in India, and ALMM gives domestic module makers a structural procurement advantage.
Where the value pool sits
Module manufacturers capture policy-protected domestic demand under ALMM; EPC contractors earn project-based construction margins building out that capacity.
Key drivers
ALMM mandate for government/utility-scale tenders
PM Surya Ghar rooftop scheme
Falling module costs improving project economics
Potential bottlenecks
Domestic cell capacity still lags module assembly capacity
EPC margins are thin and execution-risk-heavy
Land and grid-connectivity availability for utility-scale sites