India’s Solar Industry At A Glance

India’s transition toward renewable energy has put solar power at the center of its clean energy agenda. With ambitious targets for solar capacity, the sector is witnessing rapid growth in both manufacturing and installations. Companies such as Waaree Energies, Alpex Solar, Premier Energies, Australian Premium Solar (APS), Vikram Solar, and Websol Energy have emerged as key players in solar modules and solar cells manufacturing. A peer-to-peer comparison provides insights into their strengths, scale, financials, and growth potential.

Capacity And Product Overview

The companies differ in scale and focus, with some specializing in solar modules and others expanding aggressively into solar cells. Waaree leads in existing module capacity, while Vikram Solar is ramping up aggressively. Websol and APS focus more on solar cells in smaller volumes. Premier Energies combines a balanced portfolio with growth plans. This diversity of strategies highlights the different ways companies are approaching India’s solar boom.

Company	Solar Module (GW)	Upcoming Module (GW)	Solar Cell (GW)	Upcoming Cell (GW)	TTM Sales (₹ Cr)	TTM PAT (₹ Cr)	Market Cap (₹ Cr)	P/S	P/E
Waaree Energies	15	10.7	5.4	10	15,461	2,300	2,93,080	6.0	40.5
Alpex Solar	1.2	2.4	1.6	1.6	1,084	125	3,004	2.8	24.0
APS (Australian Premium Solar)	0.6	0.8	0.2	0.2	503	47	895	1.9	20.3
Vikram Solar (FY25)	4.5	16	0	12	3,423	140	12,013	3.5	85.8
Premier Energies	5.1	5.9	3.2	6.8	6,682	1,047	24,611	6.9	44.1
Websol Energy	0.55	0	0.6	0.6	683	199	5,753	8.4	28.9

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Waaree Energies: Market Leader In Scale

Waaree Energies has emerged as the largest domestic solar module manufacturer with 15 GW of existing module capacity and 10.7 GW upcoming. With 5.4 GW of current solar cell capacity and 10 GW planned, it leads across categories. Financially, Waaree posted ₹15,461 crore in trailing sales with ₹2,300 crore PAT. Its large market cap of nearly ₹2.93 lakh crore shows strong investor confidence. However, high valuations reflected in a P/E of 40.5 demand sustained growth and margin expansion.

Alpex Solar: Mid-Sized Player With Growth Ambition

Alpex Solar operates at a smaller scale but is ramping up rapidly, with 1.2 GW of module capacity and another 2.4 GW upcoming. It already has 1.6 GW of solar cell capacity. With ₹1,084 crore sales and ₹125 crore PAT, the company shows promising profitability. Its valuations (P/E 24) are reasonable compared with industry leaders, offering growth potential if expansion plans are executed effectively.

APS: Focused Niche With Steady Growth

Australian Premium Solar (APS) remains a smaller but focused player with 0.6 GW existing module capacity and 0.8 GW in the pipeline. With ₹503 crore in sales and ₹47 crore PAT, it delivers steady performance in a competitive segment. Its valuations (P/E 20.3) appear attractive, though scale remains a challenge compared with larger peers.

Vikram Solar: Aggressive Capacity Expansion

Vikram Solar currently operates 4.5 GW of module capacity but is aggressively expanding to 16 GW, along with 12 GW of planned solar cell capacity. Despite ₹3,423 crore sales and ₹140 crore PAT, its valuations are steep (P/E 85.8). Investors are betting on future capacity expansion driving strong growth, but execution risks need to be monitored.

Premier Energies: Balanced Portfolio And Strong Profits

Premier Energies combines scale with profitability. With 5.1 GW existing modules and 5.9 GW upcoming, along with 3.2 GW cell capacity and 6.8 GW in pipeline, it shows a balanced growth model. ₹6,682 crore sales and ₹1,047 crore PAT highlight robust margins. Valuations at P/E 44.1 indicate investor optimism. Its strong balance sheet and expansion plans make it a serious contender for long-term leadership.

Websol Energy: Niche Cell Player

Websol Energy focuses more on solar cells with 0.6 GW capacity, complemented by 0.55 GW module output. With ₹683 crore sales and ₹199 crore PAT, it has high profitability relative to its size. Its valuations (P/E 28.9, P/S 8.4) show the premium investors assign to its niche positioning, though scaling up will be key to staying competitive.

Investor takeaway

The solar manufacturing sector in India is at an inflection point. Waaree leads in scale, Premier Energies delivers profitability, Alpex and APS represent mid-tier growth stories, while Vikram bets on aggressive expansion and Websol thrives in niche solar cells. Investors should evaluate balance sheets, execution capacity, and policy tailwinds like PLI before making decisions.

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Disclaimer: This article is intended for informational purposes only. It should not be considered investment advice. Readers are encouraged to perform their own analysis or consult SEBI-registered advisors before making investment decisions.