3 Energy Stocks with Large Order Books and Strong Growth Prospects

Home Views On News Nov 6, 2026 - 3 Energy Stocks with Large Order Books and Strong Growth Prospects

3 Energy Stocks with Large Order Books and Strong Growth Prospects

Image source: Vladimir Zakharov/www.istockphoto.com

India's energy sector is witnessing significant growth, driven by rising electricity demand, rapid industrialisation, infrastructure development and the country's transition towards cleaner energy sources.

The government's focus on expanding power generation capacity, strengthening transmission networks and promoting renewable energy is creating substantial business opportunities for companies across the energy value chain.

Against this backdrop, here are 3 energy companies with large order books and ongoing capacity expansions.

#1 Power Grid Corporation of India

First on our list is Power Grid Corporation of India.

Power Grid Corporation of India is a leading public sector company engaged in energy transmission across India. It develops and operates high-voltage transmission networks, substations and grid infrastructure.

Post the company's Q2 FY27 results, the company announced a massive order book of Rs 2,200 billion (bn). Orders under tariff-based competitive bidding totalled Rs 1,950 bn, while the remaining orders were under the regulated tariff mechanism.

These orders give the company good revenue visibility in the coming years.

On the financial front, Power Grid Corporation reported total income of Rs 120.55 bn, up 3% YoY. The company reported a net profit of Rs 38,67 up 8% YoY.

In the first half of FY27, the company saw 2,616 ckm of transmission lines and 25,100 MVA of transformation capacity.

Moving ahead, MeitY, MoP and Powergrid recently entered into a collaboration for Indigenous design and development of Silicon Carbide (SiC) MOSFET-based power modules for Voltage Source Converter (VSC) HVDC .

Under the same, 13,000 SiC power modules of various voltage classes (3.3 kV, 4.5 kV, 6.5 kV) to be developed and deployed by 2030-31.

Overall, Power Grid Corporation's massive order book creates opportunities for the company.

To know more, check the Power Grid fact sheet and latest quarterly results.

#2 Waaree Energies Next on the list is the stock of Waaree Energies. Waaree Energies is one of India's leading solar photovoltaic module manufacturers, with a growing presence in domestic and international markets. The company is expanding its manufacturing capabilities and diversifying into solar cells, inverters, battery energy storage systems and other renewable energy solutions. The company had an outstanding order book of Rs 592 bn as at the end of September 2026. Before the Q2FY27 quarter began, the company had an outstanding order book of Rs 615 bn. It received net new orders of Rs 50 bn and executed orders worth Rs 73 bn, resulting in an outstanding order book of Rs 592 bn by the end of Q2FY27. On financial performance, in H1 FY27 the company saw a 47% increase in revenues, coupled with 15% EBITDA growth and operating cash flow up almost 5x, demonstrating execution resilience. Moving ahead, out of the capex program of approximately Rs 300 bn outlined by the company, 35% is already deployed, 28% is under execution, and 37% is under the planning stage. The management says that by FY28, Waaree will be fully ready to execute on capacities, namely 29 gigawatts of solar PV, 15.4 gigawatts of solar cells, 5 gigawatt-hours of BESS pack and container, 3.5 gigawatt-hours of battery cell manufacturing, 4 gigawatts of inverters, 20,000 MVA of transformers, and a larger integrated EPC entity. To know more, check the Waaree Energies fact sheet and latest quarterly results. #3 Bharat Heavy Electricals (BHEL) Next on our list is the stock of BHEL. The company is a leading government-owned engineering and manufacturing company specialising in power generation equipment and infrastructure for the energy sector. Its operations cover thermal, hydro, nuclear and renewable energy, besides transmission equipment, defence, aerospace, and transportation. As of 30 September 2026, BHEL had an outstanding order book of Rs 2,575.71 bn. H1 FY27, the company secured orders totaling Rs 300 bn, including Rs 40 bn in Q2. Key Q2 orders included Heo and Tato-I hydro packages, 265 main traction transformers, FR6B gas turbine, green-ammonia and recycle-gas compressors. The company says that it is maintaining execution discipline, thereby converting orders into profitable growth. Overall, the company added 2,260 MW of capacity during H1 FY27, against a target of 4,790 MW for FY27. On the financial front, BHEL reported revenues of Rs 97 bn in Q2FY27, up 24% YoY. The company's net profit surged 120% YoY to Rs 8.1 bn. The management said that timely delivery, margin discipline, faster cash collection, and productive capex will translate scale into returns. They also said the company is on the path of sustainable value creation for stakeholders by combining structural demand with differentiated engineering and execution. To learn more, check the fact sheet and latest quarterly results. Conclusion While many companies have sizeable order books and promising growth opportunities, investors should not consider these factors alone when evaluating their prospects. A large order book does not necessarily guarantee timely revenue recognition or higher profitability. Delays in project execution, rising input costs, working capital pressures and margin fluctuations could affect financial performance. Moreover, strong growth expectations may already be reflected in the current market valuations of these companies. Investors should carefully examine their earnings growth, cash flows, debt levels and ability to execute projects before drawing conclusions. Chasing stocks purely on the strength of large order books could prove risky, particularly at expensive valuations. --- Advertisement ---

Investment in securities market are subject to market risks. Read all the related documents carefully before investing Which businesses are most likely to emerge stronger over the next 3 to 5 years? After screening thousands of listed companies, comparing industries, and examining balance sheets... Our research team discovered some of the strongest opportunities in what we call... Essential Stocks. Opportunities like this do not remain hidden forever. Grab the Opportunity Before it Disappears 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...

Want To Read The Full Article? Enter your email to continue reading on Equitymaster. Continue Reading Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.

By submitting your email address, you also sign up for Profit Hunter, a daily newsletter from Equitymaster covering exciting investing ideas and opportunities in India. Thanks for Signing Up! Before you continue reading, please go to your inbox and look for confirmation email from us. Watch out for the subject line 'Verify Your Email for Equitymaster – Your OTP Inside' If you don't find it in your inbox, please check your spam/junk folder. Submit Resend OTP