Mumbai | 02-Oct-2025, 10:05 IST — Filed via NSE/BSE filings & price data
India’s power and renewable energy sector has quietly created some of the most dramatic wealth stories in the market. In just three years, counters like Transformers & Rectifiers (T&R), GE T&D India, Waaree Renewable Technologies, Apar Industries, and Inox Wind Energy have delivered between 10x and 32x returns. The rally reflects a potent mix of policy tailwinds, balance sheet clean-ups, and the sheer scale of India’s energy transition.
From grid upgrades and HVDC projects to solar module exports and wind farm revivals, these names have captured the multi-decade electrification story. Investors who spotted the trend early have seen extraordinary gains, and the sector now finds itself firmly in the market’s spotlight.
Multibagger Gains from Power Play
- Transformers & Rectifiers (T&R): Trading near penny stock levels in 2021, T&R has turned into one of the biggest wealth creators of this cycle. The company benefited from surging transformer demand as India rolled out ultra-high voltage transmission lines and modernized its grid. Shares climbed from ~₹25 to above ₹800, a 32x leap.
- GE T&D India: Once a low-profile MNC subsidiary, GE T&D became a vital supplier for India’s grid strengthening push. Its 765kV and HVDC product lines won large orders, and the company capitalized on technology transfer from its global parent. The stock rose from ~₹50 to ₹750, a 15x return.
- Waaree Renewable Technologies: Riding the solar wave, Waaree scaled aggressively, both in domestic module supply and exports. With PLI incentives, its manufacturing pipeline expanded sharply. The counter jumped from ₹140 to beyond ₹3,000, a 21x surge.
- Apar Industries: As India’s leading conductor and transformer oil player, Apar found itself at the center of grid expansion and RE integration. Rising exports added fuel. The stock rose from ₹400 to ~₹4,800, delivering 12x gains.
- Inox Wind Energy: Long written off due to debt and execution delays, Inox staged a turnaround after deleveraging and winning fresh wind turbine orders. Shares grew from ~₹120 to ₹1,200+, a 10x rally.
| Company | Price (Oct 2021) | Price (Sep 2025) | 3Y Returns | Key Driver |
|---|---|---|---|---|
| Transformers & Rectifiers | ₹25 | ₹800+ | ~32x | Grid upgrade, HVDC demand |
| GE T&D India | ₹50 | ₹750 | ~15x | Grid infra, tech transfer |
| Waaree Renewable Tech | ₹140 | ₹3,000+ | ~21x | Solar capacity, exports |
| Apar Industries | ₹400 | ₹ 8800 | ~22x | Conductors, cables, oil |
| Inox Wind Energy | ₹120 | ₹1,200+ | ~10x | Wind capex recovery |
What’s Driving the Boom
The policy framework has been crucial. India announced a ₹10 lakh crore grid capex program, ambitious renewable energy targets of 500 GW by 2030, and PLI schemes for domestic equipment. These created a multi-year visibility for orders.
Electrification demand also surged, with EV charging, smart metering, and industrial growth pushing up power needs. At the same time, exports rose sharply, as Indian companies leveraged cost advantages to win orders abroad.
Private developers, PSUs like NTPC and PowerGrid, and state DISCOMs all launched tenders across solar, wind, and transmission. This order flow helped equipment makers ride a structural upcycle.
Market Reaction
Valuations reflect the optimism. Apar trades at ~35x trailing earnings, Waaree near 60x, while T&R’s multiples rival fast-growing consumer firms. Despite stretched charts, mutual funds and FPIs have consistently increased stakes, betting that India’s energy transition is only in its early innings.
Risks Ahead
Yet, risks remain. Policy dependence is high, any delay in renewable auctions or subsidy changes could hit growth. Execution challenges—land acquisition, transmission bottlenecks, and global supply chain issues—linger. Analysts also caution that much of the next 3–4 years’ growth is already priced in.
Outlook
The power and renewable story is no longer a cyclical theme—it has become structural. While the 10x–32x rally may not repeat, analysts expect sustained compounding as India builds out its grid and renewable base. For investors, the mantra has shifted from chasing multibaggers to identifying sustainable compounders within the sector.
| Company | LTP (₹) |
Change | Prev. Close |
Day Range |
|---|---|---|---|---|
| Transformers & Rectifiers | 491.20 | +4.70 (0.97%) | 486.50 | 482.95 – 493.75 |
| Apar Industries | 8,224.00 | +38.00 (0.46%) | 8,186.00 | 8,110.00 – 8,261.00 |
| Inox Green Energy | 206.00 | +4.89 (2.43%) | 201.11 | 199.99 – 207.10 |
