Not a recommendation. Sharing data for learning.
Business: Solar EPC + IPP (execution revenue + recurring cash flows)
Revenue growth: ~3× growth over last 3–4 years
Profitability: Net profit margins improved from low single digits to ~10%+ in recent years
ROE: ~30%+ (varies by year due to project cycles)
Debt: Low to moderate; not a heavily leveraged balance sheet
Order visibility: Strong EPC order book driven by utility & commercial solar projects
Sector tailwinds:
India target: 500 GW non-fossil capacity by 2030
Solar additions increasing YoY; EPC demand remains strong
Not a momentum trade thesis. More of a structure + execution story.
If you know how EPC + IPP models work, you know.