this is right. the sector is growing without doubt. and is one of the fastest growing sectors. both solar and wind have huge potential in gujarat state and the target which co needs can be done in gujarat itself without venturing outside. the only caveat is execution risk which going by the track record of the co is achievable i would say. and if the co does more revenue in FY24 then the valuation can peak in that year also without waiting for FY25 to happen.
one may be concerned with increasing debt but cashflows from ops are robust and more than sufficient to take care of the debt repayments. also co is focusing on CPP segment which is asset light.
at this point its more a question of how can the co. go wrong. that is the biggest risk imo. the sector, the growth, the potential are all there.
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