Waaree Renewables – old Sangam Advisors – can it keep on renewing?

As per the yearly numbers reported here – Year wise Achievements | Ministry of New and Renewable Energy | India, India seems to have added 10GW per year in 2022 and ~7GW in 2023, the estimates of 10GW and above per year looks aggressive to me. It doesn’t account for slowdowns where we might see a dip in new commissions. I would like to understand what changes for the company for every 100MW increase in the order book, does their working capital cycle increase, does the debt profile change significantly. Understanding these may help us arrive at a sustainable growth rate. Let me know if that makes sense.