Goldman Sachs has flagged 3 concerns
1) CPCB-IV transition has made diesel gensets 15-25% more expensive &with competitors introducing more SKUs in high KVA gensets, expect incremental mkt share gains to be at expense of profitability
2) Expect BESS & other alternatives to reduce overall demand of diesel gensets in medium-to-long term
3) Weak macro environment & stringent emission norms should keep exports growth rates lower
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