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JM Financial kya bol raha hai solar sector par?
JM Financial ne char Indian solar companies par apna view rakha hai, aur sabka rating ek jaisa nahi hai. Kuch ke liye toh ye khushkhabri hai, par kuch ke liye thodi tension wali baat hai.
Emmvee & Vikram Solar: Buy aur Add Rating!
Emmvee Photovoltaics ko toh JM Financial ne seedha 'Buy' rating di hai, aur target price rakha hai ₹291. Matlab lagbhag 31% tak ka upside mil sakta hai! Brokerage ko lagta hai ki Emmvee mein capacity acchi hai badhne ki, aur FY25 se FY28 tak revenue, EBITDA, aur PAT 83%, 77%, aur 87% ke CAGR se badh sakta hai. Pichle 12 mahine ki earning ke hisab se P/E ratio 15.10 hai, jo kafi attractive lag raha hai. Haan, ek baat hai ki company profit mein hai par ab tak dividend nahi diya hai.
Vikram Solar ko 'Add' rating mili hai aur target hai ₹202, jo 5% badhotri dikha raha hai. Ye company module banane ki capacity kaafi badhayegi, aur inka revenue, EBITDA, aur PAT bhi 50%, 59%, aur 71% ke CAGR se FY25-FY28 tak grow hone ka estimate hai.
Waaree & Premier Energies: 'Reduce' Rating Kyun?
Doosri taraf, Waaree Energies aur Premier Energies ko JM Financial ne 'Reduce' rating di hai. Waaree ka target ₹2,815 aur Premier ka ₹816 rakha gaya hai, jisse lagbhag 10% tak ka girawat aa sakti hai. Brokerage ko lagta hai ki in companies ka current valuation, jo Waaree ke liye 27.33 aur Premier ke liye 32.69 ke P/E par hai, already itna high hai ki jitni growth hone wali hai woh sab price mein add ho chuki hai. Isliye zyada upar jaane ki ummeed kam hai.
Sector Mein Kya Challenges Hain?
Government support jaise PLI scheme aur solar glass par import duty kam hona toh achha hai, par sector mein kayi problems bhi hain. Kai naye projects mein der ho sakti hai ya woh pure bhi na ho paayein capital ki kami ke karan. Aur jab market mein capacity zyada ho jayegi aur prices ka pressure badhega, toh kuch hi bade players bachenge aur baaki companies market se bahar ho jayengi. Agar energy storage jaise naye fields mein bina soche samjhe enter kiya toh main business ke profit par bhi asar pad sakta hai. Ye sab tab ho raha hai jab India 2030 tak 500 GW non-fossil fuel capacity ka target rakhe hue hai.
Dusre Players Se Comparison
Aur comparison ki baat karein toh, Borosil Renewables ka P/E 61.29 hai, par ROCE aur ROE negative hain. Sterling and Wilson Renewable Energy ka P/E -10.10 hai, matlab company abhi loss mein chal rahi hai. Ye sab figures JM Financial ke pareshan hone ko aur justify karte hain kuch solar companies ke valuations ko lekar.