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Motilal Oswal Report
Shares of Saatvik Green Energy Ltd. opened 5% higher and rallied further on Tuesday after domestic brokearge firm Motilal Oswal has initiated coverage on the the stock with a Buy rating and has set a targtet price of Rs 565, implying a potential upside of 26% from the current levels.
The brokerage sais, as of FY26 end, Saatvik Green had an installed module manufacturing capacity of 4.8GW at its Ambala facility in Haryana. The company is expanding its module manufacturing capacity by an additional 4GW and is also entering cell manufacturing with a planned capacity of 6GW.
Consequently, Saatvik Green's module/cell manufacturing capacities are likely to reach 8.8GW/2.4GW by FY27 and 8.8GW/ 6GW by FY28.
The company also plans to enter the ingot-wafer segment with a proposed capacity of 6GW by FY29, strengthening its backward integration strategy.
Upside risks
- The new module and cell facility could scale up faster than expected and start contributing meaningfully to revenue and margins from FY27, and
- Acceleration in government measures to facilitate PPA signings and transmission connectivity for IPPs.
Downside risks
- Intensifying competition from large domestic players may pressure pricing and margins;
- Missing timelines for the execution of module and cell facilities or slow ramp-up of the same;
- Slow execution and ramp-up of domestic cell/ingot-wafer capacities, potentially prompting the government to postpone the implementation of ALMM-III.
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