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Dolat Capital Report
The Indian AC story remains a fundamentally strong theme, with it being the least penetrated white goods at 7%.
With a latent demand from a growing economy, the stimulus of PLI is expected to fuel further investments as India tries to meet demands for ACs and components locally.
The current value of add of 25% is expected to touch ~70% in five years, as compressors get made locally.
The industry volumes, which are currently at 7 million, are expected to touch 24 million in five years at which scale, we also become export competitive.
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