Gujarat-based manufacturer of Monocrystalline and N-Type TopCon solar panels, solar grid inverters and solar water pumps, with EPC installation services for rooftop and agricultural pump systems.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 0 | 0 | 20 | 20 | 20 | 20 |
| Reserves | 7 | 8 | 11 | 15 | 28 | 68 | 113 | 142 |
| Borrowings | 1 | 3 | 3 | 2 | 10 | 8 | 31 | 44 |
| Other Liabilities | 18 | 23 | 21 | 22 | 23 | 113 | 99 | 180 |
| Total Liabilities | 26 | 35 | 35 | 39 | 80 | 208 | 264 | 386 |
| AssetsFixed Assets | 5 | 8 | 7 | 7 | 19 | 30 | 68 | 67 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 21 | 26 | 27 | 32 | 61 | 178 | 196 | 319 |
| Total Assets | 26 | 35 | 35 | 39 | 80 | 208 | 264 | 386 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | — | 5 | 3 | 3 | -5 | 24 | -4 |
| Cash from Investing | — | -6 | -1 | -3 | -13 | -14 | -45 |
| Cash from Financing | — | 2 | -1 | -1 | 35 | -2 | 54 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | — | 1 | 3 | 1 | -19 | 9 | -50 |
| FCF Margin | — | — | — | — | — | — | — |
The Earnings Per Share over the last 12 months.
Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).
Pre-filled with the lower of median (15.1×) and current (6.3×) PE — the conservative anchor.
The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.
At 10% growth and a 6× exit, ₹307 only delivers your return if you pay ₹201. The price is currently baking in 19% growth.
EPS grows 10%/yr for 5 years, then fades to 6% over 2, exits at 6×.
| Year | Growth | EPS (₹) |
|---|---|---|
| FY27 | 10.0% | 53.26 |
| FY28 | 10.0% | 58.59 |
| FY29 | 10.0% | 64.45 |
| FY30 | 10.0% | 70.89 |
| FY31 | 10.0% | 77.98 |
| FY32 | 8.0% ·fade | 84.22 |
| FY33 | 6.0% ·fade | 89.27 |
Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.
Guides on how to read this kind of business and the numbers that matter.