@Black Swan Solar Module Prices have collapsed in by 60% in last 1.5 months
It's remaining 2 of 3 Quarters will be very Tepid
So what my approximation is , is right
Never Calculate a Solar PV Manufacturer with TTM Earnings
Also It has done a Private Placement 2 months ago at 550 /-
And it's FY 24 Expected Earnings is around
Rs.35 Per Share pre-money and Around 32/- Post money
So giving it a 25× multiple
Reasons of lower valuations
No Pricing Power
Seasonality
China Disruption
Dumping by Chinese giants
Falling Prices
It's just a volume game and not margin game
Such businesses never gate such high PE
I am Very Bullish on Waaree ,
But Reality is Reality