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Investing.com - UBS initiated coverage on Premier Energies (PREMIERE:IN) with a Buy rating and a price target of INR1,340.00 on Monday.
The investment bank expects India to add 220GW of solar capacity over FY25-30, compared to 71GW added in FY20-25, creating strong growth opportunities for the backward integrated solar OEM.
UBS believes Premier Energies will benefit from increasing protectionism and domestic content requirements in solar modules, leveraging its integrated manufacturing capabilities.
The firm dismisses market concerns about cell overcapacity driving lower margins, noting that new entrants may struggle to commission new solar cell capacities due to high capital intensity and technological requirements.
Premier’s 10GW backward integrated capacity across ingots, wafers, cells, and modules is expected to drive 34% revenue CAGR and 36% EBITDA CAGR from FY25-28E, according to UBS.
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