Outlook & Valuation: At the upper end of the price band, SWSL demands PE multiple of 19.57x FY19 EPS which we feel is expensive given no significant competitive or technology advantage. Lack of listed peers makes comparison difficult. High growth rate in Solar PV installation is expected to slow down post 2019. Considering the fact that industry is highly competitive with no meaningful barriers to entry, we have a NEUTRAL view on SWSL.

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