utlook and Valuation: Considering the changing dynamics of renewable energy consumption and government’s thrust to auction 10 GW wind capacity every year by 2028, we are bullish on sector and hence have a positive outlook on IWL. At the CMP of INR 90, stock is available at PE multiple of 5.8x its FY2020E EPS of INR 16. We recommend a BUY on Inox Wind and assign a multiple of 7.5x to arrive at a target price of INR 120 implying a potential upside of 33%.
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