NeelValuation
1d ago
AMFI Dec 31, 2025 rank 120 in the mid cap bucket with average market cap near Rs 92,806 crore. The deep-research frame starts with solar module manufacturing with capacity expansion and backward-integration ambitions The management layer is capacity execution, margin durability, and export-versus-domestic mix, while the capital-allocation question is capex and any future capital raise become part of the corporate-action debate because expansion is the core thesis.
On future value, I think the room has to decide does the current multiple already discount a flawless solar upcycle and successful backward integration. The financial scoreboard is order book visibility, margin stability, and balance-sheet intensity. Before calling this durable or fragile, I want hard evidence on module margin trend and project execution versus capex spend. What would you put on the must-verify list first?