Technology

Outlook and Valuation: Considering the changing dynamics of renewable energy
consumption and government’s thrust to auction 10 GW wind capacity by year 2028, we are
bullish on the sector, and hence, have a positive outlook on IWL. At the CMP of `60, the
stock is available at PE multiple of 5.5x its FY2021E EPS of `11. We recommend a BUY on
stock and assign a multiple of 9x to arrive at a target price of `100, implying a potential
upside of 66%.

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