Waaree Energies, Patanjali, Sai Life: Jefferies initiates coverage on 3 stocks; check targets
Overseas brokerage firm Jefferies has initiated coverage on as many as three companies including Waaree Energies, Sai Life Science and Patanjali Foods.
- Mar 18, 2025,
- Updated Mar 18, 2025 10:32 AM IST
Overseas brokerage firm Jefferies has initiated coverage on as many as three companies including Waaree Energies, Sai Life Science and Patanjali Foods. Out of them, the former two made their stock market debut in the last six months and the brokerage has a hold rating on them, while the last one has seen a 'buy' initiation from the global broker. Here's what Jefferies said about these three stocks:
Jefferies has valued Waaree Energies Ltd, a renewable power play, at 15 times FY30 EBITDA, wherein it builds sustainable margins (16 per cent) and discounts it back to 1-year forward earnings. India’s solar installations are set to grow at 24 per cent CAG over FY24-30. Govt policy favouring domestic modules and US policy shunning Chinese modules have created attractive economics for Waaree, it said.
It expects profitability to normalize starting FY28E. Demand, policy changes are key risks. Stronger domestic solar installations is a key upside trigger. Relaxation of DCR rules in India, removal of IRA benefits in the US and/or reduction in duties on Chinese modules are key downside risks," it added initiating coverage with a 'hold' rating on Waaree and a price target of Rs 2,030.
Overseas brokerage firm Jefferies has initiated coverage on as many as three companies including Waaree Energies, Sai Life Science and Patanjali Foods. Out of them, the former two made their stock market debut in the last six months and the brokerage has a hold rating on them, while the last one has seen a 'buy' initiation from the global broker. Here's what Jefferies said about these three stocks:
Jefferies has valued Waaree Energies Ltd, a renewable power play, at 15 times FY30 EBITDA, wherein it builds sustainable margins (16 per cent) and discounts it back to 1-year forward earnings. India’s solar installations are set to grow at 24 per cent CAG over FY24-30. Govt policy favouring domestic modules and US policy shunning Chinese modules have created attractive economics for Waaree, it said.
It expects profitability to normalize starting FY28E. Demand, policy changes are key risks. Stronger domestic solar installations is a key upside trigger. Relaxation of DCR rules in India, removal of IRA benefits in the US and/or reduction in duties on Chinese modules are key downside risks," it added initiating coverage with a 'hold' rating on Waaree and a price target of Rs 2,030.