Large Power
Market Cap
₹2,08,969 ₹2.09 L Cr.
P/E
117.14
PEG
3.55
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

Khavda mega-site ramp with co-located solar and wind drives base-case growth, but the entire trajectory depends on transmission evacuation keeping pace; persistent curtailment above 5% activates the bear case.

Storage (PSP & BESS) and C&I contracts are the bull-case differentiators: successful peak-price arbitrage and firm power deals could lift FY30 revenue to ₹37,000 Cr vs. ₹31,500 Cr base.

A compound scenario of delayed evacuation plus storage under-delivery concentrates the majority of downside risk, with Solar and PSP/BESS segments accounting for ~85% of the base-to-bear gap.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • Khavda mega-site ramp with co-located solar and wind drives base-case growth, but the entire trajectory depends on transmission evacuation keeping pace; persistent curtailment above 5% activates the bear case.
  • Storage (PSP & BESS) and C&I contracts are the bull-case differentiators: successful peak-price arbitrage and firm power deals could lift FY30 revenue to ₹37,000 Cr vs. ₹31,500 Cr base.
  • A compound scenario of delayed evacuation plus storage under-delivery concentrates the majority of downside risk, with Solar and PSP/BESS segments accounting for ~85% of the base-to-bear gap.
Bear : 0.4% CAGR • ₹186 Cr
Base: 5.4% CAGR • ₹236 Cr
Bull: 9.5% CAGR • ₹286 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • Management's word on operational and sustainability commitments is dependable: cost, margin, and ESG targets were met or exceeded with near-perfect consistency.
  • Capacity and leverage promises are credibly broken: every multi-year scale target missed materially, and the net debt/EBITDA ceiling of ≤4.0x was breached decisively; the core growth thesis is the weakest link.
  • The underlying pattern is chronic over-promising on build-out pace colliding with transmission constraints, confirmed by management's own self-imposed 5 GW annual ceiling.
Met : 7
Progress: 2
Missed : 5
Buy Report $5
WORST-CASE SCENARIO
  • Standalone entity is a thinly capitalized holding company with near-zero liquidity and total dependence on subsidiary cash flows, creating existential cascade risk if any stress hits the group.
  • Corporate guarantees of Rs. 31,888 Cr (2.14x net worth) and the reclassification of Rs. 2,105 Cr in supplier finance obscure true leverage and contingent obligations.
  • Pending US DOJ/SEC proceedings against executive directors add unresolved legal uncertainty that could sever international capital access.
High Risk : 5
Medium Risk : 11
Low Risk : 1
Buy Report $5
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