Small Power
Market Cap
₹1,767 ₹1,767 Cr.
P/E
12.86
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The thesis depends on NECE remaining recoverable and operating near its modelled run-rate, with Wind Mills stabilising or growing without a material availability or customer setback.

The bull path requires NECE turnover recovery alongside Wind Mills growth, while the bear path is driven by NECE decline, EBITDA margin compression, and potential audit or impairment consequences.

Get your Reports on Demand
Get detailed, analyst-grade reports with actionable insights to make informed investment decisions.
  Flat 20% OFF
 for Tijori Premium Users
  Flat 20% OFF  for Tijori Premium Users
5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis depends on NECE remaining recoverable and operating near its modelled run-rate, with Wind Mills stabilising or growing without a material availability or customer setback.
  • The bull path requires NECE turnover recovery alongside Wind Mills growth, while the bear path is driven by NECE decline, EBITDA margin compression, and potential audit or impairment consequences.
Bear : -9.5% CAGR • ₹390 Cr
Base: -2.3% CAGR • ₹573 Cr
Bull: 1.5% CAGR • ₹693 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • 7 of 13 promises kept — but every miss clusters in one place : Solar, battery, and green-hydrogen timelines all slipped 18–24 months (H2 pushed ~7 years); the balance-sheet and 5G promises landed on time.
  • The tell : Management hits every target it controls (leverage 0.64x, EBITDA doubled to ₹2.08 lakh Cr, 5G on schedule) and misses every first-of-a-kind build-out — so haircut clean-energy dates by 18–24 months.
  • The number that doesn't add up : Revenue grew 5% but receivables jumped 26% and cash drained to ₹0.46 Cr — growth is turning cash-intensive right before the make-or-break renewal.
Met : 0
Progress: 0
Missed : 0
Buy Report $5
WORST-CASE SCENARIO
  • 15 of 17 areas flagged High Risk : Negative net worth of ₹(1,00,853) Cr, current ratio 0.05, and eight straight years of qualified audits.
  • The smoking gun : A forensic audit found ₹13,558 Cr diverted to related parties; four banks have declared the account fraud, the ED has attached ₹21,627 Cr, and a ₹61,619 Cr AGR liability now exceeds total debt
  • Rated Existential : If NCLT rejects the resolution plan, liquidation on 2018-era asset values leaves equity holders zero.
High Risk : 0
Medium Risk : 0
Low Risk : 0
Buy Report $5
Powered By
Ideas Dashboard
Results
Timeline
Watchlist
Portfolio
Alerts
Stock Screener
Market
Raw Material