What's in a story? Sometimes, Rs 4,500 crore

We found a stock. A real gem. As of February 2024, it was up 72x in three years. It is basically the kind of green energy story that fund managers say "you'll wish you'd bought at Rs 100." Its market cap had soared past Rs 4,000 crore. Profits went up 20x over FY21-24, powered by robust order inflows in the core solar EPC business. The growth narrative was irresistible. It was the right sector, at the right time, with the right tailwinds—and a valuation that only made sense if you believed in magic.

This article was originally published on April 10, 2025.