Where to Invest in 2025?

As we move into 2025, the investment narrative shifts gears. The exuberance of a T20 match gives way to the calculated moves of a Test match. Indian equities, down 5.9 per cent (Nifty 50) and 4.9 per cent (Sensex) from their peaks, reflect a market recalibrating investors’ expectation. Valuation concerns, sluggish earnings growth, and global macro uncertainties continue to weigh on the sentiment. The article highlights, against such backdrop, what is stored in 2025 [EasyDNNnews:PaidContentStart]

As the curtains fall on 2024, it is time to reflect on a year that tested the patience and resilience of investors. The Indian equity markets navigated a rollercoaster ride of volatility, resilience, and dramatic highs and lows. Much like cricket, where formats range from the high-octane T20 matches to the methodical and patient Test matches, the investment landscape of 2024 resembled a frenetic T20 game. However, as we enter 2025, the stage is set for a Test match—a game that rewards discipline, strategy, and perseverance. 

A Year of Peaks and Corrections
The year 2024 began on a subdued note, but as the months unfolded, investors displayed remarkable resilience amid volatility, propelling the equity indices to record highs. Nifty 50 surged past the 26,000 mark, while the BSE Sensex approached the 86,000 level in September. This rally, which delivered gains of approximately 21 per cent in the first nine months, underscored the prevailing bullish sentiment. However, the final quarter saw a sharp reversal, with Nifty tumbling to 23,300 — an 11 per cent decline from its peak. 

Key Drivers of Volatility in 2024
The volatility stemmed from a mix of domestic and global factors: 

1. Macro Challenges: Sticky inflation, especially in food prices, and underwhelming Q2FY25 corporate earnings weighed on sentiment. India Inc.’s net profit growth hit a 17-quarter low, signalling a slowdown.
2. Geopolitical Tensions: Ongoing conflicts in West Asia and global economic weaknesses kept investors on edge.
3. Government’s Spending: The Union general elections slowed the government’s capex in H1FY25, which impacted growth.
4. Global Headwinds: Elevated US benchmark yield, a strong dollar, and China’s tentative recovery added to the market jitters.
5. Valuation Concerns: After a four-year bull run, stretched valuations triggered profit-booking, especially as earnings growth failed to justify the high premiums. Foreign portfolio investors (FPIs) remained net sellers, particularly in October and November, offloading shares worth ₹94,000 crore and ₹45,974 crore, respectively. Despite this, the market’s fall was cushioned by robust domestic investor participation. Retail investors, undeterred by the turbulence, fuelled SIP inflows that reached record highs of ₹24,000 crore in September and ₹25,000 crore in October. 

Sectoral Winners in 2024
Despite the turbulence, Mid-Cap and Small-Cap indices outperformed their Large-Cap counterparts, with gains of approximately 23 per cent and 26 per cent YTD. Sectoral standouts included: 

• Realty (+35.38 per cent): A resurgence in demand across metro cities and Tier II and III towns.
• Pharmaceuticals (+33.69 per cent): Driven by a renewed focus on healthcare.
• Automotive (+26.1 per cent): Supported by robust domestic demand.
• Power (+21.23 per cent) and Capital Goods (+23.21 per cent): Benefiting from infrastructure spending.
• Metals (+9.76 per cent): Recovery in global commodity prices.
• Oil and Gas Represented by Nifty Energy (+4.31 per cent): Boosted by refining margins and lower crude price volatility. 

There were only two major sectors that generated negative return in year 2024. The first is Nifty FMCG and second is Nifty media, however, their returns were in low single digit. 

2025: The Test Match Year
As we move into 2025, the investment narrative shifts gears. The exuberance of a T20 match gives way to the calculated moves of a Test match. Indian equities, down 5.9 per cent (Nifty 50) and 4.9 per cent (Sensex) from their peaks, reflect a market recalibrating investors’ expectation. Valuation concerns, sluggish earnings growth, and global macro uncertainties continue to weigh on the sentiment. 

The ‘DSIJ Where to Invest 2024’ portfolio has once again demonstrated its excellence by outperforming both the BSE Sensex and BSE 500 by a wide margin. Leading the portfolio’s stellar performance were Lincoln Pharmaceuticals Ltd., Garden Reach Shipbuilders and Engineers Ltd., and Bigbloc Construction Ltd., each delivering remarkable return in excess of 35 per cent. These stocks not only surpassed market expectations but also significantly outperformed the broader indices. However, not all stocks performed as expected.

Ujjivan Small Finance Bank Ltd. and Landmark Cars Ltd. were the lowest performers, falling short of our projections. Despite this, only three of the recommended stocks in the portfolio recorded negative returns while seven of them generated positive return. Overall, the DSIJ portfolio achieved an impressive XIRR of 35.07 per cent, far outpacing the BSE Sensex and BSE 500, which delivered XIRRs of 8.48 per cent and 17.56 per cent, respectively. This outstanding performance underscores the strong growth of the top-performing stocks, which played a pivotal role in the portfolio’s success.

Opportunities Amidst Risks
While the market correction has dampened near-term expectations, several green shoots indicate potential opportunities:
1. Government Spending Rebound: With most of the elections including state election now out of the way, government capex is likely to accelerate in H2FY25.
2. Rural Revival: A better summer harvest could boost rural consumption, while the post-monsoon wedding season is expected to drive demand.
3. Corporate Earnings Recovery: As transitory factors fade, corporate earnings may surprise on the upside, especially in the second half of FY25.
4. Private Capex Cycle: An emerging private capex cycle, coupled with robust banking systems, is expected to support economic growth.
5. Macro Stability: With nominal GDP growth pegged at 10-11 per cent, Indian corporates could see earnings compound at 18-20 per cent annually over the next few years. 

Lessons from the Pitch
In cricket, Test matches are won by understanding the pitch and adapting strategies. Similarly, investors in 2025 will need to:

• Focus on Fundamentals: Identify companies with strong governance and stable regulatory environments. Many of the large-cap stocks satisfy this criterion.
• Adopt a Long-Term View: Volatility may persist in the medium term, but disciplined investing will yield results and will help you avoid any accident in investing.
• Select Themes: Sectors like infrastructure, renewable energy and healthcare offer growth potential. 
   

Closing Thoughts
The Indian equity market’s journey in 2024 was akin to a batsman navigating a tricky T20 pitch—fast-paced and unpredictable. As 2025 approaches, it’s time to switch gears, don the whites, and embrace the discipline of Test cricket. The year ahead may demand patience, but it also promises rewards for those who play the long game. As we step on to the pitch of 2025, let’s remember that every run counts, every session matters, and in the end, it’s the persistence and strategy that will lead to victory in the investment arena. 

Amber Enterprises India Ltd
CMP ( ₹): 6,115.35
BSE CODE : 540902
Face Value ( ₹) : 10
Mcap Full ( ₹ Cr.) : 23,507.17 

Amber Enterprises (Amber) India is a key player in the Indian Room Air Conditioner (RAC) market, providing both finished goods and critical components across the HVAC industry. With 27 state-of-the-art manufacturing facilities strategically located across India, Amber ensures quick turnaround times and high-quality products. Its offerings include indoor and outdoor RAC units, window ACs, and mobility applications for sectors like railways and defence. The company's strong backward integration and robust R&D capabilities have secured its leadership in the OEM/ODM space, serving top clients in the RAC industry and beyond. Amber also offers solutions for Commercial Air Conditioners (CAC). 

Financials - Over the past 4–5 years, Amber has made strategic acquisitions to expand into adjacent markets such as Electronics EMS and mobility, resulting in a substantial increase in the revenue of its subsidiaries - from 10 per cent in FY18 to 33 per cent in FY24. The electronics division achieved an impressive 21 per cent revenue CAGR over FY19–24, driven by successful new customer acquisitions. In Q2FY25, the company’s top line surged by 82 per cent YoY to ₹1,685 crore, primarily propelled by a doubling of revenue in the CD and EMS segments. The EBITDA margin improved by 30 basis points, reaching 6.8 per cent. Profit after tax saw a remarkable turnaround, climbing to ₹21 crore from a net loss in Q2FY24. 

Growth Triggers - The Indian government launched the PLI scheme for white goods to develop a component ecosystem in India to raise the local value addition from the current 25-30 per cent. However, we expect local sourcing of RAC components to grow at a higher pace, as most OEMs make only some parts in-house. Amber will benefit from it. 

Valuation and Outlook - Shares of the company are currently trading at a PE of 111 times, which looks expensive. However, looking at growth momentum, we recommend a BUY on the scrip. 

Ashoka Buildcon Limited
CMP (₹): 290.00
BSE CODE : 533271
Face Value (₹) : 5
Mcap Full ( ₹ Cr.) : 8,140.97 

Ashoka Buildcon Limited, a leading Indian infrastructure player established in 1993, has transformed from a regional constructor to a diversified infrastructure developer with operations across 21 states and three countries. 

Financials - The company’s impressive Q2FY25 performance, marked by a 334 per cent year-on-year (YOY) profit after tax (PAT) growth to ₹463 crore, demonstrates its operational excellence. The company’s robust order book of ₹11,104 crore provides strong revenue visibility. Its strategic order book diversification across roads (54.3 per cent), buildings (35.5 per cent), and power transmission and distribution (5 per cent) reduces sector-specific risks while capturing growth across various infrastructure segments. 

Growth Triggers - Recent developments, including the Bangalore International Airport Limited contract win and successful monetisation of assets, such as the Unison Enviro Private Limited stake sale for ₹287 crore, highlight the management’s execution capabilities. The investment thesis is strengthened by multiple growth catalysts: a significant government infrastructure push, expansion into lucrative segments like water and solar, targeted international expansion (aiming for 20 per cent of the order book), and strategic asset monetisation of seven build-operate-transfer (BOT) and 11 hybrid annuity model (HAM) projects. 

Valuation and Outlook - With pending bids worth ₹4,320 crore and strong sectoral tailwinds, Ashoka Buildcon is well-positioned to maintain its growth trajectory. The company’s consistent financial performance, demonstrated by FY 2024, makes it an attractive investment proposition. Its strategic initiatives in asset monetisation and segment diversification, combined with its strong execution capabilities, position it ideally to capitalise on India’s infrastructure growth story, making it a compelling BUY at the current levels. 

Axis Bank Limited
CMP (₹): 1072.10
BSE CODE : 532215
Face Value (₹) : 2
Mcap Full (₹Cr.) : 3,31,811.16 

Axis Bank Limited, India’s third-largest private sector bank in terms of network of branches and the fourth-largest credit card issuer, is a leader in financial solutions. With 5,577 branches, 14,728 ATMs and 182 business correspondent banking outlets (BCBOs) as of September 2024, the bank focuses on deposit growth, branch expansion and digital banking innovation. With robust subsidiary support and advanced digital offering, Axis Bank continues to stand as a resilient, all-weather financial franchise. 

Financials - In Q2FY25, on a consolidated level, the bank’s net interest income was ₹13,039.10 crore, up from ₹12,315 crore with growth of 9 per cent YoY. On a YoY basis, its other income showed growth of 34 per cent to ₹6,722 crore from ₹5,034 crore in the same quarter. The net profit for Q2FY25 rose by 18 per cent YoY to ₹6,918 crore compared to ₹5,864 crore from the same quarter the previous year. Its total deposits grew 14 per cent YoY, outpacing industry growth. The bank’s current account and saving account (CASA) remains the best among large peers, with term deposits up 21 per cent YoY, current account increased by 13 per cent YoY, and saving account rose by 1 per cent YoY. The bank is well-capitalised and has ample liquidity buffers to support future growth. 

Growth Triggers - Prudential provisioning for non-NPA assets strengthened the overall coverage. Axis Bank’s steady performance has been amidst a challenging environment with a focus on deposit growth, digital transformation and asset quality. Along with a 90 per cent CD ratio, 43 per cent CASA ratio and discounted valuation compared with ICICI Bank and Kotak Bank, Axis Bank certainly looks appealing. 

Valuation and Outlook - In the last one year, the bank has delivered 18.4 per cent return on equity (ROE) and 1.85 per cent return on assets (ROA). Considering all these positive factors in favour of Axis Bank, we recommend BUY. 

EIH Limited
CMP (₹): 412.20
BSE CODE : 500840
Face Value (₹) : 2
Mcap Full (₹Cr.) : 25,777.51 

EIH Limited, the flagship company of the Oberoi Group, is a leader in luxury hospitality, managing premium hotels, cruisers, and services under Oberoi, Trident and Maidens brands. The company has also ventured into flight catering, airport restaurants, and corporate air charters. 

Financials - EIH reported historic Q2FY25 results with a consolidated revenue of ₹623 crore (+13 per cent YoY), EBITDA of ₹208 crore (+26 per cent YoY), and PAT of ₹133 crore (+41 per cent YoY). The company remains debt-free with total assets of ₹5,267 crore and ₹711 crore in cash. Owned hotels recorded an ARR of ₹16,940, occupancy of 73 per cent, and RevPAR of ₹12,364, while managed hotels achieved an ADR of ₹16,398, occupancy of 72 per cent, and revenue per available room of ₹11,807. The hospitality sector’s revival is evident through a 6 per cent YoY rise in domestic air passenger traffic and improved occupancy rates (2 - 4 per cent). 

Growth Triggers - EIH's growth is driven by rising inbound tourism, the grandeur of the wedding market, and increasing demand for MICE (Meetings, Incentives, Conferences, and Exhibitions). Additionally, sports tourism and luxury wellness resorts are gaining traction, while the cultural significance of food and beverage continues to attract visitors. A focus on sustainable tourism and the exploration of emerging regions and new tourism segments further strengthens EIH's position in the hospitality sector. 

Valuation and Outlook -We believe EIH is well-positioned in the hospitality market with a robust expansion pipeline and strong financial performance. Additionally, high operating margins and an asset-light model enhance customer loyalty through superior service. EIH aims to capitalise on strong Q3 and Q4 demand, planning 50 new hotels by 2030. With 20 properties in the pipeline (adding about 1,350 keys by 2029), the company is targeting robust growth in owned and managed segments. 

Godrej Properties Limited
CMP (₹): 2854.50
BSE CODE : 533150
Face Value (₹) : 5
Mcap Full (₹Cr.) : 85,972.83 

Godrej Properties Limited (GPL) is the real estate arm of the Godrej Group, a trusted and wellknown Indian business conglomerate founded in 1897. GPL focuses on innovation, sustainability, and quality in its projects. It has become one of India’s top property developers and follows an asset-light business model to enhance efficiency and growth. 

Financials - In Q2FY25, the company reported consolidated revenue of ₹1,093 crore, reflecting a 218 per cent YoY growth from ₹343 crore and a 45 per cent quarter-on-quarter (QoQ) increase. The net profit grew 357 per cent YoY to `334 crore. 

For FY24, the company's consolidated results showed a revenue of ₹3,036 crore, a 34.8 per cent increase from ₹2,252 crore in FY23. Net profit surged by 20 per cent to ₹747 crore, compared to ₹621 crore in FY23. The company is trading at a PE multiple of 65x, which exceeds the industry median of 35.9x but is slightly below its five-year historical median of 89.1x, suggesting a decent valuation considering its growth potential. 

Growth Triggers - Godrej Properties achieved record collections, cash flows, and deliveries in Q2 and H1 FY25, adding 10 projects (14 million sq. ft. with ₹17,500 crore potential bookings). Key launches include Godrej Jardinia in NCR (₹1,500 crore bookings) and Godrej Phase in MMR (₹600 crore bookings). Strong growth in NCR (70 per cent), Bangalore (212 per cent), and MMR (114 per cent) reflects robust demand and favourable pricing trends. 

Valuation and Outlook - Management expects to exceed FY25 booking guidance, with significant launches planned for H2 FY25 in Worli and Gurgaon, targeting 20-25 per cent IRR and 25-30 per cent EBITDA margins on new projects. 

Hence, we recommend a BUY rating 

Nippon Life India Asset Management
CMP (₹): 749.50
BSE CODE : 540767
Face Value (₹) : 10
Mcap Full (₹Cr.) : 47,472.18 

Nippon Life India Asset Management Limited is a leading Indian asset manager, overseeing mutual funds, ETFs, portfolio management services, alternative investments, and offshore funds. It manages Nippon India Mutual Fund schemes and advises India-focused funds in Japan and Thailand. With a subsidiary in Singapore and a Dubai office, it serves investors across Asia, the Middle East, UK, US, and Europe. 

Financials - In Q2FY25, the company reported consolidated revenue of ₹571.30 crore, reflecting a 43.73 per cent YoY growth from ₹397.48 crore and a 13.14 per cent quarter-onquarter (QoQ) increase. Its EBITDA rose 55.09 per cent YoY to ₹374.36 crore, up 18.31 per cent QoQ. The net profit grew 47.38 per cent YoY to ₹359.98 crore and 8.37 per cent QoQ. The EBITDA margin improved by 480 bps YoY and 287 bps QoQ to 65.53 per cent, while the net profit margin expanded by 156 bps YoY and contracted 277 bps QoQ to 63.01 per cent. The management expects profitability to strengthen as its AUM grows further. The company is trading at a PE multiple of 36.7x, which exceeds the industry median of 24.8x, and is slightly above its five-year historical median of 32.4x, suggesting a decent valuation considering its growth potential. 

Growth Triggers - The company’s SIP book is robust, with 59 per cent of its SIP AUM held for over five years, supporting stable equity AUM growth. Its AIF segment has commitments of ₹65.1 billion, alongside strong offshore inflows from Europe, Japan and the Middle East. Its individual AUM rose 16 per cent QoQ to ₹2.98 trillion and the corporate AUM grew 15 per cent QoQ to ₹2.11 trillion. ETFs continue to excel, with ₹1.48 trillion in AUM and an 18.2 per cent market share. 

Valuation and Outlook - Based on these evaluations and the potential that the company can tap into, we recommend BUY. 

Shakti Pumps (India) Ltd.
CMP (₹): 917.30
BSE CODE : 531431
Face Value (₹) : 10
Mcap Full (₹Cr.) : 11,026.92 

Shakti Pumps (India) Ltd. (SPIL) is primarily engaged in manufacturing pumps and motors of various kinds. It has been a pioneer in the manufacturing of energyefficient pumps and motors since 1982. SPIL has a manufacturing facility with an installed capacity of 5 lakh pumps per annum. The company exports its products to over 120 countries. 

Financials - In Q2FY25, on a consolidated basis, its revenue increased by 315.36 per cent YoY to ₹634.59 crore compared to ₹152.78 crore from the previous year’s same quarter. Its PAT stood at ₹101.42 crore compared to ₹5.84 crore which shows an increase of 1,636.64 per cent. As of September 30, 2024, the company had a strong order book at ₹1,800 crore. Recently, in month of December, the company reported that it has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited for 25,000 stand-alone off-grid DC solar photovoltaic water pumping systems pumps. The total value of the order pumps is around ₹754.30 crore. 

Growth Triggers - SPIL’s product portfolio comprises new-age products which are solar energy-operated pumps. Buoyed by 30 years of proven prowess in manufacturing electric motors and five years of manufacturing power electronics equipment (controllers), the company recently announced its foray into the EV segment with the manufacture of motors, chargers, controllers and multi-application component variable frequency drives (VFDs) for electric vehicles via the incorporation of a wholly owned subsidiary named Shakti EV Mobility. 

Valuation and Outlook - SPIL is currently trading at a PE of 34.3x as against the industry PE of 51x and three-year median PE of 28.4x. In the last three years, the company has delivered an average ROE of 17 per cent and ROCE of 21 per cent. Three years sales growth stands at 13.8% while three years profit growth stands at 23.3%. Considering the company’s business and its market, we recommend BUY. 

Sheela Foam Limited
CMP (₹): 947.95
BSE CODE : 540203
Face Value (₹) : 5
Mcap Full (₹ Cr.) : 10,303.96 

Sheela Foam Limited (SFL) is a prominent player in India’s mattress and foam products industry. It is the largest manufacturer of polyurethane (PU) foam in India. With a robust nationwide presence, the company holds a dominant 30-35 per cent market share in the Indian mattress segment and a 40 per cent market share in Australia. 

Financials - In Q2 FY25, the company reported net sales of ₹812.72 crore, marking a YoY growth of 32.53 per cent compared to ₹613.18 crore in Q2 FY24. However, net profit declined significantly to ₹9.23 crore, reflecting a YoY drop of 79.28 per cent from ₹44.54 crore. The plunge in net profit is due to increased interest costs from Kurlon Enterprises’ acquisition debt. The EBITDA margin decreased by 227 bps YoY to 8.52 per cent. SFL acquired a 97.43 per cent stake in Kurlon Enterprises in October 2023 and 35 per cent in Furlenco in August 2023. Kurlon, the third-largest player in India’s mattress market, with a focus on multi-brand outlets (MBOs) complements SFL’s strategy. 

Growth Triggers - The Furlenco acquisition expands SFL’s reach into furniture. Despite previous profitability challenges, synergies between SFL’s mattress and foam products and Furlenco’s offerings have driven a turnaround. Furlenco is expected to achieve profitability by FY25. Sleepwell and Kurlon Enterprises continue to lead in organised markets. SFL’s initiatives to organise the unorganised mattress market in non-urban areas through targeted launches have been well received and are expected to drive rapid growth. 

Valuation and Outlook - While international operations face temporary margin pressures, recovery plans are underway. Additionally, the company is enhancing its manufacturing capabilities through debottlenecking, price adjustments, and the introduction of new products, which aim to penetrate untapped markets and drive future growth. Given the current status of the company and the potential for growth, we recommend BUY. 

Time Technoplast Limited
CMP (₹): 467.40
BSE CODE : 532856
Face Value (₹) : 1
Mcap Full (₹Cr.) : 10,606.66 

Time Technoplast Ltd. is a global manufacturer of polymer products since 1992, offering industrial packaging, lifestyle products, automotive components, healthcare products, infrastructure and construction products, material handling solutions, and composite cylinders. The company manufactures various products such as drums, containers, PET sheets and ancillaries for various industries. 

Financials - In Q2FY25, on a consolidated basis, the company’s revenue increased by 14.76 per cent YoY to ₹1,370.52 crore compared to ₹1,194.21 crore from the previous year’s same quarter. On a sequential basis, its revenue increased by 11.42 per cent. The PBIDT excluding other income increased by 17.6 per cent to ₹196.22 crore YoY as compared to ₹166.85 crore from the previous year’s same quarter, while sequentially increasing by 12.49 per cent. 

The net profit stood at ₹99.79 crore compared to ₹71.46 crore, a YoY increase of 39.64 per cent, while sequentially increasing by 24.02 per cent from ₹80.46 crore. 

Growth Triggers -The company focuses on value-added products. With a strong order book of around `185 crore, Time Technoplast is developing a 14.5 kg cylinder for government gas distribution companies. It has approved a QIP of up to ₹1,000 crore to support debt repayment, expansion plans, and new product developments. The company aims for a debt-free status by March 2026 and has capital expenditure plans for FY25 of `180-200 crore. 

Valuation and Outlook - At TTM, the share of company is trading at a PE of 31.1 times, which is higher than its three-year median PE of 13.3 times and lower than the industry PE of 36.3 times. The company has maintained a three-year ROE and ROCE of 10.8 per cent and 13.6 per cent, respectively, and compounded sales and profit growth of 18 per cent and 43 per cent, respectively. Hence, we recommend BUY. 

Welspun Enterprises Limited
CMP (₹): 574.50
BSE CODE : 532553
Face Value (₹) : 10
Mcap Full (₹Cr.) : 7,951.87 

Welspun Enterprises Ltd. (WEL) is the infrastructure division of the Welspun Group, which is promoted by B K Goenka and R R Mandawewala. WEL is a holding and operating firm that completes engineering, procurement and construction (EPC) contracts for the building of roads and motorways. The firm has successfully completed build, operate and transfer (BOT) projects in the past and is now concentrating on carrying out projects under the hybrid annuity model (HAM), as well as its recent expansion into the water segment as an EPC contractor. 

Financials - The financial performance of the company on a consolidated quarterly basis - its net sales and other operating income rose by 22.11 per cent to ₹785.51 crore in Q2FY25 as compared to ₹645.73 crore in Q2FY24. The operating profit stood at ₹100.45 crore in Q2FY25 as compared to an operating profit of ₹82.62 crore in Q2FY24, up by 21.58 per cent. The net profit came in at ₹73.22 crore as compared to a net profit of ₹72.19 crore in Q2FY24, surging by 1.43 per cent. 

Growth Triggers - If we look at the current valuation of the company, it is trading at a PE of 24.2 times whereas the industry average PE is at 25.2 times and the PEG ratio is at 1.1 times. Its present price to book value is 3 times. The company’s standalone order book is currently ₹13,655 crore, with around ₹9,633 crore derived from the water sector, including ₹4,400 crore from operations and maintenance. 

Valuation and Outlook - The consolidated order book is expected to grow to between ₹17,000 crore and ₹20,000 crore by the end of FY25. The company expects its revenue to grow by 20 – 22 per cent on a consolidated basis from FY25 to FY27. To maximise returns, WEL follows an asset-light strategy, which involves transferring non-core assets and capabilities to third parties. This allows the company to focus on its main strengths and take advantage of new business opportunities. Hence, we recommend BUY. 

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