Overview

• UBS initiated Buy coverage on BHEL, Waaree Energies, Premier Energies and Suzlon Energy with target prices set at Rs 340, Rs 4,400, Rs 1,340 and Rs 78 per share, respectively.
• The brokerage retained Buy ratings on Thermax and Triveni Turbine and raised Thermax’s target price to Rs 5,100.
• UBS projects OEM profits to rise 3.7 times between FY20-25 and FY25-30 and forecasts a 22% industry revenue CAGR to Rs 11 lakh crore over the same period.
• The report highlights underappreciated execution strength in thermal power projects and flags challenges in solar module backward integration under tighter localisation rules.
• UBS ranks BHEL, Thermax and Waaree Energies as its top picks based on scale advantages, proven execution records and integration potential.