SMIFS Sees Upside in India’s Leading Solar Stocks

A research firm called SMIFS studied several Indian solar companies.

It believes solar power will add a large amount of India’s future electricity capacity.

This should increase demand for solar cells and panels.

The firm is especially positive about companies that make more parts themselves, including wafers, cells and modules.

It gave buy ratings to Waaree Energies, Premier Energies, Emmvee Photovoltaic Power and Vikram Solar.

It also gave each company a price target that suggests the shares could rise by 26-36%.

However, many companies are rapidly adding manufacturing capacity.

That could create too many panels and reduce profits, especially for smaller companies that only assemble modules.