Four-S Services Cleantech Track.

1. March 2012
CLEANTECH TRACK
Monthly Update on Indian Cleantech Industry
News of the Month Content
India’s largest solar program cuts power rates by up to 33%
Content
India’s largest solar program, of the State of Gujarat, has cut the
preferential rate it pays to utilities for sun power by as much as 33% as Private Equity 2
global prices of panels declined by more than half.
Photovoltaic plants commissioned after the Jan. 28 deadline will be paid CER Price Chart 2
a rate of Rs 9.98 (20 cents) per kilowatt-hour for the first 12 years,
compared with Rs 15 for those finished on time, the Gujarat Electricity
Regulatory Commission said in a tariff order. The rate will be reduced to
Rs 7 per kilowatt-hour for the next 13 years. News Update 3
India joins governments in Europe that are cutting clean energy subsidies
as equipment costs plunge. Panel prices fell 51% last year after the 10
largest manufacturers doubled production capacity, according to data Events Calendar 5
compiled by Bloomberg.
The companies that finished their projects by Jan. 28 include Lanco Stock Market Update 6
Infratech, Tata Power, GMR Infrastructure, Azure Power India and Green
Infra.
Of the 958MW of capacity, Gujarat issued contracts for 25MW of Results Update 6
projects using solar-thermal technology where steam is produced from
sunlight for conventional turbines. Rests were for PV projects - PV
technology uses panels that convert sunlight directly into electricity.
Peer Benchmarking 7
The regulator raised the rate for solar-thermal projects and fixed it for 25
years to give them more certainty after one developer was unable to
raise bank loans after 11 months, according to the tariff order. These About Four-S Services 8
projects will now be paid Rs 11.55 per kilowatt-hour that won’t be
reduced from Rs 11 to Rs 4 per kilowatt-hour after 12 years as planned
earlier, it said.
The rate paid to photovoltaic plants will be lowered 7% annually from
the Rs 9.28 rupees for each year that their completion is delayed after
March 31, 2013.
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2. FOUR-S Cleantech Track
Investment Activity
Clean-tech Private Equity deals – Last 6 months of 2011 and Jan-Mar 2012
Date Investor(s) Target Amount Business Stage
($Mn)
2011
18-July FE Clean Energy Group NSL Renewable Power 40 Renewable Growth
21-July IFCI Venture Amrit Jal Venture Ltd 6.7 Renewable-hydel Growth
04-Aug IDFC PE Green Infra 18.2 Renewable-wind Growth
08-Aug IFC Shalivahana Green Energy 15 Renewable-biomass Growth
12-Aug IDFC India Infrastructure Fund Caparo Energy India Ltd 33 Renewable-wind Growth
07-Sept India Infrastructure Plc Shree Maheshwar Hydel 26.4 Renewable-hydel SPV
27-Sept Goldman Sachs ReNew Wind Power 200 Renewable-wind Growth
10-Oct GE Energy Financial Services Greenko 50 Renewable-wind Project
21-Oct GE Energy Financial Services Moser Baer Clean Energy 58 Renewable-solar Project
07-Nov SBI-Macquarie Infra Fund Soham Renewable Energy 25.1 Renewable-hydel Late
2012
02-Jan JP Morgan Asset Management Leap Green Energy 18.1 Renewable-wind Growth
25-Jan Zephyr Peacock Gadhia Solar 9.8 Renewable-solar Growth
Green India Building Systems and Energy efficient
24-Feb Hyderabad Angels 0.4 Early
Services Pvt Ltd products
Source: Four-S Research
There have been 3 deals in the cleantech space in 2012 till date totaling $28.3mn. The largest one includes JP Morgan’s $18.1mn
investment in Leap Green Energy, a renewable energy producer.
Movement of Carbon Credit (Spot Price)
30-Mar’12 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change)
CER (Spot Price in €) 3.89 -1.5% -15.6% -5.8% -51.4% -70.4%
CER Price Chart (€) - Movement during the last month
6
5.7
5.4
5.1
4.8
4.5
4.2
3.9
3.6
3.3 Source: BlueNext
3
1-Mar 5-Mar 9-Mar 13-Mar 17-Mar 21-Mar 25-Mar 29-Mar
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

3. FOUR-S Cleantech Track
News Update
Better industrial processes will cut solar costs: McKinsey plants, such as reflective mirrors and turbines, according to
Improvements in manufacturing processes will drive down his estimates.
solar costs, say Mr Krister Aanesen and Mr Rajat Gupta,
experts on the solar industry at McKinsey & Company. They India clean-energy investments reach $10.3bn in 2011: BNEF
predict that ‘solar system' costs will come down from $2.50 a Investment in clean-energy projects grew faster in India than
watt today to $1.50 by 2015 and to $1 by 2020, just by the in any other major economy last year, rising 52% to $10.3bn,
application of “well understood, identified, industrial levers.” according to Bloomberg New Energy Finance. The largest
These “levers” are factors such as scale, procurement, design- increase came from the solar industry with $4.2bn of funding
to-value, modularisation and de-bottlenecking. In India, the for sun-powered plants connected to the grid, a seven-fold
cost levels are likely to be achieved faster due to higher levels increase from 2010 and about par with the $4.6bn that went
of competition. to wind projects. Asset financing accounted for $9.5bn of the
total, while private equity and venture capital firms invested
Wind mill owners to try novel approach to power trading $425mn, New Energy Finance said. In 2011, India added 2,827
The Tamil Nadu Spinning Mills Association (TASMA) along with MW of new wind capacity, making it the third-biggest market
its members is likely to float a special purpose vehicle (SPV) in after China and the U.S. Its solar capacity rose to an estimated
which the windmill owners and power consumers will be 277 MW from 18 MW in 2010
partners. This will mean the consumers who do not own wind
mills or have adequate captive capacity will in effect own a Bharat Light picks up stake in SunEdison project
share in the wind mill asset and can avail of benefits of captive Bharat Light and Power has picked up stake in the 2.5-MW
power. The electricity rules dictate that only those with at Gandhinagar rooftop project of SunEdison. Though small, the
least 26% stake in a wind mill and consume at least 51% of the deal is of significance because of the uniqueness of the
power generated can avail of captive power benefits. A direct project. The Gandhinagar grid-connected rooftop solar project
partnership between wind mill owners and consumers will is the first of its kind in the country – the owners of the roof
help address this limitation. For the power suppliers, a and of the project are different. Under this rent-a-roof model,
partnership with the consumer means they are not the roof owner gets a share of the income from the solar
constrained by the complex power trading mechanism or the plant.
several months' delay in payment from the power utility when
they supply to the State grid. TASMA members own about Solar photovoltaic plant installed in Rajasthan
3,000 MW of wind energy generation capacity, that is over A Rs 670mn, 5MW solar photovoltaic power plant has been
half the total wind mill capacity in Tamil Nadu. installed at village Rawara, Taluka Phalodi, in Rajasthan. The
project, owned by Indian Oil Corporation, was commissioned
FM proposes to scrap duties on solar parts to boost industry by Rajasthan Electronics & Instruments Ltd under the
Finance Minister Pranab Mukherjee, in his annual budget Jawaharlal Nehru National Solar Mission. This power plant is
speech, proposed to scrap duties on imports of solar-thermal designed to feed power to 33/132 kV grid sub-station at
equipment sparing companies from the so-called special village Bap, which is situated 18 km from plant site Rawara. It
countervailing duty. The exemption would lower costs for the is expected to generate energy of 67 lakh KWh a year. The
seven companies building a third of India’s planned solar solar power plant has been developed based on crystalline
capacity using solar- thermal technology, which concentrates technology.
sunlight to boil water, used to power steam turbines. The
developers building India’s solar-thermal capacity, targeted at Shree Ganesh Jewellery bags Odisha solar power project
470 MW by early 2013, are Reliance Power, Lanco Infratech The Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) has
Ltd. (LANCI), Godawari Power & Ispat Ltd., Aurum Renewable bagged a 25MW solar power project in Odisha. The project
Energy Pvt., KVK Energy & Infrastructure Pvt., Megha will be executed by Kolkata-based Alex Green Energy in which
Engineering & Infrastructures Ltd, and Abhijeet Group’s the company holds a majority stake. Alex Green is co-
Corporate Ispat Alloys Ltd. Reliance Power is importing promoted by the Sureka Group. Alex Green won the right to
turbines from Areva SA, while the others have ordered units develop a 5-MW project in a solar auction in Odisha. The
from suppliers including General Electric Co. (GE) and Siemens company in fact emerged as the lowest bidder by quoting a
AG. (SIE). The special countervailing duty on imports is equal rate of Rs 7 a unit. Under the rules of the Odisha tender, the
to the excise duty imposed on similar local products. It’s a tax least bidder will be offered all the 25 MW at the winning
of about 8-9% on most equipment used to build solar-thermal price. Alex would be commissioning the entire 25 MW shortly.
The total investment including the debt component for
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

4. FOUR-S Cleantech Track
commissioning the solar plant in Odisha would be close to Rs statement, the design and engineering works of the plant
1.75bn. have been done by AIC Projects, Germany. The plant uses
power conditioning units manufactured by SMA AG, Germany,
Sterling and Wilson among top solar EPC players and amorphous silicon thin film solar photovoltaic modules.
Having just crossed the 80 MW-mark in commissioning of EPC
contracts for solar power projects, the Goldman Sachs-funded Hydropower major SJVNL forays into wind power
Sterling and Wilson, has emerged as one of the larger EPC Satluj Jal Vidyut Nigam Ltd (SJVNL) which owns and operates
contractors in the field — perhaps only second to L&T. The India's largest hydropower project in Himachal Pradesh has
Shapoorji Pallonji group company expects to do between 150 now decided to venture into wind energy. "The company has
MW and 200 MW next year. The company is now doing its plans to invest Rs 3.5bn by 2012-13 for setting up a wind
22nd project - its biggest was a 25 MW plant at power project to generate 50 MW electricity," deputy general
Surendernagar, Gujarat. The size of Sterling and Wilson's solar manager Vijay Verma told. He said the company would
business is about Rs 2bn. Shapoorji Pallonji group owns 56% commission the project in either Maharashtra, Rajasthan,
of Sterling and Wilson. In 2008, Goldman Sachs invested Madhya Pradesh or Gujarat. It is also planning to launch a 1
$50mn into the company for 11% stake. The rest of the equity MW solar energy project near its maiden 1,500 MW Nathpa
is held by the top management professionals. Jhakri hydropower project in Shimla district which started
generation in 2004-05.
BHEL commissions record 13 MW of solar power plants in
2011-12 Tata Comm to buy 5.76% in Green Infra Wind
Bharat Heavy Electricals Limited (BHEL) has set a new record Tata Communications Ltd plans to buy 5.76% stake in Tamil
in its Solar Photovoltaic (PV) business in a single year, by Nadu-based Green Infra Wind Generation Ltd as part of its
commissioning 13 MW of Solar Power Plants in various parts plans to use power from alternative energy sources. Under
of the country during the current financial year. Solar Power the proposal, Tata Communications plans to buy 10 million
Projects commissioned by the company during the year units of power, which is about 30% of its annual power
include a 3 MW Grid Connected Solar Power Plant at Raichur requirement in Tamil Nadu, from Green Infra. Tata
in Karnataka, a 5 MW Plant in Rajasthan, 2 plants of 2 MW Communications already has an agreement with Green Infra
each in Maharashtra and over 1 MW in the Lakshadweep to procure 13 million units. The additional procurement will
Islands. Significantly, all these projects have been take Tata Communication's to 23 million units. This is the
commissioned by BHEL on Engineering, Procurement and second such investment by Tata Communications. The
Construction (EPC) basis. company has already invested Rs 7.8 lakh in Green Infra Wind
Farms Ltd for a 9.75% stake.
Cleantech Ventures commissions rooftop solar plant at
Mahindra World City in Chennai; looks at new business ABB mulls EPC solutions for solar projects in India
segments Power equipment major ABB plans to enter the EPC
Cleantech Ventures, a part of Mahindra Partners focusing on (engineering, procurement and construction) space for solar
solar energy , is planning to expand its operations to water projects in India. The company currently does partial EPC like
treatment and management, and energy efficiency in the next executing eBoP (Electrical Balance of Plant) for projects. The
one or two years. Speaking to reporters on the sidelines of company manufactures solar inverters and substation
commissioning a 75-KW rooftop solar plant at Mahindra components, and low voltage components like miniature
World City here, Vish Palekar, business head – Cleantech circuit breakers, surge arresters and lightning arresters for
Ventures, said, “At present 100% of our business is in the solar solar fields, most of which are manufactured at ABB's unit in
energy sector. We will be expanding into some other Nashik, Maharashtra. The company also makes complete
segments like energy efficiency and water treatment in the plant monitoring systems for solar fields. Within a year, the
next year or two.” The company is also looking to offer hybrid company has completed orders for over 90 MW of inverters,
energy option to telecom tower companies in collaboration about 60 MW of solar substations and 21 MW of Electrical
with diesel generator manufacturer Mahindra Powerol. BoP.
Amrit Jal Ventures commissions solar unit in Kadiri Wipro expects to build 100 MW of solar projects next year
Amrit Jal Ventures has announces the commissioning of a 1 Wipro EcoEnergy, the clean-tech business of IT giant Wipro,
MW grid-connected solar photovoltaic power plant at Kadiri in has just completed building 40 MW of solar photovoltaic
Anantapur district of Andhra Pradesh. This project is part of power plants for its customers. Mr G.K. Prasanna, Senior Vice-
the Jawaharlal Nehru National Solar Mission and has been President, Wipro EcoEnergy, expects to do around 100 MW in
developed by SunVolt Energy Pvt Ltd. According to a 2012-13 – a figure that would put Wipro among the top EPC
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

5. FOUR-S Cleantech Track
players in the solar industry. Wipro EcoEnergy is building its with which the company has signed a power purchase
‘energy practice' on two pillars – solar energy, comprising agreement ensuring a sale for the next 25 years.
both large, utility-scale solar plants and roof-tops, as well as
‘energy management'. Commissioning delays: More trouble for photovoltaic
developers
Abhijeet's solar thermal project on track NTPC Vidyut Vyapar Nigam (NVVN) is in the process of en-
With the process of placing orders for equipment being cashing the second tranche of bank guarantees from 14
almost over, Abhijeet Projects Ltd is on track for the project developers for missing the second deadline of
completion of its 50-MW solar thermal power plant at February 9, to commission the projects under the first batch
Jaisalmer, Rajasthan. A consortium led by the Chennai-based of phase I of the National Solar Mission. The initial deadline of
Shriram EPC Ltd is building the plant for Abhijeet. Right now at January 9 was set by the NVVN for commissioning of projects
the site, nearly a thousand people are doing the civil works. under the first batch of National Solar Mission phase 1. The
The EPC contractor, Shriram EPC-led consortium, is confident developers were given a month to finish the project after the
of completing the project well ahead of the deadline of May 9, lapse of the first deadline. The penalty for the second tranche
2013. for each project averages around Rs 40mn. Last month, in
compliance to the guidelines, bank guarantees of 14
Mono Steel completes 10MW solar plant in Gujarat developers amounting to about Rs 280mn were encashed. Of
Mono Steel (India) Ltd., a sponge iron-maker, completed a these 14 projects, Lanco is the EPC contractor in three.
10MW solar power plant in India’s Gujarat state, according to
the project contractor. The plant has a 25-year contract to sell Vikram Solar commissions solar plant in Gujarat and Orissa
power to Gujarat state, according to a statement from Vikram Solar, a Kolkata based solar module manufacturer, has
Mumbai-based Waaree, which built the unit and supplied the announced the commissioning of two new power plants - one
photovoltaic panels. in Gujarat and one in Rourkela, Orissa. The Gujarat power
plant is a 5MW power plant and the second plant in Orissa is
UP's first solar power plant starts functioning capable of producing 1 MW power. Both these projects have
The first solar power unit of Uttar Pradesh has started been built under the policy guidance from Indian Renewable
functioning. Situated at Naini, about 25 kms from Allahabad, Energy Development Agency (IREDA).
the 5 MW solar power plant developed by Kolkata-based
company, EMC Limited, as part of the Union ministry of new
and renewable energy's Jawharlal Nehru National Solar
Mission became operational on March 4. The EMC had been
entrusted with this project by the NTPC Vidyut Vyapar Nigam,
Upcoming Events Calendar
India Wind Energy Summit 2012 HydroVision India
Date: April 19-20, 2012 Date: April 19-21, 2012
Place: Chennai Place: New Delhi
Organizer: Noppen Organizer: PennWell and Inter Ads
Web: www.indiawindenergysummit.com Web: www.hydropowerindia.com
Renewable Energy World India 2012
Date: May 5-7, 2012
Place: New Delhi
Organizer: PennWell and Inter Ads
Web: www.renewableenergyworldindia.com
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

6. FOUR-S Cleantech Track
Stock Market Update
Companies Mcap (20-Mar-12) Rs Mn Price (30-Mar-12) 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change)
NHPC 242,325 19.7 -1.5% -7.1% 9.1% -16.2% -22.1%
Jaiprakash Power Venture 107,692 40.8 1.9% -7.3% 16.3% 19.7% -3.3%
Suzlon 44,878 25.3 -9.8% -5.1% 40.3% -30.7% -43.4%
Praj Industries Ltd. 14,819 80.2 -0.2% -1.0% 6.9% 13.5% 11.7%
Ramky Infra 12,398 216.8 0.5% -7.3% 7.3% 1.8% -28.6%
VA Tech Wabag 11,354 429.4 3.7% 0.4% 28.1% 17.0% -14.7%
Orient Green Power 5,968 12.8 -3.8% -4.1% 50.9% -13.3% -49.6%
Shriram EPC 3,576 80.7 -1.2% -7.5% 0.5% -35.2% -49.4%
Moserbear 2,742 16.3 -1.5% -11.4% 16.4% -24.5% -60.3%
Entegra 1,868 10.3 -5.1% -17.3% -11.6% -48.6% -57.0%
Indosolar 1,625 4.9 -2.0% -16.4% -4.0% -45.8% -71.6%
Ion Exchange 1,464 108.3 3.8% -4.2% 17.8% -13.6% -17.0%
IndoWind Energy 538 6.0 -4.8% -11.8% 6.2% -45.2% -68.2%
Asian Electronics 250 7.1 -4.7% -14.0% 29.4% -2.8% -34.4%
Nifty - 5,295.6 0.3% -1.7% 14.5% 7.1% -9.2%
Sensex - 17,478.2 0.7% -1.5% 13.1% 6.2% -10.1%
Latest Quarterly Results – 9MFY’12 In Rs Millions
Companies Revenue EBITDA PAT Margins H1FY’12
9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12
Suzlon 107,181 145,440 35.7% (2,158) 11,999 NM (15,350) (1,783) NM 8.3% NM
NHPC* 30,872 42,110 36.4% 24,157 26,281 8.8% 15,282 19,697 28.9% 62.4% 46.8%
Moser-Baer* 14,139 16,337 15.5% 1,372 1,953 42.3% (2,752) (2,502) NM 12.0% NM
Ramky Infrastructure 18,528 24,502 32.2% 2,198 3,211 46.1% 1,147 1,422 24.0% 13.1% 5.8%
Shriram EPC* 8,374 7,804 -6.8% 1,071 871 -18.7% 548 210 -61.7% 11.2% 2.7%
VA Tech Wabag 7,342 7,727 5.2% 376 393 4.5% 66 134 103.0% 5.1% 1.7%
Jaiprakash Power Venture* 6,717 13,725 104.3% 5,795 12,627 117.9% 1,482 4,097 176.5% 92.0% 29.9%
Praj Industries* 3,507 6,128 74.7% 286 556 94.4% 329 557 69.3% 9.1% 9.1%
Orient Green Power 1,665 1,787 7.3% 761 672 -11.7% 91 (232) NM 37.6% -13.0%
Ion Exchange* 3,882 4,466 15.0% 171 206 20.5% 90 95 5.6% 4.6% 2.1%
Asian Electronics* 1,131 691 -38.9% (237) (276) NM (469) (483) NM NM NM
Indosolar* 4,989 854 -82.9% 223 (1,016) NM (628) (1,886) NM NM NM
IndoWind Energy* 395 269 -31.9% 108 131 21.3% 43 36 -16.3% 48.7% 13.4%
Entegra 6 1 -87.0% (55) (74) NM (328) (349) NM NM NM
Note 1: *Standalone results
Note2: Since Indowind Energy is June ending, the results are for H1FY’12
Annual Results – FY’11
In Rs Millions
Companies Revenue EBITDA PAT Margins FY’11
FY’10 FY’11 YoY FY’10 FY’11 YoY FY’10 FY’11 YoY EBITDA NPM
Suzlon 207,792 180,902 -12.9% 9,431 8,081 -14.3% (9,826) (13,238) NA 4.5% NA
NHPC 51,616 51,437 -0.3% 41,289 42,876 3.8% 21,756 23,162 6.5% 83.4% 45.0%
Moser-Baer 27,322 26,829 -1.8% 3,729 107 -97.1% (3,936) (8,486) NA 0.4% NA
Ramky Infrastructure 20,416 31,470 54.1% 2,417 3,718 53.8% 1,274 2,061 61.8% 11.8% 6.5%
Shriram EPC 13,704 16,748 22.2% 1,329 1,836 38.1% 468 742 58.7% 11.0% 4.4%
VA Tech Wabag 12,295 12,418 1.0% 1,171 1,210 3.3% 448 526 17.5% 9.7% 4.2%
Jaiprakash Power Venture* 7,178 8,407 17.1% 6,327 7,236 14.4% 2,516 1,651 -34.4% 86.1% 19.6%
Praj Industries 7,344 6,649 -9.5% 1,391 769 -44.7% 1,198 569 -52.5% 11.6% 8.6%
Orient Green Power 563 2,093 271.7% (4) 898 NA (166) 108 NA 42.9% 5.1%
Ion Exchange 5,250 6,102 16.2% 241 232 -3.8% 41 84 103.2% 3.8% 1.4%
Asian Electronics* 2,278 1,473 -35.3% 378 (421) NA 29 (793) NA NA NA
Indosolar* 1,313 5,820 343.3% (206) 203 NA (664) (583) NA 3.5% NA
IndoWind Energy* 631 453 -28.2% 223 119 -46.6% 146 47 -67.8% 26.3% 10.4%
Entegra 16 9 -44.2% (72) (72) NA (155) (423) NA NA NA
Note 1: *Standalone results
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

7. FOUR-S Cleantech Track
Valuation Benchmarking In Rs Millions
` Mkt Cap (Rs mn) EV (Rs mn) Revenues TTM EBITDA TTM PAT TTM EV/Revenue EV/EBITDA P/E
Dec'11 Dec'11 Dec'11
NHPC 242,325 350,803 62,675 45,000 27,577 5.6 7.8 8.8
Jaiprakash Power Venture 107,692 228,127 15,415 14,068 4,266 14.8 16.2 25.2
Suzlon 44,878 155,881 219,161 22,238 329 0.7 7.0 NM
Praj Industries 14,819 13,534 9,270 1,039 797 1.5 13.0 18.6
Ramky Infra 12,398 27,068 37,444 4,731 2,336 0.7 5.7 5.3
VA Tech Wabag 11,354 9,806 12,803 1,227 594 0.8 8.0 19.1
Orient Green Power 5,968 12,557 2,215 809 (215) 5.7 15.5 NM
Shriram EPC 3,576 16,053 16,178 1,636 404 1.0 9.8 8.9
Moserbear 2,742 24,256 29,027 688 (8,236) 0.8 35.3 NM
Entegra 1,868 32,063 4 (91) (444) NM NM NM
Indosolar 1,625 6,184 1,685 (1,036) (1,841) 3.7 NM NM
Ion Exchange 1,464 1,994 6,686 267 89 0.3 7.5 16.5
IndoWind Energy 538 2,183 327 142 40 6.7 15.4 13.5
Asian Electronics 250 1,745 1,033 (460) (807) 1.7 NM NM
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

8. FOUR-S Cleantech Track
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Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

9. FOUR-S Cleantech Track
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