Nuvama maintained buy' on tailwinds of high demand for HV transformers coupled with TARIL’s backward integration adding to our confidence of margin expansion. "We are raising FY25E/26E/27E EPS ...

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On the valuation, Nuvama's note said, "Maintain 'BUY' on tailwinds of high demand for HV transformers coupled with TARIL's backward integration adding to our confidence of margin expansion.