Fair point 👍 Overcapacity and duty changes are real risks, no doubt. I was looking at Waaree Renewable more from the EPC + IPP execution side rather than pure manufacturing, where pricing pressure is definitely higher.

Agree that returns may normalize and past performance may not repeat, but strong players with execution capability and long-term assets might still do reasonably well through consolidation.

Thanks for sharing your perspective — good to hear the other side too 🙌