Nuvama Institutional Equities expects India PV revenue/Ebitda to grow at a compounded annual growth rate (CAGR) of 19% and 36%, respectively, over FY26-28, driven by robust volumes, PLI benefits and an improved mix. “JLR revenue/Ebitda CAGR is at 16%/55% owing to low base, launches, better scale and cost savings,” it said in a 14 May report.
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