LT Foods

March 2025
Initiating Coverage | Sector: Power Utilities

Suzlon Energy

Riding the winds of growth

Abhishek Nigam – Research Analyst (Abhishek.nigam@MotilalOswal.com)
Research Analyst: Preksha Daga (Preksha.Daga@MotilalOswal.com) / Rishabh Daga (Rishabh.Daga@motilaloswal.com)

Investors
November 2024are advised to refer through important disclosures made at the last page of the Research Report. 2
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
01 08
Power Utilities

Page # 03 Page # 24
Summary Valuation and view

02 09
Page # 05
Page # 26
Story in charts
Risks

03
Page # 07
India's wind energy
Riding the winds of growth 10
Page # 27
penetration significantly  We initiate coverage on Suzlon Energy (SUEL)
SWOT analysis
below global average with a BUY rating and a target price of
INR70/share, implying 21% upside.

04
 SUEL is a global leader in wind energy with an
installed capacity of ~20.9GW across 17
countries. It is India's top wind energy service
11
provider with the highest installed capacity of Page # 28
Page # 08
~15GW, operating with a vertically integrated Bull and Bear cases
India plans to double its
installed wind capacity base structure, including in-house R&D and
by 2030 manufacturing facilities in India.
 SUEL's operations span wind turbine generator
(WTG) sales, project execution, foundry and 12
05 forging components, and operation and
maintenance (O&M) services. Page # 29
ESG initiatives
Page # 12
Competition has intensified,
but pie is big enough
13
06 Page # 30
Management team
Page # 14
Company overview

14
07 Page # 32
Financials and valuations
Page # 16
Growing order book,
economies of scale drive 63%
PAT CAGR over FY24-27

March 2025 2
 Initiating Coverage | Sector: Power Utilities
Power Utilities

Suzlon Energy
BSE Sensex S&P CNX
77,984 23,658 CMP: INR58 TP: INR70 (+21%) Buy
Riding the winds of growth
 Initiate with BUY and SOTP-based TP of INR70: We initiate coverage on Suzlon
Energy (SUEL) with a BUY rating and a target price of INR70/share, implying 21%
upside. SUEL is a global leader in wind energy with an installed capacity of
Stock Info ~20.9GW across 17 countries. It is India's top wind energy service provider with
Bloomberg SUEL IN the highest installed capacity of ~15GW, operating with a vertically integrated
Equity Shares (m) 13648
structure, including in-house R&D and manufacturing facilities in India. SUEL's
M.Cap.(INRb)/(USDb) 790.4 / 9.2
52-Week Range (INR) 86 / 37 operations span wind turbine generator (WTG) sales, project execution, foundry
1, 6, 12 Rel. Per (%) 2/-22/48 and forging components, and operation and maintenance (O&M) services.
12M Avg Val (INR M) 4370
 Wind energy's critical role in India's renewable future: By 2030, wind energy is
Free float (%) 86.8
expected to account for ~20% of India’s renewable energy (RE) mix vs. 39% in
Financial Snapshot (INRb) the US and Germany, 33% in China, and 42% in the UK, highlighting the need for
Y/E March FY25E FY26E FY27E more focus on wind energy development. India’s relatively lower wind energy
Sales 114.5 169.4 225.1 penetration offers significant room for growth. Though there are concerns that
Sales Gr. % 75.4 47.9 32.9
EBITDA 16.2 25.5 36.5
a combination of solar energy and storage solutions may replace wind energy,
EBITDA margin % 14.1 15.0 16.2 ReNew, a leading RE firm in India, estimates that adding wind energy to solar
Adj. PAT 12.7 20.5 31.3 and storage solutions can reduce the levelized cost of energy (LCoE) by INR0.2-
EPS (INR) 0.9 1.5 2.3 0.3/kWh and lead to ~1% higher project IRR. Given these advantages, Firm and
EPS Gr. (%) 77.9 60.9 52.6
BV/Sh. (INR) 3.8 5.3 7.4 Dispatchable Renewable Energy (FDRE), which strategically integrates solar,
Ratios wind, and battery storage, is expected to become the preferred procurement
ND/Equity -0.1 -0.2 -0.3 model, which will drive increased investments in wind energy.
ND/EBITDA -0.4 -0.6 -0.8
 SUEL is a bellwether play on India’s wind energy potential: India's wind energy
RoE (%) 27.9 32.9 36.0
RoIC (%) 8.7 11.3 13.2 sector offers substantial growth potential, as the country aims to increase its
Valuations installed wind capacity to 100GW by 2030 from 48GW currently (Dec’24). SUEL
P/E (x) 62.1 38.6 25.3 projects India’s new wind energy installations to reach ~4GW in FY25, 6GW in
EV/EBITDA (x) 48.5 30.4 20.8
FY26, and 7-8GW annually from FY27 onward. This opportunity positions SUEL’s
Shareholding pattern (%) EPC and OMS businesses for strong growth. With ~15GW of installed capacity,
As on Dec-24 Sep-24 Dec-23 SUEL towers over competitors like Siemens Gamesa (8.9GW), Vestas (3.4GW),
Promoter 13.3 13.3 13.3 and INOX (3.1GW). The company’s strong leadership in the O&M segment
DII 9.3 9.0 6.2
further strengthens its competitive edge. The acquisition of Renom Energy
FII 22.9 23.7 17.8
Others 54.6 54.0 62.7 Services, a leading O&M company, expands SUEL’s service capabilities further,
Note: FII includes depository receipts allowing it to cater to turbines from other OEMs.
 Domestic players well placed if NITI Aayog pushes for local content: In Mar’24,
Stock’s performance (one-year)
NITI Aayog, in its report, suggested granting approval to a revised list of models
Suzlon Energy and manufacturers (RLMM) only if major components—such as nacelle
Nifty - Rebased (including gearboxes and generators), blades, towers, hubs, and controllers—
100
are manufactured domestically. It also proposed introducing a mandatory
80
requirement of sourcing at least 60% of content by value from India. This policy
60 shift, if implemented, will present significant growth opportunities for Indian
40 OEMs.
20  Competition is rising but pie is big enough: Given the strong outlook,
competitors are investing in the Indian wind equipment market, e.g., Envision
Jun-24

Dec-24
Mar-24

Sep-24

Mar-25

Energy India's 1GW partnership with Juniper Green Energy and SANY India's
1.6GW contracts with JSW Group (1.3GW) and Sembcorp (0.3GW). Western

March 2025 3
 Suzlon Energy

players like GE, Gamesa and Vestas, despite their EPC capabilities, are avoiding
the EPC segment due to low margins, while Chinese manufacturers are inactive
in India’s EPC market. This creates a favorable environment for domestic
manufacturers, particularly SUEL, to capitalize on the growing demand in the
Indian wind energy sector due to its presence across the value chain. Assuming
8GW wind installation in India (in FY27), we estimate SUEL’s order book
execution (or deliveries) to be 3.2GW in FY27. Assuming Inox Wind contributes
an estimated 2GW in FY27 (FY24: 0.4GW), this still leaves an additional 2.8GW
for other players, demonstrating the scale of opportunities in the sector.
 Economies of scale to drive adj. PAT CAGR of 63% over FY24-27: The WTG
segment currently has fixed costs of ~INR7b, breaking even at 700MW of
deliveries. With an expanded order book, execution is set to scale from 710MW
in FY24 to 1.5GW/2.3GW/3.2GW in FY25/FY26/FY27, reducing per-unit fixed
costs and supporting margins. We expect WTG gross margins to increase from
~19.5% in FY24 to 22% in FY27, aided by the economies of scale. We estimate a
CAGR of 51%/52%/63% in revenue/EBITDA/adjusted PAT over FY24-27.
 EBITDA margin healthy; tax shield benefits until FY27: We estimate consol.
EBITDA margins to remain healthy at ~14-16% in FY25/FY26/FY27. SUEL is also
well positioned to benefit from its significant tax shield arising from unabsorbed
depreciation and brought-forward losses (FY24: INR61b). A majority of these
losses are set to expire between FY25 and FY32. We estimate SUEL not to have
any tax liability until 1HFY27, enabling the company to conserve cash flows.
 Balance sheet well placed to fund future growth: SUEL’s net debt-to-EBITDA
ratio has moved from 6.6x in FY22 to a net cash position in FY24. We expect the
net cash position to rise further by FY27 given limited capex needs in the near
term (~INR3.5-4b p.a. FY25 to FY27). Operating cash flows too are expected to
rise strongly as the company executes its order book.
 Valuation and view: Adjusted for growth, SUEL reasonably priced vs. capital
goods peers – We arrive at a target price of INR70 by applying a target P/E of
34x to Dec’26E EPS. This is at a slight premium to historical average 2-year fwd
P/E of 27x given execution and earnings are just picking up for SUEL. While
valuations across the capital goods space have come off, they remain elevated
given a healthy earnings growth trajectory, a decent order book, improving cash
flows, and a positive industry outlook. We think SUEL is reasonably priced, given
an estimated EPS CAGR of 63% over FY24-27, significantly surpassing domestic
capital goods peers ABB India (23%), Siemens (20%), Thermax (17%), and CG
Power (26%) and global peers such as SANY (26%). On PEG ratio, SUEL is
favorably trading at FY26E PEG ratio of 0.6x, below other domestic capital goods
peers such as Thermax (2.5x), ABB India (6x), and CG Power (1.9x).
 Key risks: 1) Rising competition from Chinese and European players as wind
installations pick up; 2) Potential pressure on realizations/ margins for wind
turbine generators (WTGs); 3) Dependency on ISTS waiver for project
economics; 4) Technological changes leading to product obsolescence; 5) Delays
in project execution leading to slower-than-expected execution of order book;
6) Volatility in raw material prices, operational and overhead costs.

March 2025 4
 Suzlon Energy

STORY IN CHARTS

EBITDA and EBITDA margin trends Net sales growth over the years

EBITDA (INRb) EBITDAM (%) Net Sales (INRb) Growth (%)

16% 14% 16% 14% 15% 16%
14%
97%
75%

48%
33%
-29% 13% 9%
-9%
5 9 8 10 16 25 37
60
-9 30 33 66 65 115 169 225

FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E

ROE and ROCE over the years Net debt over the years (INR b)

RoE RoCE (Post tax) Net Debt (INRb)

32%
10%
28%

20%
28%
25%
28%

33%
36%
36%
38%
0%
0%

96
66 59
-7%
-66%
-11%

15

-3 -7 -16 -30

FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Adjusted PAT over the years (INR b) EV/EBITDA over the years

31
20
2 1 7 13
104
87 76
67
-7 48
30 21
-26
-47

FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Source: Company, MOFSL Source: Company, MOFSL

March 2025 5
 Suzlon Energy

Sharp increase in complex RE auctions (GW) Key return metrics across the RE auction segments
Type of Solar and Corporate Vanilla
Vanilla: Wind & Solar Complex Hybrid and others Firm Power
Project Hybrid PPAs Wind
Utility scale
GW currently
9.9 8-10 GW 30-35 GW projects > 25 5-6 GW
5.4x increase up for auction
MW
in auctions 23
No. of ~12-14 (Large ~4-5 (Large
4-5 ~6-8
competitors scale 6-8) scale 2-3)
2.4 2 9.7
4.2 29.4 9.6 Indicative Mid to low
1.4 13.2 0.9 High teens Mid-teens Low teens
9.6 6.5 6.6 range of IRRs teens
Central International

H1FY25
FY21

FY22

FY23

FY24 Counterparty/
bidding
Central +
and domestic
Central +
offtake GUVNL States
agencies corporates
Source: ReNew, MOFSL Source: ReNew, MOFSL

PEG Ratio Installed capacity as of 2023 end (in GW)

Domestic wind players Wind as
Wind as
PEG Ratio Onshore Offshore Total Total a % of
Company a % of
FY26 FY27 Countries wind wind wind installed Total
RE by
SUEL 0.6 0.5 capacity capacity capacity capacity Installed
2030
Inox Wind 0.4 0.6 capacity
Global Peers USA 150.4 0.0 150.5 1,102.1 13.6 39
PEG Ratio China 403.3 37.8 441.1 2,799.9 15.7 33
Company Germany 61.1 8.3 69.5 255.8 27.1 39
CY25 CY26
Vestas 0.2 0.3 India 44.7 0.0 44.7 428.0 10.4 22
SANY 0.4 0.6 UK 14.9 14.8 29.6 98.4 30.1 42
Domestic Capital Goods Companies Source: GWEC, Ember, IMF, MOFSL
PEG Ratio
Company
FY26 FY27
ABB India(Dec year-end) 6.0 4.3
Siemens (Sept year-end) 88.1 2.4
CG Power 1.9 2.0
TARIL 0.6 0.6
Thermax 2.5 2.2
KEC International 0.3 0.8
Source: Bloomberg, MOFSL

Hourly LCoE* comparison of Wind + Solar + Battery vs. Solar + PHP (INR per kWh)

INR/kWh LCoE for RTC using Solar + Hydro per kWh LCoE for RTC Battery + Wind + Solar per kWh
8.4

INR 0.20- 0.30/kWh

6.6 saving due to wind

4.8
LCoE (PHP+Solar)

3.0 LCoE (Wind+Solar+Storage)

1.2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Hrs during the day

Source: ReNew, MOFSL

March 2025 6
 Suzlon Energy

India's wind energy penetration significantly below

global average
 India ranked 4th globally in 2023 with its total wind energy capacity of 44.7GW,
entirely derived from onshore wind projects, contributing 10.4% of its total
installed capacity of 428GW. In comparison, China leads globally with 441.1GW
of wind energy capacity, accounting for 15.7% of its total installed capacity of
2,800GW, while the US comes second with 150.5GW, forming 13.6% of its total
of 1,102GW.
 Germany and the UK stand out for their high wind energy penetration, which
accounts for 27.1% and 30.1% of their respective total capacities, showcasing
significant reliance on wind energy within their RE portfolios (Source: GWEC).
 India’s relatively lower wind energy penetration offers significant room for
growth, especially in light of its ambitious RE installed capacity target of 500GW
by 2030, which includes 100GW from wind energy.
 By 2030, wind energy is expected to form ~20% of India’s RE mix vs. USA (39%),
Germany (39%), China (33%), and the UK (42%).
 With advancements in technology, favorable policies such as ISTS charges
waiver up to Jun’25, wind energy-specific renewable purchase obligation (RPO),
viability gap funding (VGF) of INR74b for initial 1GW offshore wind energy
projects, and an increasing emphasis on RE transitions, India has the potential to
scale up its wind energy capacity and strengthen its contribution to global RE
deployment.

Exhibit 1: Installed capacity as of 2023 end (in GW)

Onshore wind Offshore wind Total wind Total installed Wind as a % of Wind as a % of
Countries
capacity capacity capacity capacity Total Installed capacity RE by 2030
USA 150.4 0.0 150.5 1,102.1 13.6 39
China 403.3 37.8 441.1 2,799.9 15.7 33
Germany 61.1 8.3 69.5 255.8 27.1 39
India 44.7 0.0 44.7 428.0 10.4 20
UK 14.9 14.8 29.6 98.4 30.1 42
Source: GWEC, Ember, IMF, MOFSL

March 2025 7
 Suzlon Energy

India plans to double its installed wind capacity base by

2030
 In CY23, global onshore wind installations surged to 106GW, up 54% from CY22.
Meanwhile, offshore wind energy installations reached 10.8GW, taking the total
offshore wind capacity to 75.2GW. It took more than 40 years to reach the
milestone of 1TW (2023 end) of installed wind power globally, and now the
industry aims to add another 2TW in just seven years to reach 3TW by 2030.
India has a goal of installing  As of Dec’24, India’s cumulative installed wind power capacity reached 48GW.
500GW of non-fossil fuel The government’s strategic initiatives, including the Aatmanirbhar Bharat
capacity by 2030, which program through "Make in India," along with ambitious RE targets, are poised to
includes 100GW from wind accelerate growth in the sector. These initiatives support the country’s
energy.
commitment to achieving net-zero emissions by 2070 and the goal of installing
500GW of non-fossil fuel capacity by 2030, which includes 100GW from wind
energy.
 In FY24, Gujarat led the country in wind energy capacity additions at 1.7GW,
followed by Karnataka with 0.7GW, Tamil Nadu with 0.5GW, and Maharashtra
with 0.19GW. Gujarat holds the highest total installed wind capacity at
11.72GW, closely followed by Tamil Nadu at 10.60GW. Other key states include
Karnataka (6.02GW), Maharashtra (5.20GW), Rajasthan (5.19GW), Andhra
Pradesh (4.09GW), and Madhya Pradesh (2.84GW).

Exhibit 2: Evolution of wind power capacity in India (in GW)

Power Generation Capacity (GW)

45.9 48.2
40.4 42.6
37.7 39.2
34.0 35.6
32.3
26.8
21.0 23.4

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Dec'24
Source: NPP, MOFSL

Exhibit 3: India’s installed power generation capacity mix as of Dec’24 end

Hydro
(11%)

Fossil Fuel Solar

(53%) (21%)
Dec’24- 462GW

Wind
Others (11%)
(4%)
Source: Company, MOFSL

March 2025 8
 Suzlon Energy

Exhibit 4: Year-wise electricity generation from wind sources (MU)

83,385
71,814
68,640
62,036 64,639
60,149
52,666
46,004
33,768 33,029

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Source: Directory Indian Wind Power -2024, MOFSL

Strong government policy push for wind sector growth

The central government has  India’s wind energy sector presents significant growth potential, particularly as
unveiled a range of policies the country pursues its ambitious RE target of 500GW by 2030, which includes
to encourage wind 100GW from wind energy. Given this ambitious target, the central government
expansion including waiver
has unveiled a range of policies to encourage wind expansion.
of ISTS charges, VGF
 Waiver of ISTS charges: Key government initiatives, such as the waiver of inter-
scheme for offshore wind
energy projects, renewable state transmission system (ISTS) charges for solar and wind projects
purchase obligation, etc. commissioned by Jun’25 and offshore wind projects until Dec’32, are aimed at
enhancing project viability and attracting investment.
 Viability gap funding (VGF): The approval of the VGF scheme for offshore wind
energy projects along the coasts of Gujarat and Tamil Nadu, coupled with the
issuance of standard bidding guidelines for tariff-based procurement of power
from wind and hybrid projects, underscores the government’s commitment to
accelerating growth in this sector.
 The Green Open Access Rules, 2022: The rules, notified in June 2022, are aimed
at promoting the generation, purchase, and consumption of green energy,
including energy from waste-to-energy plants, through open access. These rules
are a significant step toward India’s goal of reducing emissions by 45% by 2030,
in line with the country’s updated Nationally Determined Contributions (NDC).
Additionally, the rules are expected to substantially reduce power costs. Under
the new regulations, Green Open Access is now available to any consumer, with
the limit for open access transactions reduced from 1MW to 100kW, enabling
even small consumers to purchase renewable power through open access.
 Renewable purchase obligation (RPO) targets: RPO requires all electricity
distribution licensees to buy or generate a minimum specified quantity of their
requirements from RE sources as per the Indian Electricity Act, 2003. As per the
Ministry of Power, there are separate sub-targets allocated out of the total
target for wind, hydro and distributed energy. Total RPO in 2029-30 is estimated
to be 43.33% of the total electricity consumed.

March 2025 9
 Suzlon Energy

Exhibit 5: RPO trajectory (as % of total electricity consumed)

Year Wind RE Hydro RE Distributed RE Other RE Total RE
2024-25 0.67 0.38 1.5 27.35 29.91
2025-26 1.45 1.22 2.1 28.24 33.01
2026-27 1.97 1.34 2.7 29.94 35.95
2027-28 2.45 1.42 3.3 31.64 38.81
2028-29 2.95 1.42 3.9 33.1 41.36
2029-30 3.48 1.33 4.5 34.02 43.33
Source: Ministry of Power, MOFSL

Wind capacity expansion critical for achieving RE targets

ReNew, a leading RE player  Wind is essential for cost efficiency and grid stability: There have been recent
in India, estimates that concerns that solar energy and power storage could replace the need for wind
adding wind to the solar energy. However, this perspective faces several challenges: 1) battery prices
energy and storage
have declined recently, and there is potential for future price increase; 2) heavy
solutions will reduce LCoE
battery deployment will be needed given the limited coverage provided by solar
by INR0.2-0.3/kWh and lead
to ~1% higher project IRR. energy; and 3) replacing wind energy entirely with solar energy and storage
solutions could compromise grid stability at a national scale. While solar power
is best suited for meeting daytime demand, wind energy is well suited for the
peak and base load demand at night, as India’s peak power demand in the
morning and evening aligns well with wind energy generation. Moreover,
ReNew, a leading RE player in India, estimates that adding wind to the solar
energy and storage solutions will reduce LCoE by INR0.2-0.3/kWh and lead to
~1% higher project IRR.
As of 2023, over 11GW of  Wind expertise unlocks opportunities in FDRE tenders: In Jun’23, the Ministry
FDRE tenders were issued, of Power issued guidelines for the tariff-based competitive bidding process for
and this figure has the procurement of FDRE from grid-connected RE power projects with energy
expanded to 19GW by
storage systems (ESS). As of 2023, over 11GW of FDRE tenders were issued, and
Dec’24, driven by nodal
this figure has expanded to 19GW by Dec’24, driven by nodal agencies such as
agencies such as SECI and
SJVN. SECI and SJVN. We believe FDRE is set to become the preferred model for RE
procurement in the future. FDRE tenders typically involve solar + wind + battery
deployment. Therefore, an established track record in installing and operating
wind assets is crucial for successfully executing FDRE tenders.
 FDRE economics may not be sustainable with sole reliance on solar energy:
Relying exclusively on solar energy and battery storage presents financial
challenges, primarily due to the high cost of battery storage, which is ~INR5-
6/kWh per four-hour cycle (assuming battery prices of USD175/kWh)—almost
double the cost of wind energy. This makes projects that depend solely on solar
energy and battery storage less economically viable. Thus, added reliance on
batteries for storage further increases project costs, which can result in non-
competitive tariffs, thereby undermining the long-term financial sustainability of
such projects. When wind energy and solar energy are integrated, they
complement each other and reduce dependence on costly storage systems,
enhancing grid stability and improving the overall project economics.

March 2025 10
 Suzlon Energy

Exhibit 6: FDRE tenders – FY23-24 (GW)

NTPC FDRE 2
SJVN FDRE 2 (1200MW) 19.8
(1200MW) SJVN FDRE 3 18.3
NHPC (1200MW) (1200MW) 17.1
NHPC (1500MW)
SECI FDRE 5 15.1
SECI FDRE 4 13.9 SJVN FDRE 4
(1000MW)
(1260MW) SECI FDRE 6 (1500MW)
11.5
SECI FDRE 1 (500MW) 10.5 (2000MW)
SECI FDRE 2 (1500MW)
7.1
SJVN FDRE 1
RUMSL (400MW)
(1500MW) 4.3
NTPC (3000MW)
3.5
1.5
SECI FDRE 3 (800MW)
Aug'23

May'24

Aug'24
Sep'23

Dec'23

Jan'24

Feb'24

Mar'24

Apr'24

Sep'24

Dec'24
Oct'23

Oct'24
Jul'23

Jul'24
Jun'23

Nov'23

Jun'24

Nov'24
Source: SECI, SJVN, JMK Research, MOFSL

 Risks to grid stability from high solar penetration and low wind capacity: A
solar-heavy energy mix presents critical challenges to grid stability and
economic efficiency (excess solar energy from rooftop installations in Australia,
known as "solar spill," is causing grid instability and potential blackouts: Read
A solar-heavy energy mix more). Solar generation peaks during the day and drops to zero at night,
presents critical challenges
creating sharp fluctuations in supply. Hence, there is a need for balancing
to grid stability and
economic efficiency. resources like wind energy, which complements solar by peaking during
evenings, nights, and monsoon seasons. Without sufficient wind energy
capacity, the grid faces:
 Instability: Steep ramp-up in demand on conventional power plants during solar
transitions increases operational complexity.
 Higher costs: Battery storage remains costly at INR5-6/kWh per four-hour cycle
(assuming battery prices of USD175/kWh), nearly double the cost of wind,
making solar-plus-battery solutions less competitive.
 Overreliance on storage: Limited wind generation forces greater dependence
on expensive energy storage systems to manage surplus solar generation and
ensure supply during non-solar hours.
 Transmission inefficiencies: Peak solar generation strains transmission
networks, while non-solar periods underutilize infrastructure, adding to
inefficiencies.
 Curtailment risks: Surplus solar generation during low-demand periods
increases curtailment risks, lowering overall system efficiency.

March 2025 11
 Suzlon Energy

Competition has intensified, but pie is big enough

 Annual wind energy installations to double by FY27: SUEL projects robust
growth in India’s annual wind energy installations, with expectations of ~4GW in
FY25, 6GW in FY26, and 7-8GW annually from FY27 onward. We estimate SUEL’s
order book execution (or deliveries) to be 3.2GW in FY27. Assuming Inox Wind
contributes an estimated 2GW in FY27 (FY24: 0.4GW), this still leaves an
additional 2.8GW for other players, demonstrating the scale of opportunities in
the sector. As per CEA’s report on the optimal generation capacity mix for 2029-
30, India must nearly double its wind energy capacity to ~100GW by 2030, up
from 48GW as of Dec’24.
 Indian players’ presence across the value chain gives an edge: Western players
such as GE, Gamesa, and Vestas possess EPC capabilities; however, they are
currently not focusing on this segment, likely due to low margins. Meanwhile,
Chinese manufacturers are not active in the EPC market in India. These factors
create a favorable environment for domestic manufacturers, particularly SUEL,
to capitalize on the growing demand in the Indian wind energy sector due to its
presence across the value chain.
 SUEL way ahead of others in terms of installed capacity: Historically, SUEL,
Siemens Gamesa, and Inox Wind have been the dominant players in India’s
installed wind energy base, with respective capacities of 14.6GW, 8.9GW, and
3GW at the end of FY24. Siemens Gamesa is now considering an exit from the
Indian market, which could potentially reduce competition and help support
pricing and margins.
NITI Aayog proposed  NITI Aayog’s push for 60% local content: In Mar’24, NITI Aayog, in its report
introducing a mandatory titled “Domestic Manufacturing Capacity & Potential Cyber Security Challenges
requirement of sourcing at in the Wind Sector and Way Forward,” emphasized critical concerns over cyber
least 60% of content by security vulnerabilities arising from the import of wind sector components,
value from India. particularly from China. To mitigate these risks, it recommended enhancing the
revised list of models and manufacturers (RLMM) policy. Currently, the RLMM
policy mandates OEMs in the wind energy sector to obtain approval for their
WTGs when the nacelle is either assembled or manufactured in India. The report
suggests refining this framework by granting RLMM approval only if major
components—such as the nacelle (including gearboxes and generators), blades,
towers, hubs, and controllers—are manufactured domestically. Additionally, it
proposes introducing a mandatory requirement of sourcing at least 60% of
content by value from India. This policy shift presents significant growth
opportunities for Indian OEMs.

Exhibit 7: Installations by wind energy players in India as of FY24 end

Company Name Number MW
SUEL 9,817 14,672
Siemens Gamesa 4,880 8,962
Wind World 6,725 4,959
Vestas Wind 2,327 3,430
GE Energy 1,402 3,121
Inox 1,540 3,081
Others 5,899 5,541
Total 32,590 43,766
Source: Directory Indian Wind Power -2024, MOFSL

March 2025 12
 Suzlon Energy

 Chinese and European players give strong competition: The strong growth in
the Indian market has attracted new entrants, particularly from China,
heightening competition. Chinese manufacturers, including Envision and SANY,
have gained traction by leveraging lower manufacturing costs, providing them
with a pricing advantage. As per media reports, Envision, has rapidly expanded
its presence in India, with ~1.5GW of installed capacity and 7.7GW of projects
awarded by 21 IPPs (Link). To support its growth trajectory, Envision has
established a robust manufacturing capacity, including 3GW for nacelles and
hubs in Pune and 2.5GW for blades across facilities in Trichy and Bengaluru.
These developments pose a significant challenge to established players like
SUEL, as they intensify price-based competition and bring additional capacity to
the market.
 Adani, Reliance are new entrants in the wind manufacturing space: In the
equipment space, SUEL faces competition from both domestic and global
manufacturers. Indian competitor Inox Wind has raised significant equity capital
through its subsidiary Resco Global to diversify beyond EPC services. While SUEL
and Inox dominate the EPC segment, global manufacturers such as Siemens
Gamesa, Vestas and GE also have EPC capabilities, though we understand this is
not a focus area for them. Additionally, large energy developers like JSW Energy
and Adani are moving toward self-manufacturing turbines and providing their
own EPC services, further intensifying competition.

Exhibit 8: Status of domestic manufacturing capacity for the wind energy sector
Annual manufacturing capacity
Manufacturer Country of origin Turbine size (MW)
(MW)
SUEL India 2.1 - 3.0 4,500
Vestas Wind Technology Denmark 2.0 - 3.6 3,000
Siemens Gamesa Renewable Power Spain 2.0 - 3.6 4,000
Envision Wind Power Technologies China 2.5 - 3.3 1,000
Senvion Wind Technology Germany 2.3 - 2.7 1,000
Nordex India Spain 3.0 1,000
GE India USA 2.3 - 2.7 1,000
Inox India 2.0 - 3.0 1,000
Emergya Wind Turbine The Netherlands 1.0 250
Others 500
Total 17,250
Source: NITI Aayog, MOFSL
Exhibit 9: Domestic manufacturing capacity: Local & import share
Name of the Total manufacturing % cost share of wind
Imported by major OEMs (%
wind turbine capacity turbine generator 100% local content by OEMs
varying)
component (per annum) (WTG) setup
Towers 5200MW 26  Vestas, Inox, Envision, SUEL, GE Siemens, Gamesa
 Vestas, Inox, Senvion, GE, Siemens,
Blades Not Available 22 -
Gamesa, SUEL, Envision
Gearbox 8000MW 12  SUEL, Siemens, Gamesa, GE Vestas, Envision, Inox, Senvion
Power
Not Available 5  GE, Siemens, Gamesa, Vestas, Inox Envision, SUEL, Senvion
Converters
Generators Not Available 4  SUEL, GE, Siemens, Gamesa Vestas, Envision, Inox, Senvion
 GE, Siemens, Gamesa, Vestas, Inox, Envision (only Aux.
Transformers Not Available 4
Senvion, SUEL Transformer)
Castings 11590MW
Yaw Drives 10000MW
Pitch Drives 5000MW
27
Other (Main
Shaft, Rotor Not Available
bearing etc.)
Source: NITI Aayog, MOFSL

March 2025 13
 Suzlon Energy

Company overview
 The Suzlon Group, a global leader in wind energy, has installed ~20.9GW of wind
energy capacity across 17 countries.
As of Dec’24, SUEL has  As of Dec’24, SUEL has successfully installed 15GW of wind energy capacity in
successfully installed 15GW India, comprising more than 9,900 wind turbines. It holds a 31% market share of
of wind energy capacity in India’s total installed wind energy capacity. SUEL operates with a vertically
India and holds a 31%
integrated structure, boasting in-house R&D centers and world-class
market share of India’s total
manufacturing facilities in India.
installed wind energy
capacity.  SUEL is also the country's No. 1 wind energy service company, managing ~15GW
of wind energy assets. Its product portfolio includes the 2MW and 3MW series
of wind turbines.
 Suzlon Services: India’s leading wind energy service provider with 29 years of
expertise in the industry. With 2.5 million service hours and a diversified
portfolio ranging from 225kW to 3.x MW turbines, SUEL is supported by over
3,500 dedicated service professionals. The company offers specialized multi-
make turbine O&M services, providing maintenance, repairs, and technical
support across a range of wind turbine fleets from various OEMs, making SUEL a
comprehensive solution provider for the wind energy sector.
 Product portfolio: SUEL provides a wide range of wind turbine products, from
2.1MW to 3.15MW, with customizable rotor diameters and tower heights to suit
different wind conditions. The portfolio also includes solutions designed for
integrating multiple RE sources.
 The S120 – 140m variant with a 140-meter hub height and lattice-tubular tower
was launched in Dec’18, followed by the 120m hub height tubular tower variant
in Jan’19. This product range allows SUEL to access untapped wind sites in
challenging terrains. The S120 – 140m turbines demonstrate exceptional
performance, operating with over 98% availability.
 SUEL's 3.x MW S144 wind turbine, with a capacity of up to 3.15MW, operates at
hub heights of 140 to 160 meters, making it India's tallest wind turbine. It
delivers 40-43% higher energy generation compared to previous models,
optimizing wind resources at higher altitudes and making low-wind sites viable.
 Collaborating for wind energy integration across sectors: SUEL has collaborated
with over 1,900 customers, including independent power producers (IPPs), large
corporates, and public sector undertakings (PSUs) like ONGC, GAIL, and IPCL.
The company promotes wind energy adoption through partnerships with
industry bodies and municipal corporations, driving integration across sectors.
 SE Forge leading in engineering component manufacturing: SE Forge, a
subsidiary of SUEL, is one of the largest manufacturers of engineering
components, supplying fully finished castings and forgings to some of the
world's leading OEMs across various industries, including wind turbines, power
generation, oil & gas, transportation, construction, aerospace, and heavy
machinery.
 OMS supporting diverse customers: The OMS department of SUEL caters to a
diverse range of customer segments, including IPPs, large corporates, PSUs,
government entities, and retail customers. This broad customer base reflects
the company's ability to provide tailored O&M solutions across various sectors
and scales of operation.

March 2025 14
 Suzlon Energy

Exhibit 10: Global installation of 20.9GW by SUEL as at 3QFY25 end

1%
13% Asia

4% Europe
4% Australia
2% South America
North America
76%
Africa

Source: Company, MOFSL

Exhibit 11: SUEL’s installed capacity base in India (GW)

15.0
14.7
13.9
13.4
FY22

FY23

FY24

9MFY25
Source: Company, MOFSL

Exhibit 12: SUEL’s installation and market share over the years
Installation by Suzlon (GW) Market Share (%)

42
36
32
29 27
22
16 5
0.9
0.1 0.5
1.8 0.6 0.6 0.4 0.5
FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

Source: Company, MOFSL

March 2025 15
 Suzlon Energy

Growing order book, economies of scale drive 63% PAT

CAGR over FY24-27
 Record-high order book of 5.7GW: SUEL has achieved a record-high order book
of 5.7GW (as of Feb’25) and the outlook remains promising given India’s target
to double the wind installed capacity base by 2030. Notably, C&I customers now
SUEL has achieved a record-
make up 59% of SUEL’s total order book, highlighting the company’s growing
high order book of 5.7GW
(as of Feb’25) with C&I prominence in this segment.
customers contributing 59%  Repeat orders from key C&I customers: In Feb’25, SUEL secured a 201.6MW
of the total orders. repeat order from Oyster Renewable, expanding their partnership to 283.5MW
in Madhya Pradesh. The company will supply 64 S144 WTGs with Hybrid Lattice
Towers, each of 3.15MW capacity. On 10th Jan’25, SUEL announced securing a
486MW wind energy order from Torrent Power to supply 162 S144 WTGs (each
with a rated capacity of 3MW) in the Bhogat region in Gujarat, achieving the
1GW milestone in their partnership. This is the fifth significant order awarded by
Torrent Power to SUEL.
 Largest cumulative C&I order: On 10th Oct’24, SUEL received an initial order of
400MW from Jindal Renewable Energy to install 127 S144 WTGs, each with a
rated capacity of 3.15MW, in the Koppal region of Karnataka. This was followed
by an additional order of 302.4MW on 4th Dec’24, for the installation of 96 S144
WTGs in the same location. As a result, SUEL secured India’s largest cumulative
C&I wind energy order from a single customer, Jindal Renewable Energy,
totaling 702.4MW.
 Largest-ever single order from NTPC Green: On 9th Sep’24, SUEL secured its
largest-ever single order in the Indian wind industry from NTPC Green of
1,166MW to install 370 S144 WTGs across three sites in Gujarat.
 Strategic partnership with CESC’s Purvah Green Power: On 15th Jul’24, CESC’s
subsidiary, Purvah Green Power, entered into a strategic partnership with SUEL
to develop wind energy projects. The agreement covers the supply, EPC, and
maintenance of wind turbines to be operational in the next two to four years.

Exhibit 13: Wind order book and share of C&I/Captive/Retail/PSU orders

Order Book (MW) Share of C&I/Captive/Retail/PSUs

77% 79% 79%

66%
58%
42%
29%

788 652 2,929 3,817 4,731 5,521 5,723

Jan'25

Feb'25
FY22

FY23

FY24

Oct'24
Jun'24

Source: Company, MOFSL

March 2025 16
 Suzlon Energy

Exhibit 14: Recent orders received by SUEL

Month Company MW Location Quantity & Model
Feb'25 Oyster Renewables 202 Madhya Pradesh 64 S144 WTGs
Jan'25 Torrent Power Limited 486 Gujarat 162 S144 WTGs
Dec'24 Jindal Renewable Power Private Limited 302 Chhattisgarh & Odisha 96 S144 WTGs
Oct'24 Jindal Renewable Power Private Limited 400 Karnataka 127 S144 WTGs
Sep'24 NTPC Green Energy Limited 1,166 Gujarat 370 S144 WTGs
Jun'24 AMPIN Energy Transition 104 Rajasthan 33 S144-140m WTGs
May'24 Oyster Green Hybrid One Private Limited 82 Madhya Pradesh 26 S144-140m WTGs
May'24 Aditya Birla Renewables Limited 551 Rajasthan & Gujarat 175 S144-140m WTGs
May'24 Juniper Green Energy 402 Rajasthan 134 S144-140m WTGs
Source: Company, MOFSL

 Strong growth outlook for SUEL: We estimate a CAGR of 51%/52%/63% in

revenue/EBITDA/adjusted PAT over FY24-27. This growth is primarily driven by:
1) strong WTG segment outlook, with the order book expected to reach 5.8GW
We estimate a CAGR of in FY26, and 7GW in FY27; 2) manufacturing capacity ramp-up from ~3.1GW per
51%/52%/63% in annum to ~4.5GW now across tower, blade and nacelle; 3) order book execution
revenue/EBITDA/adjusted expected to rise to ~1.5GW/2.3GW/3.2GW in FY25/FY26/FY27.
PAT over FY24-27.
 EBITDA margins to remain resilient as economies of scale kick in: We expect
consol. EBITDA margins to remain healthy at 14-16% in FY25/FY26/FY27. The
WTG segment operates with fixed costs of ~INR7b currently and breaks even at
700MW of wind turbine delivery. However, with a large order book, execution is
set to scale up from 710MW in FY24 to ~1.5GW/2.3GW/3.2GW in
FY25/FY26/FY27. As a result, per-unit fixed costs are expected to decline and
support margins. We expect WTG gross margins to increase from ~19.5% in
FY24 to 22% in FY27E, aided by economies of scale.
 Limited or no tax payment until FY27: SUEL is also well positioned to benefit
from its significant tax shield arising from unabsorbed depreciation and brought-
forward losses, totaling INR61b as of FY24 end. A majority of these losses are set
to expire between FY25 and FY32. We estimate SUEL not to have any tax liability
until 1HFY27, enabling the company to conserve cash flows.
 WTG set to take-off; OMS’ steady growth continues: The Group's operations
encompass the sale of WTG and related services, including land sales and sub-
leases, project execution, and the sale of foundry and forging components.
Additionally, the Group provides O&M services and is involved in power
generation activities. These business segments are defined based on the internal
reporting framework and organizational structure. In 9MFY25, the Group’s
WTG/O&M services/foundry and forging segments reported revenue of
INR53b/INR14b/INR3b and EBITDA of INR5b/INR6b/INR0.4b.
In May’24, SUEL announced  Merger with Suzlon Global Services (SGSL) to drive synergies: In May’24, SUEL
the merger by absorption of announced the merger by absorption of SGSL, its wholly owned subsidiary, into
SGSL, its wholly owned SUEL. It is expected to be completed in FY26, subject to regulatory approvals.
subsidiary, into SUEL. It is This restructuring is aimed at integrating SGSL’s O&M business with SUEL’s WTG
expected to be completed manufacturing and EPC divisions, consolidating SUEL’s wind business under a
in FY26. single entity. The key reasons behind this initiative include: 1) simplifying the
group structure to enhance transparency, 2) strengthening SUEL’s standalone
balance sheet—a critical factor for participating in PSU bids, 3) optimizing
working capital management and eliminating inter-company balances, fostering
greater financial and operational efficiency, and 4) improving customer
confidence by offering integrated WTG sales and O&M services through one
entity.

March 2025 17
 Suzlon Energy

Exhibit 15: Share of WTG and OMS in revenue

WTG OMS

84% 87%
79%
67% 64% 65%
57%

36% 32% 32%

28%
20%
15% 13%

FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Source: Company, MOFSL

SUEL's balance sheet turnaround sets stage for funding growth

 Strong balance sheet improvement and cash flow growth: SUEL has witnessed
SUEL has witnessed a strong a strong turnaround in its balance sheet, moving from a net debt-to-EBITDA
turnaround in its balance ratio of 6.6x in FY22 to a net cash position in FY24. Interest costs have
sheet, moving from a net significantly declined from INR9.9b in FY21 to INR1.6b in FY24, reflecting
debt-to-EBITDA ratio of 6.6x
improved financial efficiency. Consequently, the interest coverage ratio has seen
in FY22 to a net cash
position in FY24. a substantial increase, rising from a low of 0.28x in FY21 to a robust 5.11x in
FY24, indicating a much stronger ability to meet interest obligations. We expect
the net cash position to rise further by FY27 given limited capex needs in the
near term (~INR3.5-4b annually from FY25 to FY27). Moreover, operating cash
flows are expected to remain healthy as the company executes its order book.

Exhibit 16: Net debt-to-EBITDA ratio trend

Net Debt/EBITDA

12.3
6.6
1.8
-0.3 -0.4 -0.6 -0.8

-11.2
FY20

FY21

FY22

FY23

FY24

FY25E

FY26E

FY27E

Source: Company, MOFSL

 Debt restructuring has been key to balance sheet repair: On 27th Jun’20, SUEL
allotted 445,301 compulsorily convertible preference shares worth INR44.5b to
lenders as part of the Resolution Plan. This followed a forbearance and
restructuring agreement.
 On 30th Jun’20, SUEL executed the debt restructuring plan under RBI guidelines,
which divided the INR51.9b restructured debt into three parts: INR36b rupee
term loan to be repaid in 40 quarterly installments starting Sep'20, INR2.6b
project-specific rupee term loan, and continuation of INR13b non-fund-based
working capital facilities.
 This has been instrumental in achieving a net cash position in FY24 vs. a net
debt-to-equity ratio of 1.4x in FY23.

March 2025 18
 Suzlon Energy

 Restructuring of FCCBs: The company restructured its outstanding FCCBs by

offering bondholders two options: (i) conversion to equity at INR6.77 per share
or (ii) exchange for new bonds.
Exhibit 17: FCCBs
Outstanding amount (USD m) FY21 FY22 FY23 FY24
USD546,916,000 step-up convertible bonds due 2019 2.2 - - -
USD denominated convertible bonds due 2032 26.5 9.8 0.5 -
Source: Company, MOFSL

Renom acquisition to bolster OMS presence, expand customer base

 In Aug’24, Suzlon Group made a strategic move by acquiring a 76% stake in
Renom Energy Services Private Limited, a leading multi-brand OMS provider
In Aug’24, Suzlon Group owned by the Sanjay Ghodawat Group.
made a strategic move by  The acquisition, executed in two phases, involved acquiring an initial 51% stake
acquiring a 76% stake in
for INR4b, followed by an additional 25% stake within 18 months for INR2.6b,
Renom Energy Services
Private Limited, a leading valuing the deal at an FY24 EV/EBITDA multiple of 20x (FY24 revenue: INR430m).
multi-brand OMS provider. This acquisition positions SUEL for robust growth in the multi-brand OMS sector.
 The acquisition leverages Renom's leadership position in the independent
service provider (ISP) market, combined with SUEL’s operational expertise,
market reach, and legacy of over 29 years. Since FY20, Renom has achieved a
30% CAGR in fleet expansion, with operations spanning seven major wind-
energy states in India.
 Renom manages a diverse portfolio of 3GW, comprising 1,905MW in wind
energy, 148MW in solar energy, and 963MW in BoP services for several
customer segments.
 While SUEL’s in-house OMS division will prioritize servicing its existing fleet of
~15GW, Renom will continue to target the non-Suzlon wind turbine service
market, which encompasses over 32GW of assets in India and is poised for
growth.
 This acquisition enhances SUEL’s ability to capitalize on the rapidly expanding
OMS market in India. Renom’s established position as a multi-brand service
provider, combined with SUEL’s extensive experience, creates a unique platform
to unlock value through synergies in talent, systems, and market presence.

March 2025 19
 Suzlon Energy

Exhibit 18: Renom’s AUM (GW)

1.5 1.7 2.5 3

FY22

FY23

FY24

9MFY25
Source: Company, MOFSL
Exhibit 19: Renom’s revenue (INR b)

1.1 1.68 2.13 1.54 1.63

9MFY24
FY22

FY23

FY24

9MFY25
Source: Compnay, MOFSL
Exhibit 20: Renom’s assets spread across states (MW)

344 812 213 332 777 152 386

Karnataka
Maharashtra
Gujarat

Tamil Nadu

Madhya

Pradesh
Rajasthan

Pradesh

Andhra

Source: Compnay, MOFSL

WTG, OMS are key segments driving growth

 The Group's operations encompass the sale of WTG and related services,
As of FY24, the revenue including land sales and sub-leases, project execution, and the sale of foundry
breakdown is as follows: and forging components. Additionally, the Group provides O&M services and is
62% from the sale of WTG,
involved in power generation activities. These business segments are defined
31% from OMS and 7%
from Foundry & Forging.
based on the internal reporting framework and organizational structure.
 As of FY24, the revenue breakdown is as follows: 62% from the sale of WTG,
31% from OMS and 7% from Foundry & Forging.

March 2025 20
 Suzlon Energy

Exhibit 21: Revenue break-up as of FY24

OMS
31%

Sale of WTG
Foundry & Forging 62%
7%

Source: Company, MOFSL

WTG set to take off as order book surges

 SUEL, a global leader in wind energy, has installed over 13,000 turbines globally.
With more than 27 years of expertise, the company provides innovative and
reliable WTGs that incorporate cutting-edge technology in blades, nacelles,
towers, and foundations. SUEL offers comprehensive solutions, from design to
commissioning, helping customers maximize returns on their investments.
 SUEL's S144 wind turbine, with a capacity of up to 3.15 MW, is India's tallest,
operating at hub heights of 140 to 160 meters. It offers 40-43% higher energy
generation compared to previous models, effectively harnessing wind resources
at higher altitudes and making low-wind sites more viable.
 Robust order - book of 5.7GW: As of Feb’25, SUEL has achieved its highest-ever
SUEL continues its growth
domestic wind order book of 5.7GW. The company has an installed capacity of
momentum, delivering
977MW in 9MFY25 vs. 15 GW, accounting for 31% of India’s total wind capacity of 48GW.
437MW in 9MFY24.  Key numbers for WTG segment: SUEL continues its growth momentum,
delivering 977MW in 9MFY25 vs. 437MW in 9MFY24. The Contribution Margin
for its WTG division has improved to 22.7% in 9MFY25, up from 19.4% in
9MFY24. In 9MFY25, SUEL’s revenue from WTG segment stood at INR53b, with
an EBITDA of INR 5b.

Exhibit 22: Deliveries and installations by SUEL (MW)

Deliveries Installations

977
882
808
664 710

459 495

241

FY22 FY23 FY24 9MFY25

Source: Company, MOFSL

March 2025 21
 Suzlon Energy

Exhibit 23: WTG Revenue (INR b)

53.4
43.8 42.1
37.8

11.9

FY22
FY21

FY23

FY24

9MFY25
Source: Company, MOFSL

Exhibit 24: WTG segment’s EBITDA and EBITDA Margin

EBITDA (INRb) EBITDA Margin (%)
9.4%
4.5%
0.6% 2.2%

0.3 0.8 1.9 5.0

-2.4

-20.3%

FY24
FY21

FY22

FY23

9MFY25
Source: Company, MOFSL

OMS: steady source of profitability and growth

 SUEL offers operations and maintenance services for the entire lifecycle of
WTGs. The Suzlon Global Operations and Maintenance Services team manages a
fleet of over 9,900 wind turbines across six continents.
 SUEL's OMS cater to a diverse range of customer segments, including IPPs, large
corporations, PSUs, government entities, and retail customers.
 In 9MFY25, SUEL’s revenue from OMS segment stood at INR14b, with an EBITDA
of ~INR6b. OMS business has 15 GW of capacity in India with machine
availability ensured above 96%.

March 2025 22
 Suzlon Energy

Exhibit 25: Operating revenue and EBITDA from OMS (INR b)

Revenue EBITDA
7.4 7.2 7.2
5.8

15.7 16.7 18.0 14.3

9MFY25
FY22

FY23

FY24
Source: Company, MOFSL

Foundry & Forging: Looking to expand beyond traditional scope

 SE Forge, a SUEL subsidiary, is a major manufacturer of fully finished castings
and forgings, serving renowned OEMs in industries such as wind energy, power
generation, oil and gas, transportation, construction, aerospace, and heavy
machinery.
 In 9MFY25, SUEL’s revenue from Foundry & Forging segment stood at INR3b,
with an EBITDA of INR0.4b.
 SE Forge is now strategically focusing on geographical expansion, increasing
exports and diversifying into non-wind sectors (including bearings for various
industries, as well as targeting the defense and railway sectors in its foundry
operations).

Exhibit 26: Operating revenue & EBITDA from Foundry & Forging (INR b)
Revenue EBITDA

0.8 0.8

0.4 0.4

4.8 4.7 4.8 3.2

FY22

FY23

FY24

9MFY25

Source: Company, MOFSL

March 2025 23
 Suzlon Energy

Valuation and view

 Valuation methodology: We arrive at a target price of INR70 by applying a
target P/E of 34x to Dec’26E EPS. This is at a slight premium to historical average
2-year fwd P/E of 27x given execution and earnings are just picking up for SUEL.
We assign a multiple of 34x (vs. capital goods coverage universe, which is
trading at an average of 49x FY26E) based on a strong earnings growth
trajectory, a robust order book expansion, improving operating cash flows, and
a positive industry outlook.
 Valuations are rich, but on PEG ratio, SUEL cheaper than peers: Among
domestic capital goods peers, SUEL’s estimated EPS CAGR of 63% in the FY24-27
period far exceeds that of ABB India (23%), Siemens (20%), Thermax (17%), and
CG Power (26%). Further, SUEL’s ROE is expected to reach 34% by FY27,
significantly outpacing peers like Siemens (18%), ABB India (26%), KEC
International (18%), and Thermax (16%). SUEL is trading at FY26E PEG ratio of
0.6x, below other domestic capital goods peers such as Thermax (2.5x), ABB
India (6x), and CG Power (1.9x).

Exhibit 27: Valuation table

Valuation
Dec-26 EPS INR 2.1
Valuation multiple (x) 34
Target Price INR 70
CMP INR 58
Upside / (Downside) % 21%
Source: MOFSL
Exhibit 28: PEG Ratio comparison vs. domestic and global peers
Domestic wind players
PEG Ratio
Company
FY26 FY27
SUEL 0.6 0.5
Inox Wind 0.4 0.6
Global Peers
PEG Ratio
Company
CY25 CY26
Vestas 0.2 0.3
SANY 0.4 0.6
Domestic Capital Goods Companies
PEG Ratio
Company
FY26 FY27
ABB India (Dec year-end) 6.0 4.3
Siemens (Sept year-end) 88.1 2.4
CG Power 1.9 2.0
TARIL 0.6 0.6
Thermax 2.5 2.2
KEC International 0.3 0.8
Source: Bloomberg, MOFSL

March 2025 24
 Suzlon Energy

Exhibit 29: Peer valuation (wind equipment space)

Domestic
EPS CAGR P/E EV/EBITDA EBITDA Margin (%) ROE (%)
Company
(FY24-27) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27
SUEL 63.5% 62.1 38.6 25.3 48.5 30.4 20.8 14.1 15.0 16.2 27.9 32.9 36.0
Inox Wind *53.5% 48.2 27.6 20.5 34.5 21.7 14.9 18.8 18.2 17.9 19.0 27.1 27.4
Global Peers
EPS CAGR P/E EV/EBITDA EBITDA Margin (%) ROE (%)
Company
(FY24-26) CY24 CY25 CY26 CY24 CY25 CY26 CY24 CY25 CY26 CY24 CY25 CY26
Vestas 59.8% 35.7 18.0 12.8 8.3 6.3 5.2 9.3 11.4 12.4 15.2 19.8 23.0
SANY 26.0% 17.8 13.4 11.2 24.2 12.1 8.0 7.3 11.2 15.2 13.5 16.3 16.7
*FY25-27
Source: Bloomberg, MOFSL
Exhibit 30: Capital goods companies’ valuation
EPS CAGR P/E EV/EBITDA EBITDA Margin (%) ROE (%)
Company
(FY24-27) FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27 FY25 FY26 FY27
**ABB (Dec) 22.6% 62.6 57.1 51.0 50.5 45.6 40.4 18.9 18.3 17.7 28.8 27.0 26.5
**Siemens (Sept) 19.9% 68.5 67.9 55.1 56.9 51.6 41.8 14.0 14.0 14.8 19.1 16.7 18.1
CG Power 26.2% 95.7 70.3 55.3 70.9 51.7 40.7 13.6 14.4 14.9 30.5 32.6 32.4
TARIL *118.8% 78.6 44.6 29.9 49.6 27.6 19.2 14.8 15.7 16.8 22.1 24.9 28.6
Thermax 16.5% 60.8 50.5 42.2 44.3 34.8 29.0 8.7 9.8 10.2 13.8 14.8 15.7
KEC International 48.9% 39.2 23.1 18.6 16.0 11.8 10.2 7.0 8.2 8.2 11.5 16.3 17.9
** Sep'24 and Dec'24 year end assumed to be FY25 and so on for FY26 and FY27; *FY24EPS has been adjusted for bonus (1:1) issued in FY25
Source: Bloomberg, MOFSL

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 Suzlon Energy

Risks
 Technological advancements: The wind energy sector is marked by rapid
innovations, driven by cost pressures. SUEL must continuously develop and
market innovative, cost-effective turbine technologies to sustain its competitive
edge in this dynamic and competitive industry.
 ISTS waiver dependency: The Ministry of Power’s waiver of ISTS charges for RE
projects until Jun’25 has been crucial for project economics. Any discontinuation
of this incentive may deter open-access RE development, affecting SUEL’s
market opportunities.
 Supply chain vulnerabilities: The manufacturing of wind turbines involves
complex supply chain logistics, with critical components such as gearboxes,
bearings, generators, converters, towers, and blades requiring long ramp-up
durations. Geopolitical disturbances and logistics disruptions further aggravate
delays, impacting cost and timelines.
 Geographic and site-specific constraints: Wind energy potential is
geographically restricted to a few states, unlike solar energy, which is more
widely distributed. Ideal wind sites are often located in remote areas,
necessitating substantial investment in infrastructure and transmission
networks to deliver power to demand centers.
 Challenges in project execution: Delays in securing land, statutory approvals,
and necessary infrastructure have historically plagued India's wind energy
sector, leading to time and cost overruns. Additional challenges include extreme
weather conditions, natural disasters, limited grid evacuation capacity,
unavailability of cranes, and land scarcity.
 Competitive dynamics with IPPs: The growing market share of IPPs poses risks
to SUEL’s EPC business, as many IPPs increasingly adopt self-installation models
for wind equipment.
 Infrastructure limitations: Insufficient grid capacity to handle large-scale wind
energy generation risks grid instability. Limited infrastructure for transmitting
power from remote wind sites to demand centers increases costs and delays.
 Financial Strain on Discoms: Many state distribution companies in India face
financial distress. While SUEL does not engage directly with them, their poor
financial health could indirectly impact SUEL’s business volumes and future cash
flows, potentially damaging market perception.
 Inflation and Cost Pressures: Volatile inflation in India could lead to increased
raw material, operational, and overhead costs, compressing margins. Sustained
high inflation could also elevate interest rates, impacting profitability and
product pricing.
 Challenges in Scaling Execution: Despite its robust order book, SUEL’s execution
capacity has remained under 1 GW annually in recent years. Operational and
supply chain constraints could challenge its ability to scale execution effectively.

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 Suzlon Energy

SWOT analysis

 A global leader in wind  May need further  India aims to grow its  Rising competition from
energy with an installed backward integration into installed wind capacity to Chinese and European
wind energy capacity of wind technology as 100GW by 2030 from players.
~20.9GW across 17 competition from Chinese 48GW as of Dec’24.  Potential pressure on
countries. and European players  With complex tenders realizations and margins
 India's top wind energy rises. likely to become the for WTGs.
service provider with the preferred model for RE  Technological changes
highest installed capacity procurement in the future, leading to product
of ~15GW, operating with an established track obsolescence.
a vertically integrated record of installing and
structure, including in- operating wind assets is
house R&D and crucial for successfully
manufacturing facilities in executing such tenders.
India.

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 Suzlon Energy

Bull and Bear cases

Bull case
 In our Bull case scenario, we anticipate WTG execution to be higher at
1.6/2.6/3.6 GW for FY25/26/27 as opposed to our base case of 1.5/2.3/3.2 GW.
 We also anticipate WTG margins to improve to 23.7%/22.6%/23.3% over the
same period.
 Based on the above assumptions, the company's bull case valuation would be
INR83/sh.
Bear case
 In our Bear case scenario, we anticipate WTG execution to be lower at
1.3/1.9/2.5 GW for FY25/26/27 as opposed to our base case of 1.5/2.3/3.2 GW.
 We also anticipate WTG margins to reduce to 21.5%/20.1%/20.7% over the
same period and OMS margin to reduce to 50%.
 Based on the above assumptions, the company's valuation would be INR43/sh.

Exhibit 31: Scenario analysis – Bull case Exhibit 32: Scenario analysis – Bear case
INR m FY25E FY26E FY27E INR m FY25E FY26E FY27E
Net revenue 1,20,049 1,82,476 2,45,888 Net revenue 1,03,519 1,43,152 1,83,638
EBITDA 17,836 28,895 42,024 EBITDA 11,360 17,555 24,659
PAT 14,454 23,960 36,864 PAT 7,841 12,424 19,266
Target price (INR) 83 Target price (INR) 43
Upside (%) 42% Downside (%) 26%
Source: MOFSL, Company Source: MOFSL, Company

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 Suzlon Energy

ESG initiatives
Environment
 In FY24, nearly 35,486 saplings were planted, out of which 24,878 trees have
survived. Native species were planted as they adapt better to the surroundings.
 SUEL installed nearly 11,963 bird conservation units like nests, water troughs
and bird feeders.
 Suzlon Foundation remedied 1.12 million animals and planted almost 1.9 million
trees in an effort to restore the environment.
 SUEL is committed to minimizing its environmental impact and contributing to a
sustainable future. Recognizing the challenges in wind turbine manufacturing
and installation, the company has invested in R&D to reduce environmental
effects across the concept-to-commissioning (C2C) process.

Social
 SUEL is committed to empowering marginalized communities, with a strong
focus on women and girls, recognizing that their empowerment benefits the
entire families and villages.
 Initiatives include life skills training for over 500 adolescents, self-defense
training for 40 girls, and digital media training for 235 women as part of the
Digital India initiative.
 SUEL's CSR initiatives supplied 33 pieces of equipment and medicines valued
over INR0.3m to primary healthcare centers in its operational areas, benefiting
~14,400 patients.
 In FY24, over 38,460 villagers benefited from various health interventions,
including mass awareness campaigns, specialized programs for marginalized
groups, and health screenings.
 SUEL's strong relationships with local communities have been crucial to its
success. Community welfare programs in education and healthcare have
benefited 869 villages, reaching over 40 lakh villagers and 9 lakh households in
underserved areas. Continuous community engagement remains central to
SUEL’s CSR strategy for meaningful impact.

Governance
 Transparent and ethical governance is the cornerstone of SUEL’s operations,
ensuring compliance with high regulatory standards across its diverse and
remote locations. The company is dedicated to continually enhancing its
governance framework and sustainability practices, including carbon reduction
strategies, monitoring materiality indicators, and engaging local communities
through human rights training.
 SUEL prioritizes the ESG assessment of suppliers, recognizing their role in
sustainable growth. The Business Responsibility and Sustainability Report
highlights the company's commitment to ESG principles, aiming for a greener
and more inclusive future with long-lasting positive impacts.

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 Suzlon Energy

Management Overview
Mr. Vinod R. Tanti (Chairman and Managing Director, Suzlon Group)
 Mr. Vinod, a founding member of SUEL, has been managing the key functions of
the company for over three decades. With a background in Civil Engineering, he
has held diverse roles, including COO at Senvion, Germany.
 He has played a pivotal role in wind resource assessment, product design,
project execution, and lifecycle management, contributing significantly to SUEL’s
leadership in wind energy technology and services in India.

Mr. Girish R. Tanti (Executive Vice Chairman, Suzlon Group)

 Mr. Girish is a founding member of SUEL with over 28 years of experience in RE
and international business.
 Holding a degree in Electronics & Communication Engineering and an MBA from
the UK, he has played a pivotal role in establishing SUEL’s global presence.
 From incubating the RE business in 1995 to leading the technology development
centers, supply chain management, and global business operations, he has been
instrumental in SUEL’s rise as a leading global wind energy player. He currently
serves as Chairperson of the Global Wind Energy Council (GWEC) India and Vice-
Chair of the GWEC Board.

Mr. Pranav T. Tanti (Non-Executive Director)

 Mr. Pranav holds an MBA from the University of Chicago Booth School of
Business and a dual honours degree in Business Administration & Finance from
Keele University, UK.
 With 22 years of international experience, he has led several RE ventures
globally, including as CEO and founder of Skeiron Renewable Energy. He focuses
on developing large-scale Green Hydrogen and Green Ammonia projects across
North America and Asia.

Mr. JP Chalasani (CEO)

 Mr. Chalasani, a seasoned professional with over 40 years of experience in
India's power sector, is recognized for his expertise in project management and
leadership.
 He joined the Suzlon Group as CEO in Apr’16, transitioned to a Strategic Advisor
role in Jul’20, and was re-appointed as Group CEO in Apr’23. Prior to SUEL, he
held key roles at NTPC, Reliance Power, and Punj Lloyd.

Mr. Himanshu Mody (CFO)

 Mr. Mody has over 23 years of experience in Finance and Strategy, specializing
in Corporate Finance, Mergers & Acquisitions, Fund Raising, and Financial
Restructuring.
 He spent over a decade as the Group CFO of Essel Group, leading fundraising,
M&A activities, and strategic business decisions. Mr. Mody joined SUEL in
Aug’21 as Group CFO, with a focus on strengthening the company’s financial
foundation.

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 Suzlon Energy

Mr. Bernhard Telgmann (Chief Technology Officer)

 Mr. Telgmann has over 29 years of experience in engineering, thermal power
plants, and consulting in fuel cells and wind energy.
 With expertise in global technology-driven plant engineering and construction,
he joined SUEL in 2017 after holding prominent leadership roles at IAC, Senvion,
and Siemens.

Mr. Vivek Srivastava (CEO, WTG Division)

 Mr. Srivastava brings invaluable expertise in International Business, Marketing,
Business Strategy, and Technology. His pivotal role at SUEL involves strategic
acquisitions, alliances, and collaborations.
 His extensive experience spans the entire India business value chain, including
sales, business development, project development, and execution, ensuring
SUEL’s continued growth and success.

Mr. Sairam Prasad (CEO, Suzlon Global Services Limited)

 Mr. Prasad has over 30 years of experience in telecom infrastructure, having
worked with leading global market players on large rollouts and rapid scaling.
 He holds a B. Tech in Electrical & Electronics from JNTU College of Engineering
and has earned multiple management development certifications from Harvard
Business School, Indian School of Business, and the Indian Institute of
Management.

March 2025 31
 Suzlon Energy

Financials and valuations

Consolidated Income Statement (INR m)
Y/E March FY23 FY24 FY25E FY26E FY27E
Net Sales 59,705 65,291 1,14,539 1,69,368 2,25,138
Change (%) -9% 9% 75% 48% 33%
Total Expenses 51,386 55,002 98,379 1,43,883 1,88,632
EBITDA 8,319 10,289 16,160 25,485 36,506
EBITDAM (%) 13.9% 15.8% 14.1% 15.0% 16.2%
Depn. & Amortization 2,597 1,896 2,234 2,490 2,782
EBIT 5,722 8,393 13,925 22,995 33,724
Net Interest and finance cost 4,208 1,643 2,120 3,300 3,300
Other income 196 384 959 843 898
PBT before extraordinary items 1,711 7,134 12,764 20,539 31,322
EO income/ (expense) 27,206 -539 - - -
PBT 28,917 6,595 12,764 20,539 31,322
Tax 44 -9 50 - 2,819
Rate (%) 0% 0% 0% 0% 9%
JV/Associates - - - - -
Profit from continued operations 28,873 6,603 12,714 20,539 28,503
Profit from Discontinued Operations before tax - - - - -
Tax (Discontinued operations) - - - - -
Reported PAT 28,490 6,603 12,683 20,485 28,477
Minority 383 - 31 54 26
Adjusted PAT 1,328 7,134 12,733 20,485 31,267
YoY change (%) -42% 437% 78% 61% 53%

Consolidated Balance Sheet (INRm)

Y/E March FY23 FY24 FY25E FY26E FY27E
Share Capital 24,544 27,217 27,311 27,311 27,311
Share Warrants Outstanding - 291 291 291 291
Reserves -13,553 11,695 24,459 44,998 73,501
Net Worth 10,991 39,203 52,061 72,600 1,01,103
Minority Interest - - - - -
Total Loans 19,049 1,100 1,700 4,300 4,300
Capital Employed 30,040 40,303 53,762 76,900 1,05,403
Net Fixed Assets 8,369 8,595 9,860 10,870 12,088
Capital WIP 26 162 162 162 162
Intangible assets under development 34 35 35 35 35
Investments 292 270 0 0 0
Curr. Assets 46,512 62,728 75,985 1,06,066 1,43,443
Account Receivables 11,704 18,296 28,144 41,596 55,347
Current Investments - 84 284 684 1,084
Inventories 18,271 22,923 21,502 26,581 35,553
Cash and Cash Equivalents 3,673 4,268 8,898 20,048 34,302
Cash balance 3,673 2,496 7,125 18,275 32,530
Bank balance - 1,773 1,773 1,773 1,773
Others 12,863 17,158 17,158 17,158 17,158
Curr. Liability & Prov. 25,194 31,488 32,281 40,233 50,326
Account Payables 8,946 17,958 19,352 29,904 39,997
Provisions & Others 16,247 13,530 12,929 10,329 10,329
Net Curr. Assets 21,319 31,241 43,704 65,833 93,118
Appl. of Funds 30,040 40,303 53,762 76,900 1,05,403

March 2025 32
 Suzlon Energy

Financials and valuations

Ratios
Y/E March (INR) FY23 FY24 FY25E FY26E FY27E
Basic (INR)
EPS 0.1 0.5 0.9 1.5 2.3
Cash EPS 0.3 0.7 1.1 1.7 2.5
BV/Share 0.9 2.9 3.8 5.3 7.4
Valuation (x)
P/E 535.0 110.5 62.1 38.6 25.3
Cash P/E 181.1 87.3 52.8 34.4 23.2
P/BV 64.7 20.1 15.2 10.9 7.8
EV/Sales 12.2 12.0 6.8 4.6 3.4
EV/EBITDA 87.3 76.3 48.5 30.4 20.8
Return Ratios (%)
RoE -11% 28% 28% 33% 36%
RoCE (Post tax) 20% 25% 32% 36% 38%
RoIC (Post tax) 6% 7% 9% 11% 13%
Working Capital Ratios
Asset Turnover (x) 0.5 0.6 0.5 0.5 0.5
Inventory (Days) 111.7 128.1 68.5 57.3 57.6
Debtor (Days) 71.6 102.3 89.7 89.6 89.7
Inventory (Days) 111.7 128.1 68.5 57.3 57.6
Leverage Ratio (x)
Net Debt / EBITDA 1.8 -0.3 -0.4 -0.6 -0.8
Net Debt / Equity ratio 1.4 -0.1 -0.1 -0.2 -0.3

Cash Flow Statement (INR m)

Y/E March (INR) FY23 FY24 FY25E FY26E FY27E
PBT 28,917 6,595 12,764 20,539 31,322
Depreciation 2,597 1,896 2,234 2,490 2,782
Interest -196 -383 2,120 3,300 3,300
Others -21,070 3,501 - - -
(Inc)/Dec in WC -5,188 -10,610 -8,627 -18,931 -23,123
Direct Taxes Paid -149 -203 -50 - -2,819
CF from Operations 4,911 795 8,441 7,397 11,462
(Inc)/Dec in FA -142 -2,264 -3,500 -3,500 -4,000
Investments and others 991 748 1,113 7,953 10,092
CF from Investments 849 -1,516 -2,387 4,453 6,092
Equity raised 10,797 20,652 94 - -
Grants etc - - - - -
Inc/(Dec) in Debt -13,633 -18,265 601 2,600 -
Interest Paid -4,253 -1,071 -2,120 -3,300 -3,300
Dividend Paid - - - - -
CF from Fin. Activity -7,089 1,316 -1,425 -700 -3,300
Inc/Dec of Cash -1,329 596 4,629 11,150 14,254
Add: Beginning Balance 5,004 3,673 4,268 8,898 20,048
Effect of exchange difference - - - - -
Cash and bank balances adjusted
2 1
on sale and liquidation of subsidiary - - -
Closing Balance 3,673 4,268 8,898 20,048 34,302

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

March 2025 33
 Suzlon Energy

RECENT INITIATING COVERAGE REPORTS

March 2025 34
 Suzlon Energy

Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL < - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
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- financial interest in the subject company

March 2025 35
 Suzlon Energy

- actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.
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