Suzlon Energy - Geared For Growth With A Growing Order Book, Positive Demand Outlook: Systematix

Systematix Research Report

We returned positive from Suzlon Energy Ltd.’s investor meeting. Established in 1995 by Mr. Tulsi Tanti, Suzlon Energy is an end-to-end wind energy solutions provider. Its offerings span equipment manufacturing, project commissioning, maintenance, and service of wind turbines. Headquartered in Pune, Maharashtra, Suzlon Energy has 14 manufacturing locations, four R&D centers, and various site locations spread across nine states in India.

The company has an installed wind turbine fleet of over 20 giga watt across 17 countries. It commands ~32% market share in India’s wind turbine original equipment manufacturer market. Suzlon Energy’s Operation and Maintenance Service segment (domestic portfolio size of 14.7 GW) is characterized by healthy cash flows and generates over 40% Ebitda margins.

Its current order book of 3.9 gw comprises over 83% of orders from its newly launched 3.xMW S144 series. The S144 series is a large wind turbine platform that targets low wind sites, delivers higher energy yield, and has a 144- meter rotor diameter.

FY24 has been a notable turnaround year for Suzlon Energy, as it delivered ~710 mw (+7% YoY) orders to generate Rs 65.3 billion (+9% YoY) of revenue and Rs 10.3 billion Ebitda (up 24% YoY) at 16% margin (+182bps).

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