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ICICI Securities Report
It has been a real turnaround year for Suzlon Energy Ltd., with becoming net debt free, strong execution growth of 10% to 710 mega watt and order inflow of 3.1 GW in FY24. For Q4 FY24, revenue grew 30% YoY to Rs 22 billion, Ebitda was up 53% YoY to Rs 3.6 billion and adjusted PAT was up 4.1 times YoY to Rs 2.5 billion.
Suzlon has reported strong order inflow of 3.1 GW in FY24 and 402 MW in FY25-year-to-date, robust order backlog of 3.3GW as on date (five times trailing twelve months execution of 710 MW) while order inflow pipeline remains strong in the medium term (either it can be still or medium term).
Given the strong outlook on order inflow and execution growth in medium term, we maintain Buy on the stock with a revised target price of Rs 54/share (35 times FY26E EPS of Rs 1.5/share).
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