⚡ At a Glance

Once the poster child of India’s green dream gone wrong, Suzlon Energy Ltd has pulled off one of the most unexpected comebacks in D-Street history. From a ₹9,000 Cr net loss in FY15 and negative net worth, it is now delivering:

• ₹10,890 Cr in FY25 revenue (+67% YoY)
• ₹2,072 Cr net profit,
• 32% ROCE,
• Profitable 5 quarters in a row,
• And even has a 5.5 GW order book for FY26.

This is not just a turnaround. This is Suzlon 2.0 — with solar ambitions, debt-light operations, and FII fanboys.

🌪️ 1. About the Company

Suzlon Energy Ltd is a vertically integrated wind turbine manufacturer and one of India’s OG renewable energy giants.

Core Businesses:

• WTG design, manufacturing (blades, nacelles, towers)
• Project planning and execution
• Operation & Maintenance (O&M)
• Power evacuation + turnkey EPC

Global Footprint:

• Installed 20+ GW globally
• Operates 111+ wind farms in 17 countries
• India remains the main cash cow

💡 TL;DR: Suzlon doesn’t just sell windmills — it sells the whole damn wind farm.

👔 2. Key Management & Shareholding

• Promoter Holding: Just 13.25% 🧂
• But FII stake now 23.04%, up from 6.3% in 2022 😮
• Public Shareholding: Stable at ~55% — over 5.6 million retail investors onboard

Leadership remains old-school, but execution in FY24–25 feels like a start-up. Maybe wind did blow some fresh minds into management?

📊 3. Financials (12-Year Journey)

🧾 From Hell to Halo: Revenue & Profit

📈 5-Year Revenue CAGR: 30%
📈 5-Year Profit CAGR: 23%
📉 10-Year Revenue CAGR: –6% (classic fall-then-rise)

🧮 4. Forward Fair Value (FV) Estimate

FY26 Estimates (based on concall guidance):

• Target revenue: ₹17,000+ Cr
• PAT estimate: ₹2,800–₹3,200 Cr
• EPS estimate: ₹2.75–₹3.1
• Market assigns renewables a P/E of 25–40.

⚙️ FV Range:

₹70 – ₹124

(CMP: ₹66.7)

Low-end fair, high-end depends on execution, debt control, and order conversion.

🌬️ 5. The Classic Comeback Explained

Here’s how Suzlon did it:

• 🧹 Massive debt restructuring post-2020 (debt fell from ₹13,000 Cr to ₹323 Cr in FY25)
• ⚙️ Restarted order flow thanks to SECI auctions and state wind projects
• 🛠️ Low-cost manufacturing strategy (90% localised supply chain)
• 📦 O&M revenue stabilized (~30% annuity-type biz)
• 🚀 TTM EBITDA doubled, strong operating leverage

But also:

• ⚠️ Stopped pretending to be a global messiah. Now, they’re “India’s wind specialist.”

💰 6. Balance Sheet Clean-Up

From junk bond to clean cash flow.
From zombie to zoned-in.

🔢 7. Key Ratios That Show the Turnaround

Still room to clean up working capital cycle.

🧠 8. EduInvesting Take

Suzlon has gone from being India’s most tragic renewable tale to its most aggressive second innings.

• Profit: ✅
• Debt: ✅
• Cash flow: ✅
• FII confidence: ✅
• Dividend: ❌
• Promoter holding: 🤷‍♂️ low but stable

“When Suzlon was drowning, no one saved it. Now that it’s floating, everyone wants to sail.”

This is not a speculative bet anymore. It’s become a serious renewable infra play.

⚠️ 9. Risks & Red Flags

• ❗ Low promoter skin (13.25%) = risk of future pledges, sales, or dilution.
• 🧾 Customs Penalty of ₹76 lakh in June 2025 — minor, but signals governance watch needed.
• 💨 Wind energy policies still volatile vs solar; execution delays possible.
• 💥 Order book ≠ profits — timelines and state payments matter.

Also, stock trades at 14.8x book, so valuation is no longer cheap.

🏁 Final Verdict

“Suzlon didn’t just fix its turbines — it fixed its books, its business model, and its image.”

This is India’s biggest corporate resurrection story in renewables.
But the wind doesn’t blow the same every day.

If they stick to India, keep costs low, and collect payments better — this ₹90,000 Cr giant might soon cross ₹1 lakh crore market cap without needing to sell another dream.

Author: Prashant Marathe
Date: June 7, 2025
Tags: Suzlon Energy, Wind Power Stocks, SME Turnaround, Green Energy India, EduInvesting 5-Year Recap, FII Favourites, Renewable Energy, Infra Stocks, Order Book Stocks