At a Glance
Suzlon, once a near-bankrupt wind energy relic, is now a clean energy darling with ₹87,000 Cr market cap, strong ROCE of 32%, and net profits zooming 3x YoY. But at 14x book value and rising receivables, has the re-rating already gonetoo far too fast? Is This the Greatest Comeback in Indian Markets?🌀 Wind in Its Turbines, Profits in Its Books, But Can It Sustain the Hype at 42x P/E?
🌪️ 1. The Story So Far: From Debt Trap to Clean Power Titan
Suzlon in 2019:
- Crippling debt of ₹13,000+ Cr
- Negative reserves
- Losses for over 7 years
- A wind turbine graveyard metaphorically (and sometimes literally)
Suzlon in 2025:
- Debt down to just ₹323 Cr
- FY25 net profit = ₹2,072 Cr
- ROCE = 32.4%, ROE = 41.3%
- Installed capacity = 20+ GW
- globally
- Orders flying in faster than the monsoon wind 🌬️
What changed? Amasterclass in operational turnaround, equity infusion, deleveraging, and the great green energy tailwind.
📊 2. The FY25 Performance – Windfall Profits
| Metric | FY24 | FY25 | Growth |
|---|---|---|---|
| Revenue | ₹6,529 Cr | ₹10,890 Cr | +66.8% |
| Operating Profit | ₹1,037 Cr | ₹1,857 Cr | +79.1% |
| Net Profit | ₹660 Cr | ₹2,072 Cr | 🔥 +214% |
| OPM | 16% | 17% | Expanding ✔️ |
| EPS | ₹0.49 | ₹1.53 | Up 3x |
The business isn’t just back — it’s booming.
Operating leverage + lower interest cost = clean profit storm.
🧨 3. The Q4 FY25 Knockout
Net Profit (Q4): ₹1,181 CrOperating Profit: ₹693 CrSales: ₹3,790 CrOPM: 18%
Q4 alone contributed over 50% of full-year profits — suggesting either:
- Massive order execution spillover, or
- One-offs and
