🌬️ At a Glance
CMP: ₹65.44
- 💰 FY25 PAT: ₹660 Cr (↑24% YoY)
- 💸 Revenue: ₹6,242 Cr (↑6.6% YoY)
- ⚙️ EBITDA: ₹932 Cr | EBITDA Margin: 14.9%
- 🌀 Net Debt: ₹730 Cr (from ₹1,180 Cr) — wind-ing it down!
- 📈 Order book: 2.3 GW
- 📉 Q4 Revenue dropped 14% QoQ
🌪️ About the Company
Suzlon is one of India’s oldest wind energy giants, making wind turbine generators (WTGs), O&M services, and project execution. It once crashed into a debt storm, but over the last 2 years, it’s been staging a dramatic recovery — like a phoenix with blades.
👥 Key Managerial Personnel
| Name | Role |
|---|---|
| J.P. Chalasani | CEO |
| Himanshu Mody | CFO |
| Ashwani Kumar | CMD |
📊 FY25 Financials (Consolidated)
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from Operations | ₹6,242 Cr | ₹5,854 Cr | ⬆️ 6.6% |
| EBITDA | ₹932 Cr | ₹869 Cr | ⬆️ 7.2% |
| EBITDA Margin (%) | 14.9% | 14.8% | ➕ |
| Profit After Tax (PAT) | ₹660 Cr | ₹529 Cr | ⬆️ 24.8% |
| EPS | ₹4.44 | ₹3.59 | ➕ |
| Net Debt | ₹730 Cr | ₹1,180 Cr | 🔽 -38% |
📉 Q4 PAT fell to ₹95 Cr vs ₹111 Cr in Q3 — seasonal, but worth tracking.
💨 Order Book Status
- Total Order Book: 2.3 GW
- ~1,500 MW of that is from SECI (Solar Energy Corporation of India) auctions
- Mix includes S144 and S133 turbines — newer, higher-output models
💸 Balance Sheet Highlights
| Item | FY25 | FY24 |
|---|---|---|
| Net Worth | ₹2,910 Cr | ₹2,242 Cr |
| Net Debt | ₹730 Cr | ₹1,180 Cr |
| D/E Ratio | 0.25x | 0.53x |
| Cash Reserves | ₹250+ Cr | – |
Debt is falling. Equity base is rising.
After over a decade of being a meme stock, Suzlon is finally making sense on paper.
🔄 Turnaround Journey Highlights
| Phase | Progress |
|---|---|
| Debt Restructuring | ✅ Done over FY20–FY23 |
| Promoter Infusion | ✅ Dilution to raise funds |
| Profitability | ✅ 5th consecutive profitable quarter |
| Product Upgrade | ✅ Shift to S144 turbine series |
💰 Cash Flow Overview
- Positive operating cash flow
- Used internal accruals + recent fundraising to reduce debt
- Continued working capital efficiency thanks to modular wind projects
⚙️ Strategic Drivers
- 🏗️ SECI auctions driving wind tender volumes
- ⚡ Hybrid wind-solar projects (WTG + battery/solar combo) becoming the norm
- 🇮🇳 India’s 500 GW renewable goal by 2030 = strong tailwinds
- 🏭 Local manufacturing push via PLI scheme — Suzlon benefits
🧠 EduInvesting Take
Suzlon is not the Suzlon your papa lost money in back in 2008.
This version is:
- Profit-making
- Low-debt
- Exporting turbines
- Dominating wind orders
At ₹65.44 with EPS of ₹4.44 → P/E of ~14.7x
For a clean energy turnaround story with strong India tailwinds — that’s not expensive.
But…
🚩 Risks & Watchouts
- 🌀 Wind project execution still prone to delays
- 💸 Working capital cycles remain long
- 💨 Seasonal performance — FY Q4 often weak
- 🔋 Hybrid push needs capex — balance sheet has limits
📦 Should You Track This Stock?
Yes. Suzlon has:
- Cleaned up its balance sheet ✅
- Delivered consistent profits ✅
- Strong order book ✅
- Real earnings (not adjusted EBITDA fantasy) ✅
It’s still risky — but far more investable now. If the wind sector booms in India… Suzlon will be in the driver’s seat — or at least hanging onto the turbine blade.
Tags: Suzlon FY25 results, wind energy India, Suzlon stock analysis, Suzlon turnaround story, Suzlon Q4 results, clean energy India, Suzlon turbine orders, S144 wind turbine
Author: Prashant Marathe
Date: May 29, 2025
