Suzlon Energy
SUZLON · NSE · Large Cap
Suzlon Energy
Wind OEM; solar-adjacent via hybrid renewables theme. Recovered from near-bankruptcy with debt cleanup.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Suzlon Energy: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for Suzlon Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Suzlon Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 22.7x | — |
| Forward P/E | — | — |
| EV/EBITDA | 39.4x | — |
| EV/Sales | 6.7x | — |
| P/B | 9.3x | — |
| FCF Yield | 0.5% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker SUZLON · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 3,346 | 6,582 | 5,971 | 6,529 | 10,890 |
| Operating Profit | 537 | 900 | 833 | 1,037 | 1,863 |
| OPM % | 16% | 14% | 14% | 16% | 17% |
| Net Profit | 104 | -177 | 2,887 | 660 | 2,072 |
| EPS (₹) | 0.10 | -0.17 | 2.28 | 0.49 | 1.53 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 2,103 | 2,975 | 3,790 | 3,132 |
| OPM % | 14% | 17% | 18% | 19% |
| Net Profit | 201 | 388 | 1,181 | 324 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Equity Capital | 1,702 | 1,843 | 2,454 | 2,722 | 2,732 |
| Reserves | -5,045 | -5,369 | -1,355 | 1,199 | 3,374 |
| Borrowings | 6,925 | 6,465 | 1,938 | 150 | 323 |
| Fixed Assets | 1,166 | 1,059 | 866 | 886 | 1,780 |
| Total Assets | 6,601 | 6,475 | 5,523 | 7,179 | 12,960 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | 530 | 1,302 | 491 | 80 | 1,092 |
| Investing | -24 | -19 | 85 | -152 | -749 |
| Financing | -327 | -1,045 | -709 | 132 | 343 |
| Net Cash Flow | 179 | 238 | -133 | 60 | 686 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary