Suzlon Energy Q4 Review: ICICI Securities Maintains 'Buy' On Strong Order Inflows, Execution

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ICICI Securities Report

Suzlon Energy Ltd. ended FY25 on a high with a strong set of result; in Q4 FY25, it reported revenue of Rs 38 billion (+73% YoY), Ebitda of Rs 7 billion (+94% YoY) and adjusted profit of Rs 5.8 billion (~2x YoY) - adjusted for deferred tax of Rs 6 billion. The strong performance was led by execution of 573 MW of wind turbines (2.1x YoY). Its Ebitda margin also improved to 18.3% in Q4 (+200bps YoY); margin for FY25 came in at 17.1% (+130bps YoY) and the company guided for similar margin in FY26.

Order inflow in Q4/FY25 was 0.6GW/3.65GW. As a result, order book swelled to ~5.6GW at end-May’25 (3.6x FY25 volumes).

Outlook for the near to medium-term remains strong and Suzlon is poised well to cash-in on the opportunity with its 4.5GW capacity. Given the strong outlook on order inflow and execution growth in the medium term, we retain Buy with a revised target price of Rs 76 (earlier Rs 68), valuing the business at 40x FY27E earnings.

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