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Systematix Report
The brokerage firm Systematix remain positive on Suzlon Energy Ltd. given its market leadership reflecting a pivotal role in accelerating wind capacity addition in India, improving execution, and increasing strategic focus on EPC, hybrid, and firm and dispatchable renewable energy projects.
The company's transition towards a DevCo-led integrated renewable platform, supported by ~25GW development pipeline and rising engineering, procurement and construction mix, is expected to strengthen execution control while addressing key industry challenges and enhancing customer stickiness.
The brokerage has revised its net profit estimates lower by 4%, factoring in revised EPC mix assumptions and expect Suzlon Energy to deliver 21%/28%/34% revenue/Ebitda/PBT CAGR over FY26-FY28E.
Systematix has factored in 30% and 10% YoY growth in deliveries in FY27 and FY28, respectively and values Suzlon Energy at 30x FY28 EPS to arrive at a target price of Rs 71/share.
Additionally, the potential benefit from its deferred tax assets that could boost its EPS by Rs 1.5 – Rs 2 per share has not been factored in the brokerag'es estimates and remains an upside lever. Maintain Buy.
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