SUZLON

📊 Q4 FY25 & FY25 Annual Results Q4 FY25 Highlights: Revenue surged ~73% YoY to ₹3,774 Cr. EBITDA nearly doubled (~95% YoY) to ₹693 Cr, with margins at ~18–19%. Profit after tax soared ~365% YoY to ₹1,181 Cr, bolstered partly by a large deferred tax gain. Delivered 573 MW in Q4, versus 273 MW year-on-year. Order inflow stood at 600 MW for the quarter, pushing the order book to a record 5.6 GW by end-May. Following results, the stock jumped ~13%, reaching a six-month high. FY25 Annual: Revenue rose ~67–68% to ₹10,851 Cr. EBITDA climbed ~81%, totaling ₹1,857 Cr; margin around ~17%. PAT increased ~214% to ₹2,072 Cr. Delivered 1.55 GW for the year (118% YoY growth). 🏭 Operational & Strategic Developments Added 10 new production lines for its S144 3.X MW turbine series; expanded nacelle capacity in Daman & Pondicherry. Focused on local manufacturing and supply chain development to align with India’s wind energy targets. Deferred tax benefit of ~₹600 Cr boosted net profit this quarter—more of an accounting adjustment than cash flow. 📈 Market Sentiment & Analyst Views Stock gained ~9–14% post-results, reflecting investor optimism. Motilal Oswal lifted its target price to ₹83 with a favorable outlook. Morgan Stanley maintained an overweight stance, projecting ~60% YoY growth in FY26. Sector analysts highlight favorable tailwinds from renewable energy policies and Suzlon’s strong positioning. 🔭 Future Outlook & Key Catalysts Order Execution: Strong order book (5.6 GW) supports near-term revenue growth. Capacity Scaling: Expansion of manufacturing lines should enhance delivery capability. Margin Focus: Continued cost discipline is crucial to sustain EBITDA margins amid changing input costs. Tax Benefit Timing: Future PAT comparisons may shift once the deferred tax gain rolls off. Macro Trends: Positive renewable energy momentum in India could amplify opportunities.