Suzlon Energy Ltd (SUZLON) AI Stock Analysis

• Market Cap: ₹565.18B
• Dividend Yield: N/A
• Average Volume (3M): 5.76M
• Price to Earnings (P/E): 40.5
• Beta (1Y): 1.54
• Revenue Growth: 74.67%
• EPS Growth: 229.31%
• Country: IN
• Employees: 7,800
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.30
• Shares Outstanding: 13,714,556,000
• 10 Day Avg. Volume: 6,994,725
• 30 Day Avg. Volume: 5,764,471
• PEG Ratio: 0.18
• Price to Book (P/B): 12.62
• Price to Sales (P/S): 7.10
• P/FCF Ratio: 110.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹65.00
• Price Target Upside: 21.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.75
• Revenue Forecast (FY): ₹171.90B

• Rating: 60 Neutral
• Price Target: ₹42.00 ▼(-21.76% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

Score is driven primarily by improved financial performance (strong growth, profitability, better balance sheet and positive free cash flow). This is tempered by weak technicals (price below major DMAs, negative MACD, very low RSI/Stoch) indicating bearish momentum, while valuation appears reasonable but not notably cheap and lacks dividend support.

Positive Factors

Recurring O&M and aftermarket revenue

Suzlon's business model includes multi-year O&M contracts and aftermarket/spares sales tied to an installed base. These recurring revenues provide durable cash flow, higher customer lifetime value and revenue visibility, cushioning cyclical project sales over the next 2-6 months.

Strong revenue growth and healthier margins

The company reported a pronounced revenue rebound with materially better gross and operating margins, reflecting improved pricing, cost control and scale benefits. Sustained margin expansion supports longer-term profitability and reinvestment capacity, strengthening business fundamentals.

Improved cash generation and leverage

Suzlon has shifted to positive free cash flow and stronger operating cash conversion, alongside an improved debt-to-equity position. Better cash generation and reduced leverage enhance financial flexibility for capex, O&M investments and to manage project working capital needs sustainably.

Negative Factors

Historical earnings and FCF volatility

Despite recent improvements, the company has a track record of volatile net income and free cash flow. This unpredictability can challenge forecasting, raise refinancing risk in weaker quarters, and complicate capital allocation decisions over the medium term.

Project execution and sector-cycle dependence

Revenue and cash timing materially depend on project wins, execution schedules and customer financing cycles. Delays or slower capacity additions in the wind sector can produce lumpy revenues and strain working capital, a structural operational risk for 2-6 months ahead.

Capital structure still requires monitoring

Although leverage metrics have improved and negative equity issues were addressed, the balance sheet remains an area of focus. Any reversal in cash generation or large project-related funding needs could pressure leverage and limit strategic flexibility in the medium term.

Suzlon Energy Ltd Business Overview & Revenue Model

Company Description

Suzlon Energy Limited, together with its subsidiaries, manufactures and sells wind turbine generators and related components in India and internationally. The company also provides operation and maintenance services for wind turbine generators, as well as project execution services. In addition, it is involved in the sale/sub-lease of land; and sale of foundry and forging components, as well as power generation and solar operations. Suzlon Energy Limited was incorporated in 1995 and is headquartered in Pune, India.

How the Company Makes Money

Suzlon Energy Ltd generates revenue primarily through the sale and installation of wind turbines, as well as ongoing maintenance and operational services for wind power projects. The company's revenue model includes the sale of complete wind power projects, where it either sells the turbines directly to clients or undertakes the entire project development process, including construction and commissioning. Additionally, Suzlon earns recurring revenue through long-term service agreements (LTSA) for turbine maintenance, which provide stable cash flows. The company also benefits from strategic partnerships with various stakeholders in the energy sector, including financial institutions and government entities, which facilitate project financing and expansion into new markets. Factors such as government incentives for renewable energy, increasing global energy demand, and a growing shift towards sustainable practices contribute significantly to Suzlon's earnings.

Suzlon Energy Ltd Financial Statement Overview

Summary

Strong turnaround signals: solid revenue growth, healthier margins (net, EBIT/EBITDA), improved leverage and robust ROE, plus positive free cash flow. Offsetting this, historical volatility in net income and free cash flow suggests earnings/cash stability still needs monitoring.

Income Statement

Suzlon Energy Ltd shows strong revenue growth with an impressive increase in total revenue from 2024 to 2025. The gross profit margin has remained healthy, enhancing the company's profitability. The net profit margin improved significantly, reflecting better cost management and operational efficiency. The EBIT and EBITDA margins also indicate strong operational performance. However, fluctuations in net income over the years suggest potential volatility in earnings.

Balance Sheet

The company's debt-to-equity ratio has improved, indicating a more stable financial position with reduced leverage. The return on equity (ROE) is robust, showcasing effective utilization of shareholder funds, while the equity ratio reflects a balanced asset structure. Historical challenges with negative equity have been rectified, although the company's capital structure still bears close monitoring to ensure continued progress.

Cash Flow

Suzlon's cash flow position has strengthened, with positive free cash flow indicating effective cash management and operating efficiency. The significant growth in operating cash flow to net income ratio highlights strengthened cash generation capabilities. However, the historical volatility in free cash flow suggests the need for cautious liquidity management to avoid future cash constraints.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	137.30B	108.51B	64.97B	58.54B	65.20B	32.95B
Gross Profit	46.28B	39.00B	24.68B	18.54B	21.88B	17.17B
EBITDA	24.42B	17.87B	9.70B	35.34B	7.25B	4.02B
Net Income	31.73B	20.72B	6.60B	28.49B	-2.00B	1.04B
Balance Sheet
Total Assets	158.56B	129.60B	71.79B	55.23B	64.75B	66.01B
Cash, Cash Equivalents and Short-Term Investments	9.03B	11.56B	4.35B	3.67B	6.13B	2.63B
Total Debt	3.97B	3.23B	1.50B	19.38B	64.65B	69.25B
Total Liabilities	79.96B	68.54B	32.59B	44.24B	100.37B	100.02B
Stockholders Equity	78.60B	61.06B	39.20B	10.99B	-35.26B	-33.43B
Cash Flow
Free Cash Flow	-2.13B	6.98B	-1.48B	3.66B	12.25B	4.79B
Operating Cash Flow	855.70M	10.69B	795.30M	4.67B	13.02B	5.30B
Investing Cash Flow	-5.20B	-8.29B	-1.52B	849.10M	-184.30M	-237.30M
Financing Cash Flow	230.60M	4.43B	1.32B	-6.84B	-10.45B	-3.27B

Suzlon Energy Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 53.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SUZLON, the sentiment is Negative. The current price of 53.68 is above the 20-day moving average (MA) of 42.46, above the 50-day MA of 46.09, and below the 200-day MA of 55.94, indicating a bearish trend. The MACD of -1.55 indicates Negative momentum. The RSI at 37.54 is Neutral, neither overbought nor oversold. The STOCH value of 56.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SUZLON.

Suzlon Energy Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHENNPETRO	75 Outperform	₹158.62B	3.11	―	0.55%	-4.61%	63.26%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ADANIPOWER	62 Neutral	₹3.00T	27.80	―	―	-0.70%	-5.41%
IREDA	62 Neutral	₹326.43B	16.79	―	―	33.44%	17.49%
SUZLON	60 Neutral	₹565.18B	40.55	―	―	74.67%	229.31%
ADANIGREEN	59 Neutral	₹1.43T	-1,019.54	―	―	14.16%	75.34%
SWSOLAR	43 Neutral	₹39.44B	-446.21	―	―	112.24%	-474.43%

Suzlon Energy Ltd Corporate Events

Suzlon Reshapes Top Management With New Group CEO and Independent Director

Suzlon Energy’s board has reshuffled its top leadership, elevating former Group Chief Executive Officer J.P. Chalasani to the Group Executive Council while retaining his status as a key managerial personnel. The moves underscore a governance refresh aimed at strengthening strategic oversight as the company navigates India’s expanding renewable energy landscape.

Ajay Kapur has been appointed Group Chief Executive Officer and key managerial personnel, bringing more than three decades of leadership across cement, construction, power and heavy metals, most recently as managing director of Ambuja Cements. The board also inducted tax and governance expert Girish Vanvari as an independent director for a five‑year term, subject to shareholder approval via postal ballot, and temporarily closed the trading window for select insiders around the announcement period.

Suzlon overhauls leadership, appoints Ajay Kapur as Group CEO and adds independent director

Suzlon Energy’s board has reshaped its top management, elevating J.P. Chalasani to the Group Executive Council while appointing industry veteran Ajay Kapur as Group Chief Executive Officer and key managerial personnel, effective 24 February 2026. The company has also inducted tax and governance expert Girish Vanvari as an independent director for a five-year term, moves that signal a bid to strengthen leadership depth, governance and strategic execution as Suzlon navigates a competitive clean energy market.

The board actions were approved at a brief meeting in Mumbai, with Suzlon stating that Kapur brings over three decades of experience across cement, construction, power and heavy metals, including prior CEO roles at large listed infrastructure players. Vanvari’s appointment as an additional independent director is subject to shareholder approval via a special resolution, and the company has imposed a temporary trading window closure for designated insiders around the board decisions, underscoring regulatory compliance and sensitivity to governance norms.

Suzlon Publishes Tribunal Hearing Notice on Reserve Reorganisation Scheme

Suzlon Energy Limited has notified the stock exchanges that newspaper advertisements have been published announcing the date of the court hearing for its proposed Scheme of Arrangement involving the reorganisation and reclassification of reserves under applicable provisions of the Companies Act, 2013. The hearing on the scheme, which affects shareholders and creditors, has been scheduled for 19 March 2026 by the National Company Law Tribunal, Ahmedabad Bench, and the company has published the required notices in English and Gujarati newspapers and on its website, signalling progress in its capital restructuring process and providing formal transparency to investors and the wider public.

Suzlon Files SEBI Regulation 74(5) Dematerialisation Compliance Certificate

Suzlon Energy Limited has submitted to the National Stock Exchange of India and BSE a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025, issued by its registrar and share transfer agent, KFin Technologies. The certificate confirms that all securities received for dematerialisation during the quarter were duly processed, accepted or rejected with the depositories, listed on the appropriate stock exchanges, and that corresponding physical certificates were mutilated, cancelled, and updated in the register of members within the prescribed timeframe, underscoring Suzlon’s adherence to regulatory norms and robust governance in handling its share capital.

Suzlon and Yanara Expand Partnership with New Wind Turbine Orders in Rajasthan

Suzlon Energy Ltd has announced an extension of its partnership with Yanara through two new wind turbine orders totaling 306 MW for projects in Barmer, Rajasthan. This collaboration reinforces Suzlon’s market leadership in Rajasthan’s wind energy sector and highlights Yanara’s commitment to advancing renewable energy innovation in India.