Overview
- Motilal Oswal maintained a Buy rating with a Rs 74 target, applying a 30x multiple to estimated FY2028 earnings after meetings during Suzlon’s Manufacturing Day.
- The brokerage highlighted execution visibility from Suzlon’s roughly 6.2 GW order book alongside 4.5 GW of annual manufacturing capacity.
- Suzlon said the slowdown in central auctions, with about 40 GW lacking PPAs, should have limited impact on near-term orders, pointing to roughly 15 GW in the bidding or award pipeline.
- The company plans three new smart-blade plants, with sites in Gujarat and Karnataka identified and a third location to be finalized to improve turnaround and logistics.
- Management flagged exports as a next growth driver, saying its turbine platforms could be export-ready within 12–18 months after grid-code and certification updates.