Suzlon has delivered a robust H1FY26 performance. Its wind turbine deliveries in H1 were ~2x YoY at ~1GW. This spurred its revenue to ~1.7x YoY in H1, while its EBITDA doubled YoY on a low base (non-recurring expenses in H1FY25). Its order book (OB) also grew to 6.2GW as of H1 (vs 4.7GW YoY), as it grabbed orders worth ~2.2GW in H1. The OB is almost 4x its FY25 wind turbine deliveries, providing a healthy runway of >2 years even at current level. We expect the order outlook for wind to remain healthy for next 2–3 years, with increasing focus on hybrid and FDRE for RE capacity addition. Suzlon has had better second halves historically, and its strong H1 performance sets the tone for what we estimate to be a robust FY26. Note that Suzlon maintains its guidance of 60% YoY growth in FY26 across all key parameters, including wind turbine deliveries and key financial metrics. Retain BUY with an unchanged TP of INR 76.
OutlookWe maintain BUY with a target price of INR 76 (unchanged).
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