Buy Suzlon Energy; target of Rs 32: KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on Suzlon Energy

Results remain above our expectation with positive growth in Industry and also in Suzlon. It posted Net revenue of INR 49999.3 Mn registering growth of 54% yoy and 51% qoq. It executed orders of 1573 MW from Wind and around 109 MW was from solar) during Q4FY17. EBIDTA for Q4FY17 stood at INR 7215.7Mn which showed the growth of 62% yoy and de-growth of 3% qoq.

Outlook

With debt repayment we expect interest cost to reduce an improve PAT margins. PAT margins to remain in between 7-9% in FY18E and Fy19E. We value the company in EV/EBIDTA and assign the multiple of 7x its FY19E, recommending “BUY” rating on the stock with the target price of INR 32, with an potential upside of 56.6%.

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