FY31 growth roadmap reinforces long-term growth visibility
We attended Suzlon Energy’s (SUEL) Investor Day, where management outlined an ambitious FY31 vision focused on scaling the company beyond its core wind business into a broader renewable energy platform. Key targets include:
revenue growth of over 25% CAGR,
expansion of its Indian wind market share to over 40% (from ~33% currently),
achieving a 15% market share in the solar and BESS segments,
scaling its renewable energy (RE) order book from 5.5GW now to 15GW,
increasing annual RE sales from 2.5GW now to 10GW,
expanding its RE Operations & Maintenance Services (OMS) assets under management (AUM) to over 70GW from ~18GW currently.
strengthening international presence, with over 3GW of export volumes contributing ~15% of revenue.
Our view: We believe SUEL’s Investor Day addressed key medium to longterm growth concerns by outlining a clear roadmap for expansion and diversification into adjacent renewable energy verticals, which enhance earnings resilience. While the strategic direction is encouraging, investors are likely to remain focused on execution, capital allocation discipline, and the trajectory of working capital and leverage metrics. We believe SUEL continues to stand out as the most credible and investible player in the Indian wind space, supported by its strong market position and consistent track record of meeting execution and operational guidance.
We reiterate BUY with a TP of INR65.
