Suzlon Energy (SUEL IN) – Analyst Meet Update – Suzlon 2.0 to unlock the next growth phase – Not Rated

We recently attended Suzlon Energy's analyst meet, where management of Suzlon unveiled its “Suzlon 2.0” strategy, outlining an ambitious roadmap to evolve from a wind turbine OEM into a fully integrated renewable energy solutions provider. The company targets a ~25% CAGR revenue growth over the next five years, driven by expansion across wind, solar, storage, EMS and O&M services. A key strategic pillar is the newly established RE Development platform, which aims to secure land and grid connectivity well ahead of project execution, enabling to capture ~60% of Co-Dev market share through pre-developed sites and reducing execution timelines. Management also highlighted plans to increase domestic wind market share to ~40%, build a ~15GW order book (vs 5.5GW currently) by FY31 and generate ~15% of revenues from exports aided by ~3GW of order intake from exports by FY31, supported by recently launched products for global markets. On the technology front, Suzlon plans to integrate wind, solar and storage solutions through proprietary energy management systems while leveraging AI-enabled predictive maintenance and repowering opportunities to strengthen its services franchise. Additionally, the company aims to expand its asset management platform to ~70GW under O&M (vs ~18GW currently) and capitalize on growing demand for hybrid renewable projects, positioning itself to benefit from India’s accelerating clean energy transition and rising global renewable investments. The stock is currently trading at a P/E of 27.4x/24.2x on FY27E/28E (consensus).