Suzlon Energy Ltd

- No explicit mention of new fundraising through debt or equity in the provided transcript. - Interest costs are expected to increase from INR150 crores in FY'25 to about INR250 crores in FY'26, partly due to borrowings like INR120 crores cash credit debt related to Renom and INR100 crores borrowing by SE Forge in Q4. - Capex guidance for FY'26 is INR400-450 crores, with no stated plans for raising fresh funds to finance this. - The company has a strong net worth of INR6,106 crores and a net cash position of INR1,943 crores as of March 2025, indicating adequate internal liquidity. - Management emphasized operational growth and capacity expansion readiness but did not confirm any immediate plans for equity or debt issuance.

- Capex for FY '26 is expected around INR 400-450 crores, including sustenance, R&D, IT, and capacity augmentation. - FY '25 capex incurred was approximately INR 350 crores. - The 4.5 GW manufacturing capacity-related IT capex is largely completed. - Further capex may be fine-tuned but will continue steady to support growth and strategic needs. - Some capacity expansion especially for blade manufacturing (moulds) is planned to meet growing demand, without major heavy capex. - Possibility of additional backward integration exists but too early to confirm. - R&D expenditure expected to increase to around INR 225 crores in FY '26 (up from ~INR 150 crores historically). - No immediate large-scale capex planned beyond maintaining and modestly expanding existing technologies and capacity, with focus on operational excellence and market readiness.

- Suzlon Energy Limited expects approximately 60% growth year-on-year across key parameters for FY '26, including deliveries, revenue, EBITDA, and normalized PAT. - The company projects the capacity addition in India to grow year-on-year through FY '30, with expectations of around 7 GW average additions annually. - Order inflows are expected to continue with strong momentum, possibly accelerating compared to the previous year, backed by a robust order book and expanding public sector participation. - The company's WTG (Wind Turbine Generator) division delivery capacity stands at 4.5 GW, potentially increasing to 5.5 GW with productivity improvements without immediate capex increases. - While precise guidance beyond FY '26 isn't given, Suzlon foresees sustained growth driven by ongoing capacity expansion, market development, and increasing OEM and non-wind sector opportunities. - SE Forge and OMS businesses are also expected to grow, supporting overall volume and revenue increases.

- Suzlon targets a minimum of 60% growth across key parameters in FY '26 over FY '25, including revenue, deliveries, EBITDA, and normalized PAT. - EBITDA margins are expected to be maintained around 17% on a consolidated basis for FY '26. - WTG (Wind Turbine Generator) business contribution margin is projected to stay around 23% for FY '26. - PAT showed a strong 190% Y-o-Y growth in FY '25, including deferred tax asset recognition; future PAT growth is expected following continued operational improvement. - Deferred tax assets created will start getting charged back from Q1 FY '26, resulting in a positive tax rate (~25%) impacting P&L but not cash flow. - The company sees robust order inflows, with public sector orders increasing, supporting sustained growth. - Long-term growth prospects are positive, with India's wind capacity expected to grow continuously till FY '30, supporting Suzlon's expansion.

- Suzlon's order book exceeds 5.5 gigawatts as of May 2025, reflecting strong market leadership across PSU, C&I, and Utility segments. - The order book for the S144 model alone exceeds 5 gigawatts, demonstrating strong customer confidence and technology adoption. - Suzlon secured 1.5 gigawatts as the sole winner in NTPC's PSU tenders, a significant contribution to the order book. - Management is confident that order inflows will continue at a good momentum or possibly accelerate compared to the previous year. - For the next 18 to 24 months, Suzlon does not foresee any issues with order inflow and believes orders will not be a constraint. - Public sector orders now contribute about 26% of the order book. - Suzlon is actively working on a robust project pipeline to mitigate land acquisition delays and enhance order execution visibility.