Suzlon Energy Ltd

- There are no current plans for equity consolidation or new equity fundraising; the management has no impending thoughts on consolidating equity capital (Page 17). - The board has approved cleaning up legacy reserves and negative items on the balance sheet, expected to take 6-7 months, aiming for a clean balance sheet going forward (Page 18). - No immediate plans to enter new fundraising through debt or equity were mentioned. - The company has taken on some debt related to the NTPC project, reflected in increased finance costs due to processing fees for working capital (Page 5). - The focus currently is on organizational investments and capacity ramp-up with an optimized cost structure rather than raising new capital (Pages 5 and 12). - Management remains open to exploring future opportunities but has not announced any specific capital raising plans.

- Suzlon is incurring increased costs in organizational buildup and technological investments, including implementing the SAP S/4 HANA module and IT expenses, aimed at building a more robust organization for the future. - These investments are one-time and geared towards long-term benefits, with expenses like ESOP charges continuing till FY’26 for employee retention. - Manufacturing capacity is being ramped up, targeting 4.5 GW by March 2025 across blades, towers, and nacelles, including ramp-up at the Pondicherry and Daman facilities. - The company is open to exploring strategic opportunities adjacent to its core renewable energy business, with ongoing work involving a leading global management consultant to identify potential expansions, expected to conclude in 4-6 months. - No immediate plans for acquisition in energy storage or solar, but Suzlon remains open to future opportunities that enhance its renewable energy portfolio and stakeholder value.

- Suzlon expects wind installations in India to grow from approx. 5 GW in FY’25 to 6-7 GW in FY’26, and further to 9-10 GW yearly thereafter. - The company plans to ramp up manufacturing capacity to 4.5 GW by March 2025. - Order book has surged to over 5 GW, with execution expected over 18-24 months targeting a run rate of 2-2.5 GW annually, scaling up over time. - Strong demand pipeline continues, with Suzlon aiming to keep order book at record highs for upcoming quarters. - Revenue growth supported by increasing deliveries—256 MW delivered in Q2 FY’25, the highest second-quarter delivery in 7 years. - Services business (Operations & Maintenance) expected to grow steadily, backed by fleet expansion. - Organizational investments and technology upgrades position Suzlon for enhanced competitiveness and future profitability growth.

- Suzlon expects margin expansion with EBITDA margins in WTG business (~7%) and 40% in OMS business to improve going forward (Page 12). - EBITDA grew 31% YoY to ₹294 cr in Q2 FY25; PAT increased 96% YoY to ₹201 cr (Page 5). - Management anticipates increased deliveries, targeting 5 GW installations in FY25, 6-7 GW in FY26, and 9-10 GW yearly thereafter, supporting higher revenues and profits (Page 4). - Investments in technology, organizational buildup, and capacity ramp-up are expected to enhance competitiveness and profitability long term (Page 5, 12). - No immediate equity consolidation planned; balance sheet is being reorganized for optimized capital structure to sustain growth (Page 17). - Services business with higher margins expected to grow in correlation with WTG installations, adding to profitability (Page 7). - Management is confident about sustainable margin improvements with increasing volumes and efficient cost control despite some short-term cost rise from ESOP and IT investments (Pages 8, 12).

- Suzlon's current order book stands at 5.1 GW, the largest ever in its history. - The entire 5.1 GW order book consists of firm orders backed by financial commitments and is expected to be executed over the next 18 to 24 months. - The company anticipates the order book to continue growing, with significant orders under discussion and a robust pipeline. - Suzlon secured the largest single order of 1.166 GW from NTPC Green. - There is also an active order pipeline including public sector tenders like the NTPC tender in Karnataka. - Management expects the order book to keep increasing each quarter for at least the next two quarters. - No exact future order book numbers were given, but management confirmed significant serious offers on the table.