NSE: HAVELLS · FMEG · Consumer Electricals
Havells India Ltd
India's leading Fast-Moving Electrical Goods (FMEG) company — cables & wires, switchgear, fans, lighting, and consumer appliances (via Lloyd brand: ACs, TVs, washing machines). Revenues from 20+ product categories, 20,000+ SKUs. Strong brand trust, 'Make in India' manufacturing, and pan-India distribution. Cables is the largest segment (~32% revenue). Lloyd is the key growth bet in premium consumer durables.
₹1,232
NSE CMP · Mar 27, 2026
52W: ₹1,217 — ₹1,674
📊 MODERATE
Market Cap
₹77,215 Cr
NSE · Mar 2026
P/E (TTM)
~52x
Premium vs peers ~58x
P/B
~9.3x
High — brand premium
Revenue (TTM)
₹22,366 Cr
Screener.in
Q3 FY26 Revenue
₹5,588 Cr
+14.3% YoY
Q3 FY26 Net Profit
₹301 Cr
+8% YoY — margin lag
Promoter
59.4%
Stable · No pledging
Div Yield
~0.8%
₹4/sh interim FY26
⚠ MARGIN PRESSURE: Revenue is growing at 14% but net profit only 8% — Lloyd (AC/durables) and rising copper/commodity costs are compressing margins. EBITDA margin ~9% is low for a premium brand. The critical watch: does Lloyd scale to profitability or remain a drag?
Valuation & Growth
| Metric | Value | Context | Signal |
|---|---|---|---|
| P/E | ~52x | 5Y avg ~60x · Near low | FAIR vs HISTORY |
| Revenue 3Y CAGR | ~12% | Cables + Lloyd driving | GOOD |
| Net Profit 3Y CAGR | ~7% | Lags revenue — margins thin | MODERATE |
| ROE (3Y avg) | ~15% | Adequate | AVERAGE |
| Debt/Equity | ~0.0x | Near debt-free | SAFE |
3-Year Scenarios
🐢 Bear
Copper stays elevated; Lloyd margin recovery delayed; net profit CAGR 5–6%; stock re-rates to 40–45x. Lackluster returns.
🚶 Base
Revenue CAGR ~12%; Lloyd breaks even; EBITDA margins inch to 11%; EPS CAGR ~12–14%. Stock at ₹1,500–1,700.
🚀 Bull
Lloyd becomes a major profit centre; margins expand to 13–14%; re-rating to 65x; EPS CAGR 18–20%. Structural FMEG play.
MODERATE — Quality Brand, Margin Recovery Awaited
Havells is an unquestionable quality franchise — zero debt, strong distribution, household brands, and secular FMEG tailwinds from India's infra build-out and appliance penetration. The issue is near-term profitability: Lloyd's high fixed-cost structure and commodity exposure keep margins thin while revenue booms. At 52x P/E, the stock prices in recovery — which makes execution on the Lloyd margin path the single biggest determinant of returns over 3 years. The stock is off ~27% from its 52-week high, offering a better entry than 12 months ago.
VIEW only · Not a buy/sell recommendation · Verify at Screener.in before acting
NSE: ABBOTINDIA · Pharmaceuticals · Healthcare
Abbott India Ltd
India subsidiary of global pharma giant Abbott Laboratories (USA) — sells branded prescription medicines across gastroenterology, women's health, CNS, metabolic, vaccines, and consumer care. Strong moat through parent's global R&D pipeline, premium brand positioning, and doctor-trust built over 80+ years in India. Business is purely distribution-led (no manufacturing risk). Recently signed to commercialise Novo Nordisk's Ozempic (semaglutide) in India — a significant long-term catalyst.
₹26,285
NSE CMP · Apr 2, 2026
52W: ₹25,350 — ₹37,000
✅ MODERATE-STRONG
Market Cap
₹55,900 Cr
NSE Apr 2, 2026
P/E (TTM)
~37x
Down from 50x+ — better value
P/B
~12.8x
High — reflects ROE quality
Revenue (TTM)
₹6,824 Cr
+10% YoY · Screener
Net Profit (TTM)
₹1,524 Cr
+~8% YoY
ROE (3Y avg)
34.2%
Exceptional · Screener
Pre-Tax Margin
~29%
Best-in-class pharma India
Promoter
75.0%
Abbott Laboratories USA · Stable
✅ OZEMPIC CATALYST: Abbott India signed to commercialise Novo Nordisk's semaglutide (Ozempic/Extensior) in India — announced Feb 27, 2026. This is potentially a blockbuster product in India's fast-growing diabetes/obesity treatment market. Could be a significant revenue driver over the 3-year horizon.
⚠ STOCK -29% FROM 52W HIGH: Abbott India has corrected from ₹37,000 to ~₹26,285 — one of the steepest pharma sector de-ratings. This appears valuation-led (P/E compression from ~50x to ~37x) rather than business deterioration. Core metrics remain excellent.
Valuation & Fundamentals
| Metric | Value | Context | Signal |
|---|---|---|---|
| P/E | ~37x | 39% premium to pharma peers ~26x | PREMIUM — JUSTIFIED? |
| ROE | 34.2% | Far above sector avg ~15% | EXCEPTIONAL |
| Revenue 5Y CAGR | ~9.4% | Consistent branded pharma growth | STEADY |
| Net Profit 5Y CAGR | ~15% | FY20 ₹593 Cr → FY25 ₹1,414 Cr | EXCELLENT |
| Debt/Equity | ~0x | Debt-free, cash rich | SAFE |
3-Year Scenarios
🐢 Bear
Ozempic uptake slower than expected; NLEM price controls bite; revenue CAGR 7%; P/E stays at 35x. Limited upside from current level.
🚶 Base
Branded pharma compounding at 10%; Ozempic adds meaningful revenue by FY28; Net profit CAGR 14–16%; stock at ₹34,000–40,000.
🚀 Bull
Ozempic is a blockbuster; parent pipeline keeps coming; ROE sustains 35%+; stock re-rates to ₹50,000+ over 3-4 years.
MODERATE-STRONG — Compounding Machine at a Correction
Abbott India is one of the rarest businesses on Indian exchanges — consistent 34% ROE, zero debt, 29% pre-tax margins, and a world-class parent pipeline. The stock has de-rated 29% from peak, bringing P/E to a more reasonable 37x vs its own history of 45–55x. The Ozempic India commercialisation deal is a genuine potential game-changer in a market where GLP-1 drugs are just beginning to scale. For a 3-year investor, the risk-reward is more favourable than it was a year ago.
VIEW only · Not a buy/sell recommendation
NSE: CROMPTON · Consumer Electricals · Fans / Pumps / Lighting
Crompton Greaves
Consumer Electricals
Consumer Electricals
India's market leader in residential fans and pumps, with a growing portfolio in lighting, kitchen appliances, and water heaters. Separated from the industrial Crompton Greaves entity in 2016. In 'Crompton 2.0' mode since June 2023 — investing in premiumisation, brand, and innovation (~170 new products in FY25). Key risk: margins under pressure from commodity costs and Butterfly acquisition integration. Recent largest-ever solar water pump order (₹101+ Cr) from Maharashtra signals B2B diversification.
₹232
NSE CMP · Apr 1, 2026
52W: ₹217 — ₹363
📊 MODERATE
Market Cap
₹14,900 Cr
NSE Mar 2026
P/E (TTM)
~31x
33% discount to peers ~47x
P/B
~4.1x
In-line with sector
Revenue (TTM)
₹7,873 Cr
+7.5% YoY FY25
Net Profit (FY25)
₹472 Cr
+26% YoY — recovery
Q3 FY26 Profit
₹98 Cr
-10.5% YoY (commodity hit)
Debt/Equity
~0x
Near debt-free
Dividend Yield
~1.3%
₹3/sh FY25
⚠ MARGIN PRESSURE + MANAGEMENT TRANSITION: Q2 FY26 consolidated profit fell 43% YoY; Q3 FY26 down 10.5% YoY — copper and commodity inflation eating margins. CEO transition underway. The 'Crompton 2.0' premiumisation strategy is early-stage and not yet reflecting in margin improvement.
Valuation & Fundamentals
| Metric | Value | Context | Signal |
|---|---|---|---|
| P/E | ~31x | Deep discount to sector 47x avg | RELATIVELY CHEAP |
| Revenue 3Y CAGR | ~8% | Steady, not spectacular | MODERATE |
| EBITDA Margin | ~10% | Below historical 13–14% | COMPRESSED |
| ROE | ~16% | Dragged by Butterfly acquisition | AVERAGE |
| 52W performance | -36% | Sector underperformer | WEAK PRICE ACTION |
3-Year Scenarios
🐢 Bear
Commodity inflation persists; Butterfly drags; Crompton 2.0 fails to lift margins. EPS growth sub-5%; stock stays range-bound ₹200–240.
🚶 Base
Margins recover to 12% by FY27 as inputs normalise; EPS CAGR 15%; premiumisation gains traction. Stock at ₹340–380 (sector re-rating).
🚀 Bull
Crompton 2.0 delivers; solar pumps B2B scales; Butterfly synergies materialise. EPS CAGR 20%+; stock at ₹450+.
MODERATE — Value Trap or Turnaround? Margins Are the Key
Crompton is the cheapest stock in its consumer electricals peer group (31x vs 47x sector PE) — but that discount exists for a reason. Margins have been structurally compressed by commodity costs, the Butterfly acquisition overhang, and management transition noise. The bear case is it stays cheap because profitability doesn't recover. The bull case is 'Crompton 2.0' works — premiumisation, fan upgrades, solar pumps, and Butterfly integration all fire simultaneously. At ~₹232 with near-zero debt, downside is limited but so is near-term upside visibility.
VIEW only · Not a buy/sell recommendation
NSE: HAL · Defence & Aerospace · PSU · Navratna
Hindustan Aeronautics
Limited
Limited
India's only integrated aerospace and defence manufacturer — designs, manufactures, repairs, and overhauls aircraft, helicopters, aero-engines, avionics, and structures for the Indian Air Force, Army, Navy, and Coast Guard. Key products: LCA Tejas, Dhruv ALH, Dornier-228, HTT-40 trainer, Su-30 MKI. FY26 provisional revenue: ₹32,250 Cr. Order book of ₹2.54 lakh Cr (8x annual revenue) including the massive 97 LCA Mk1A order worth ₹62,370 Cr. A core Atmanirbhar Bharat bet.
₹3,671
NSE CMP · Apr 1, 2026
52W: ₹3,704 — ₹5,165
✅ MODERATE-STRONG
Market Cap
₹2,46,581 Cr
Screener.in
P/E (TTM)
~28–30x
64% disc to peers ~79x
P/B
~6.5x
51% disc to peers ~13x
Order Book
₹2.54L Cr
~8x FY26 revenue — strong visibility
FY26 Revenue (Prov.)
₹32,250 Cr
+4.1% YoY vs ₹30,981 Cr
Net Profit 5Y CAGR
24.5%
Screener — exceptional
ROE (3Y avg)
27.3%
Screener.in
Debt/Equity
~0x
Net cash ₹44,471 Cr
✅ MASSIVE ORDER BOOK: ₹2.54 lakh Cr order book (Apr 2026) including 97 LCA Mk1A jets (₹62,370 Cr), 156 LCH helicopters, Su-30 MKI upgrade, and ALH helicopters. Revenue is locked in for 7–8 years. This is arguably the most visible revenue pipeline in the entire listed Indian defence space.
⚠ DELIVERY DELAYS: LCA Mk1A and HTT-40 deliveries have been delayed due to supply chain issues (engine imports from GE/Safran, delayed sub-systems). FY26 revenue grew only 4% vs a much higher order intake. Execution risk remains the primary concern for investors.
Valuation vs Peers — Defence
| Company | P/E | ROE | 5Y Profit CAGR | Standing |
|---|---|---|---|---|
| HAL ◀ | ~28–30x | 27.3% | 24.5% | CHEAPEST IN DEFENCE |
| BEL | ~45x | ~22% | ~18% | MODERATE |
| MTAR / Data Patterns | ~60–80x | ~15–20% | ~20% | EXPENSIVE |
| Paras Defence | ~80x+ | ~12% | ~25% | VERY EXPENSIVE |
3-Year Scenarios
🐢 Bear
LCA Mk1A delivery slips further; supply chain issues persist; revenue CAGR 8–10%. P/E compression to 22x as private sector defence gains prominence.
🚶 Base
Deliveries accelerate from FY27 onwards; revenue CAGR 15%+; profit CAGR 20%; HAL at ₹5,500–6,500 in 3 years.
🚀 Bull
AMCA gets HAL design role; civil aviation scale up; export orders materialize; profit CAGR 25%+. Stock at ₹8,000+ over 4–5 years.
MODERATE-STRONG — India's Defence Irreplaceable, Now at Discount
HAL is the backbone of India's sovereign defence aviation capability — there is simply no substitute for what it does. The ₹2.54 lakh Cr order book provides extraordinary revenue visibility. At 28–30x P/E, it's the cheapest quality defence stock in India (peers trade at 60–80x). The stock has corrected ~29% from its 52-week high, driven by delivery delay concerns. The 3-year thesis is straightforward: as LCA Mk1A deliveries accelerate from FY27, revenue and profits will compound at 15–20% pa from a now-depressed base. Delivery execution is the single biggest risk and catalyst.
VIEW only · Not a buy/sell recommendation
NSE: COFORGE · IT Services · Mid-cap
Coforge Ltd
Mid-tier Indian IT services company specialising in BFSI (insurance, banking), travel, and healthcare verticals. Known for aggressive deal wins and above-industry revenue growth — FY25 revenue grew 33.8% YoY to ₹12,051 Cr (includes Xceltrait inorganic). Now acquiring US-based Encora for ~$2.5B in combined revenue, a transformational deal to scale AI-led digital engineering. Americas (55%) and Europe (37%) are key geographies. Key strength: large deal wins +56% YoY to $1.9B.
₹1,213
NSE CMP · Apr 3, 2026
52W: ₹1,008 — ₹1,994
⚡ MODERATE / HIGH RISK
Market Cap
~₹40,700 Cr
NSE Apr 2026
P/E (TTM)
~35–45x
Premium vs IT peers
EV/EBITDA
~29x
Stockanalysis.com
Revenue (TTM)
₹14,342 Cr
+14.5% YoY FY26 run-rate
Order Intake FY26
$1.9B
+56% YoY — strong pipeline
ROE
~15%
Below IT peers — acquisition impact
Debt/Equity
~0.11x
Low debt pre-Encora
1Y Stock Return
-15%
Outperformed IT index
⚠ ENCORA ACQUISITION — LARGE BET: Coforge is acquiring US-based Encora for ~$2.5B in combined revenue — this will significantly expand revenue but also increase integration risk, debt, and complexity. RBI has approved the overseas investment. Deal execution is the key variable for FY27 performance.
⚠ Q3 FY26 PROFIT DOWN 33%: Despite 5.1% revenue growth, net profit fell 33.4% due to exceptional items and costs. Adjusted operational margins have been stable at ~17%. The reported fall is somewhat misleading but investors should monitor.
Growth Profile vs IT Peers
| Company | Rev Growth YoY | EBITDA Margin | Deal Wins | Standing |
|---|---|---|---|---|
| Coforge ◀ | ~14–15% | ~17.6% | $1.9B +56% | HIGH GROWTH MID-TIER |
| TCS | ~5% | ~25% | $9.3B steady | LARGE / STABLE |
| LTM | ~12% | ~16–17% | Growing | PEER |
| Persistent | ~25% | ~16% | Strong | HIGH GROWTH |
3-Year Scenarios
🐢 Bear
Encora integration stumbles; debt burden weighs; global IT demand stays weak; revenue CAGR 8–10%. Stock at ₹900–1,100.
🚶 Base
Encora adds scale; revenue CAGR 18–22%; margins stabilise at 17–18%; EPS CAGR 20%. Stock at ₹1,800–2,200.
🚀 Bull
Encora + AI engineering = differentiated positioning; large deal conversion accelerates; $5B+ revenue run-rate; stock at ₹3,000+ over 3–4 years.
MODERATE-HIGH RISK — Growth Story, But Encora Changes the Equation
Coforge has been one of India's best IT growth stories — consistent outperformance on deal wins and above-sector revenue growth. But the Encora acquisition introduces new risks: integration complexity, higher leverage, and the challenge of managing a much larger combined entity. If Encora is well-executed, Coforge at ₹1,213 could look extraordinarily cheap in 3 years. If not, it could struggle. The stock is already off ~39% from its 52-week high — the de-rating provides a better entry than the 2024 peak. Risk appetite is key.
VIEW only · Not a buy/sell recommendation
NSE: LT · Infrastructure & Engineering · Nifty 50
Larsen & Toubro Ltd
India's largest engineering and construction conglomerate — EPC solutions across infrastructure, hydrocarbon, power, defence, heavy engineering, and IT & financial services. 'Lakshya '26' strategy targets doubling revenue and order inflows vs FY21 baseline. Order book (~₹5.5–6 lakh Cr) provides multi-year revenue visibility. Key businesses: Construction (~51%), IT & Tech Services (~28%), Financial Services (~9%), Heavy Engineering, Defence. A direct proxy for India's infrastructure buildout.
₹3,649
NSE CMP · Mar 25, 2026
52W: ₹2,965 — ₹4,440
✅ MODERATE-STRONG
Market Cap
₹4,97,030 Cr
Screener.in
P/E (TTM)
~28–35x
Reasonable for quality EPC
Revenue (FY25)
₹2,77,504 Cr
+15.4% YoY · Screener
Net Profit (FY25)
₹10,871 Cr
+16.5% YoY
Q3 FY26 Revenue
₹71,450 Cr
Strong sequential growth
Q3 FY26 Net Profit
₹3,215 Cr
-4.3% YoY (timing of projects)
Dividend
₹34/sh
FY25 · Yield ~0.9%
1Y Stock Return
+5.6%
Outperformed market
✅ INDIA INFRA PLAY — STRONGEST ORDER BOOK: L&T's consolidated order book of ~₹5.5+ lakh Cr is one of the largest in Indian listed equities. This covers roads, railways, metro, data centres, defence, and Middle East hydrocarbons. Revenue is locked in for 4–5 years — rare for any company this size.
Key Fundamentals
| Metric | Value | Context | Signal |
|---|---|---|---|
| Revenue 3Y CAGR | ~14% | Strong EPC execution | GOOD |
| Net Profit 3Y CAGR | ~15% | FY22→FY25 compounding | GOOD |
| ROE | ~18–20% | Solid for capital-heavy EPC | GOOD |
| Debt/Equity | Moderate | Infra + NBFC arm carries debt | WATCH |
| Order Inflow FY26E | ₹3–3.5L Cr | Lakshya '26 target on track | STRONG PIPELINE |
3-Year Scenarios
🐢 Bear
Govt capex slows post elections; Middle East orders stall; IT/tech arm slows. Revenue CAGR 8%. Stock at ₹3,000–3,200.
🚶 Base
Lakshya '26 achieved; revenue CAGR 14%; net profit CAGR 16–18%; stock at ₹5,000–5,500 over 3 years on re-rating.
🚀 Bull
Defence + data centre orders + India infra supercycle; revenue CAGR 18%; margins expand; L&T at ₹6,500–7,000 in 3–4 years.
MODERATE-STRONG — India's Infrastructure Compounder
L&T is the purest large-cap play on India's infrastructure decade. Its ₹5.5+ lakh Cr order book, 15%+ revenue and profit CAGR, and expanding into defence and data centres make it a structurally positioned compounder. The stock trades at a reasonable 28–35x P/E for the quality of business and earnings visibility. Q3 FY26 profit dip was timing-related, not structural. The key risk is government capex slowdown, but with a multi-year infra commitment from GoI and growing Middle East exposure, the probability is low. One of the more balanced risk-reward propositions in this list.
VIEW only · Not a buy/sell recommendation
NSE: LTM · IT Services · L&T Group · Formerly LTIMindtree
LTM Limited
(formerly LTIMindtree)
(formerly LTIMindtree)
A global technology consulting and digital solutions company — formed by the 2022 merger of L&T Infotech and Mindtree. Rebranded to LTM Limited in March 2026. Serves BFSI (largest vertical), tech & media, manufacturing, consumer, and healthcare globally. Americas 55% + Europe 37% of revenue. Key differentiators: BFSI depth (banking transformation), AI platforms (BlueVerse — AppIQ, AgentIQ, FusionIQ launched Mar 2026), and L&T Group backing. Named NVIDIA 'Rising Star Consulting Partner of the Year' at GTC 2026.
₹4,107
NSE CMP · Apr 1, 2026
52W: ₹4,000 — ₹6,430
📊 MODERATE / WATCH
Market Cap
₹1.21L Cr
NSE Apr 2026
P/E (TTM)
~25x
Near IT sector low — cheap vs TCS
EBITDA Margin
17.3%
Q3 FY26 — stable
Revenue Q3 FY26
₹10,781 Cr
+11.6% YoY · Good momentum
Net Profit Q3 FY26
₹970 Cr
-11% YoY (exceptional items)
1Y Target (analysts)
₹5,836
Yahoo Finance consensus
Dividend Yield
~1.6%
₹67/sh forward
Deal Win (Jan 2026)
$158M
5-yr UK client contract
⚠ Q3 FY26 PROFIT -31% — EXCEPTIONAL ITEMS: Q3 FY26 reported PAT fell 30.73% YoY to ₹970 Cr largely due to exceptional charges, while revenue grew 11.6% YoY. Adjusted operational performance is broadly stable at ~16% EBITDA margin. Q4 FY26 results (expected Apr 22, 2026) will provide a cleaner read — watch this closely.
⚠ NAME CHANGE — LTIMindtree → LTM Limited: Effective March 17, 2026, the company formally rebranded to LTM Limited, focusing on 'business creativity' in AI-centric services. The rebrand signals a strategic AI-first pivot, but ticker and fundamentals remain the same.
vs IT Peers (Mid-large cap)
| Company | P/E | Rev Growth | EBITDA Margin | Signal |
|---|---|---|---|---|
| LTM ◀ | ~25x | ~12% | 17.3% | RELATIVELY CHEAP |
| TCS | ~22x | ~5% | 25.2% | LARGE / STABLE |
| Infosys | ~21x | ~5% | ~21% | CHEAP |
| Coforge | ~40x | ~15% | ~17% | EXPENSIVE |
3-Year Scenarios
🐢 Bear
IT spending stays muted; merger synergies slow to materialise; BFSI vertical faces headwinds. Revenue CAGR 8%. Stock at ₹3,200–3,800.
🚶 Base
IT recovery by FY27; BlueVerse AI platform gains traction; revenue CAGR 14%; EBITDA margin stable 17–18%; stock at ₹6,000–7,000 in 3 years.
🚀 Bull
AI-led transformation drives large deal wins; global banking modernisation wave; margins expand to 20%+; stock at ₹9,000–10,000.
MODERATE — Underappreciated IT Quality at a Relative Discount
LTM is a high-quality IT services company trading at ~25x P/E — among the lowest in its peer group. The 11.6% revenue growth in Q3 FY26, strong BFSI vertical depth, proprietary BlueVerse AI platform, and L&T Group credibility make it a compelling mid-large cap IT play. The concern: merger integration costs and the Q3 exceptional charges have clouded earnings visibility temporarily. The AI rebrand is ambitious but unproven. For patient 3-year investors, LTM at current levels — down ~36% from 52W high — offers meaningful upside if IT spending normalises and AI platforms contribute.
VIEW only · Not a buy/sell recommendation
NSE: SUZLON · Renewable Energy · Wind Turbine Manufacturer
Suzlon Energy Ltd
India's largest wind energy solutions provider — designs, manufactures, executes, and maintains wind turbine generators (WTGs). 21 GW installed across 17 countries; 15+ GW O&M portfolio (India's largest wind O&M company). Flagship S144 turbine (3.15 MW) has 5+ GW in firm orders, accounting for 91% of 5.6 GW order book as of May 2025. Revenue has nearly doubled in FY25 (+67% to ₹10,851 Cr). Debt-free after a decade-long restructuring. India's wind energy target of 140 GW by 2030 is a secular tailwind.
₹39.6
NSE CMP · Mar 30, 2026
52W: ₹38.2 — ₹74.3
⚡ MODERATE / HIGH GROWTH-RISK
✅ EXPLOSIVE GROWTH + DEBT-FREE TURNAROUND: Suzlon reported FY25 revenue +67% YoY and net profit +214% YoY (₹2,072 Cr). Q3 FY26 revenue +42% YoY to ₹4,228 Cr; net profit +15% YoY. Zero net debt — a complete reversal from the debt crisis that almost destroyed the company. O&M providing steady recurring revenue.
⚠ PROMOTER HOLDING VERY LOW: Promoter holding is only 11.7% — significantly below safe norms (typically 40%+). This is a legacy of the debt restructuring and stake dilution. Low promoter skin in the game is a governance watch point. No pledging currently.
Market Cap
₹54,391 Cr
Screener.in
P/E (TTM)
~17–26x
Below 3Y avg ~43x — cheap
Revenue (FY25)
₹10,851 Cr
+67% YoY · Stockanalysis
Net Profit (FY25)
₹2,072 Cr
+214% YoY
Q3 FY26 Revenue
₹4,228 Cr
+42% YoY
Order Book
5.6 GW
S144 = 91% of book
Promoter Holding
11.7%
🚩 Low — monitor
Debt/Equity
~0x
Net debt-free · Full turnaround
Valuation vs History
| Metric | Current | 3Y Avg | Signal |
|---|---|---|---|
| P/E | ~17–26x | ~43x | CHEAP vs OWN HISTORY |
| EV/EBITDA | ~20x | ~39x | CHEAP |
| Revenue CAGR (TTM) | +67% FY25 | — | EXCEPTIONAL |
| Net Profit CAGR (FY25) | +214% | — | TURNAROUND |
| 52W stock performance | -47% | — | SHARP CORRECTION |
3-Year Scenarios
🐢 Bear
Policy delays in wind auctions; execution bottlenecks; competition from Inox Wind/Adani Green. Revenue CAGR 15%; margins flat. Stock at ₹30–40.
🚶 Base
India wind capacity additions of 10–12 GW/yr from FY27; Suzlon captures 30–35% market share; revenue CAGR 25–30%; net profit CAGR 30%+. Stock at ₹75–90.
🚀 Bull
140 GW 2030 target drives supercycle; Suzlon wins large corporate PPAs (steel, cement, NTPC); O&M recurring revenue scales. Stock at ₹120–150+.
MODERATE-HIGH RISK / REWARD — India Wind Supercycle Bet
Suzlon is one of the most dramatic turnaround stories in India Inc — from near-bankruptcy to debt-free, with revenue growing 67% in FY25. The S144 turbine is winning large orders and the 5.6 GW order book provides ~12–18 months of revenue visibility. At 17–26x P/E vs its own 3-year average of 43x, the stock looks attractive on a relative basis. The key risks: low promoter holding (11.7%), dependence on government policy for wind auctions, and execution at scale. The stock has already corrected 47% from its peak — partially pricing in these risks. For investors who believe India's wind capacity will meaningfully scale towards the 140 GW target, Suzlon is the most direct large-cap proxy.
VIEW only · Not a buy/sell recommendation