UBS ON SUZLON ENERGY ; BUY | TP ₹58 (EARLIER ₹66)

• UBS maintains Buy rating on Suzlon Energy but cuts target price to ₹58 from ₹66. • Q2 revenue grows 26% YoY, while EBITDA remains flat as margins contract 386 bps to 14.8%. • Wind turbine deliveries grow 26% YoY to 710 MW, while order book of approximately 6 GW provides 18-month revenue visibility. • Company cuts FY27 EBITDA margin guidance to 15–16% from 17% earlier. • H1 operating cash flow turns negative at ₹200 crore. • UBS cuts FY27–29 EPS estimates by 10%, 11% and 9%, respectively. • Company retains FY31 targets of approximately 40% market share and 10 GW annual sales.

SUZLON ENERGY LIMITED

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