De-carbonisation, energy-security concerns and falling costs drove global renewable-energy -capacity additions 50% YoY in CY23 to a record 507 GW.
India’s RE capacity in the last decade rose by greater then 100 GW to 178 GW in FY23; it is expected to rise greater then three times to 500 GW by 2030.
Domestic wind energy opportunities now are ~40 GW, with orders of 12 GW (IPPs + C and I) being executed; limited competition will benefit OEMs Suzlon Energy Ltd. and Inox Wind Ltd.
We expect the huge acceleration in wind-energy capacities benefiting listed OEMs, and the government of the day to be mindful of policy measures.
Hence, we initiate coverage with Buy ratings based on 35 times FY26e price to earning for Suzlon Energy Ltd and 30 times for Inox Wind Ltd.
De-carbonisation, energy-security concerns and falling costs drove global renewable-energy -capacity additions 50% YoY in CY23 to a record 507 GW. India’s RE capacity in the last decade rose by greater then 100 GW to 178 GW in FY23; it is expected to rise greater then three times to 500 GW by 2030.
Domestic wind energy opportunities now are ~40 GW, with orders of 12 GW (IPPs + C and I) being executed; limited competition will benefit OEMs Suzlon Energy Ltd. and Inox Wind Ltd.
However, policy flip-flops and execution challenges could play spoilsport. We expect the huge acceleration in wind-energy capacities benefiting listed OEMs, and the government of the day to be mindful of policy measures.
Hence, we initiate coverage with Buy ratings based on 35 times FY26e price to earning for Suzlon Energy Ltd and 30 times for Inox Wind Ltd.
