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Model Note · SUZLON ENERGY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUZLON ENERGY LIMITED Discounted cash flow · base FY26
SUZLON ENERGY LIMITED
Value per share, this model₹77
CMP 2026-09-10₹44.12
Difference74.4%
Growth the CMP implies6.5%/yr
This note states the assumptions and the arithmetic of one model of SUZLON ENERGY LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 53.6% · 5-yr CAGR 38.0%
EBITDA margin
18.5%
FY26 18.5% · 5-yr average 24.9%
Depreciation · capex, % of revenue
1.9% · 3.4%, fading to 1.2× depreciation
FY26 1.9% · 3.4%
Working capital, % of added revenue · tax
34.1% · -30.6%
124 working-capital days · effective (30.6)%
Discount rate
11.00%
1-yr beta 1.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(367) · ₹0 · ₹0 cr
FY26 net debt ₹(367) cr
Shares
1,375.31 crore
1,375.31 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
16,732
21,751
28,277
36,760
47,788
62,124
growth %
53.6
30.0
30.0
30.0
30.0
30.0
EBITDA
3,092
4,024
5,231
6,801
8,841
11,493
Depreciation
(318)
(413)
(537)
(698)
(908)
(1,180)
NOPAT
3,623
4,716
6,130
7,969
10,360
13,468
less capex
(577)
(740)
(882)
(1,044)
(1,223)
(1,416)
less working-capital build
—
(1,712)
(2,225)
(2,893)
(3,761)
(4,889)
Free cash flow to firm
—
2,678
3,560
4,731
6,284
8,344
Present value
2,542
3,044
3,645
4,361
5,217
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · SUZLON ENERGY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
18,809
PV of the terminal value (82% of EV)
86,651
Enterprise value
1,05,459
less net debt
367
less non-controlling interest
0
add non-operating investments
0
Equity value
1,05,826
÷ 1,375.31 crore shares
₹77
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
80
86
93
103
114
10.5%
73
78
84
92
101
11.0%
67
72
77
83
90
11.5%
63
66
71
76
82
12.0%
58
62
65
69
74
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
