*Suzlon Energy Ltd.* | *CMP* Rs. 65 | *M Cap* Rs. 89288 Cr | *52 W H/L* 86/38 (Nirmal Bang Retail Research) Order book came at 5555mw vs QoQ 5035MW ,YoY 2929MW *Result ahead of Expectation* Higher PAt is on account of Tax W/Back Revenue from Operations came at Rs. 3789.9 Cr (27.4% QoQ, 72.6% YoY) vs expectation of Rs. 3838.8 Cr, QoQ Rs. 2974.8 Cr, YoY Rs. 2196.2 Cr EBIDTA came at Rs. 662.5 Cr (32.6% QoQ, 84.1% YoY) vs expectation of Rs. 594.4 Cr, QoQ Rs. 499.5 Cr, YoY Rs. 359.8 Cr EBITDA Margin came at 17.5% vs expectation of 15.5%, QoQ 16.8%, YoY 16.4% Adj. PAT came at Rs. 1182.2 Cr vs expectation of Rs. 468.6 Cr, QoQ Rs. 386.9 Cr, YoY Rs. 281.2 Cr Quarter EPS is Rs. 0.9 Stock is trading at P/E of 38.6x FY26E EPS