Suzlon Energy stock price crosses ₹30 mark for first time since April 2015; is it a good time to buy?

livemint.com:

₹7.45 apiece a year ago, has skyrocketed 315.5% to cross the ₹30 level in today's session, the highest level since April 2015. The stock began its one-way rally in April, consistently closing each subsequent month with positive returns until September. Among these months, May was the standout performer with a remarkable rally of 41.6%, followed by June with a return of 30%.

This remarkable performance pushed the company's market capitalisation past the ₹42,000 mark, securing its position as the 165th most-valued Indian firm. Despite this stellar rally, the stock is still 92.66% away from its all-time high of ₹422 apiece, attained in January 2008. Meanwhile, the recent surge in Suzlon Energy's stock price can be attributed to a combination of factors, including the successful acquisition of multiple wind power projects coupled with robust financial performance.

Further, brokerage firms have maintained their positive stance on the company, citing a strong order book and turnaround in its financial performance. In a recent note, brokerage house Purnartha Research said the company is poised to witness revenue growth of around 30–35% for the next two years, improving EBITDA margins by 16–18% from the existing 13.9%; thus reporting a PAT north of ₹1,100 crore and ₹1,300 crore for FY24 and FY25 respectively. Prior to this, JM Financial also identified the company as being strategically positioned to leverage favorable market conditions in the wind sector.