Motilal Oswal Financial Services

06 August 2025

Utilities

Expert Speak

WTG localization: market share, margin shifts key catalysts

We recently hosted an expert session with Mr. Ajay Devaraj, advisor and former Secretary

General of the Indian Wind Power Association, to discuss the potential impact of local content

implementation in wind turbine generator (WTG) manufacturing.

Our key conclusions from the session include:

1) Overall, Mr. Devaraj believes foreign players operating in India can potentially ramp up

localization in WTG manufacturing. Vendor capacity/capability for components such as

blades, towers, and even gearboxes is sufficient; however generators and bearings may

face some challenges.

2) The recent order regarding localization could be a first step towards long-term

indigenization, and the govt. may push for further backward integration in the future.

3) Foreign players looking to operate in India will find it hard to compete unless they achieve

scale (as cost advantage is gone); further, smaller players looking to enter India and import

and sell WTG equipment will now be deterred.

4) Lack of trained manpower and unavailability of key raw materials will be key challenges

faced by players to increase localization.

Overall, while theoretically foreign companies operating in India can likely scale up on

localization, many could be deterred due to the need to undertake long-term investment.

Further regulatory action encouraging localization cannot be ruled out, as already evident in

the solar module space, where ALMM was followed by ALCM, and there is now speculation

about ALWM. Such regulatory measures incentivize long-term investment, which we believe

will be key to continuing to scale up in India. As such, we see market share gains for Suzlon

(dominant domestic OEM) along with alleviation of pricing pressure on WTG realizations in the

coming quarters. Reiterate BUY.

India's wind energy progress continues



As of now, India has an installed wind capacity of 51.6 GW, against a 2030 target of

100 GW. Of the 25.5 GW under construction, 3.6 GW is yet to commence, leaving a

balance of 19.3 GW to be auctioned and commissioned before 2030.

On the manufacturing front, India has an annual WTG manufacturing capacity of ~18

GW, though current utilization remains low at ~20–25%. The country has 14

manufacturers producing rotor blades ranging from 29.8m to 166.8m and operating

at hub heights between 48.7m and 160m, with turbine capacities spanning 0.2 MW

to 5.2 MW.

As per the latest amendment dated 31st July 2025, projects awarded before this

date and commissioned on or before 31st July 2028 are exempt from the ALMM

(Wind) requirement. Additionally, new manufacturers or models are exempt for two years, capped at 800 MW.

Mr. Devaraj emphasized that the amendment does not restrict imports required for manufacturing these

components, and he believes that ~5-6GW of wind capacity installation is possible in FY26, given that such a

milestone was also achieved in the past.

Mr. Ajay Devaraj

Mr. Devaraj is a senior

professional with four decades

of leadership experience in

driving transformational

change across renewable

energy, mining, healthcare,

steel, and manufacturing

sectors. As Secretary

General of the Indian Wind

Power Association, he had

successfully repositioned the

Association as a trusted

advisory partner to the

Government on renewable

energy policy and regulatory

frameworks. He has

fostered cross-ministerial

collaborations with key bodies

(Ministry of External Affairs,

Ministry of

Commerce and Industry, and

Ministry of Skill Development

and Entrepreneurship) to

address supply chain,

geopolitics, manpower

pipeline, and component

availability. He also facilitated

national infrastructure

projects, enhancing grid

stability through advanced

weather forecasting in

partnership with the Central

Electricity Authority, Grid

India, and the Indian

Meteorological Department.

Abhishek Nigam - Research Analyst

(Abhishek.Nigam@MotilalOswal.com)

Preksha Daga - Research Analyst

(Preksha.Daga@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

11 September 2024

Expert Speak

Progress on domestic capability across wind turbine components



Blades: Wind turbine blades primarily use fiberglass, carbon fiber, and epoxy resins. While India has some

domestic capacity for these materials, it is insufficient to meet industry needs. Full indigenization of raw material

availability for blades will likely take over five years. However, India already possesses 100% indigenous capacity

for component manufacturing, assembly, installation, commissioning, and operations & maintenance (O&M).

Structures: For onshore structures, which constitute the majority of current development, the material requirement

is either steel (for pure structures) or a combination of steel and concrete (for hybrid structures). Concrete is fully

available domestically, while some grades of steel are still imported. Achieving full indigenous steel availability may

take 3-5 years. Assembly, installation, commissioning, and O&M are already 100% indigenized.

Generators: These require key raw materials such as rare earth elements, ferrite, cobalt, and special steels.

India’s raw material processing capability is limited but developing, with a timeline of 1–3 years to reach full

capacity. Component manufacturing is still under development, but the country has significant indigenous

capabilities in assembly, installation, commissioning, and O&M.

Gearboxes: The critical materials include copper, bronze, and special steels. While processing capabilities for

these raw materials are developing, achieving full indigenization is expected within 1–3 years. Component

manufacturing remains under development, whereas India already has complete indigenous capacity for

assembly, installation, commissioning, and O&M.

Bearings: Special bearings used in wind turbines involve hardened iron, ceramics, steel rings, and carbon fiber.

Raw material availability, especially for carbon fiber, remains a constraint, with full domestic capacity expected

to take more than five years. Processing capability for other materials may be developed in 1–3 years.

Nonetheless, India has significant indigenous capacity for component manufacturing, assembly, installation,

commissioning, and O&M.

Mr. Devaraj noted that the wind energy industry in India is highly indigenized, as about 90-95% of manufacturing

and services are conducted domestically. India is now well-positioned to serve as a global manufacturing hub,

with OEMs like Vestas and Siemens having used Indian facilities primarily for exports. Domestic players such as

Suzlon, Inox, and Envision are fully capable of meeting internal demand.

He also explained that India adheres to global quality norms, having adopted ISO standards directly through the

Bureau of Indian Standards (BIS). As a result, product quality is not a concern, and local manufacturing is aligned

with international benchmarks.

Despite high domestic capability, certain components still rely on imports. Balsa wood—used in blade

manufacturing—is not available in adequate quantity locally. Although plantations in Kerala have been initiated,

the full growth cycle takes about 30 years, with only 8 years elapsed so far. Controllers, a critical part of wind

turbine systems, remain heavily import-dependent across industries, primarily sourced from China.

Some components and materials will continue to be imported due to limited domestic availability. China often

offers the lowest-cost supplies, making it a practical choice despite geopolitical risks. To reduce dependency,

India is exploring alternate sourcing from countries like Brazil, Uruguay, Peru, Australia, and parts of Africa.

However, while these regions may have the necessary minerals or rare earths, their lack of mining and

extraction capacity poses a challenge. Establishing such infrastructure abroad would be costly and complex for

India.

Another challenge is the shortage of skilled manpower. Even current capacity levels face workforce gaps, and

with the ambition to double installed capacity, urgent investment in workforce training is essential to support

future growth.

The wind energy sector in India faces two major structural challenges: limited focus on true R&D and significant

transmission bottlenecks. Current advancements are largely limited to increasing hub heights and motor sizes,

which, while beneficial, do not constitute genuine R&D. A more meaningful R&D push is needed to enhance

energy output from existing infrastructure—an area where India continues to lag.

Import dependencies and supply chain challenges in India’s wind energy sector



R&D limitations and transmission constraints



6 August 2025

Expert Speak



Even with improvements in generation efficiency, evacuation remains a critical hurdle. Transmission

infrastructure development typically takes around 5 years, compared to just two years for windmill installation,

leading to potential underutilization of capacity in the absence of timely planning. States like Gujarat and

Madhya Pradesh have shown proactive efforts in addressing transmission needs.

Product range and market adaptability across OEMs

Mr. Devaraj stated that among wind OEMs, Suzlon offers the widest product range, catering to diverse site and

capacity requirements. Adani, on the other hand, is focused primarily on larger wind turbines. Envision stands out

for its adaptability, appearing to best align its offerings with evolving customer needs and site-specific conditions.

Reiterate BUY on Suzlon, the key beneficiary of localization

Suzlon, being a market leader with domestic manufacturing across all major components, is well-positioned to

gain market share

under the new framework in the near to medium term.

We reiterate our BUY rating on Suzlon

with a TP of INR82.

Exhibit 1: Suzlon – valuation table

EPS- FY27

Valuation multiple

Target Price

CMP

Upside / (Downside)

INR

(x)

INR

2.3

26%

Source: MOFSL

6 August 2025

Expert Speak

Key charts

Exhibit 2: Evolution of wind power capacity in India (in GW)

Power Generation Capacity (GW)

21.0

FY14

23.4

FY15

26.8

FY16

32.3

34.0

35.6

37.7

39.2

40.4

42.6

45.9

50.0

51.7

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

1QFY26

Source: NPP, MOFSL

Exhibit 3: Yearly wind installations in India (in GW)

Wind installations (GW)

4.14

3.3

2.1

2.4

1.5

FY21

FY22

FY23

FY24

FY25

Source: CEA, MOFSL

FY20

Exhibit 4: Status of domestic manufacturing capacity for the wind energy sector

Manufacturer

Suzlon Energy Ltd.

Vestas Wind Technology

Siemens Gamesa Renewable Power

Envision Wind Power Technologies

Senvion Wind Technology

Nordex India Pvt. Ltd.

GE India

Inox

Adani Enterprises

Emergya Wind Turbine

Others

Total

Country of

Origin

India

Denmark

Spain

China

Germany

Spain

USA

India

The Netherlands

Turbine Size (MW)

2.1 - 3.0

2.0 - 3.6

2.5 - 3.3

2.3 - 2.7

3.0

2.3 - 2.7

2.0 - 3.0

1.0

Annual Manufacturing

Capacity (MW)

4,500

3,000

4,000

3,000

1,000

2,500

1,500

250

500

22,250

Source: NITI Aayog, MOFSL

6 August 2025

Expert Speak

Exhibit 5: Domestic manufacturing capacity: Local & import share

Name of the Wind Turbine

Component

Towers

Blades

Gearbox

Power Converters

Generators

Transformers

Castings

Yaw Drives

Pitch Drives

Other (Main Shaft, Rotor bearing etc.)

Total Manufacturing % Cost Share of Wind

Capacity

Turbine Generator

(Per annum)

(WTG) setup

5200MW

Not Available

8000MW

Not Available

11590MW

10000MW

5000MW

Not Available

26%

22%

12%

27%

100% local

content by OEMs

Vestas, Inox, Envision,

Suzlon, GE

Vestas, Inox, Senvion, GE,

Siemens, Gamesa, Suzlon,

Envision

Suzlon, Siemens,

Gamesa, GE

GE, Siemens, Gamesa,

Vestas, Inox

Suzlon, GE, Siemens,

Gamesa

GE, Siemens, Gamesa,

Vestas, Inox, Senvion,

Suzlon

Imported by major OEMs

(% varying)

Siemens,

Gamesa

Vestas, Envision,

Inox, Senvion

Envision, Suzlon,

Senvion

Vestas, Envision,

Inox, Senvion

Envision (only Aux.

Transformer)

Source: NITI Aayog, MOFSL

Exhibit 6: Suzlon’s order book growth (in MW)

Dec'23

Mar'24

June'24

Sep'24

Dec'24

Mar'25

Source: SUZLON, MOFSL

Exhibit 7: Suzlon’s recent order wins

Month

Aug’25

June’25

Apr'25

Mar'25

Feb'25

Jan'25

Dec'24

Oct'24

Sep'24

Jun'24

May'24

Company

Zelestra

AMPIN Energy Transition

NTPC Green Energy Limited

Sunsure Energy

Jindal Renewable Power Private Limited

Oyster Renewables

Torrent Power Limited

Jindal Renewable Power Private Limited

NTPC Green Energy Limited

AMPIN Energy Transition

Oyster Green Hybrid One Private Limited

Aditya Birla Renewables Limited

Juniper Green Energy

381

170

378

101

205

202

486

302

400

1,166

104

551

402

Location

Maharashtra, MP, TN

Andhra Pradesh

Karnataka

Maharashtra

Tamil Nadu

Madhya Pradesh

Gujarat

Chhattisgarh & Odisha

Karnataka

Gujarat

Rajasthan

Madhya Pradesh

Rajasthan & Gujarat

Rajasthan

Quantity & Model

127 S120 WTGs

54 S144 WTGs

120 S144 WTGs

48 S120 WTGs

65 S144 WTGs

64 S144 WTGs

162 S144 WTGs

96 S144 WTGs

127 S144 WTGs

370 S144 WTGs

33 S144-140m WTGs

26 S144-140m WTGs

175 S144-140m WTGs

134 S144-140m WTGs

Source: SUZLON, MOFSL

6 August 2025

Expert Speak

Exhibit 8: Deliveries by Suzlon (in MW)

3,433

2,527

1,550

808

204

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

664

710

Exhibit 9: Suzlon’s EBITDA and EBITDA margin

EBITDA (INRb)

EBITDAM (%)

16%

14%

17%

16%

18%

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

Source: SUZLON, MOFSL

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

6 August 2025

Expert Speak

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Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

< - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take

appropriate measures to make the recommendation consistent with the investment rating legend.

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6 August 2025

Expert Speak

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Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.

Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal,

Email Id: na@motilaloswal.com, Contact No.:022-40548085.

Grievance Redressal Cell:

Contact Person

Contact No.

Email ID

Ms. Hemangi Date

022 40548000 / 022 67490600

query@motilaloswal.com

Ms. Kumud Upadhyay

022 40548082

servicehead@motilaloswal.com

Mr. Ajay Menon

022 40548083

am@motilaloswal.com

Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:

ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.

Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to

grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.

6 August 2025