Nuvama on #Suzlon 
Maintains Buy from Hold,TP 60 

-Margins gather steam as execution ramps up
-Valuing the stock at 35x FY27E
-expect SUEL to remain a key beneficiary of the rising mix of FDRE/RTC/Hybrid in GoI tenders
-benefits from a duopolistic market in EPC capabilities and maintains an overall market share of ~30% 
-Operating margin improved to 16.8% (estimate: 14.9%)
#Suzlon