Reiterate BUY with a TP of Rs 25/share (11x Jun-19E EV/EBITDA). After a lacklustre performance by Inox Wind and Sanghvi Movers, Suzlons (SUEL) 1QFY18 results surprised positively, with volume doubling to 412MW (vs. 204 MW in 1QFY17). Revenues / EBITDA grew 62 / 177% YoY. EBITDA margins stood at 17.8% (+740bps YoY). APAT came in at Rs 915mn (vs. loss of Rs 2.1bn YoY). The order blacklog stands at 1,169 MW, half of which is PPA-backed or for captive consumption. Despite the shift from a FIT-based regime to a bid-based one, mgt expects the industry size in FY19 to be ~6 GW, and grow further.