New Delhi, Dec. 10 -- Suzlon Energy Ltd's stock is down about 20% over the past six months, weighed down by the fear that India's wind cycle is losing momentum. Still, it's worth noting that Suzlon has assembled a robust medium-term orderbook pipeline.

At a recent analyst meeting, management was upbeat, pointing out that nearly 15 gigawatts (GW) of industry wind orders are still in the bidding or awarding stage. This is work that hasn't turned into installations yet, but will shape up the next leg of execution for Suzlon over the coming years.

Demand from commercial and industrial (C&I) clients, which now forms a meaningful 51% share of Suzlon's book, has stayed firm despite the pause in central auctions.

Over the past four quarters, S...