As on June 30, 2022, the company has order book of around 700 MW for its OEM business, almost half of the 1300 MW order book of its listed pure play competitor Inox Wind Ltd. The stock of SEL trades at Price-to-sales (P/S) of about 1.14 times and Enterprise value to sales (EV/S) of around 2.09 times, which is significantly lower than that of Inox Wind's P/S and EV/S of 5.39 times and 9..2 times respectively (Bloomberg). At the rights issue price of ₹5 per share, the offer is priced at P/S of around 0.74. The discount in valuation of Suzlon might be on account of lower order book and current and past debt overhang. However, contrary to Inox Wind, Suzlon's Free cash flow has been positive, and the capacity installed by Suzlon is way higher than that of Inox, which also provides Suzlon an edge over Inox in O&M business.