Suzlon Energy Limited (SUZLON)

Capital Goods · Electrical Equipment · NSE · Updated 15 July 2026

₹52.47 ↓ 21.88% (1Y)

🎯 Key Takeaways

Suzlon Energy Limited is undergoing a strategic phase marked by active capital restructuring through employee stock option plans (ESOPs) and incremental revenue growth, though profitability remains volatile. The company is transitioning from a period of financial distress toward stabilization, supported by operational improvements and disciplined capital allocation.
Revenue grew 41.4% QoQ to ₹2,975 in Q3FY25.
⚠️ Unexplained stock price volatility without clear market triggers raises concerns about governance and potential undisclosed developments.

Market Cap

₹73,843

P/E Ratio

64.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Suzlon Energy Limited is undergoing a strategic phase marked by active capital restructuring through employee stock option plans (ESOPs) and incremental revenue growth, though profitability remains volatile. The company is transitioning from a period of financial distress toward stabilization, supported by operational improvements and disciplined capital allocation. Management appears focused on reinforcing shareholder equity through capital increases while navigating market challenges in the renewable energy sector.

📰 What's Happening

In the last three quarters, Suzlon has executed multiple ESOP allotments under its 2022 scheme, significantly increasing paid-up capital and share count — from Rs.2747.58 crores to Rs.2748.77 crores in paid-up capital across over 13.74 billion shares. These include board-approved allotments on June 3, June 20, and July 9, 2026, collectively issuing over 7 million shares to employees at premiums, raising crores in capital. These moves reflect a strategy to align employee incentives with long-term growth but have contributed to share dilution. Additionally, the company disclosed an unexplained material price movement in its stock on June 16, 2026, without any news catalyst, raising governance concerns about market transparency.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,694	1,351	1,421	1,560	2,196	2,022	2,103	2,975
Operating Profit	490	218	197	257	342	393	312	527
OPM %	13.7%	14.7%	15.8%	15.9%	16.3%	18.3%	14.0%	16.8%
Net Profit	320	101	102	203	254	302	201	388
EPS	₹0.24	₹0.08	₹0.08	₹0.15	₹0.19	₹0.22	₹0.15	₹0.28

Revenue has shown a clear upward trend, rising from Rs.1,351 crores in Q1FY24 to Rs.2,975 crores in Q3FY25, nearly doubling over two years, indicating successful order execution and market demand capture. Operating margins have stabilized around 15-16%, with a peak of 18.3% in Q1FY25, suggesting improved cost control despite volume growth. Net profit has fluctuated but remains positive, with Q3FY25 reporting Rs.388 crores, up from Rs.201 crores in Q2FY25, reflecting operational momentum. EPS has followed a similar trajectory, increasing from Rs.0.08 in Q1FY24 to Rs.0.28 in Q3FY25, signaling improving bottom-line performance. This financial trajectory aligns with management’s focus on scaling operations and margin discipline.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or profitability in the reviewed filings, but the consistent pattern of ESOP-driven capital increases and sequential revenue growth implies confidence in sustained demand. The company continues to leverage its wind energy infrastructure expansion, though no formal long-term targets were disclosed in the regulatory submissions. The absence of formal guidance suggests a focus on operational execution rather than strategic projection in the current phase.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hitachi Energy India Limited	1.45 L Cr	172.4	—	—	—
Bharat Heavy Electricals Limited	1.39 L Cr	267.3	—	—	—
ABB India Limited	1.35 L Cr	48.8	—	—	—
CG Power and Industrial Solutions Limited	1.32 L Cr	136.7	—	—	—
Siemens Limited	1.28 L Cr	45.2	—	—	—
GE Vernova T&D India Limited	1.11 L Cr	104.1	—	—	—
Siemens Energy India Limited	1.10 L Cr	83.9	—	—	—
Waaree Energies Limited	86,928	22.4	—	—	—
Suzlon Energy Limited	73,843	64.1	—	—	—
Thermax Limited	53,625	81.9	—	—	—

🔗 Peer Stock Analyses

POWERINDIA BHEL ABB CGPOWER SIEMENS

⚠️ Risk Factors

1. Unexplained stock price volatility without clear market triggers raises concerns about governance and potential undisclosed developments. 2. Persistent share dilution from ESOP issuances may pressure per-share metrics despite revenue and profit growth. 3. High P/E ratio of 64.1 reflects elevated valuation expectations that may not be justified by current earnings momentum. 4. Margin volatility, though currently stabilizing, remains vulnerable to input cost pressures or project delays in the wind energy segment.

📋 Recent Filings

🧠 Analyst's Read

Suzlon Energy is transitioning from financial restructuring to operational scaling, supported by rising revenues and improving profitability. Investors should monitor upcoming quarterly results for sustained margin expansion and management’s ability to convert order backlog into cash flows, while remaining cautious of governance concerns and valuation risks.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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