Suzlon Energy Ltd (SUZLON)
🎯 Key Takeaways
- Suzlon Energy is in a high-growth phase driven by structural tailwinds in India's wind energy demand, supported by record order book execution and strategic capacity expansion, though near-term margin pressure persists due to capital investments. Management is actively scaling domestic and export operations while maintaining strong balance sheet resilience.
- Revenue declined 30.3% QoQ to ₹3,829 in Q1FY27.
- ⚠️ Margin pressure from Suzlon 2.0 investments and strategic capex may delay breakeven on new capacity.
📖 The Story
Suzlon Energy is in a high-growth phase driven by structural tailwinds in India's wind energy demand, supported by record order book execution and strategic capacity expansion, though near-term margin pressure persists due to capital investments. Management is actively scaling domestic and export operations while maintaining strong balance sheet resilience.
📰 What's Happening
In Q1 FY27, Suzlon achieved record wind energy deliveries of 506 MW (2.3x YoY), backed by ~1 GW of new orders in four months and a 6.1 GW order book. Management highlighted ASP growth from INR5.6 to INR6.3 crores/MW and repowering momentum as key growth drivers. The company secured record orders amid strong domestic demand, with plans to expand 4.5 GW domestic capacity and advance S175 turbine exports and DevCo model adoption. Despite temporary supply chain disruptions from Middle East tensions, financial resilience was maintained with INR9,869 crores net worth and INR2,322 crores net cash. This growth phase is underpinned by execution of a strategic capacity expansion plan, as referenced in the August 4, 2026 annual report filing.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 3,871 | 4,236 | 5,493 | 3,829 |
| Operating Profit | 646 | 658 | 871 | 490 |
| OPM % | 16.7% | 15.5% | 15.9% | 12.8% |
| Net Profit | 1,279 | 445 | 1,114 | 305 |
| EPS | ₹0.93 | ₹0.32 | ₹0.81 | ₹0.22 |
Revenue and operating profit show a clear upward trajectory, with Q1 FY27 revenue at ₹3,829 crores and OP at ₹490 crores (12.8% margin), up from ₹4,236 crores revenue and ₹658 crores OP in Dec 2025 (15.5% margin). While margins dipped temporarily due to Suzlon 2.0 investments, they are expected to stabilize near 17-18% EBITDA. The company reported record deliveries and order momentum, with net cash of INR2,322 crores and net worth of INR9,869 crores as of Q1 FY27, reflecting strong cash generation despite capital expenditure pressures.
🔮 Management Outlook & What's Next
Management has explicitly stated targets of 10-15 GW annual wind installations by FY31, expansion of S175 turbine exports, and scaling the DevCo model to support growth. Capital expenditure is guided at INR700 crores plus/minus 100 crores to expand domestic capacity and export markets. This forward-looking guidance, detailed in the August 4, 2026 annual report, underscores a strategic focus on scaling wind energy infrastructure and international markets.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 2,731 | 2,732 | 2,744 | 2,745 |
| Reserves | 1,764 | 3,374 | 5,116 | 6,719 |
| Borrowings | 277 | 283 | 397 | 556 |
| Total Liabilities | 9,649 | 12,960 | 15,856 | 18,869 |
| Fixed Assets | 883 | 1,770 | 841 | 1,384 |
| Investments | 0 | 69 | 202 | 217 |
| Total Assets | 9,649 | 12,960 | 15,856 | 18,869 |
The balance sheet reflects a deliberate capital allocation strategy focused on growth and financial resilience. Equity has increased to ₹2,745 crores (Mar 2026) from ₹2,732 crores (Mar 2025), driven by ESOP-driven issuances that raised paid-up capital to ₹2,749.13 crores. Borrowings remain low at ₹556 crores (Mar 2026), with net cash of INR2,322 crores, indicating a conservative leverage profile. Reserves have grown significantly, supporting long-term investment in capacity expansion without compromising solvency.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +1,092 |
| Investing | -752 |
| Financing | +343 |
| Net Cash Flow | +683 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 11.7% | 11.7% | 11.7% | 11.7% |
| FII | 22.7% | 23.7% | 23.9% | 24.1% |
| DII | 10.2% | 9.2% | 9.2% | 11.1% |
| Public | 39.2% | 39.1% | 39.1% | 38.9% |
| # Shareholders | 56,36,240 | 56,35,389 | 56,95,354 | 55,36,345 |
Institutional investor interest has declined slightly, with FII holdings falling from 24.15% in Q1FY27 to 23.85% in Q4FY26, while DII holdings dropped from 11.11% to 9.18% over the same period. Promoter holding remains stable at ~11.7%. The number of public shareholders has increased marginally, suggesting retail participation but no significant institutional accumulation. No promoter pledging or major stake sales were disclosed, but the downward trend in FII/DII holdings may signal reduced institutional confidence or re-rating expectations.
⚖️ Peer Comparison — Capital Goods - Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ABB | 1.57 L Cr | 52.7 | 26.5% | 38.1% | 0.00 |
| BHEL | 1.51 L Cr | 62.1 | 11.6% | 9.3% | 0.30 |
| POWERINDIA | 1.48 L Cr | 128.4 | 29.9% | 22.2% | 0.00 |
| SIEMENS | 1.44 L Cr | 43.9 | 14.2% | 23.7% | 0.00 |
| CGPOWER | 1.41 L Cr | 113.0 | 21.3% | 15.6% | 0.00 |
| GVT&D | 1.11 L Cr | 85.1 | 99.4% | 73.6% | 0.00 |
| WAAREEENER | 74,789 | 19.6 | 54.0% | 42.2% | 0.10 |
| APARINDS | 71,126 | 60.2 | 33.0% | 21.9% | 0.16 |
| SUZLON | 65,141 | 20.8 | 44.5% | 51.5% | 0.05 |
| THERMAX | 46,478 | 74.1 | 12.5% | 10.6% | 0.41 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin pressure from Suzlon 2.0 investments and strategic capex may delay breakeven on new capacity. 2. Execution risk in scaling export markets and DevCo model beyond India remains unproven. 3. Geopolitical supply chain disruptions, particularly from Middle East tensions, could impact component availability and costs. 4. Low institutional accumulation despite strong fundamentals may limit upside momentum if sentiment shifts.
📋 Recent Filings
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Announcement 25 August 2026Suzlon announced a new 250 MW wind order from Torrent Green Energy, expanding its partnership to over 1.3 GW across Gujarat, Karnataka, and Madhya Pra...
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🔴 annual report 15 August 2026Suzlon Energy Limited announced its 31st Annual General Meeting (AGM) scheduled for 11 September 2026 via video conferencing, with e-voting open from ...
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🟡 Board Meeting 10 August 2026Suzlon Energy approved the allotment of 1,823,720 equity shares under its ESOP 2022 plan on 10 August 2026, raising Rs.5.39 crores from option exercis...
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🔴 annual report 4 August 2026Suzlon Energy reported record Q1 FY27 deliveries of 506 MW, a 2.3x YoY increase, driven by strong wind energy demand and repowering momentum. The comp...
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Announcement 3 August 2026Suzlon Energy Limited announced its participation in multiple investor roadshows and conferences scheduled between August 6 and August 21, 2026, hoste...
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🔴 Corporate Action 29 July 2026Suzlon Energy announced a record date of September 4, 2026, for its Thirty First Annual General Meeting on September 11, 2026, with book closure from ...
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🟡 Board Meeting 28 July 2026Suzlon Energy's board approved unaudited Q1 FY27 results showing 23% YoY revenue growth to ₹3,819 crores and 15.6% EBITDA margin, alongside strategic ...
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🔴 Announcement 28 July 2026Suzlon Energy announced the resignation of Group CHRO Rajendra Mehta effective close of business on 28 July 2026, followed by the appointment of Anjal...
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Announcement 23 July 2026Suzlon Energy announced a 201.6 MW wind order from Waaree Forever Energies Private Limited, marking the second consecutive DevCo-led EPC order in a we...
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Announcement 23 July 2026Suzlon Energy Limited announced its Q1 FY27 earnings conference call scheduled for July 28, 2026 at 5:00 p.m. IST, inviting analysts and institutional...
🧠 Analyst's Read
Suzlon is capitalizing on India's structural power demand growth with record order execution and capacity expansion, but near-term margin compression and modest institutional interest warrant monitoring. The next catalyst will be visibility into export traction and DevCo model scalability beyond FY27.
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 2026-09-01.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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