NSE: SUZLON · BSE: 532667
SUZLON ENERGY LIMITED
Manufactures and sells wind turbine generators for onshore wind power projects, and runs lifetime operation-and-maintenance service on the installed fleet. The Wind Turbine Generator segment dominates, contributing 82.0% of FY26 segment revenue at Rs 14,040.19 crore, while Operation & Maintenance Service adds 14.5% (Rs 2,483.85 crore) by servicing turbines already in the field. A small Foundry & Forging unit makes castings and forgings used in turbine production, at 3.5% of revenue (Rs 596.49 crore). Management describes the business as an integrated model combining equipment supply, a manufacturing footprint, a supply chain and a service network, which brings in recurring revenue from the serviced fleet. Materials are the largest cost at 68.3% of revenue, making margins sensitive to commodity prices, while employees account for 6.6% and other opex 10.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wind Turbine Generator (82%), Operation & Maintenance Service (15%), Foundry & Forging (4%), Others (0%). Cyclical, capital-goods wind turbine OEM with a recurring installed-base service annuity and a small captive foundry.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,582 | 5,971 | 6,529 | 10,890 | 16,732 |
| EBITDA (ex other income) | 973 | 3,553 | 975 | 1,857 | 3,092 |
| margin % | 14.8 | 59.5 | 14.9 | 17.1 | 18.5 |
| Owners' profit | (200) | 2,849 | 660 | 2,072 | 3,163 |
| EPS, as reported (₹) | (0.22) | 2.64 | 0.50 | 1.52 | 2.31 |
| ROE % · ROCE % | 5.0 · 32.8 | 262.7 · 117.4 | 16.8 · 19.8 | 33.9 · 24.2 | 33.4 · 27.0 |
| Debt / equity (x) | (1.79) | 1.73 | 0.03 | 0.05 | 0.03 |
| Cash from operations | 1,302 | 467 | 33 | 1,092 | 1,202 |
| Capex | (77) | (101) | (227) | (371) | (577) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,103 | 2,975 | 3,790 | 3,132 | 3,871 | 4,236 | 5,493 | 3,829 |
| Profit before tax | 202 | 391 | 551 | 459 | 563 | 567 | 833 | 389 |
| Net profit | 201 | 388 | 1,181 | 324 | 1,279 | 445 | 1,114 | 305 |
| EPS (₹) | 0.15 | 0.28 | 0.87 | 0.24 | 0.93 | 0.32 | 0.81 | 0.22 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Wind Turbine Generator | 14,040 | 82.0 |
| Foundry & Forging | 596 | 3.5 |
| Operation & Maintenance Service | 1,909 | 11.1 |
| Others | 8 | 0.0 |
| Operation & Maintenance Services | 575 | 3.4 |
| Total, before eliminations | 17,128 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED ◆ | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.4 | 36.5 | 7 of 34 | 82% |
| P/B | 5.4 | 5.4 | 17 of 33 | 50% |
| ROCE | 22.7 | 16.6 | 10 of 36 | 74% |
| ROE | 33.4 | 14.7 | 4 of 34 | 91% |
| Debt / Equity | 0.0 | 0.1 | 16 of 34 | 55% |
| EBITDA margin | 16.4 | 16.4 | 18 of 35 | 50% |
| Revenue growth | 22.3 | 17.7 | 15 of 33 | 56% |
| Profit growth | (5.9) | 6.7 | 19 of 32 | 42% |
| Market cap | 51299 | 6267 | 8 of 35 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · CRISIL upgrades Suzlon Energy bank loan ratings | credit debt | high | — | — |
| 26 Oct 2026 · Suzlon Energy schedules Q2 FY27 results conference call | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Suzlon allots 3.46 lakh shares via ESOP exercise; paid-up capital rises to over Rs 2,749 crore | capital market events | low | — | — |
| 21 Oct 2026 · Board meeting on 29 Oct to consider Q2 and H1 FY26 financial results | results | low | — | — |
| 13 Oct 2026 · Suzlon says unaware of any reason for unusual price movement on Oct 12 | compliance | minimal | — | — |
| 9 Oct 2026 · Filing of SEBI Regulation 74(5) certificate for September 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Suzlon reports unexplained price movement, no known trigger identified | regulatory legal | medium | — | — |
| 24 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Suzlon Energy allots 6.4 lakh shares under ESOP 2022 | capital market events | low | — | — |
| 15 Sept 2026 · Suzlon to attend Anand Rathi investors' conference on 22 Sep | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.