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Suzlon Energy Q2 FY27 results: net profit down 69.2% to ₹394.15 crore, revenue up 26.0%
Suzlon Energy Limited reported consolidated Q2 FY27 revenue of ₹4,876 crore, up 26.0% from Q2 FY26, while EBITDA was nearly unchanged at ₹719.82 crore. The EBITDA margin fell 3.8 percentage points to 14.8%, and net profit declined 69.2% to ₹394.15 crore; basic EPS was ₹0.29. The board approved the quarter and six-month results on 29 October 2026.
Key points
- Consolidated Q2 FY27 revenue was ₹4,876 crore, up ₹1,005 crore or 26.0% from Q2 FY26 and ₹1,047 crore or 27.3% from Q1 FY27.
- EBITDA was ₹719.82 crore, down ₹1.02 crore or 0.1% year on year but up ₹124.58 crore or 20.9% from Q1 FY27.
- The EBITDA margin fell 3.8 percentage points to 14.8% from 18.6% in Q2 FY26 and declined 0.7 percentage points from Q1 FY27.
- Net profit was ₹394.15 crore, down ₹885.29 crore or 69.2% from Q2 FY26; basic EPS was ₹0.29 compared with ₹0.93 a year earlier.
- Standalone revenue was ₹4,216.71 crore, up 21.1%, while standalone PAT was ₹369.89 crore and PAT before exceptional items was ₹1,286.6 crore.
How did Suzlon Energy perform in Q2 FY27?
Suzlon Energy’s consolidated Q2 FY27 revenue was ₹4,876 crore, up ₹1,005 crore or 26.0% from Q2 FY26. Total income was ₹4,908.04 crore, up ₹1,011 crore or 25.9%. EBITDA was ₹719.82 crore, down ₹1.02 crore or 0.1% from the year-ago quarter, and its margin fell 3.8 percentage points to 14.8% from 18.6%.
Against Q1 FY27, revenue rose ₹1,047 crore or 27.3% to ₹4,876 crore, while EBITDA increased ₹124.58 crore or 20.9% to ₹719.82 crore. The margin declined 0.7 percentage points to 14.8%. PBT was ₹518.21 crore, up ₹128.74 crore or 33.1% from the previous quarter, and net profit was ₹394.15 crore, up ₹88.93 crore or 29.1%.
For the year-ago quarter, PBT fell ₹44.29 crore or 7.9% to ₹518.21 crore and net profit fell ₹885.29 crore or 69.2% to ₹394.15 crore. Basic EPS was ₹0.29 against ₹0.93 in Q2 FY26 and ₹0.22 in Q1 FY27. On a standalone basis, revenue was ₹4,216.71 crore, PAT was ₹369.89 crore and PAT before exceptional items was ₹1,286.6 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,876 | 3,829 | 3,871 | +26.0% | +27.3% |
| Other income | 32.34 | 33.44 | 26.55 | +21.8% | −3.3% |
| Total expenses | 4,390 | 3,473 | 3,335 | +31.6% | +26.4% |
| EBITDA | 719.82 | 595.24 | 720.84 | −0.1% | +20.9% |
| EBITDA margin | 14.8% | 15.5% | 18.6% | −3.8 pp | −0.7 pp |
| Profit before tax | 518.21 | 389.47 | 562.50 | −7.9% | +33.1% |
| Tax | 124.06 | 84.25 | −716.94 | +47.3% | |
| Net profit | 394.15 | 305.22 | 1,279 | −69.2% | +29.1% |
| EPS (₹) | 0.29 | 0.22 | 0.93 | −68.8% | +31.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Suzlon Energy's costs and profit?
Total expenses increased ₹1,055 crore or 31.6% from Q2 FY26 to ₹4,390 crore. Cost of materials rose ₹876.32 crore or 36.1% to ₹3,305 crore, other expenses increased ₹95.85 crore or 22.2% to ₹527.78 crore, depreciation rose ₹36.14 crore or 48.0% to ₹111.37 crore and finance costs increased ₹12.92 crore or 11.8% to ₹122.58 crore. Employee cost declined ₹1.68 crore or 0.6% to ₹289.65 crore. There was no exceptional item.
Other income increased ₹5.79 crore or 21.8% from Q2 FY26 to ₹32.34 crore. Tax moved from a benefit of ₹716.94 crore in Q2 FY26 to ₹124.06 crore in Q2 FY27, a difference of ₹841 crore. Management said the lower WTG contribution margin reflected segment customer and scope mix changes, forex and commodity volatility, while Suzlon 2.0 branding, travel and SG&A costs added about 100 bps to the margin.
From Q1 FY27, total expenses rose ₹916.77 crore or 26.4% to ₹4,390 crore. Cost of materials increased ₹362.20 crore or 12.3%, other expenses rose ₹58.61 crore or 12.5%, employee cost increased ₹21.65 crore or 8.1% and depreciation rose ₹5.78 crore or 5.5%. Finance costs fell ₹11.04 crore or 8.3% and other income declined ₹1.10 crore or 3.3%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,305 | 2,428 | +876.32 | +36.1% |
| Employee cost | 289.65 | 291.33 | −1.68 | −0.6% |
| Finance costs | 122.58 | 109.66 | +12.92 | +11.8% |
| Depreciation | 111.37 | 75.23 | +36.14 | +48.0% |
| Other expenses | 527.78 | 431.93 | +95.85 | +22.2% |
| Total expenses | 4,390 | 3,335 | +1,055 | +31.6% |
| Other income | 32.34 | 26.55 | +5.79 | +21.8% |
| Tax | 124.06 | −716.94 | +841 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹8,704.79 crore, up ₹1,702.29 crore or 24.3% from H1 FY26. Total income was ₹8,770.57 crore, up ₹1,708.05 crore or 24.2%, while EPS was ₹0.51 compared with ₹1.17 in H1 FY26.
H1 PBT was ₹907.68 crore, down ₹114.05 crore or 11.2% from H1 FY26, and PAT was ₹699.37 crore, down ₹904.39 crore or 56.4%. Management said the previous-year Q2 and H1 PAT included significant DTA recognition benefits, making the reported figures not directly comparable. On a like-to-like basis, management said PBT was the better metric for comparison.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 8,705 | 7,002 | +24.3% |
| Profit before tax | 907.68 | 1,022 | −11.2% |
| Net profit | 699.37 | 1,604 | −56.4% |
| EPS (₹) | 0.51 | 1.17 | −56.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹20,005.58 crore, up from ₹18,868.86 crore at 31 March 2026, and total equity was ₹10,276.94 crore against ₹9,463.52 crore. Borrowings rose from ₹264.01 crore to ₹326.95 crore, while cash fell from ₹630.97 crore to ₹422.60 crore. Inventories increased from ₹4,511.84 crore to ₹5,461.21 crore and trade receivables from ₹6,269.22 crore to ₹6,786.34 crore.
Trade payables stood at ₹5,204.94 crore on 30 September 2026, compared with ₹5,082.55 crore on 31 March 2026. H1 FY27 operating cash flow was negative ₹199.54 crore, compared with positive ₹85.57 crore in H1 FY26. Investing cash flow was negative ₹230.45 crore against negative ₹520.20 crore, while financing cash flow was positive ₹15.59 crore against positive ₹23.06 crore; capital expenditure was ₹189.28 crore compared with ₹298.68 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 20,006 | 18,869 |
| Total equity | 10,277 | 9,464 |
| Borrowings | 326.95 | 264.01 |
| Cash and equivalents | 422.60 | 630.97 |
| Inventories | 5,461 | 4,512 |
| Trade receivables | 6,786 | 6,269 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −199.54 | 85.57 |
| Cash from investing | −230.45 | −520.20 |
| Cash from financing | 15.59 | 23.06 |
| Capital expenditure | 189.28 | 298.68 |
Source: Company's results filing (XBRL).
How has Suzlon Energy done over the last 8 quarters?
Revenue rose in each of the last eight quarters and reached ₹4,875.7 crore in Q2 FY27, after ₹3,829.09 crore in Q1 FY27 and a peak of ₹5,493.25 crore in Q4 FY26. Profit moved in the opposite direction, falling from ₹305.22 crore in Q1 FY27 to ₹394.15 crore in Q2 FY27; the eight-quarter peak was ₹1,279.44 crore in Q2 FY26 and the low was ₹305.22 crore.
The EBITDA margin declined to 14.8% in Q2 FY27 from 15.5% in Q1 FY27. It had peaked at 19.1% in Q1 FY26 and bottomed at 14.8% in the latest quarter. Revenue therefore recovered sequentially in Q2 FY27, but profit remained below the year-ago quarter and the margin continued to move lower.
Which businesses drove the quarter?
Renewable Energy Solutions reported revenue of ₹4,211.56 crore and EBIT of ₹370.54 crore, with an EBIT margin of 8.8%. RE Asset Management Services reported revenue of ₹639.63 crore and EBIT of ₹220.39 crore, with an EBIT margin of 34.5%. The filing excerpts did not provide year-ago revenue or EBIT figures for these two segments.
Foundry & Forging reported revenue of ₹167.15 crore, up 38.4% from ₹120.80 crore in the year-ago quarter, and EBIT of ₹15.20 crore against ₹20.71 crore. Its EBIT margin was 9.1%. Others reported revenue of ₹3.07 crore, down 5.2% from ₹3.24 crore, and EBIT of ₹2.32 crore against ₹1.21 crore, with an EBIT margin of 75.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Renewable Energy Solutions | 4,212 | 370.54 | 8.8% | |
| RE Asset Management Services | 639.63 | 220.39 | 34.5% | |
| Foundry & Forging | 167.15 | +38.4% | 15.20 | 9.1% |
| Others | 3.07 | −5.2% | 2.32 | 75.6% |
Source: Company's results filing (XBRL segment data).
What did Suzlon Energy's management say?
Management said FY27 consolidated EBITDA margin guidance was reset from approximately 17% to about 15%, with upside of 1% and the potential to reach 17% if commodity conditions normalise. It expects the WTG contribution margin to remain at 22%-23% in FY27, subject to normalisation of FX and commodity conditions, and H2 volumes at 1.5x-1.65x H1, providing close to 100 bps of operating leverage.
Management said the 6 GW order book provides visibility for the next 18 months, with 1.5 GW secured in H1 FY27. It reiterated a target of 40% India wind market share by FY31 and a 15 GW order book by FY31 exit. The CFO said PBT was the better metric for like-to-like comparison because the previous-year PAT included significant DTA recognition benefits.
Management identified forex and commodity volatility, customer and scope mix, Suzlon 2.0 costs, working-capital requirements and export certification as risks. It said export orders depend on turbine certification and country-specific grid requirements. The CEO said sharper commissioning on the ground would take another 12-18 months, more like an 18-month journey. The earnings-call document did not include analyst questions.
How did Suzlon Energy shares react?
The filing appeared after market hours. From the price when it appeared, the stock fell 2.8% after five minutes, 2.7% after 15 minutes and 4.0% after 30 minutes. From the previous close of ₹36.87, it closed the reaction day 8.1% lower. By the next day’s close, the stock was down 4.6% from its pre-results close, after an earlier close of ₹36.26.
On the reaction day, the median move for other Heavy Electrical Equipment stocks was 3.0% lower, while the Nifty Midcap 150 moved 0.9% lower. Suzlon therefore underperformed the industry median by 5.1 percentage points. By the next day’s close, the industry median was 0.7% lower and the Nifty Midcap 150 was 0.3% higher; Suzlon was 3.9 percentage points below the industry median.
Earlier results-day moves were mixed: the stock fell 9.7% on 28 July 2026, fell 0.7% on 25 May 2026, fell 4.2% on 5 February 2026, rose 1.1% on 4 November 2025, fell 4.6% on 12 August 2025 and rose 9.0% on 29 May 2025. It also rose 4.6% on 28 January 2025 and fell 2.9% on 28 October 2024.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | −2.8% | |
| 15 minutes | −2.7% | |
| 30 minutes | −4.0% | |
| Reaction day | −8.1% | −3.0% |
| Next day | −4.6% | −0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | −9.7% |
| 25 May 2026 | −0.7% |
| 5 February 2026 | −4.2% |
| 4 November 2025 | +1.1% |
| 12 August 2025 | −4.6% |
| 29 May 2025 | +9.0% |
| 28 January 2025 | +4.6% |
| 28 October 2024 | −2.9% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Thirteen other Heavy Electrical Equipment companies filed for the quarter, and their median revenue growth was 23.8%, compared with Suzlon Energy’s 26.0%. Seven peers grew slower than the company and six grew faster than the company. Among the 13 peers for which profit was compared, nine reported higher profit.
| Suzlon Energy revenue growth (YoY) | +26.0% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +23.8% |
| Companies with slower revenue growth than Suzlon Energy | 7 of 13 |
| Companies with faster revenue growth than Suzlon Energy | 6 of 13 |
| Companies whose net profit rose | 9 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Suzlon Energy's revenue in Q2 FY27?
Revenue from operations was ₹4,876 crore, up 26.0% from ₹3,871 crore in Q2 FY26 (consolidated).
Did Suzlon Energy make a profit in Q2 FY27?
Yes. Net profit was ₹394.15 crore, against a net profit of ₹1,279 crore in Q2 FY26.
What was Suzlon Energy's EPS in Q2 FY27?
Basic earnings per share were ₹0.29, against ₹0.93 in Q2 FY26.
How did Suzlon Energy shares react to the Q2 FY27 results?
On the reaction day the stock moved −8.1% from the previous close; the median Heavy Electrical Equipment stock moved −3.0%.
When did Suzlon Energy announce its Q2 FY27 results?
On 29 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Inter Alia, Consider And Approve The Unaudited Financial Results Of The Company On Standalone And Consolidated Basis For The Quarter And Half Year Ended On 30Th September 2026. (BSE, 21 October 2026) · PDF
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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