Suzlon Energy Limited (SUZLON)
₹42.00 +2.56% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Suzlon Energy's revenue was ₹3,829 Cr (+22.8% year on year, -30.3% on the previous quarter), and net profit ₹305 Cr (-5.8% year on year); the operating margin was 15.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,829 | +22.8% | -30.3% |
| Operating profit | ₹595 | -0.6% | -38.3% |
| Net profit | ₹305 | -5.8% | -72.6% |
| EPS (₹) | 0.22 | -8.3% | -73.2% |
| Operating margin | 15.5% | — | — |
SUZLON delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.23% of the SUZLON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.5%. That is close to its usual level. In SUZLON futures, open interest rose 0.12% while the futures price rose 0.71%: long buildup (new long positions).
Delivery in the last 5 sessions: 27.5% · 27.9% · 33.1% · 43.5% · 49.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Suzlon Energy has submitted a clarification under Regulation 30(11) regarding a Material Price Movement (MPM) observed on October 12, 2026, at 12:18 PM. The company stated it could not ascertain any specific event or information reported in mainstream media that could have triggered the movement. Suzlon carries a market capitalization of Rs 54,082 Cr with TTM revenue of Rs 17,429 Cr. The disclosure confirms there is no pending undisclosed corporate announcement linked to the observed market volatility.
- Material Price Movement observed on October 12, 2026, at 12:18 PM
- Company verified no mainstream media reports or events triggered the movement under Regulation 30(11)
- Filing submitted to exchanges on October 13, 2026
- Company valuation stands at Rs 54,082 Cr market cap with TTM revenue of Rs 17,429 Cr
Suzlon Energy has submitted a clarification under Regulation 30(11) regarding a Material Price Movement (MPM) observed in its scrip on October 8, 2026, at 3:09 p.m. The company confirmed that it could not ascertain any event or information in mainstream media that could have triggered the price movement. With a market capitalization of ₹49,790 crore and trailing twelve months (TTM) revenue of ₹17,429 crore, the clarification confirms no undisclosed corporate developments are currently behind the intraday volatility.
- Material Price Movement observed in the scrip on 8th October 2026 at 3.09 p.m.
- Company confirmed no ascertainable event or media report triggered the price action
- Filing made pursuant to SEBI Listing Regulation 30(11) rumor verification framework
Suzlon Energy Limited has approved the allotment of 6,40,726 fully paid-up equity shares of face value ₹2 each pursuant to the exercise of stock options under its ESOP 2022 scheme. The total cash realised from this allotment, including premium, stands at ₹1,87,31,520. Post-allotment, the company's paid-up share capital increases marginally to ₹2,749,25,54,724 comprising 1,374,62,77,362 shares. Given the massive total share base, the equity dilution from this allotment is negligible.
- Allotment of 6,40,726 equity shares of face value ₹2 each under ESOP 2022
- Total capital realised from option exercise amounts to ₹1,87,31,520
- Exercise prices ranged from ₹5.00 to ₹40.00 per share across three historical grants
- Post-allotment paid-up share capital stands at ₹2749,25,54,724 divided into 13,74,62,77,362 equity shares
Suzlon Energy has scheduled an in-person participation at an Analysts/Investors' Conference organized by Anand Rathi on September 22, 2026. The company stated that discussions will strictly rely on its existing investor relations presentation, with no unpublished price sensitive information (UPSI) to be disclosed. This is a standard corporate engagement intimation with no direct financial impact on the company's Rs 59,754 crore market cap.
- Conference scheduled for September 22, 2026
- Physical meeting organized by Anand Rathi
- Only publicly available IR presentation to be discussed
- No unpublished price sensitive information (UPSI) will be shared
Suzlon Energy concluded its 31st Annual General Meeting held on September 11, 2026, with shareholders passing all three proposed ordinary resolutions. The adoption of FY26 financial statements and approval of cost auditor remuneration passed with overwhelming support (>99.9% votes in favour). The reappointment of Director Mr. Vinod R. Tanti was approved with 78.60% votes in favour, despite significant institutional dissent where 38.38% of institutional votes were cast against the resolution.
- Adoption of FY26 financial statements approved with 99.92% votes in favour (680.34 cr votes)
- Re-appointment of Mr. Vinod R. Tanti approved with 78.60% overall votes in favour, while 21.40% (147.02 cr votes) voted against
- Institutional shareholders showed 38.38% opposition (146.65 cr votes against) to the reappointment of Mr. Vinod R. Tanti
- Remuneration of Cost Auditors for FY27 approved with 99.96% votes in favour
Suzlon Energy has secured a maiden 200 MW wind energy order from Ayana Renewable Power Limited, located in Limbawas, Madhya Pradesh. The contract entails comprehensive EPC execution, including the supply and installation of 64 units of its flagship S144 wind turbines (each rated at 3.15 MW), pooling substations, transmission lines, and long-term O&M services. With this project, cumulative sales for Suzlon's flagship S144 platform have crossed the 10 GW threshold. While order value was not disclosed, this win reinforces order inflows following Suzlon's WTG deliveries reaching 565 MW in Q2 FY26.
- Secured 200 MW maiden order from Ayana Renewable Power in Limbawas, Madhya Pradesh
- Scope covers supply of 64 units of S144 WTGs with individual capacity of 3.15 MW
- Cumulative sales for the flagship S144 (3.x MW) platform crossed 10 GW milestone
- Full-scope EPC contract including land acquisition, BoP, pooling substation, EHV line, and O&M services
Suzlon Energy Limited has appointed Ms. Manjari Upadhye as President – RE Asset Management Services (AMS) and designated her as Senior Managerial Personnel (SMP) effective September 4, 2026. Reporting directly to the Group CEO, she brings 27 years of P&L leadership experience across companies such as Mahindra & Mahindra Auto, Welspun, Amazon, and Mondelez. The appointment is aimed at driving growth in Suzlon's customer-facing RE AMS business, which provides recurring, margin-accretive service revenues.
- Ms. Manjari Upadhye appointed as President – RE AMS and designated as SMP effective September 4, 2026.
- Brings 27 years of end-to-end P&L leadership experience spanning India, USA, and Asia Pacific.
- Reports directly to the Group Chief Executive Officer of the Company.
- Prior leadership stints include Mahindra & Mahindra Auto Division, Amazon, Welspun, Danone, and Mondelez.
Suzlon Energy has secured a new 250 MW wind project order from Torrent Green Energy, taking the cumulative partnership between the two companies to 1,306 MW. Under this sixth order, Suzlon will supply 76 units of its flagship S144 (3.3 MW) wind turbine generators alongside grid integration and long-term O&M services across Gujarat, Karnataka, and Madhya Pradesh. With this contract, Suzlon's total order intake for FY27 has surpassed 1.1 GW, reinforcing delivery visibility against its TTM revenue base of ₹17,429 Cr.
- Secured 250 MW wind order from Torrent Green Energy, the 6th order under this partnership
- Cumulative partnership with Torrent expands to 1,306 MW across three states (Gujarat, Karnataka, and MP)
- Scope includes supply of 76 flagship S144 (3.3 MW each) WTGs, grid integration, and long-term O&M services
- Total order additions in FY27 cross 1.1 GW
Suzlon Energy has released its FY25-26 Annual Report and issued the notice for its 31st Annual General Meeting scheduled for September 11, 2026, via video conferencing. The cut-off date for determining voting eligibility is September 4, 2026, with remote e-voting active between September 8 and September 10, 2026. Disclosures include sustainability milestones, such as a 24.07% reduction in Scope 1 emissions and group renewable energy consumption reaching 25.1% towards its 100% target by 2030.
- 31st Annual General Meeting scheduled for Friday, September 11, 2026 at 11:00 AM IST via VC/OAVM
- Cut-off date for remote e-voting entitlement set as Friday, September 4, 2026
- Remote e-voting window runs from September 8, 2026 (9:00 AM IST) to September 10, 2026 (5:00 PM IST)
- Scope 1 emissions reduced by 24.07% YoY in FY26, with renewable energy consumption rising 22.79% YoY
Suzlon Energy Limited has announced its participation in four institutional investor conferences organized by Motilal Oswal, Goldman Sachs, DAM Capital, and Elara Capital. These meetings are scheduled to take place between August 19 and September 1, 2026, through both physical and virtual modes. The company clarified that no unpublished price-sensitive information (UPSI) will be shared, and discussions will be limited to existing investor presentations. This is a standard investor relations activity for a company with a market capitalization of ₹64,414 Cr to maintain institutional visibility.
- 4 separate investor conferences scheduled over a two-week period starting August 19, 2026.
- 3 physical conferences organized by Motilal Oswal, DAM Capital, and Elara Capital.
- 1 virtual conference scheduled with Goldman Sachs on August 25, 2026.
- Company maintains a leading domestic market share of ~30-35% in the wind turbine installed base.
Suzlon Energy has announced its participation in four upcoming investor conferences organized by Motilal Oswal, Goldman Sachs, DAM Capital, and Elara Capital. These meetings are scheduled between August 19 and September 1, 2026, involving both physical and virtual formats. The company clarified that only existing investor presentations will be discussed, with no unpublished price-sensitive information (UPSI) shared. This is a standard investor relations exercise for a company with a ₹64,414 Cr market cap to maintain institutional engagement.
- 4 separate investor conferences scheduled between August 19 and September 1, 2026
- Participation includes major global and domestic firms: Goldman Sachs (Aug 25) and Motilal Oswal (Aug 19)
- Company maintains a ~30-35% market share in India's total installed wind base, which remains a core discussion theme
- Meetings will be conducted in both physical and virtual modes across the four dates
Suzlon Energy has announced a series of four investor conferences scheduled between August 19 and September 1, 2026. The company will engage with major institutional firms including Motilal Oswal, Goldman Sachs, DAM Capital, and Elara Capital. These interactions will be conducted in both physical and virtual formats. The company explicitly stated that no unpublished price sensitive information (UPSI) will be shared, and discussions will be limited to the existing investor relations presentation.
- 4 separate institutional investor conferences scheduled over a 14-day window
- Participation includes global and domestic firms: Goldman Sachs, Motilal Oswal, DAM Capital, and Elara Capital
- Meetings scheduled for August 19, August 25, August 27, and September 1, 2026
- Company maintains a leading domestic WTG market share of approximately 30-35%
Suzlon Energy has scheduled a series of institutional investor interactions between August 19 and September 1, 2026. The company will participate in conferences organized by Motilal Oswal, Goldman Sachs, DAM Capital, and Elara Capital. These meetings are routine and will utilize existing investor presentations without disclosing unpublished price-sensitive information. This comes as the company maintains a leading 30-35% market share in the Indian wind turbine market and reported FY26 revenue of Rs 16,717 Cr.
- 4 institutional investor conferences scheduled between August 19 and September 1, 2026
- Participation includes major global and domestic firms: Goldman Sachs, Motilal Oswal, DAM Capital, and Elara Capital
- Company reported a 121% YoY increase in WTG deliveries to 565 MW in Q2 FY26
- Suzlon maintains a dominant market share of ~30-35% in the Indian wind turbine installed base
Suzlon Energy Limited has approved the allotment of 18,23,720 equity shares following the exercise of stock options under its ESOP 2022 scheme. The company realized a total of Rs. 5.39 crore from this exercise, with options priced between Rs. 5.00 and Rs. 40.00 per share. This allotment increases the total outstanding shares to approximately 1,374.56 crore. The dilution resulting from this specific action is negligible at approximately 0.013% of the total share capital.
- Allotment of 18,23,720 fully paid-up equity shares of face value Rs. 2 each
- Total money realized by the company amounts to Rs. 5,38,56,600
- Exercise prices varied across grants: Rs. 5.00 (Grant 1), Rs. 30.00 (Grant 2), and Rs. 40.00 (Grant 5)
- Post-allotment paid-up capital increased to Rs. 2749,12,73,272
- Total number of shares post-allotment stands at 13,74,56,36,636
Suzlon reported its highest-ever Q1 deliveries of 506 MW, resulting in a 23% YoY revenue growth to ₹3,819 Cr. Despite geopolitical tensions in the Middle East deferring 10-20% of deliveries, the company maintains a robust order book of 6.1 GW and a strong net cash position of ₹2,322 Cr. Average Selling Price (ASP) improved to ₹6.3 Cr/MW from ₹5.6 Cr/MW YoY, driven by a better project mix. Management remains committed to a 25% CAGR growth target over the next five years under the 'Suzlon 2.0' strategy.
- Highest ever Q1 deliveries of 506 MW achieved despite 10-20% volume deferment due to supply chain disruptions.
- Order book stands at a healthy 6.1 GW, with approximately 1 GW of new orders secured in the first 4 months of FY27.
- Average Selling Price (ASP) increased to ₹6.3 Cr/MW in Q1 FY27 from ₹5.6 Cr/MW in Q1 FY26.
- Significant inventory of 1,257 MW erected turbines currently awaiting commissioning (COD).
- Maintained a strong balance sheet with a net cash position of ₹2,322 Cr and a consolidated net worth of ₹9,869 Cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 67% YoY in FY25 to INR 10,851 Cr. The Wind Turbine Generator (WTG) segment grew 101% YoY, while Operation and Maintenance Services (OMS) grew 8% YoY. SE Forge revenue grew 53% YoY in H1 FY26.
Geographic Revenue Split
Not disclosed in specific percentages, but the company has installed over 21 GW across 17 countries, with a dominant ~30-35% market share in India.
Profitability Margins
EBITDA margin reached 18.6% in Q2 FY26. WTG PBIT margins improved from 2% in FY24 to 10% in FY25. OMS PBIT margins remained steady at 34% in FY25 compared to 36% in FY24.
EBITDA Margin
18.6% in Q2 FY26, representing a 460 basis point improvement from 14.1% in Q2 FY25. H1 FY26 EBITDA margin stood at 18.9%.
Capital Expenditure
No material debt-funded capital expenditure is planned for the near term; the company is focusing on unlocking capacity in its existing SE Forge business (120,000 MT annual capacity).
Credit Rating & Borrowing
ICRA assigned [ICRA]A+ (Stable) and [ICRA]A1 ratings to bank lines of INR 2,635 Cr. Interest coverage ratio was 7.3x as of FY25.
Operational Drivers
Raw Materials
Steel, metal scrap for foundry operations, and specialized wind turbine components including rotor blades, tubular towers, generators, and nacelles.
Import Sources
Not specifically disclosed, though the company is increasing exports in the wind sector for its forging and foundry division.
Capacity Expansion
SE Forge has an annual manufacturing capacity of 120,000 MT. WTG deliveries reached 565 MW in Q2 FY26, a 121% increase YoY from 256 MW in Q2 FY25.
Raw Material Costs
Contribution margin was 34.1% in Q2 FY26. Procurement costs have been reduced through cost-out initiatives and internalizing machining processes.
Manufacturing Efficiency
SE Forge capacity utilization reached 30% in H1 FY26, up from 21% in FY25.
Strategic Growth
Expected Growth Rate
67%
Growth Strategy
Acquisition of Renom Energy Services (3GW portfolio), expansion of SE Forge into non-wind and export markets, and margin improvement through internalizing machining and cost-out initiatives.
Products & Services
Wind Turbine Generators (WTGs), Operation and Maintenance Services (OMS), and Forging and Foundry products (castings and forgings).
Brand Portfolio
Suzlon, SE Forge, Renom Energy Services.
New Products/Services
Renom Energy Services acquisition allows the company to service non-Suzlon wind turbines, targeting a diverse portfolio of ~3GW.
Market Expansion
Expanding SE Forge into non-wind sectors and increasing international exports; targeting a revenue mix of 2/3 non-Suzlon customers by FY27.
Market Share & Ranking
Leading domestic WTG manufacturer with a ~30-35% market share of the total installed base in India.
Strategic Alliances
Working capital facility of INR 5,906 Cr from REC Limited to support operational scale-up.
External Factors
Industry Trends
India's wind capacity is projected to reach 100 GW by 2030 and 400 GW by 2047, driving long-term demand for WTGs and O&M services.
Competitive Landscape
Leading domestic player with strong in-house technical capabilities and an integrated manufacturing infrastructure across the value chain.
Competitive Moat
Vertical integration and a 30-35% market share provide a sustainable competitive advantage; the company designs and manufactures all major components in-house.
Macro Economic Sensitivity
Highly sensitive to India's energy transition targets, including a goal of 777 GW of renewable capacity by 2030 and 2,100 GW by 2047.
Consumer Behavior
Increasing demand for renewable energy and product-level GHG data from Commercial & Industrial (C&I) customers.
Geopolitical Risks
Evolving climate regulations and potential trade barriers affecting global sourcing and sales of wind components.
Regulatory & Governance
Industry Regulations
NCLT proceedings for the reorganisation and reclassification of reserves under Sections 230 and 231 of the Companies Act, 2013.
Environmental Compliance
Compliance with BRSR and GHG emission management, with reasonable assurance obtained from SGS India.
Taxation Policy Impact
Deferred Tax Asset (DTA) of INR 1,229 Cr provides a tax shield on future profits of approximately INR 5,000 Cr.
Legal Contingencies
NCLT matter regarding the Scheme of Arrangement for Reorganisation of Reserves with meetings held in December 2025.
Risk Analysis
Key Uncertainties
Operating leverage risk in the WTG business and potential delays in installations impacting the stability of cash flows.
Geographic Concentration Risk
Significant concentration in the Indian market, where the company holds a ~30-35% share of the 50 GW installed base.
Third Party Dependencies
Reducing dependency on third-party machining by internalizing the process, which improved SE Forge margins to 19.5%.
Technology Obsolescence Risk
Risk of delayed adoption of low-carbon technologies impacting global competitiveness and appeal to international buyers.
Credit & Counterparty Risk
Comfortable TOL/TNW ratio of 1.0x as of March 2025 indicates strong counterparty credit health.
