SUZLON - Suzlon Energy
📢 Recent Corporate Announcements
Suzlon Energy Limited has issued a formal clarification regarding a Material Price Movement (MPM) observed in its stock on March 2, 2026, at 9:30 a.m. The company stated that it could not identify any specific event or information in mainstream media that might have triggered the unusual trading activity. This disclosure was made under Regulation 30(11) of SEBI (LODR) Regulations to address market volatility. The company maintains that there is no undisclosed material information that would impact the stock price at this time.
- Material Price Movement (MPM) detected in Suzlon scrip on March 2, 2026, at 9:30 a.m.
- Company confirmed no specific news or events in mainstream media were found to justify the movement.
- Clarification issued under SEBI Regulation 30(11) for transparency to exchanges and public.
- No undisclosed material information reported by the company secretary in the official filing.
Suzlon Energy Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and handle stock exchange disclosures. This update is a compliance requirement under Regulation 30(5) of the SEBI Listing Regulations. The authorized team for determining materiality now includes the Chairman, Executive Vice Chairman, Group CEO, and Group CFO. Such updates are standard administrative procedures to ensure clear communication channels with regulators and the public.
- Identified 5 key officials including CMD Vinod R. Tanti and Group CEO Ajay Kapur to determine event materiality
- Designated Company Secretary Geetanjali S. Vaidya as the official for making disclosures to stock exchanges
- Compliance update filed under Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- The update ensures a structured governance framework for timely reporting of price-sensitive information
Suzlon Energy has announced a significant leadership restructuring to support its 'Suzlon 2.0' vision of becoming a full-stack renewable energy conglomerate. Mr. Ajay Kapur, formerly the Managing Director of Ambuja Cements, has been appointed as the Group CEO to drive business transformation and scale. Concurrently, Mr. J.P. Chalasani has been elevated to the newly formed Group Executive Council (GEC) to steer long-term strategy, while Mr. Girish Vanvari joins as an Independent Director for a five-year term. These changes aim to transition the company from a wind-only provider to an integrated player in wind, solar, and BESS technologies.
- Appointment of Ajay Kapur (ex-MD of Ambuja Cements) as Group CEO to lead business transformation.
- Formation of a Group Executive Council (GEC) to oversee strategic direction and capital allocation.
- Elevation of J.P. Chalasani to the GEC to mentor leadership and manage strategic partnerships.
- Appointment of Girish Vanvari as Independent Director for a 5-year term ending February 2031.
- Suzlon reports a global wind energy capacity of ~21.5 GW across 17 countries as of December 2025.
Suzlon Energy has announced a significant leadership restructuring by appointing Ajay Kapur, former MD of Ambuja Cements, as the new Group CEO to lead its 'Suzlon 2.0' vision. The company is transitioning from a wind-only provider to a full-stack renewable energy conglomerate including solar and BESS. Former CEO J.P. Chalasani has been elevated to the newly formed Group Executive Council (GEC) to focus on long-term strategy and mentoring. Additionally, Girish Vanvari has been appointed as an Independent Director for a five-year term to enhance corporate governance.
- Appointment of Ajay Kapur (ex-MD Ambuja Cements) as Group CEO with 36 years of industrial experience.
- Formation of a Group Executive Council (GEC) to steer the diversification into solar, BESS, and new technologies.
- Elevation of J.P. Chalasani to the GEC to oversee strategic initiatives and stakeholder partnerships.
- Appointment of Girish Vanvari as Independent Director for a 5-year term effective February 24, 2026.
- Suzlon maintains a global installed wind capacity of ~21.5 GW, with 15.5 GW in India as of December 2025.
Suzlon Energy Limited has announced its participation in upcoming investor conferences to engage with institutional investors. The company will attend a physical meet organized by Kotak Securities on February 26, 2026. This will be followed by a two-day engagement with UBS on March 10 and 11, 2026. The company clarified that discussions will be limited to publicly available information and no unpublished price sensitive information will be shared.
- Participation in Kotak Securities conference on February 26, 2026
- Two-day physical conference with UBS scheduled for March 10-11, 2026
- Meetings will be conducted in physical mode rather than virtual
- Company to use existing IR presentations with no new price-sensitive disclosures
Suzlon Energy Limited has announced its participation in two upcoming physical investor conferences. The first event is organized by Kotak Securities on February 26, 2026. This will be followed by a two-day engagement organized by UBS on March 10 and 11, 2026. The company has clarified that discussions will be based on existing investor presentations and no unpublished price sensitive information will be shared.
- Physical conference with Kotak Securities scheduled for February 26, 2026
- Two-day physical engagement with UBS scheduled for March 10 and 11, 2026
- Company confirms no unpublished price sensitive information (UPSI) will be disclosed
- Discussions will be limited to the publicly available Investor Relations presentation
The Principal Commissioner of Customs, Chennai, has imposed a cumulative penalty of ₹9.60 Crores on Suzlon Energy Limited. The penalty relates to alleged short payment of Integrated Goods and Services Tax (IGST) under customs duty by a subsidiary that has since merged with the parent company. Suzlon received the order on February 19, 2026, and has expressed its intention to file an appeal against the order. The final financial impact is subject to the outcome of this legal challenge.
- Penalty of ₹9,60,45,306 (₹9.60 Crores) levied by Principal Commissioner of Customs, Chennai-III
- Allegation involves short payment of customs duty under the head of IGST
- Order pertains to Suzlon Global Services Limited, which is now merged with Suzlon Energy Limited
- Company plans to prefer an appeal with appropriate authorities in due course
Suzlon Energy has announced that the Deputy Commissioner of Income Tax, Ahmedabad, has dropped a previously levied penalty of ₹1.02 crore in full. The penalty was originally related to disallowances concerning late payments of employee provident fund and ESI contributions for the financial year 2016-17. This reversal comes after fresh proceedings were conducted by the tax authorities. The resolution of this legacy issue removes a minor financial liability and regulatory hurdle for the company.
- Tax authorities have dropped the ₹1.02 crore penalty in its entirety.
- The penalty was originally linked to late PF/ESI contributions for FY 2016-17.
- The decision follows fresh proceedings initiated after the initial penalty notice in January 2025.
- This update resolves a historical compliance matter without any financial outflow.
Suzlon Energy Limited has allotted 17,20,000 equity shares to employees following the exercise of stock options under its ESOP 2022 scheme. The allotment consists of 6.5 lakh shares at an exercise price of Rs. 5.00 and 10.7 lakh shares at Rs. 30.00. This corporate action has raised approximately Rs. 3.54 crore in cash for the company. The total paid-up share capital has increased to 1,371.46 crore shares, representing a negligible dilution for existing shareholders.
- Allotment of 17,20,000 fully paid-up equity shares with a face value of Rs. 2 each.
- Total capital raised through the exercise of options amounts to Rs. 3,53,50,000.
- Exercise prices were fixed at Rs. 5.00 for the 2023 grant and Rs. 30.00 for the 2024 grant.
- Post-allotment paid-up capital stands at Rs. 2742.92 crore divided into 13,71,46,05,759 shares.
Suzlon Energy reported its highest-ever quarterly deliveries of 617 MW in Q3 FY26, driving revenue to INR 4,228 crores. The company's order book reached a record 6.4 GW, providing strong revenue visibility with a book-to-bill ratio of 1.9x. Despite a slight dip in WTG margins to 13.7% due to customer mix and higher EPC share, 9M FY26 EBITDA grew 77% YoY to INR 2,058 crores. Management maintained its 60% YoY growth guidance for FY26 and highlighted a robust net cash position of INR 1,556 crores.
- Record quarterly deliveries of 617 MW in Q3 FY26; 9M FY26 deliveries at 1,625 MW already exceed full FY25 levels.
- Order book hits all-time high of 6.4 GW, including over 3 GW of new orders won in the current financial year.
- Consolidated EBITDA for 9M FY26 rose 77% YoY to INR 2,058 crores with a strong net cash position of INR 1,556 crores.
- Expanding manufacturing with three new AI-enabled smart blade factories and a development pipeline of 25+ GW.
- Forging and foundry business (SE Forge) delivered 33% YoY revenue growth in 9M FY26 to INR 429 crores.
Suzlon Energy Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events under SEBI Regulation 30(5). The authorized personnel for determining materiality include the Chairman & Managing Director, Executive Vice Chairman, Group CEO, and Group CFO. Disclosures to stock exchanges will be handled by the Company Secretary, Geetanjali S. Vaidya. This is a routine administrative update to ensure compliance with listing regulations and does not impact the company's financial performance.
- Identified 4 KMPs including CMD Vinod R. Tanti and Group CEO J. P. Chalasani for determining event materiality
- Group CFO Rahul Jain and Executive Vice Chairman Girish R. Tanti are also authorized for materiality assessment
- Company Secretary Geetanjali S. Vaidya designated as the primary contact for making disclosures to stock exchanges
- Update is in compliance with Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Suzlon Energy has officially released the audio recording of its Q3 FY26 earnings conference call held on February 5, 2026. This disclosure follows the company's quarterly financial results announcement and provides transparency for stakeholders who missed the live session. Investors can access the recording via the provided link on the company's website to understand management's commentary on performance and future outlook. This is a standard regulatory requirement under SEBI (LODR) Regulations to ensure equal access to information.
- Audio recording of the Q3 FY26 earnings call is now publicly available for investors.
- The call was conducted on February 5, 2026, following the quarterly results disclosure.
- The recording link is hosted on Suzlon's official website under the Financial Reports section.
- This filing ensures compliance with stock exchange disclosure norms for institutional investor meets.
Suzlon Energy Limited has issued a clarification regarding a Material Price Movement (MPM) observed in its stock on February 5, 2026, at 1:41 p.m. The company stated that after reviewing mainstream media, it could not identify any specific event or information that could have triggered the volatility. This disclosure is a routine compliance measure under Regulation 30(11) of SEBI (LODR) Regulations. The company maintains that there is no undisclosed material information affecting the stock price at this time.
- Material Price Movement (MPM) detected in Suzlon scrip on February 5, 2026, at 1:41 p.m.
- Company confirmed no specific news or events in mainstream media triggered the price action.
- Disclosure submitted under Regulation 30(11) of SEBI (Listing Obligations and Disclosure Requirements).
- Suzlon maintains that all material information has been previously disclosed to the exchanges.
Suzlon Energy reported a strong operational performance for Q3 FY26, with consolidated revenue growing 42.4% YoY to ₹4,228.18 crore. Profit Before Tax (PBT) rose significantly by 44.8% YoY to ₹566.75 crore, driven by a surge in the Wind Turbine Generator segment. While Net Profit (PAT) of ₹445.28 crore shows a sequential decline from Q2, this is due to a massive one-time deferred tax credit of ₹718 crore in the previous quarter rather than operational weakness. The company also recognized a minor ₹10.97 crore liability related to new labor codes.
- Consolidated Revenue from operations increased 42.4% YoY to ₹4,228.18 crore from ₹2,968.81 crore.
- Profit Before Tax (PBT) grew 44.8% YoY to ₹566.75 crore compared to ₹391.33 crore in the same quarter last year.
- Wind Turbine Generator (WTG) segment revenue surged to ₹3,563.35 crore, up from ₹2,335.65 crore YoY.
- Operation & Maintenance (O&M) services revenue remained steady at ₹629.22 crore.
- Company recognized an incremental liability of ₹10.97 crore following the notification of New Labour Codes.
Suzlon Energy Limited issued a clarification to the stock exchanges regarding a Material Price Movement (MPM) observed in its stock on February 3, 2026, at 9:15 a.m. The company stated that it could not identify any specific event or information in mainstream media that might have caused this volatility. This filing is a routine compliance requirement under Regulation 30(11) of SEBI LODR. Investors should note that the company has not reported any new material developments alongside this price action.
- Material Price Movement (MPM) observed at 9:15 a.m. on February 3, 2026
- Company confirms no identifiable mainstream media triggers for the price action
- Filing made under Regulation 30(11) of SEBI (LODR) Regulations, 2015
- No material events or undisclosed information reported by the company
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.