Suzlon Energy has delivered a robust performance in its Q1 FY2025-26 results, showcasing strong revenue growth, record deliveries, and a healthy order book. Backed by India’s renewable energy push and a favourable policy environment, the company is well-positioned for sustained momentum.
Key Highlights – Q1 FY26 Performance
Suzlon achieved its highest-ever first-quarter deliveries at 444 MW, leading to a 55% YoY surge in revenue to ₹3,117 crore. The company also recorded a 62% YoY jump in EBITDA to ₹599 crore, with margins improving to 19.2% from 18.4% in Q1 FY25.
| Financial Metric | Q1 FY26 | Q1 FY25 | YoY Growth |
|---|---|---|---|
| Revenue | ₹3,117 Cr | ₹2,016 Cr | +55% |
| Deliveries | 444 MW | 274 MW | +62% |
| EBITDA | ₹599 Cr | ₹370 Cr | +62% |
| EBITDA Margin | 19.2% | 18.4% | Improved |
| Net Profit | ₹324 Cr | ₹302 Cr | +7% |
What stands out:
- Record-breaking order book of 5.7 GW, ensuring strong revenue visibility for the next 12–18 months.
- Dominance of the S144 turbine model, contributing over 5 GW of orders.
- Net cash position of ₹1,620 crore, reflecting strong liquidity.
- CRISIL rating upgrade to A+/Stable – fifth upgrade in two years.
Segment-Wise Performance
Wind Turbine Generators (WTG)
- Deliveries grew 62% YoY, supported by strong commercial demand.
- Contribution margin stable at 26%, showing pricing discipline.
- Over 547 MW already erected but awaiting commissioning – indicating potential revenue in upcoming quarters.
Operations & Maintenance Services (OMS)
- Installed base of 15.2 GW across India.
- EBITDA margin at ~40%, with stable annuity-like cash flows.
- Consistent customer retention ensures long-term business stability.
SE Forge (Foundry & Forging)
- EBITDA margin improved sharply to 19% from 10.8% YoY.
- Capacity utilisation remains low, providing room for scaling up with rising demand.
Balance Sheet Overview
- Net worth at ₹6,542 crore (vs ₹6,106 crore in Mar 2025).
- Borrowings remain low at ₹311 crore, reflecting a conservative debt approach.
- Inventories and receivables have increased, in line with higher project execution levels.
Promoter, FII & DII Holdings (as of June 2025)
- Promoters: ~13.29% – stable.
- FIIs: ~21.7% – marginal increase, showing global investor confidence in the renewable energy story.
- DIIs: ~11.5% – steady holdings, with mutual funds maintaining exposure.
The increase in FII stake highlights international interest in Suzlon’s improving fundamentals and India’s green energy transition.
Investor Takeaways
Positives:
- Strong order book ensures predictable revenue flow.
- Improved margins and upgraded credit ratings strengthen market perception.
- Debt-light balance sheet offers flexibility for growth.
- Supported by long-term renewable energy policy tailwinds (MNRE ALMM policy, carbon market rollout by 2026).
Risks to Monitor:
- Higher finance costs (₹70 crore vs ₹22 crore YoY) could affect profitability.
- Large working capital locked in receivables and inventory.
- Execution delays due to supply chain or regulatory changes.
Conclusion
Suzlon’s Q1 FY26 performance signals strong operational efficiency, robust demand, and a healthy financial position. The company is poised to benefit from India’s ambitious renewable energy targets, particularly in wind power.
For long-term investors, Suzlon presents a compelling green energy growth story with strong fundamentals, though short-term volatility linked to execution cycles and policy developments is possible.
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