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Suzlon Energy Ltd.
NSE: SUZLONIndustrialsSpecialty Industrial Machinery
- Last close
- ₹37.40
- Day change
- −₹1.17 (−3.03%)vs
- Market cap
- ₹55,247 crIndian rupees
- Research updated
- 1 report
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About Suzlon Energy
Suzlon Energy Ltd. is a leading renewable energy company specializing in the production of wind turbines. Its primary function is to provide sustainable energy solutions by harnessing wind energy, contributing significantly to the global energy transition towards renewable sources. Suzlon Energy's offerings include a range of wind turbines with varied technologies and capacities aimed at maximizing efficiency and performance. The company operates primarily across the wind energy sector but also plays a role in other green energy initiatives. Its market significance is underscored by its comprehensive service portfolio which includes installation, maintenance, and wind resource assessment, making it a holistic solutions provider in the renewable energy space. Suzlon Energy Ltd. has established a presence in both domestic and international markets, supporting the growth of clean energy infrastructure worldwide.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: SUZLON
- Next results
- Employees
- 8,600
- Headquarters
- Pune, India
- ISIN
- INE040H01021
- Website
- suzlon.com
Public research · Report of
Business model & financial foundation
Suzlon Energy (NSE: SUZLON), Wind turbine manufacturing, project execution and renewable asset services: revenue of ₹16,679 crore in FY26 (+53.7% on FY25), an EBITDA margin of 18.1%, net profit of ₹3,163 crore and net cash of ₹2,384 crore.
- Revenue, FY26 (₹ crore)
- 16,679
- consolidated
- Revenue growth, FY26
- +53.7%
- on FY25
- EBITDA margin, FY26
- 18.1%
- EBITDA (issuer definition) / revenue
- Net profit, FY26 (₹ crore)
- 3,163
- to owners
- Return on equity, FY26
- 40.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,384
- Net debt, issuer definition (negative = net cash)
- Market capitalisation (₹ crore)
- 58,271
- at the close of 13 Oct 2026
Company profile
Suzlon manufactures wind turbine generators and components, executes projects and power evacuation, and provides operations and maintenance and power generation services. FY26 strategy broadens its wind-first platform into integrated wind, solar, storage, development, EPC and asset management. Registered office: Suzlon, 5 Shrimali Society, Navrangpura, Ahmedabad380009, Gujarat; corporate headquarters One Earth, Pune.
| Item | Value |
|---|---|
| Legal name | Suzlon Energy Limited |
| Exchange and ticker | NSE: SUZLON; BSE: 532667 |
| ISIN | INE040H01021 |
| CIN | L40100GJ1995PLC025447 |
| Sector | Industrials |
| Industry | Wind turbine manufacturing, project execution and renewable asset services |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹58,271 crore (13 Oct 2026) |
| Shares outstanding | 1,371 crore shares (FY26) |
| Price | ₹39.57 (close, 13 Oct 2026) |
| 52-week range | ₹36.31 - ₹61.50 (to 13 Oct 2026) |
| Website | https://www.suzlon.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| SE Forge Limited | 100% | Casting/forging component manufacturing; no LODR material subsidiary at31Mar2026 per report. |
| Suzlon Renewable Development Limited | 100% | Renewable project development; formerly Suzlon Gujarat Wind Park Limited. |
| Suzlon Projects Limited | 100% | Projects; formerly Suyash Renewables Limited; holds South/West project subsidiaries. |
| Suzlon Projects (West) Limited | 100% | Step-down WOS through Suzlon Projects Limited; western project division transferred10May2025. |
| Suzlon Projects (South) Limited | 100% | Step-down WOS through Suzlon Projects Limited; southern project division transferred10May2025. |
| Renom Energy Services Private Limited | n.d. | Multi-brand renewable O&M subsidiary; FY26 incremental21.67% stake; closing ownership not verified. |
31Mar2026:43 subsidiaries,1 associate; explicitly NO material subsidiary under report's regulatory definition. AOC1 outside served scan; selected verified operating entities, not exhaustive. SGSL absorbed into parent effective10May2025, appointed15Aug2024.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 11.73% | 11.73% | 11.73% | 11.71% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 22.70% | 23.73% | 23.85% | 24.15% |
| Domestic institutions | 10.16% | 9.24% | 9.18% | 11.11% |
| of which mutual funds | 4.91% | 4.82% | 4.87% | 6.47% |
| Retail | 25.89% | 26.20% | 26.67% | 25.15% |
| Other | 29.51% | 29.10% | 28.56% | 27.89% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Suzlon designs, manufactures and installs wind turbine generators (S144 3.15MW platform, S175 5MW launched) for Indian C&I, captive, PSU and auction customers, increasingly on EPC/turnkey scope (32% of the order book at Jun-26), and earns an annuity from O&M of a 16.1GW India fleet plus multibrand O&M via Renom (3.6GW AUM) and castings via SE Forge. FY26 revenue 16,679cr, of which WTG segment 14,040cr and the rest 2,639cr net of eliminations. It controls nacelle, blade, tower and forging capacity (4,500MW/yr nameplate) but not land, grid connectivity or customer site readiness, which set the delivery pace.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Wind Turbine Generator (Renewable Energy Solutions from Q1FY27) | 14,040 | 82.0% | 1,854 | 68.6% |
| Operation & Maintenance Service (RE Asset Mgmt Services from Q1FY27) | 2,484 | 14.5% | 759.2 | 28.1% |
| Foundry & Forging | 596.5 | 3.5% | 86.3 | 3.2% |
| Others | 7.90 | 0.0% | 4.64 | 0.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Inox Wind (INOXWIND) | Only other listed integrated Indian wind OEM; closest comparator. |
| Inox Green Energy Services (INOXGREEN) | Listed wind O&M; comparator for Suzlon's OMS/Renom annuity. |
| Siemens Energy India (ENRIN) | |
| GE Vernova T&D India (GVT&D) | Grid equipment tied to renewable evacuation; same investor bucket. |
| Hitachi Energy India (POWERINDIA) | Grid integration/HV equipment for renewables. |
| BHEL (BHEL) | Domestic power equipment and EPC; execution-driven order book model. |
| Waaree Energies (WAAREEENER) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,520 | 5,947 | 6,497 | 10,851 | 16,679 |
| Cost of revenue (vendor classification) * | 4,543 | 4,000 | 4,203 | 6,887 | 11,180 |
| Other operating costs (vendor classification) * | 529.8 | 421.3 | 490.7 | 1,496 | 1,158 |
| EBITDA (vendor classification) * | 934.7 | 830.6 | 1,017 | 1,961 | 2,890 |
| Operating EBIT excluding other income and exceptional | 703.0 | 3,275 | 839.3 | 1,598 | 2,704 |
| Finance cost (gross) | 702.6 | 383.0 | 164.3 | 254.8 | 462.2 |
| Profit before tax | 0.40 | 2,892 | 659.5 | 1,447 | 2,422 |
| Tax expense (current plus deferred) | 166.6 | 4.42 | -0.86 | -625.0 | -741.7 |
| Net profit after tax | -176.6 | 2,887 | 660.4 | 2,072 | 3,163 |
| Diluted EPS (₹) | -0.21 | 2.64 | 0.50 | 1.51 | 2.31 |
| Materials, components, services consumed incl inventory change | 3,982 | 6,887 | 10,803 | ||
| Employee benefits expense | 702.9 | 941.5 | 1,100 | ||
| Other expenses incl forex, net of other operating income | 782.9 | 1,166 | 1,754 | ||
| EBITDA (issuer definition) | 1,029 | 1,857 | 3,022 | ||
| Other income | 38.4 | 103.4 | 109.9 | ||
| Depreciation and amortisation | 189.6 | 259.2 | 318.5 | ||
| Exceptional items (gain positive) | -53.9 | 0.00 | 70.0 | ||
| Non-controlling interest share of profit | 0.00 | 0.00 | 0.00 | ||
| Share of associates and JVs | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 660.4 | 2,072 | 3,163 | ||
| Current tax | 2.90 | 14.4 | 7.56 | ||
| Deferred tax charge/(credit) | -3.76 | -639.4 | -749.2 | ||
| Other operating income (statutory, netted in other_expenses) | 32.3 | 38.4 | 52.7 | ||
| Foreign exchange loss/(gain) (in other_expenses) | 9.31 | -30.4 | 39.8 | ||
| Vendor EBIT reference only * | 765.1 | 1,701 | 2,645 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | -3,562 | 1,099 | 3,920 | 6,106 | 9,464 |
| Borrowings, current plus non-current (excl leases) | 6,465 | 1,938 | 110.0 | 283.3 | 264.0 |
| Cash and cash equivalents (statutory) | 437.4 | 367.3 | 249.6 | 901.1 | 631.0 |
| Trade receivables, current plus non-current | 1,377 | 1,170 | 1,830 | 3,866 | 6,487 |
| Inventories | 2,208 | 1,827 | 2,292 | 3,234 | 4,512 |
| Trade payables (MSME plus others) | 1,840 | 894.6 | 1,796 | 2,935 | 5,083 |
| Property, plant and equipment | 91.2 | 60.9 | 722.1 | 735.6 | 1,019 |
| Capital work-in-progress | 19.3 | 6.70 | 16.2 | 88.7 | 176.3 |
| Total assets | 6,475 | 5,523 | 7,179 | 12,960 | 18,869 |
| Net debt, issuer definition (negative = net cash) | -1,148 | -1,943 | -2,384 | ||
| Gross liquidity incl non-current bank and MF | 1,258 | 2,227 | 2,648 | ||
| Current bank balances other than cash equivalents | 177.3 | 211.8 | 614.7 | ||
| Current investments (mutual funds) | 8.35 | 42.9 | 216.8 | ||
| Lease liabilities, current plus non-current | 40.3 | 39.8 | 291.8 | ||
| Deferred tax assets | 644.6 | 1,394 | |||
| Non-current investments | 0.03 | 0.03 | 0.03 | ||
| Unrestricted statutory cash and cash equivalents only | 901.1 | 631.0 | |||
| Noncurrent bank balances mainly margin deposits under first charge | 1,071 | 1,186 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 918.7 | 238.4 | 79.5 | 1,092 | 1,202 |
| Free cash flow (vendor definition) * | 1,225 | 390.4 | -147.8 | 721.4 | 625.1 |
| Payments for PPE incl CWIP and capital advances (outflow negative) | -75.8 | -14.2 | -227.4 | -370.6 | -577.0 |
| Consideration paid on acquisition of subsidiary (Renom) | 0.00 | -441.3 | -268.7 | ||
| Free cash flow (CFO + signed cash capex, excludes acquisitions) | -147.8 | 721.4 | 625.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issuer Reg31 period-end total equity shares (not EPS denominator) | 929.16 | 1,078 | 1,361 | 1,365 | 1,371 |
| Paid-up equity share capital (includes forfeited-share money) | 2,722 | 2,732 | 2,745 | ||
| Consolidated diluted weighted-average equity shares for EPS | 1,322 | 1,370 | 1,372 | ||
| Consolidated basic weighted-average equity shares for EPS | 1,315 | 1,364 | 1,370 | ||
| Economically fully paid period-end shares (distinct Reg31 total) | 1,365 | 1,371 | |||
| Capital commitments net of advances not provided for | 148.9 | 38.5 | |||
| Contractual financial liabilities payable on demand | 114.4 | 135.3 | |||
| Contractual financial liabilities due up to one year | 3,389 | 5,292 | |||
| Contractual financial liabilities due two-five years | 773.0 | 845.5 | |||
| Contractual financial liabilities due over five years | 10.8 | 158.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,093 | 2,969 | 3,774 | 3,117 | 3,866 | 4,228 | 5,468 | 3,819 |
| Operating EBIT excluding other income and exceptional | 239.8 | 433.3 | 600.7 | 528.8 | 645.6 | 658.5 | 871.0 | 489.7 |
| Finance cost (gross) | 56.0 | 69.5 | 84.7 | 103.1 | 109.7 | 114.3 | 135.2 | 133.6 |
| Profit before tax | 201.6 | 391.3 | 551.2 | 459.2 | 562.5 | 566.8 | 833.2 | 389.5 |
| Tax expense (current plus deferred) | 0.98 | 3.57 | -629.7 | 134.9 | -716.9 | 121.5 | -281.1 | 84.3 |
| Net profit after tax | 200.6 | 387.8 | 1,181 | 324.3 | 1,279 | 445.3 | 1,114 | 305.2 |
| Diluted EPS (₹) | 0.15 | 0.28 | 0.86 | 0.24 | 0.93 | 0.32 | 0.81 | 0.22 |
| Materials, components, services consumed incl inventory change | 1,304 | 1,886 | 2,445 | 1,914 | 2,427 | 2,757 | 3,705 | 2,497 |
| Employee benefits expense | 241.9 | 265.4 | 238.3 | 254.0 | 291.3 | 292.1 | 263.0 | 268.0 |
| Other expenses incl forex, net of other operating income | 252.9 | 318.3 | 397.0 | 350.6 | 426.7 | 440.4 | 535.9 | 459.4 |
| EBITDA (issuer definition) | 294.2 | 499.5 | 693.5 | 599.1 | 720.8 | 738.5 | 964.0 | 595.2 |
| Other income | 17.9 | 27.5 | 35.3 | 33.5 | 26.6 | 22.5 | 27.4 | 33.4 |
| Depreciation and amortisation | 54.4 | 66.2 | 92.8 | 70.2 | 75.2 | 80.0 | 93.0 | 105.6 |
| Exceptional items (gain positive) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 70.0 | 0.00 |
| Non-controlling interest share of profit | 0.40 | 0.84 | -1.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates and JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 200.2 | 386.9 | 1,182 | 324.3 | 1,279 | 445.3 | 1,114 | 305.2 |
| Current tax | 1.36 | 41.9 | -29.0 | 0.81 | 1.24 | 2.30 | 3.21 | 0.55 |
| Deferred tax charge/(credit) | -0.38 | -38.3 | -600.8 | 134.1 | -718.2 | 119.2 | -284.3 | 83.7 |
| Other operating income (statutory, netted in other_expenses) | 10.4 | 6.02 | 16.4 | 14.4 | 5.24 | 7.91 | 25.2 | 9.73 |
| Foreign exchange loss/(gain) (in other_expenses) | -1.80 | 5.09 | -30.9 | 3.80 | 6.47 | 2.65 | 26.9 | 8.79 |
| Vendor EBIT reference (includes other income and exceptional) * | 257.6 | 460.9 | 636.0 | 562.3 | 681.0 | 968.4 | 523.1 | |
| Vendor EBITDA reference only (rounded baseline, not issuer definition) * | 312.0 | 527.0 | 728.7 | 632.5 | 761.0 | 991.4 | 628.6 | |
| Vendor cost of revenue reference only * | 1,304 | 1,886 | 2,445 | 1,914 | 2,757 | 3,705 | 2,497 | |
| Vendor other operating costs reference only * | 265.1 | 319.2 | 444.4 | 361.1 | 445.6 | 534.2 | 460.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 97.9% | -8.8% | 9.2% | 67.0% | 53.7% |
| EBITDA margin | 15.8% | 17.1% | 18.1% | ||
| Net margin | 10.2% | 19.1% | 19.0% | ||
| Return on equity | 26.3% | 41.3% | 40.6% | ||
| Return on capital employed | 21.9% | 110.2% | 23.8% | 30.7% | 33.6% |
| Return on assets | 10.4% | 20.6% | 19.9% | ||
| Net debt (₹ crore) | -1,148 | -1,943 | -2,384 | ||
| Net debt / EBITDA | -1.12x | -1.05x | -0.79x | ||
| Interest cover | 1.00x | 8.55x | 5.11x | 6.27x | 5.85x |
| Asset turnover | 1.00x | 0.99x | 1.02x | 1.08x | 1.05x |
| Receivable days | 77 | 72 | 103 | 130 | 142 |
| Inventory days (on revenue) | 124 | 112 | 129 | 109 | 99 |
| Payable days (on revenue) | 103 | 55 | 101 | 99 | 111 |
| Cash conversion | 0.12x | 0.53x | 0.38x | ||
| Capex intensity | 1.2% | 0.2% | 3.5% | 3.4% | 3.5% |
| Free cash flow (₹ crore) | 842.9 | 224.2 | -147.8 | 721.4 | 625.1 |
| EPS, diluted (₹) | -0.21 | 2.64 | 0.50 | 1.51 | 2.31 |
| Book value per share (₹) | -3.83 | 1.02 | 2.88 | 4.47 | 6.90 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (issuer definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt, issuer definition (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (issuer definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Suzlon Energy includes
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Report history
Reports on Suzlon Energy
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.