Suzlon Reports 54% Revenue Growth as Annual Deliveries Hit Record 2,456 MW

Synopsis:- Posting the highest-ever annual wind energy deliveries in India at 2,456 MW and the highest-ever quarterly deliveries at 830 MW in Q4, Suzlon Energy Limited reported a 54 percent rise in consolidated revenue to Rs.16,679 crore and a 67 percent jump in profit before tax to Rs.2,422 crore for FY2026  while simultaneously completing an NCLT-approved scheme that wiped Rs.18,418 crore of accumulated losses from its balance sheet, turning the page on a decade-old legacy overhang.

Shares of India’s largest wind energy solutions provider came into sharp focus after the company’s board approved its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, at its meeting on May 25, 2026. The results came with a landmark balance sheet cleanup, record operational metrics, a Rs.5.9 GW order book, and a net cash position of Rs.2,384 crore  a combination that marks FY2026 as arguably the most significant year in Suzlon’s post-restructuring journey.

With a market capitalization of Rs. 73,377.85 crore, the shares of Suzlon Energy Limited closed at Rs. 53.99 per share, up 0.45 percent from its previous close of Rs.53.75. It is trading at a P/E of 22.82.

On a consolidated basis, revenue from operations for FY2026 came in at Rs.16,679 crore, a growth of 54 percent over Rs.10,851 crore in FY2025. EBITDA grew 63 percent to Rs.3,022 crore from Rs.1,857 crore, with EBITDA margins expanding 100 basis points to 18.1 percent  demonstrating operating leverage at scale. 

Net profit after tax came in at Rs.3,163 crore for FY2026, a 53 percent increase from Rs.2,072 crore in FY2025. A material portion of this PAT includes the recognition and reversal of deferred tax assets, a non-cash accounting item reflecting the company’s improving profitability visibility  and investors should view operating cash generation as the more meaningful earnings quality metric. On that basis, net operating cash flow was Rs.1,202 crore for FY2026. Basic EPS for the full year stood at Rs.2.31 versus Rs.1.52 in FY2025.

The Q4FY26 quarter was the company’s strongest single quarter on record. Consolidated revenue reached Rs.5,468 crore  up 45 percent year-on-year and 29 percent sequentially  driven by deliveries of 830 MW, the highest ever for a single quarter in India. Q4 EBITDA was Rs.964 crore, up 39 percent year-on-year, and PBT came in at Rs.833 crore, up 51 percent. The quarterly PAT figure of Rs.1,114 crore appears lower than Q4FY25’s Rs.1,181 crore, but that is a deferred tax comparison artefact  operating performance was sharply higher.

Segment Performance

The Wind Turbine Generator (WTG) business remains the primary growth driver. WTG revenues grew 66 percent to Rs.14,040 crore from Rs.8,481 crore in FY2025, and deliveries grew 58 percent to 2,456 MW from 1,550 MW. The WTG business has now delivered a 55 percent CAGR over three years, an exceptional run rate for a capital goods manufacturer. WTG contribution margin stood at 24.5 percent for FY2026, a meaningful number given the scale at which the segment is now operating.

The Operations and Maintenance Service (OMS) segment continues to deliver stable, annuity-like revenues. OMS revenue grew 12 percent to Rs.2,484 crore with an EBITDA margin of 40.5 percent, a high-quality, sticky income stream backed by an installed base of 15.7 GW across all major windy states. The Foundry and Forging business (SE Forge) grew 22 percent in revenues to Rs.597 crore with EBITDA margin expanding to nearly 20 percent. The company has separately approved the transfer of SE Forge’s forging operations in Vadodara to a wholly owned subsidiary, Suryoday Renewables, for Rs.185 crore, pending regulatory approvals.

Order Book 

Suzlon’s order book stood at approximately 5.9 GW as of May 2026  up from 5,025 MW at March 2025  with 66 percent of orders originating from PSU and commercial and industrial (C&I) customers. The flagship S144 turbine platform has achieved cumulative order intake of approximately 9 GW since launch, making it the dominant product in the Indian market by a wide margin. Post-March 2026, the company has already received 195 MW of additional orders from Sunsure Energy.

The macro backdrop is strongly supportive. India’s peak power demand crossed a record 270 GW. Cumulative renewable energy capacity in India has reached approximately 280 GW. The government’s Panchamrit targets  500 GW of non-fossil fuel capacity by 2030 and net zero by 2070  are driving a structural, multi-decade pipeline for wind energy. India’s onshore wind potential is estimated at 1,164 GW, of which a fraction has been tapped. Three new AI-enabled smart blade factories are planned, further expanding Suzlon’s manufacturing footprint from its current 4,500 MW annual capacity.

Business Overview

Suzlon Energy Limited, incorporated in 1995 and headquartered in Pune, is India’s largest renewable energy solutions provider and the number one wind turbine generator OEM by installed base. The company has cumulatively installed 21.7 GW of wind capacity across 17 countries, manages 15.7 GW of domestic wind assets under its OMS division, and operates a vertically integrated manufacturing platform spanning rotor blades, nacelles, towers, generators, and forging components.

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