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    Suzlon Energy Q1 FY27 earnings call

    SUZLON
    Capital Goods·28 Jul 2026
    Management Summary

    Suzlon Energy Limited reported a robust Q1 FY27 with record deliveries of 506 MW and a 23% YoY revenue growth to INR3,819 crores, achieving a PAT of INR305 crores. The company maintains a strong 6.1 GW order book and a healthy net cash position of INR2,322 crores. However, EBITDA saw a slight decline to INR595 crores, primarily due to temporary supply chain disruptions from Middle East geopolitical tensions, which deferred 10-20% of deliveries, and increased fixed costs from strategic investments in the Suzlon 2.0 strategy.

    Highlights

    5

    • Delivered 506 megawatts in Q1, marking highest-ever first quarter deliveries.

    • Consolidated revenue grew 23% YoY to INR3,819 crores.

    • Maintained a healthy order book of 6.1 gigawatts, with 1 GW secured in the first 4 months of FY27.

    • Strong financial position with INR9,869 crores net worth and INR2,322 crores net cash.

    • Average Selling Price (ASP) increased by 12.5% YoY to INR6.3 crores per megawatt.

    Concerns

    3

    • EBITDA declined slightly by 0.7% YoY to INR595 crores, impacted by supply chain disruptions and strategic investments.

    • Temporary supply chain and logistics disruptions due to Middle East geopolitical tensions deferred 10-20% of Q1 deliveries.

    • EBIT margin weakness in the WTG business attributed to investments for Suzlon 2.0 strategy and lower operating leverage from reduced deliveries.

    Key financials

    Single quarter

    07 metrics
    1. 01Revenue₹3,819 Cr+23%YoY
    2. 02EBITDA₹595 Cr-0.7%YoY
    3. 03PBT₹390 Cr
    4. 04PAT₹305 Cr
    5. 05WTG Deliveries506 megawatts

    Segment breakdown

    RE AMS
    ₹126 Cr Revenue₹22 Cr EBITDA
    List

    Order Book

    high confidence

    Total Value

    6.1 gigawatts

    as of 2026-06-30

    quantified

    Inflow this qtr

    1 gigawatts

    Execution

    1,257 megawatts of erected turbines waiting for commissioning

    Composition

    Mix2 client types
    • PSU and C&I85.0%
    • DevCo (new orders)60.0%

    Share of order book by client type · partial disclosure (145.0% of book)

    "Order book is healthy and not a constraint, with strong market acceptance for DevCo model and new technologies."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    ₹700 crores

    Debt

    Net ₹-2,322 crores

    Liquidity

    Cash ₹2,322 crores

    Net cash position enhances financial flexibility and resilience; adequate working capital limits tied up for current order book execution.

    Guidance & targets

    6
    CategoryTargetPriority
    Revenue
    Revenue CAGR (Suzlon 2.0)
    25%
    		High
    Capacity
    Annual Installations (Industry)
    10 gigawatts
    		High
    Capacity
    Annual Installations (Industry)
    15 gigawatts
    		High
    Capacity
    Suzlon RE Sales (Wind + Solar + BESS)
    10 gigawatts
    		High
    Capacity
    Suzlon Wind Capacity
    7.5 gigawatts
    		High
    Margin
    EBITDA Margin
    16-20%
    		High

    What to watch in Q2 FY27

    5

    Recovery of deferred deliveries

    Next quarter (Q2 FY27)
    Current10-20% of Q1 deliveries deferred
    TargetRecovered in coming quarters

    Why it matters

    Crucial for meeting annual delivery targets and improving operating leverage.

    These disruptions deferred approximately 10% to 20% of deliveries, which is expected to be recovered in coming quarters.

    Risks & concerns

    2
    RiskSeverity

    Geopolitical tensions causing supply chain and logistics disruptions

    Middle East tensions impacted fuel availability and movement of critical equipment, deferring 10-20% of Q1 deliveries. — Management acknowledged

    high

    Higher fixed costs due to strategic investments for Suzlon 2.0

    Investments in Puducherry facility, leadership, and Suzlon 2.0 initiatives impacted Q1 EBITDA but are for long-term growth. — Management acknowledged

    medium

    Q&A highlights

    8

    “Q1, what we saw as deliveries was 506 megawatts. Our total COD in Q1 was about 269 megawatts... we have 1,257 megawatts of erected machines... seasonality of the business is such that, and historically also we've seen that there is a seasonal trend that works out that plays out. Historically, what we have seen is, let's say, about 35, 40 in H1 versus 60, 65 in H2.”

    Clarifies the difference between deliveries and commissioning, explains the current inventory of erected turbines, and provides insight into the seasonal nature of the business.

    asked by Balasubramanian

    2 min read7 chapters

    Detailed Narrative

    01

    Q1 FY27 Performance Overview

    Suzlon Energy Limited delivered a strong Q1 FY27, achieving its highest-ever first-quarter deliveries of 506 megawatts. This led to a consolidated revenue of INR3,819 crores, marking a 23% year-on-year growth. Despite this, EBITDA remained largely flat at INR595 crores, a slight decline from INR599 crores in Q1 FY26, and PAT stood at INR305 crores, impacted by temporary supply chain disruption🌐s and strategic investments.

    02

    Order Book and Market Leadership

    The company maintains a healthy order book of 6.1 gigawatts, reaffirming its market leadership. In the first four months of FY27, Suzlon secured approximately 1 gigawatt of new orders, with 60% originating from its DevCo model. The order book composition indicates that 85% of the total order book is from PSU and C&I sectors, demonstrating strong demand from these client types.

    03

    Strategic Investments and Technology Advancement

    Suzlon is actively investing in its Suzlon 2.0 strategy, which includes the launch of the S175 5-megawatt turbine and new AI-enabled blade factories. These investments, expected to materialize over the next 12-18 months, are aimed at expanding the technology portfolio, improving reliability, and lowering the Levelized Cost of Energy (LCoE), with a projected short payback period due to anticipated volume ramp-up.

    04

    Impact of Geopolitical Tensions and Supply Chain

    Geopolitical tensions in the Middle East caused near-term supply chain and logistics disruptions, affecting fuel availability and the movement of critical equipment. These disruptions deferred approximately 10-20% of Q1 deliveries, which are expected to be recovered in subsequent quarters, showcasing the resilience of Suzlon's business model amidst external challenges🌐.

    05

    Repowering and Future Growth Opportunities

    India's repowering market presents a significant potential of close to 25 gigawatts, driven by the need to replace older, less efficient turbines. Suzlon is actively working on its S88 to S120 platforms for repowering and anticipates announcing pilots and confirmed orders within the next one to two quarters, providing clear visibility for growth in this segment over the next 2-3 years.

    06

    Financial Health and Capital Allocation

    Suzlon reported a strong financial position with a consolidated net worth of INR9,869 crores and a net cash position of INR2,322 crores, significantly enhancing its financial flexibility. The company plans a capex of approximately INR700 crores for FY27, primarily allocated towards growth, capacity expansion, and new blade factories to support the advanced 5-megawatt series.

    07

    EBITDA Margin Dynamics

    The Q1 FY27 EBITDA margin was impacted by higher fixed costs associated with strategic investments for Suzlon 2.0 and lower operating leverage resulting from deferred deliveries. Management expects to maintain EBITDA margins in the 16-20% range for the full fiscal year, anticipating improved operating leverage and a positive change in the second half as deliveries recover and investments yield returns.

    This is an AI-generated summary of a publicly available earnings call transcript.