Suzlon Energy Q4 FY26 earnings call

Suzlon Energy delivered robust financial results for Q4 and full year FY26. Q4 FY26 consolidated revenue stood at ₹5,468 crores, with EBITDA reaching ₹964 crores, marking a 39% YoY growth. For the full year FY26, revenues grew 54% YoY to ₹16,679 crores, surpassing the initial commitment of 60% growth. Consolidated EBITDA for FY26 increased 63% YoY to ₹3,022 crores, with the EBITDA margin expanding by 100 basis points to 18.1%. PAT for the full year was ₹3,153 crores, including a deferred tax asset recognition of ₹742 crores.

The company achieved record deliveries of 830 megawatts in Q4 FY26 and 2,456 megawatts for the full year FY26, representing a 58% growth in deliveries. The order book stands strong at 5.9 gigawatts, with 66% comprising C&I and PSU segments. The share of EPC orders within the order book increased from 20% in Q2 to 28% in H2 FY26, with a target to reach 50% by FY28. The S144 product line has seen significant order intake, reaching close to 9 gigawatts, demonstrating strong market acceptance.

Suzlon is strategically transitioning towards a turnkey EPC (Engineering, Procurement, and Construction) model, moving away from equipment-only sales. This shift, while leading to longer contract closure times, enhances competitive edge and accelerates order book growth. The company is also leveraging its DevCo model, particularly in the Andhra Pradesh project, where developmental rights for 2.1 gigawatts have been extended, with 1,325 megawatts expected to be monetized in the next six months.

Suzlon's 4.5-gigawatt manufacturing capacity is fully operational, supported by three AI-enabled smart blade factories, driving efficiency and scale. The company commissioned 744 megawatts in FY26 and erected 971 megawatts, with 332 megawatts commissioned in Q4 alone. Management highlighted improved operational excellence and a strong focus on optimizing working capital and accelerating commissioning to recycle funds.

As of March 2026, Suzlon reported a consolidated net worth of ₹9,464 crores and a net cash balance of ₹2,384 crores, indicating a strong financial position. The company has adequate working capital limits tied up for executing its current order book. For future capital expenditure, Suzlon anticipates an annual run rate of approximately ₹600 crores (+/- 50 crores) over the next 3-4 years, primarily for capacity expansion.

The wind energy sector is experiencing a strong revival, with installations crossing 6 gigawatts in FY26, the highest since 2017. The industry is expected to reach 10 gigawatts in the near term and 15 gigawatts in the next five years, with India targeting 100 gigawatts by 2030. Management noted a favorable environment with sustained demand growth, increasing peak intensity, and a shift towards FDRE solutions, which are wind-dominated, especially during evening peaks.

Suzlon re-entered European and other export markets with the launch of its Blue Sky platform in Spain, featuring S175 and S163 turbines. These next-generation, high-capacity turbines are designed for diverse wind regimes, offering higher yields and lower LCOE. The European venture is expected to become a significant revenue and bottom-line driver in the coming years, leveraging Suzlon's global legacy and existing infrastructure.