SUZLON
Suzlon Energy share price & financials
- Price
- ₹51.99
- Market cap
- ₹64.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Suzlon Energy Limited Q1 FY27
What went well
- 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.
What to watch
- 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.
What Suzlon Energy Limited does
Suzlon designs, manufactures and installs wind turbine generators (WTGs) for utility, PSU, and commercial & industrial (C&I) customers in India, and increasingly executes turnkey EPC wind projects — covering site development, land acquisition and construction — rather than selling equipment alone. It earns across three linked business lines: WTG equipment sales, EPC/project delivery (including long-term DevCo wind parks), and multi-year operations & maintenance (O&M) contracts on its installed wind fleet. A backward-integrated subsidiary, SE Forge, manufactures forged and cast components that feed Suzlon's own turbine production. Founded in 1995 as India's pioneering wind energy company, Suzlon has built and commissioned wind projects across roughly 100 clusters within India and carries a legacy of international projects spanning 17 countries.
Segments
- WTG Manufacturing & Sales
- EPC / Project Development
- Operations & Maintenance (O&M) Services
- SE Forge (Forgings & Castings)
- Market position (India wind)
- Largest wind turbine (WTG) manufacturer in India by market share
- Cumulative installed wind fleet (India)
- 18 GW
- Customer base
- 1,900+ customers
- Wind project clusters served (India)
- ~100 wind clusters
- Manufacturing capacity
- 4.5 GW/year, including 3 AI-enabled smart blade factories
- Manufacturing facilities
- Daman (Gujarat) and Puducherry
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 2 delivered 2 missed 13 open- Annual Capex Run Rate revised up said Q4 FY26 Promised: INR 600 crores (+/- 50 crores) per year for the next 3-4 years Q1 FY27: Revised guidance for FY27 to INR 700 cr +/- 100 cr, up from INR 600 cr +/- 50 cr, to support growth and new factories.
- YoY Growth across key parameters delivered, diluted said Q4 FY25 Promised: 60% growth across all key parameters in FY '26 over FY '25 Q4 FY26: Achieved 63% YoY EBITDA growth. Missed slightly on Revenue (54% YoY) and Deliveries (58% YoY) against the 60% target.
- Net Finance Cost went quiet said Q4 FY25 Promised: close to about INR 250 crores Q4 FY26: Final Net Finance Cost for FY26 was not mentioned in the Q4 earnings call or materials. The target was previously revised multiple times.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 22.3%, net profit down 5.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,103 | 2,975 | 3,790 | 3,132 | 3,871 +84% | 4,236 +42% | 5,493 +45% | 3,829 +22% |
| EBITDA | 294 | 500 | 693 | 599 | 721 +145% | 738 +48% | 964 +39% | 595 −1% |
| Net profit | 201 | 388 | 1,181 | 324 | 1,279 +536% | 445 +15% | 1,114 −6% | 305 −6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −23.4% 1Y
1Y: ₹57.57 on 10 Sept 2025 → ₹44.12. High ₹60.4 (19 Sept 2025), low ₹39.56 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −9.7%
- 28 Jul
- Q4 FY26
- +0.4%
- 25 May
- Q3 FY26
- −3.9%
- 5 Feb
- Q2 FY26
- +1.3%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 41.0% a year over 3 years, FY23 to FY26. Operating margin widened to 18.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.0k Cr | ₹6.5k Cr | ₹10.9k Cr | ₹16.7k Cr |
| Operating profit | ₹832 Cr | ₹1.0k Cr | ₹1.9k Cr | ₹3.0k Cr |
| Operating margin | 13.9% | 15.8% | 17.1% | 18.1% |
| Interest | ₹420 Cr | ₹164 Cr | ₹256 Cr | ₹462 Cr |
| Depreciation | ₹261 Cr | ₹189 Cr | ₹259 Cr | ₹318 Cr |
| Net profit | ₹2.9k Cr | ₹660 Cr | ₹2.1k Cr | ₹3.2k Cr |
| Net margin | 48.4% | 10.1% | 19.0% | 18.9% |
| Cash from operations | ₹491 Cr | ₹80 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Free cash flow | ₹477 Cr | ₹-147 Cr | ₹724 Cr | ₹626 Cr |
| ROCE | 20.0% | 25.0% | 33.0% | 34.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.7k Cr | ₹1.8k Cr | ₹2.5k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.7k Cr |
| Reserves | ₹-5.0k Cr | ₹-5.4k Cr | ₹-1.4k Cr | ₹1.2k Cr | ₹5.1k Cr | ₹6.7k Cr |
| Borrowings | ₹6.9k Cr | ₹6.5k Cr | ₹1.9k Cr | ₹150 Cr | ₹397 Cr | ₹556 Cr |
| Other liabilities | ₹3.0k Cr | ₹3.5k Cr | ₹2.5k Cr | ₹3.1k Cr | ₹7.6k Cr | ₹8.8k Cr |
| Total liabilities | ₹6.6k Cr | ₹6.5k Cr | ₹5.5k Cr | ₹7.2k Cr | ₹15.9k Cr | ₹18.9k Cr |
| Fixed assets | ₹1.2k Cr | ₹1.1k Cr | ₹866 Cr | ₹886 Cr | ₹1.8k Cr | ₹2.3k Cr |
| Capital work in progress | ₹107 Cr | ₹20 Cr | ₹6 Cr | ₹20 Cr | ₹286 Cr | ₹190 Cr |
| Investments | ₹23 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹202 Cr | ₹217 Cr |
| Other assets | ₹5.3k Cr | ₹5.4k Cr | ₹4.7k Cr | ₹6.3k Cr | ₹13.6k Cr | ₹16.2k Cr |
| Total assets | ₹6.6k Cr | ₹6.5k Cr | ₹5.5k Cr | ₹7.2k Cr | ₹15.9k Cr | ₹18.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.05 pp while FIIs added +1.13 pp. The shareholder count shrank 1% to 55,36,345.
- Promoters
- 11.7%
- FIIs
- 24.1%
- DIIs
- 11.1%
- Public
- 53.0%
Since Jun 2025
- Public −2.05 pp
- FIIs +1.13 pp
- DIIs +0.95 pp
How it drifted, 12 quarters
Over this window FIIs went from 10.9% to 24.1% — +13.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 13.3%, FIIs 10.9%, DIIs 9.8%, Government 0.0%, Public 66.0%.Dec '23: Promoters 13.3%, FIIs 17.8%, DIIs 6.2%, Public 62.7%.Mar '24: Promoters 13.3%, FIIs 19.6%, DIIs 6.3%, Public 60.9%.Jun '24: Promoters 13.3%, FIIs 21.5%, DIIs 9.2%, Public 56.0%.Sep '24: Promoters 13.3%, FIIs 23.7%, DIIs 9.0%, Public 54.0%.Dec '24: Promoters 13.3%, FIIs 22.9%, DIIs 9.3%, Public 54.6%.Mar '25: Promoters 13.3%, FIIs 23.0%, DIIs 8.7%, Public 55.0%.Jun '25: Promoters 11.8%, FIIs 23.0%, DIIs 10.2%, Public 55.1%.Sep '25: Promoters 11.7%, FIIs 22.7%, DIIs 10.1%, Public 55.4%.Dec '25: Promoters 11.7%, FIIs 23.7%, DIIs 9.2%, Public 55.3%.Mar '26: Promoters 11.7%, FIIs 23.9%, DIIs 9.2%, Public 55.2%.Jun '26: Promoters 11.7%, FIIs 24.1%, DIIs 11.1%, Public 53.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Manufacturing Fund Mutual fund newly disclosed 2.98% held
- Ishares Ii Public Limited Company - Ishares Global Global fund house newly disclosed 1.23% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Suzlon Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tanti Holdings Private Limited | 4.62% | unchanged |
| Rambhaben Ukabhai | 3.24% | unchanged |
| Motilal Oswal Manufacturing Fund Mutual fund | 2.98% | newly disclosed |
| Samanvaya Holdings Private Limited | 2.66% | unchanged |
| Belgrave Investment Fund FPI fund | 1.86% | unchanged |
| Cannon Realty Pvt. Ltd. | 1.75% | unchanged |
| Aditya Thermal Energy Private Limited | 1.28% | unchanged |
| Ishares Ii Public Limited Company - Ishares Global Global fund house | 1.23% | newly disclosed |
| Vanguard Total International Stock Index Fund Global fund house | 1.19% | unchanged |
| Vanguard Emerging Markets Stock Index Fund Global fund house | 1.14% | unchanged |
| Amrik Singh And Sons Crane Services Private Limited | 1.05% | unchanged |
| Girish R.Tanti | 0.73% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SUZLON
Filings to Aug 2026
0 new, 14 added, 3 trimmed, 0 sold out — net +116.49 L shares (+20.9%).
- Held by funds
- ₹322 Cr
- 19 schemes
- Biggest holder
- HDFC Large and Mid Cap Fund
- ₹102 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹102 Cr | held | Nov '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹70 Cr | +73.41 L | Aug '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹55 Cr | +6.88 L | Mar '24 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹39 Cr | +1.31 L | Mar '24 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹17 Cr | +1.42 L | Mar '24 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹17 Cr | +33.27 L | Jun '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹8 Cr | held | Aug '25 |
| Nippon India ETF BSE Sensex Next 50 Nippon India Mutual Fund | ₹3 Cr | +0.01 L | Dec '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
14 added, 3 trimmed — net +1.16 cr shares (+20.9%)
- Funds are sitting on
- -2%
- vs est. average cost
- Held by funds
- ₹322 Cr
- 19 schemes · ≈ 0.54% of the company
- Biggest holder
- HDFC Large and Mid Cap Fund
- ₹102 Cr · 0.3% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 2y 6m · since Mar '24
Shares held by these funds +640%
Aug '23 5.92 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Suzlon Energy Limited
Guides on how to read this kind of business and the numbers that matter.