This article first appeared on GuruFocus .
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Revenue:INR3,892 crore in Q1 FY27, a 23% year-on-year growth.
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EBITDA:INR595 crore in Q1 FY27.
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PBT (Profit Before Tax):INR390 crore in Q1 FY27.
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PAT (Profit After Tax):INR305 crore in Q1 FY27.
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Order Book:6.1 gigawatt, with 1 gigawatt of orders secured in the first four months of FY27.
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ASP (Average Selling Price):Increased from INR5.6 crore per megawatt in Q1 FY26 to INR6.3 crore per megawatt in FY27.
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Net Cash Position:INR2,322 crore as of June 26.
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Net Worth:INR9,869 crore as of June 26.
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Installed Capacity:Delivered 506 megawatts in Q1 FY27, marking the highest ever first quarter deliveries.
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EBITDA from Foundry and Forging:INR22 crore with revenues at INR126 crore.
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Release Date: July 28, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Suzlon Energy Ltd ( BOM:532667 ) delivered 506 megawatts in Q1 FY27, marking their highest ever first quarter deliveries.
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The company reported a 23% year-on-year growth in consolidated revenue, reaching INR3,892 crore.
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Suzlon's order book remains strong at 6.1 gigawatts, reaffirming their market leadership.
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The company has secured 1 gigawatt of orders in the first four months of FY27, with a strong pipeline ahead.
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Suzlon is expanding its technology portfolio with high-capacity turbines, enhancing yields, reliability, and lowering LCOE.
Negative Points
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Temporary supply chain disruptions due to geopolitical tensions in the Middle East deferred approximately 10% to 20% of deliveries.
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EBITDA was impacted by higher fixed costs due to investments in new facilities and strategic initiatives.
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The EBIT margin showed weakness, with a decline in per megawatt basis despite an increase in average selling price.
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The company faces challenges in the working capital cycle, particularly with the increase in EPC business.
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Interest expenses increased by 30% year-on-year, attributed to higher working capital utilization.
Q & A Highlights
Q: In Q1, Suzlon delivered 506 megawatts, but only 269 megawatts were commissioned. Can you explain the revenue recognition process and when the remaining inventory will be converted? A: Ajay Kapur, Group CEO: The gap between deliveries and commissioning is due to the 1,257 megawatts of erected machines awaiting commissioning. This gap will close as erection completes and COD positions improve. Historically, we see a seasonal trend with 35-40% in H1 and 60-65% in H2, which should continue.
Q: What is the expected payback period for investments in the S178 platform and new factories? A: Ajay Kapur, Group CEO: Internationally, it takes 18-24 months to seed the market and start shipments. Domestically, the first order for S175 will start deliveries by the end of this year. Investments in new factories will pan out over 12-18 months, with a fairly short payback period as volumes ramp up.
Q: How does the order book mix between PSU and C&I sectors affect cash conversion and payment cycles? A: Ajay Kapur, Group CEO: The order book is a 50-50 mix between PSU and C&I. Each order has unique terms, and pricing accounts for payable days. We focus on receivables management and are seeing improvements.
Q: What explains the weakness in EBIT margin during the quarter, especially for WTG? A: Ajay Kapur, Group CEO: Flattish EBITDA is due to upfront investments for Suzlon 2.0 strategy and lower operating leverage from geopolitical disruptions. As operating leverage improves, margins should recover. The mix between RE solutions and AMS segments also affects margins.
Q: Can you provide details on the BESS side and the partnerships being explored? A: Ajay Kapur, Group CEO: We are in discussions with potential partners for BESS and aim to close partnerships in the coming months. Our target is to combine gigawatts in FY27, focusing on optimizing wind sites and offering complete RE solutions.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
