This article first appeared on GuruFocus .
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Revenue:INR 4,228 crore in Q3 FY26.
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EBITDA:INR 739 crore, a 48% year-on-year growth.
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PBT (Profit Before Tax):INR 567 crore.
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PAT (Profit After Tax):INR 445 crore.
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Deliveries:670 megawatts in Q3 FY26, highest-ever quarterly deliveries in India.
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Order Book:6.4 gigawatts, with a book-to-bill ratio of 1.9x.
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Manufacturing Capacity:4.5 gigawatt fully operational.
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OMS Business:15.5 gigawatt plus under management in India.
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Forging and Foundry Revenue:INR 429 crore, 33% YoY growth.
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Consolidated Net Worth:INR 832 crore.
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Net Cash Position:INR 1,556 crore.
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Warning! GuruFocus has detected 3 Warning Signs with BOM:532667.
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Release Date: February 05, 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 ) reported a record-breaking quarter with 670 megawatts delivered in Q3 FY26, marking the highest-ever quarterly deliveries in India since inception.
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The company achieved a robust 48% year-on-year growth in EBITDA, reaching INR739 crore in Q3 FY26.
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Suzlon's order book reached a record high of 6.4 gigawatts, reaffirming its market leadership with over 3 gigawatts of new order wins in the financial year.
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The company has a strong pipeline with STU and TSU bids, as well as C&I demand, positioning India to achieve its near-term target of 100 gigawatts by 2030.
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Suzlon has been ranked among the top 10 most sustainable companies globally for 2026 by the Global 100 Most Sustainable Corporation list.
Negative Points
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The company faces challenges with execution delays, particularly in the 2,354 megawatt execution pipeline, which could impact timely project completion.
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Trade receivables are high at INR5,745 crore, with concerns about receivables due beyond one year, posing a risk of further delays.
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WTG EBITDA margin decreased to 13.7% in Q3 from 15.6% in H1, attributed to changes in customer mix and increased project revenues with lower margins.
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The company is experiencing slow offtake of turbines, which has been a recurring issue affecting supply and execution capabilities.
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Working capital requirements are increasing, particularly due to delayed payments and processes in large contracts, impacting financial flexibility.
Q & A Highlights
Q: Out of the 2,354 megawatt execution pipeline, how many megawatts are aging-wise from FY25? Also, in your trade receivables of INR5,745 crore, how much is due beyond one year? A: Approximately 50 to 60 megawatts are from FY25, predominantly one project in Karnataka. Regarding receivables, INR2,100 crore are not due yet, leaving INR3,600 crore as due within one year. There are no significant overdue receivables.
Q: Why did the WTG EBITDA margin dip to 13.7% in Q3 from 15.6% in H1? A: The dip is due to a change in customer mix and increased project revenues, which have lower margins compared to supply margins. The absence of a large customer this quarter impacted margins by about 1.9%.
Q: What is the implication of the new FTR project development vertical on Suzlon's balance sheet and ROCE? A: The development vertical aims to increase EPC share without significant balance sheet commitment. It focuses on identifying potential sites and strategic sales for future projects, requiring only seed capital.
Q: How confident are you about growing your order book given the weak renewable tenders in the country? A: Our current order book is 51% from C&I and captive segments, with 36% from bidding. State-level bidding is picking up, and recent SECI bids were oversubscribed, indicating strong demand for wind energy.
Q: Can you provide more details on the AI-enabled initiatives in wind turbines? A: We are digitizing our OMS system to enhance predictive and preventive maintenance, improving turbine uptime and reducing costs. This initiative aims to increase availability and EBITDA margins.
Q: What is the status of Suzlon's export pipeline, especially after the US trade deal? A: While the US market remains uncertain, we are focusing on Europe, Australia, South Africa, and the Middle East. We expect to announce export orders in the next financial year, with revenue starting in FY28.
Q: How is Suzlon addressing the slow execution pace and offtake issues? A: Execution challenges are sector-wide, with issues like land acquisition and ROW. We are working to improve execution, and expect significant progress in Q4. Our development company will help streamline future projects.
Q: What is Suzlon's strategy regarding battery storage and its impact on renewable energy capacity? A: Battery storage is essential for matching generation with demand curves. While it may reduce the need for peak capacity, it will increase overall renewable energy demand. Storage is crucial for renewable growth.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
