This article first appeared on GuruFocus .
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Consolidated Revenue:INR 3,866 crores in Q2 FY '26.
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EBITDA:INR 721 crores, a 145% increase year on year.
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EBITDA Margin:Improved by 460 basis points to 18.6%.
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Profit Before Tax:INR 562 crores, a 17% year on year growth.
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Deferred Tax Asset (DTA):Total DTA as of September 2025 is INR 1,229 crores.
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Net Cash Position:INR 1,480 crores.
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Order Book:Exceeded 6 gigawatts.
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Manufacturing Capacity:4.5 gigawatts operational.
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Forging and Foundry Business Growth:53% year on year growth in the first half of the year.
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Warning! GuruFocus has detected 4 Warning Signs with BOM:532667.
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Release Date: November 04, 2025
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 delivery of 565 megawatts in Q2 FY '26, marking the highest ever for a second quarter in India.
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The company's order book has exceeded 6 gigawatts, reaffirming its market leadership with more than 2 gigawatts ordered in the first half of FY '26.
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Suzlon Energy Ltd ( BOM:532667 ) achieved a 21% year-on-year growth in revenue, with consolidated revenue reaching INR3,866 crores and EBITDA increasing by 145% to INR721 crores.
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The reduction in GST from 12% to 5% on wind turbines is expected to lower capital expenditure and reduce the levelized cost of energy, benefiting the sector.
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The company has identified 23 gigawatts of renewable potential sites, with 7 gigawatts of land under development, ensuring rapid deployment readiness and sustained growth.
Negative Points
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The company faces uncertainties and risks associated with forward-looking statements, as detailed in their annual report.
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There is a significant surge in receivables due to the payment terms of public sector contracts, which could impact cash flow.
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The company's net finance cost guidance is around INR250 crores for the year, with potential fluctuations due to varying contract terms.
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Suzlon Energy Ltd ( BOM:532667 ) is still in the process of developing new models to compete with competitors launching higher capacity wind turbines.
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The company is working towards increasing its EPC share, which currently stands at a 20:80 ratio, aiming for a 50:50 ratio by FY '28, indicating a need for strategic adjustments.
Q & A Highlights
Q: Is the 1,865 megawatts mentioned in the presentation over and above the 838 megawatts and 1,009 megawatts? Will this contribute to revenues for H2 FY '26 and FY '27? A: Yes, the 1,865 megawatts is part of the execution pipeline as of October 1, 2025. Out of this, 568 megawatts is already completed, with 80 megawatts commissioned and 160 megawatts ready for commissioning. We expect to achieve a 25% market share this year, with clear visibility of 568 megawatts to be commissioned in this quarter. - J. Chalasani, Group CEO
Q: How is the inquiry pipeline for new orders, especially with concerns about low bidding activity and recent cancellations? A: Our order book remains strong, with over 1.4 gigawatts added recently. We have a significant pipeline under discussion, and 65% of our current order book is non-bidding. We are confident in maintaining a robust order book for the next couple of years. - J. Chalasani, Group CEO
Q: How does the potential cancellation of 42 gigawatts of solar projects impact the wind sector and Suzlon's order backlog? A: Our 6.2 gigawatts of confirmed orders are unaffected by the 42 gigawatts review. The decision is to review, not cancel, and it primarily affects solar projects. We see no impact on Suzlon, and the wind sector continues to have a strong pipeline. - J. Chalasani, Group CEO
Q: With competitors launching higher megawatt variants, how is Suzlon planning to transition from its 3.15 MW model? A: Our 3.15 MW model is successful, with significant interest due to its cost efficiency. We are developing new models and will announce them shortly. We are confident in our competitive position and will introduce new models before the current interest exhausts. - J. Chalasani, Group CEO
Q: What is the timeline for Suzlon's land development business and the installation of windmills on its own wind farms? A: We are already executing EPC contracts with our own land. We aim to increase EPC share to 50% by FY '28, with 23 gigawatts of potential sites identified and 7.3 gigawatts under land acquisition. More EPC contracts will be announced starting Q4 of this year. - J. Chalasani, Group CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
