Suzlon Energy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Suzlon Energy Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Suzlon reported Q1 FY27 consolidated revenue of Rs 3,819 crore, up 23% year-on-year, with EBITDA of Rs 595 crore and PAT of Rs 305 crore. Management attributed flattish EBITDA to upfronted costs for Suzlon 2.0 initiatives, geopolitical supply-chain disruptions in the Middle East that deferred some deliveries, and a change in revenue mix toward EPC. The company delivered 506 megawatts, its highest ever first-quarter deliveries, with an order book of 6.1 gigawatts and net cash of Rs 2,322 crore.
Numbers mentioned
Consolidated revenue: INR3,819 crores (Q1 FY27)
p. 4
“Suzlon reported consolidated revenue of INR3,819 crores in Q1 FY2027, a 23% yearon-year growth with EBITDA at INR595 crores and PBT at INR390 crores.”
Rahul Jain, page 4 of the filed PDF · View the filing
PAT: INR305 crores (Q1 FY27)
p. 4
“Also, a PAT of INR305 crores was reported during Q1 FY27.”
Rahul Jain, page 4 of the filed PDF · View the filing
Deliveries: 506 megawatts (Q1 FY27)
p. 3
“Suzlon delivered 506 megawatts in Q1, making our highest ever first quarter deliveries.”
Ajay Kapur, page 3 of the filed PDF · View the filing
Installations (COD): 269 megawatts (Q1 FY27)
p. 3
“Q1 FY27, Suzlon installations grew 2.3x from 117 to 269 megawatts COD”
Ajay Kapur, page 3 of the filed PDF · View the filing
Erected but not commissioned turbines: 1,257 megawatts (Q1 FY27)
p. 4
“with more than 1,257 megawatts of erected, but waiting for commissioning turbines, this paves the way for uptick in the CODs going forward.”
Ajay Kapur, page 4 of the filed PDF · View the filing
Order book: 6.1 gigawatt (Q1 FY27)
p. 4
“Order book is a healthy 6.1 gigawatt reaffirming our market leadership.”
Ajay Kapur, page 4 of the filed PDF · View the filing
New orders secured: ~1 gigawatt (first 4 months of FY27)
p. 4
“In the first 4 months of FY27, we have already secured ~1 gigawatt of orders and continue to have a strong pipeline.”
Ajay Kapur, page 4 of the filed PDF · View the filing
Average selling price (ASP): INR6.3 crores per megawatt (Q1 FY27)
p. 4
“ASP increased from INR5.6 crores per megawatt in Q1 FY26 to INR6.3 crores per megawatt in Q1 FY27, aided by project mix.”
Ajay Kapur, page 4 of the filed PDF · View the filing
Foundry and forging revenue: INR126 crores (Q1 FY27)
p. 4
“Revenues at INR126 crores and EBITDA at INR22 crores with continued momentum driven by domestic demand and export growth.”
Ajay Kapur, page 4 of the filed PDF · View the filing
Consolidated net worth: INR9,869 crores (as of June 2026)
p. 5
“our balance sheet as of June 26, reflects a position of exceptional strength, with strong consolidated net worth of INR9,869 crores”
Rahul Jain, page 5 of the filed PDF · View the filing
Net cash position: INR2,322 crores (as of June 2026)
p. 5
“our net cash position of INR2,322 crores, further enhances our financial flexibility and resilience.”
Rahul Jain, page 5 of the filed PDF · View the filing
EPC share of business: 32% (Q1 FY27)
p. 11
“if you see last year, the same quarter, we were 22% share of EPC. And this year, we have 32% share of EPC.”
Ajay Kapur, page 11 of the filed PDF · View the filing
OMS/AMS EBITDA margin: 43% (Q1 FY27)
p. 12
“So that -- it's right. In this quarter, it's slightly elevated at 43%.”
Ajay Kapur, page 12 of the filed PDF · View the filing
RE AMS installed base: 16.1+ GW
p. 4
“Our RE AMS portfolio remained strong with16.1+ GW installed base in Indiaand machine availability crossing consistently above 95%.”
Ajay Kapur, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Annual RE installations — cross 10 gigawatts in the near term and reach 15 gigawatts by FY31 · near term to FY31
stated as an aspiration by Ajay Kapur
p. 3
“This momentum sets the stage for a multiyear growth cycle with annual installations expected to cross 10 gigawatts in the near term and reaching 15 gigawatts by FY31.”
Ajay Kapur, page 3 of the filed PDF · View the filing
Revenue growth (Suzlon 2.0) — 25% CAGR · next 5 years
stated as an aspiration by Rahul Jain
p. 5
“in the long term, we continue to grow in line with our ambitions set up for Suzlon 2.0 at 25% CAGR for the next 5 years.”
Rahul Jain, page 5 of the filed PDF · View the filing
EBITDA margin — 17% to 18%, plus minus 1% to 2% · FY27
stated conditionally by Rahul Jain
p. 7
“we have always said that our EBITDA margins between 17% to 18% last year was the position that we had taken. My sense is that this year also, plus minus 1% to 2% from there, we should be able to maintain”
Rahul Jain, page 7 of the filed PDF · View the filing
Capex — closer to INR700 crores plus minus INR100 crores
stated firmly by Ajay Kapur
p. 13
“So, capex, we had guided even earlier calls also closer to INR700 crores plus minus, maybe INR100 crores depending on the timing and sometimes permits and local issues. By and large, that guidance remains intact.”
Ajay Kapur, page 13 of the filed PDF · View the filing
DevCo investment cap — INR500 crores
stated firmly by Rahul Jain
p. 12
“our overall DevCo investment is expected to be INR500 crores on a revolving in nature.”
Rahul Jain, page 12 of the filed PDF · View the filing
BESS capacity — 3.1 gigawatts · FY31
stated as an aspiration by Ajay Kapur
p. 14
“Our target is that by FY31, we want to come with 3.1 gigawatts and we are working in that direction.”
Ajay Kapur, page 14 of the filed PDF · View the filing
OMS/AMS EBITDA margin — higher 30s, closer to 40%
stated as an aspiration by Ajay Kapur
p. 12
“I believe it should be more or less in the higher 30s and closer to 40%. That's the way we'll endeavor to work on.”
Ajay Kapur, page 12 of the filed PDF · View the filing
Repowering order book in India — confirmed order book from repowering · before end of this year
stated conditionally by Ajay Kapur
p. 9
“but the team is very confident that before we end this year, we would have already logged in confirmed order book from the repowering in India first.”
Ajay Kapur, page 9 of the filed PDF · View the filing
India wind capacity — 100 gigawatts · by 2030
stated as an aspiration by Ajay Kapur
p. 3
“India is set to achieve the near-term target of 100 gigawatts by 2030.”
Ajay Kapur, page 3 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the gap will continue but should improve as erected machines are commissioned, following a historical H1/H2 seasonal split.
Answered by Rahul Jain
Asked by Balasubramanian: What explains the gap between deliveries and commissioning, and when will erected inventory convert?
p. 5
“Historically, what we have seen is, let's say, about 35, 40 in H1 versus 60, 65 in H2.”
Rahul Jain, page 5 of the filed PDF · View the filing
Management cited upfronted Suzlon 2.0 investment expenses, lower operating leverage from reduced deliveries, and a mix shift away from the higher-margin AMS segment.
Answered by Rahul Jain
Asked by Mohit Kumar: What explains the weakness in WTG EBIT margin this quarter?
p. 6
“There are certain investments that we are making for our 2.0 Suzlon strategy. There is a strengthening of that position starting to happen. So therefore, some of the”
Rahul Jain, page 6 of the filed PDF · View the filing
Management quantified the one-time cost impact and said it should reduce as volumes ramp up.
Answered by Ajay Kapur
Asked by Sweta Jain: What was the margin impact from upfronted costs this quarter?
p. 9
“okay, so it's about INR40 crores to INR50 crores is what would be the number across various subheads”
Ajay Kapur, page 9 of the filed PDF · View the filing
Management attributed the rise to higher revenue driving higher working capital utilization, though borrowing rates had actually declined.
Answered by Rahul Jain
Asked by Amit Bhinde: Why did interest expense rise significantly year-on-year?
p. 12
“Given there are overall working capital utilization is which is flat to slightly higher and tracking that number, this number is dependent on the overall utilization of working capital, which is leading to a slightly higher interest cost.”
Rahul Jain, page 12 of the filed PDF · View the filing
Management clarified the Rs 500 crore figure was set earlier during the Suzlon 2.0 strategy announcement and remains the current cap.
Answered by Rahul Jain
Asked by Priyesh Babariya: Has the DevCo investment cap increased from earlier guidance of Rs 250-300 crore to Rs 500 crore, and can it grow further?
p. 14
“As of now, that's the cap that we have If there is a change on it, we'll certainly come back and give you the positioning around it, but that's what we've kept our, let's say, finance to guardrail around.”
Rahul Jain, page 14 of the filed PDF · View the filing
Management said the working capital cycle is not negatively impacted by EPC and has actually improved.
Answered by Rahul Jain
Asked by Neil Ostwal: Does rising EPC share worsen the working capital cycle?
p. 14
“we will see a significant reduction in the number right? So I think EPC or non-EPC working capital cycle is what it is. It is not negatively impacted by EPC.”
Rahul Jain, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions in the Middle East disrupted supply chains and logistics, deferring deliveries
p. 3
“While Middle East tensions created near-term supply chain disruptions, we have also reinforced the strategic importance of energy security, further strengthening the long-term investment case for domestic RE, especially wind energy.”
Ajay Kapur, page 3 of the filed PDF · View the filing
Deliveries deferred due to disruption affecting fuel availability and movement of equipment
p. 5
“Certain deliveries impacted on account of temporary supply chain and logistics disruptions arising from geopolitical tensions in the Middle East, whichimpacted fuel availabilityand movement of critical equipment including cranes, trailers and transport vehicles required for WTG execution.”
Rahul Jain, page 5 of the filed PDF · View the filing
Higher fixed costs from investments in Puducherry facility, leadership strengthening and Suzlon 2.0 initiatives
p. 5
“Higher fixed costs reflectsinvestments made to support scale, including the Puducherry facility, leadership strengthening and Suzlon 2.0 initiatives.”
Rahul Jain, page 5 of the filed PDF · View the filing
Foundry and forgings business impacted by geopolitical issues affecting major customers
p. 10
“This is 1 business which gets more impacted with the geopolitical issues which were happening in the recent past. We're trying to also increase the share of exports. The big customers we found got into the Gulf crisis.”
Ajay Kapur, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.