Suzlon Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Suzlon Energy Ltd filed with BSE on 02 Jun 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 Q4 FY26 consolidated revenue of Rs 5,468 crores with EBITDA of Rs 964 crores, up 39% year-on-year, and delivered a record 830 megawatts for the quarter. For the full year, revenue grew 54% to Rs 16,679 crores, EBITDA rose 63% to Rs 3,022 crores, and deliveries grew 58% to 2,456 megawatts. Management also discussed an extension of the Andhra Pradesh project implementation agreement covering 2.1 gigawatts of development rights and a growing order book of 5.9 gigawatts weighted toward C&I and PSU segments.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: Rs 5,468 crores (Q4 FY26)
p. 5
“Suzlon reported consolidated revenue of INR5,468 crores in Q4 FY '26 with EBITDA reaching INR964 crores, a robust 39% year-on-year growth with PBT of INR833 crores and with a PAT of INR1,114 crores.”
Rahul Jain, page 5 of the filed PDF · View the filing
EBITDA: Rs 964 crores (Q4 FY26)
p. 5
“Suzlon reported consolidated revenue of INR5,468 crores in Q4 FY '26 with EBITDA reaching INR964 crores, a robust 39% year-on-year growth with PBT of INR833 crores and with a PAT of INR1,114 crores.”
Rahul Jain, page 5 of the filed PDF · View the filing
Deliveries: 2,456 megawatts (FY26)
p. 5
“For the full year FY '26, deliveries grew 58% to 2,456 megawatts.”
Rahul Jain, page 5 of the filed PDF · View the filing
Revenue: Rs 16,679 crores (FY26)
p. 5
“Strong execution momentum drove revenues up to INR16,679 crores, up 54% Y-o-Y.”
Rahul Jain, page 5 of the filed PDF · View the filing
WTG segment revenue: Rs 14,040 crores (FY26)
p. 5
“The WTG segment revenues grew 65% to INR14,040 crores, with contribution margin at 24.5%.”
Rahul Jain, page 5 of the filed PDF · View the filing
Consolidated EBITDA: Rs 3,022 crores (FY26)
p. 5
“Consolidated EBITDA increased to INR3,022 crores reflecting a strong operating leverage with 63% Y-o-Y growth.”
Rahul Jain, page 5 of the filed PDF · View the filing
EBITDA margin: 18.1% (FY26)
p. 5
“EBITDA margin expanded to 18.1%, up 100 basis points Y-o-Y.”
Rahul Jain, page 5 of the filed PDF · View the filing
PBT: Rs 2,422 crores (FY26)
p. 5
“PBT rose 67% to INR2,422 crores with PAT improving to INR3,153 crores.”
Rahul Jain, page 5 of the filed PDF · View the filing
PAT: Rs 3,153 crores (FY26)
p. 5
“PBT rose 67% to INR2,422 crores with PAT improving to INR3,153 crores.”
Rahul Jain, page 5 of the filed PDF · View the filing
Net worth: Rs 9,464 crores (as of March 2026)
p. 5
“We are pleased to report that our balance sheet as of March '26, reflects the position of exceptional strength with consolidated net worth of INR9,464 crores.”
Rahul Jain, page 5 of the filed PDF · View the filing
Net cash balance: Rs 2,384 crores (as of March 2026)
p. 5
“Our net cash balance at INR2,384 crores further enhances our financial flexibility and resilience.”
Rahul Jain, page 5 of the filed PDF · View the filing
Forging & Foundry revenue: Rs 597 crores (FY26)
p. 5
“The revenue at INR597 crores, up 22% Y-o-Y and EBITDA at INR119 crores, up 61% Y-o-Y, which continued momentum driven by domestic demand and export growth.”
Ajay Kapur, page 5 of the filed PDF · View the filing
Order book: 5.9 gigawatt
p. 4
“Order book of 5.9 gigawatt consists of 66% of C&I and PSU segment, which is fast growing.”
Ajay Kapur, page 4 of the filed PDF · View the filing
S144 order intake: close to 9 gigawatts
p. 4
“Our S144 order intake has reached close to 9 gigawatts, a strong endorsement of its advanced technology and customer trust.”
Ajay Kapur, page 4 of the filed PDF · View the filing
OMS EBITDA margin: 40.5% (FY26)
p. 3
“And accordingly, at the end of the year, we achieved the EBITDA of 40.5%.”
J.P. Chalasani, page 3 of the filed PDF · View the filing
EPC share of order book: 28%
p. 3
“In Q2, we were at around 20%. Now we reached 28% and we expect it to continue to grow in FY '27 and ultimately reach 50% in FY '28.”
J.P. Chalasani, page 3 of the filed PDF · View the filing
Deferred tax asset recognition: Rs 742 crores (FY26)
p. 5
“Let me also say that, PAT includes a deferred tax asset recognition of INR742 crores for the year FY '26.”
Rahul Jain, page 5 of the filed PDF · View the filing
Deferred tax adjustment: Rs 281 crores (Q4 FY26)
p. 15
“So the number on the reported PAT that I have for the quarter is about INR281 crores.”
Rahul Jain, page 15 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.
EPC share of order book — 50% · FY28
stated firmly by J.P. Chalasani
p. 3
“In Q2, we were at around 20%. Now we reached 28% and we expect it to continue to grow in FY '27 and ultimately reach 50% in FY '28.”
J.P. Chalasani, page 3 of the filed PDF · View the filing
Andhra Pradesh 1,325 MW EPC conversion — 1,325 megawatts · next 6 months from June
stated firmly by J.P. Chalasani
p. 4
“Beyond this 775, we have 1,325 megawatt, which will completely get monetized from June onwards in the next 6 months.”
J.P. Chalasani, page 4 of the filed PDF · View the filing
Wind industry installations — 10 gigawatt · near term
stated as an aspiration by Ajay Kapur
p. 4
“This momentum sets the stage for a multiyear growth cycle with installations expected to cross 10 gigawatt in the near term and reaching 15 gigawatts in the next 5 years.”
Ajay Kapur, page 4 of the filed PDF · View the filing
India installed wind capacity — 100 gigawatts · by 2030
stated as an aspiration by Ajay Kapur
p. 4
“With 56 gigawatt already installed and a strong pipeline of STU and PSU bids as well as C&I demand, India is set to achieve the near-term target of 100 gigawatts by 2030.”
Ajay Kapur, page 4 of the filed PDF · View the filing
Industry wind installations — 8 gigawatt in FY27, 10 gigawatt in FY28, ~15 gigawatts by FY30/31 · FY27-FY31
stated as an aspiration by Ajay Kapur
p. 8
“Our numbers would be more or less plus/minus you can give some leeway, 8 gigawatt in '27 and maybe 10 gigawatt in '28.”
Ajay Kapur, page 8 of the filed PDF · View the filing
WTG margins — FY27
stated conditionally by Rahul Jain
p. 10
“WTG margins, I don't think materially can go down.”
Rahul Jain, page 10 of the filed PDF · View the filing
Capex run rate — INR600-odd plus minus 50 · next 3-4 years
stated as an aspiration by Ajay Kapur
p. 16
“We would have a run rate of about INR600-odd plus minus 50 going forward.”
Ajay Kapur, page 16 of the filed PDF · View the filing
Deferred tax charge — Rs 3,000 crores to Rs 3,500 crores unrecognized deferred tax assets · next two years
stated conditionally by Rahul Jain
p. 16
“Rough estimates on this are in the range of about INR3,000 crores to INR3,500 crores in terms of unrecognized deferred tax assets.”
Rahul Jain, page 16 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 order book grew from 5 to 5.9 gigawatts and expects EPC contract closures to accelerate from June.
Answered by J.P. Chalasani
Asked by Mohit Kumar: Will order inflow decline for a couple of quarters given a slower Q4?
p. 6
“Right now, we are in advanced stage, and I think you will significantly start hearing from June itself this quarter, the EPC orders getting closed.”
J.P. Chalasani, page 6 of the filed PDF · View the filing
Management explained NTPC is shifting from split contracts to turnkey EPC contracts, which should benefit Suzlon.
Answered by J.P. Chalasani
Asked by Mohit Kumar: How is the NTPC/PSU pipeline progressing given slow closures?
p. 6
“We have a significant pipeline now moving away from split contracts to EPC contracts.”
J.P. Chalasani, page 6 of the filed PDF · View the filing
Management attributed the gap to receivables buildup from PSU contracts, which was anticipated and priced into tenders.
Answered by Rahul Jain
Asked by Sumit Kishore: Why is operating cash flow lower than EBITDA, and is there a working capital buildup?
p. 8
“Working capital is predominantly a receivables buildup as primarily due to the PSU contracts. However, this was anticipated and factored into the tender pricing as well.”
Rahul Jain, page 8 of the filed PDF · View the filing
Management said some contracts have currency pass-through and cost management has mitigated most of the impact.
Answered by Rahul Jain
Asked by Abhishek Nigam: Does rupee depreciation require price hikes to maintain margins?
p. 10
“Yes, there is an impact but again, with our cost management drives, we've been able to mitigate that impact to a very large extent is what I would say.”
Rahul Jain, page 10 of the filed PDF · View the filing
Management clarified it relates to SE Forge, from an old arbitration matter settled in the company's favor.
Answered by Rahul Jain
Asked by Prakhar Porwal: What drove the Rs 70 crore exceptional item in the consolidated statements?
p. 11
“Actually, it is fully SE Forge, it was an old arbitration matter that got settled in our Favor.”
Rahul Jain, page 11 of the filed PDF · View the filing
Management pointed to improved quarterly commissioning momentum and reorganization of the line organization.
Answered by Ajay Kapur
Asked by Satpal Singh Khanuja: When will erected-but-uncommissioned capacity convert to installations?
p. 13
“In RR, we did 573 versus that, this quarter was 830, which was 45% improvement.”
Ajay Kapur, page 13 of the filed PDF · View the filing
Management said about 8 gigawatts of development work is progressing, with some sites converting into EPC contracts, and confirmed EPC contracts are not announced as coming from the development pipeline.
Answered by J.P. Chalasani
Asked by Shweta Jain: What is the status of the 22-23 gigawatt development pipeline discussed previously?
p. 14
“We've talked about 22 to 23 gigawatts of identified sites and about 8 gigawatts development that work is progressing.”
J.P. Chalasani, page 14 of the filed PDF · View the filing
Management said the current deployment is around Rs 300-350 crores, with more working capital needs expected as the model develops.
Answered by Rahul Jain
Asked by Nikhil Abhyankar: What capital has been deployed for the DevCo model and what is the threshold?
p. 16
“As of now, the number is in the range of about 300, 350.”
Rahul Jain, page 16 of the filed PDF · View the filing
Risks flagged
Tightening of the Deviation Settlement Mechanism (DSM) for wind could increase penalties for forecasting inaccuracy
p. 7
“the CERC has come now for wind changing it from plus minus 15 to plus minus 10.”
J.P. Chalasani, page 7 of the filed PDF · View the filing
Rupee depreciation and geopolitical volatility affecting input costs
p. 10
“Again, while there is a geopolitical situation that is prevailing as of now, we are always on a cost management drive to be able to reduce our cost to deliver better value to our customers.”
Rahul Jain, page 10 of the filed PDF · View the filing
EPC contract closures take longer due to multiple sequential agreements
p. 6
“EPC contracts take a little longer time to close in terms of contracting, because multiple contracts.”
J.P. Chalasani, page 6 of the filed PDF · View the filing
Commodity cost volatility, including steel, despite pass-through clauses
p. 12
“But obviously, there is -- this is an environment that is also volatile.”
Rahul Jain, page 12 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.