Suzlon Energy
Suzlon Energy
Industrials F&OKey Fundamentals
MidcapElectrical EquipmentCapital GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 45.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 38.5%
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 11.7%
- Tax rate seems low
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoSuzlon Energy Ltd, with a market cap of ~₹59,850 Cr and a PE of 19.2x, has delivered strong revenue growth of 45% TTM and profit growth of 50% TTM while becoming virtually debt-free. However, promoter holding remains low at 11.7%, the company pays no dividend despite repeated profitability, and the stock has declined 22% over the past year after a sharp multi-year rally.
- Company is almost debt-free, significantly de-risking the balance sheet compared to its historically leveraged position
- TTM sales growth of 45% signals strong order execution and rising demand in the Indian wind energy sector
- TTM profit growth of 50% demonstrates improving operational leverage and margin expansion
- 3-year ROE of 38% and last year ROE of 40% indicate highly efficient capital utilization
- 5-year compounded profit CAGR of 45.2% reflects a sustained earnings recovery trajectory
- 3-year compounded sales CAGR of 41% shows consistent top-line momentum, not a one-off spike
- PE of 19.2x is moderate relative to the company's 50% TTM earnings growth, implying a PEG ratio below 0.5x on trailing numbers
- 5-year stock CAGR of 50% reflects the market's recognition of the business turnaround, with the company now on a fundamentally stronger footing than a decade ago
- Promoter holding is low at just 11.7%, raising concerns about alignment of interests and vulnerability to hostile actions or large block sales
- Zero dividend yield despite repeated profitability suggests the company is either retaining cash for unstated purposes or lacks confidence in sustainable free cash flows
- Stock has declined 22% over the past 1 year, indicating possible re-rating risk or market concerns not captured in trailing financials
- Price-to-book ratio of 6.42x is elevated for an industrials company, leaving limited margin of safety if growth decelerates
- Tax rate appears low, which could normalize upward in future periods and compress reported net profit margins
- 10-year compounded sales CAGR of only 6% highlights that the recent growth surge follows a prolonged period of stagnation and restructuring
- 5-year ROE data is unavailable, making it difficult to assess whether the current 38-40% ROE is sustainable or an artifact of a low equity base post-restructuring
- 52-week high and low data are unavailable, limiting visibility into recent price volatility and technical support levels
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Stock down 16% YTD Sep 8
Suzlon shares fell from ₹47.50 to ₹43.90 in one month, down ~16% YTD with market cap at ₹62,377 crore as of Sep 4.
- Order inflow velocity decelerating Aug 25
Q2FY27 recorded only ₹201.60 crore in orders vs ₹1,400 crore in Q1FY27, a sharp sequential decline in order momentum.
- Operating margin compression Aug 25
Operating margins compressed to 15.33% in Q1FY27 from the 17% range in prior quarters, warranting monitoring.
- Institutional opposition to Tanti Sep 11
Institutional investors voted 38.38% against reappointment of director Vinod R. Tanti, signaling governance concerns despite 78.60% overall approval.
- Thin order book coverage Aug 25
Disclosed order book of ₹1,601.60 crore covers only 0.36 quarters of average quarterly revenue of ₹4,390 crore, indicating a relatively thin pipeline.
- Revenue up 52% YoY in FY26 Aug 25
Annual revenue grew from ₹10,993 crore in FY25 to ₹16,679 crore in FY26, a 51.7% YoY increase with positive free cashflow of ₹625 crore.
- 200 MW Ayana order win Sep 8
Suzlon secured its first 200 MW DevCo-led order from Ayana Renewable Power using 64 S144 turbines in Madhya Pradesh, pushing S144 platform past 10 GW cumulative sales.
- 250 MW Torrent order, 1.3 GW cumulative Aug 25
Won ₹250 crore order from Torrent Green Energy for 76 S144 turbines (3.3 MW each), bringing cumulative Torrent partnership past 1.3 GW and FY27 intake past 1.1 GW.
- ₹10,000 crore AP investment plan Aug 25
Suzlon plans to invest ₹10,000 crore in Andhra Pradesh for 1,325 MW of new wind projects targeting 5 GW capacity by 2030, creating ~4,000 jobs.
- Strong ESG progress in FY26 Aug 15
Suzlon achieved a 24.07% drop in Scope 1 emissions, Zero Waste to Landfill, and water neutrality at group level in FY26.
- AGM approves FY26 financials Sep 11
Shareholders approved FY26 financial statements with 99.92% support and cost auditor remuneration for FY27 with 99.96% support.
- New AMS President appointed Sep 4
Manjari Upadhye appointed President of Re Asset Management Services effective Sep 4, 2026, joining from Mahindra & Mahindra with 27 years of experience.
TL;DR: Suzlon is executing well on fundamentals with 52% revenue growth in FY26, steady order wins including the landmark 200 MW Ayana DevCo deal, and a healthy balance sheet with positive free cashflow. Key risks include sharp deceleration in Q2FY27 order inflows, margin compression from 17% to 15.33%, and persistent stock weakness at -16% YTD despite operational progress. The thin order book coverage at 0.36 quarters needs replenishment to sustain execution momentum. The trend is mixed — strong top-line growth and strategic expansion into new geographies are encouraging, but order velocity and margins need to stabilize for the stock to re-rate.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,351 | 1,421 | 1,560 | 2,196 | 2,022 | 2,103 | 2,975 | 3,790 | 3,132 | 3,871 | 4,236 | 5,493 | 3,829 |
| Expenses | 1,152 | 1,196 | 1,313 | 1,839 | 1,652 | 1,809 | 2,475 | 3,096 | 2,533 | 3,150 | 3,498 | 4,529 | 3,234 |
| Operating Profit | 199 | 225 | 248 | 357 | 370 | 294 | 500 | 693 | 599 | 721 | 738 | 964 | 595 |
| OPM % | 15% | 16% | 16% | 16% | 18% | 14% | 17% | 18% | 19% | 19% | 17% | 18% | 16% |
| Other Income | 19 | -28 | 9 | -16 | 23 | 18 | 28 | 35 | 33 | 27 | 23 | 97 | 33 |
| Interest | 62 | 44 | 14 | 44 | 45 | 56 | 70 | 85 | 103 | 110 | 114 | 135 | 134 |
| Depreciation | 55 | 51 | 39 | 44 | 46 | 54 | 66 | 93 | 70 | 75 | 80 | 93 | 106 |
| PBT | 101 | 102 | 203 | 253 | 302 | 202 | 391 | 551 | 459 | 562 | 567 | 833 | 389 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 1% | -114% | 29% | -127% | 21% | -34% | 22% |
| Net Profit | 101 | 102 | 203 | 254 | 302 | 201 | 388 | 1,181 | 324 | 1,279 | 445 | 1,114 | 305 |
| EPS in Rs | 0.08 | 0.08 | 0.15 | 0.19 | 0.22 | 0.15 | 0.29 | 0.87 | 0.24 | 0.94 | 0.33 | 0.82 | 0.22 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 19,954 | 9,483 | 12,714 | 8,116 | 5,025 | 2,973 | 3,346 | 6,582 | 5,971 | 6,529 | 10,890 | 16,732 | 17,429 |
| Expenses | 25,703 | 9,767 | 10,235 | 7,140 | 5,048 | 3,829 | 2,809 | 5,682 | 5,137 | 5,492 | 9,026 | 13,707 | 14,411 |
| Operating Profit | -5,749 | -283 | 2,479 | 977 | -23 | -856 | 537 | 900 | 833 | 1,037 | 1,863 | 3,025 | 3,019 |
| OPM % | -29% | -3% | 20% | 12% | -0.5% | -29% | 16% | 14% | 14% | 16% | 17% | 18% | 17% |
| Other Income | -194 | 2,563 | 109 | 555 | 92 | -42 | 823 | 95 | 2,739 | -24 | 97 | 178 | 180 |
| Interest | 2,065 | 1,304 | 1,288 | 1,581 | 1,270 | 1,367 | 996 | 735 | 421 | 164 | 255 | 462 | 493 |
| Depreciation | 809 | 392 | 389 | 342 | 342 | 419 | 258 | 260 | 260 | 190 | 259 | 318 | 354 |
| PBT | -8,816 | 584 | 912 | -391 | -1,543 | -2,684 | 105 | 0 | 2,892 | 659 | 1,447 | 2,422 | 2,352 |
| Tax % | 4% | -4% | 1% | 0% | -1% | 0% | 4% | 41648% | 0% | 0% | -43% | -31% | — |
| Net Profit | -9,133 | 583 | 852 | -384 | -1,537 | -2,692 | 104 | -177 | 2,887 | 660 | 2,072 | 3,163 | 3,144 |
| EPS in Rs | -19.95 | 0.94 | 1.38 | -0.57 | -2.32 | -4.01 | 0.1 | -0.17 | 2.28 | 0.49 | 1.53 | 2.33 | 2.31 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 742 | 1,004 | 1,005 | 1,064 | 1,064 | 1,064 | 1,702 | 1,843 | 2,454 | 2,722 | 2,732 | 2,745 |
| Reserves | -8,064 | -8,537 | -7,846 | -8,031 | -9,562 | -12,047 | -5,045 | -5,369 | -1,355 | 1,199 | 3,374 | 6,719 |
| Borrowings | 17,811 | 11,414 | 11,114 | 11,996 | 11,552 | 13,210 | 6,925 | 6,465 | 1,938 | 150 | 323 | 556 |
| Other Liabilities | 11,243 | 5,842 | 7,887 | 6,092 | 5,816 | 4,303 | 3,019 | 3,535 | 2,486 | 3,108 | 6,531 | 8,850 |
| Total Liabilities | 21,731 | 9,723 | 12,160 | 11,121 | 8,871 | 6,530 | 6,601 | 6,475 | 5,523 | 7,179 | 12,960 | 18,869 |
| Fixed Assets | 5,843 | 1,573 | 1,665 | 1,463 | 1,520 | 1,358 | 1,166 | 1,059 | 866 | 886 | 1,780 | 2,296 |
| CWIP | 356 | 233 | 206 | 353 | 229 | 122 | 107 | 20 | 6 | 20 | 105 | 190 |
| Investments | 266 | 393 | 670 | 67 | 20 | 20 | 23 | 0 | 0 | 8 | 43 | 217 |
| Other Assets | 15,266 | 7,524 | 9,619 | 9,237 | 7,102 | 5,030 | 5,305 | 5,396 | 4,651 | 6,264 | 11,032 | 16,166 |
| Total Assets | 21,731 | 9,723 | 12,160 | 11,121 | 8,871 | 6,530 | 6,601 | 6,475 | 5,523 | 7,179 | 12,960 | 18,869 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,119 | -739 | 1,602 | -109 | 1,267 | -929 | 530 | 1,302 | 491 | 80 | 1,092 | 1,202 |
| Investing | -825 | 4,482 | -643 | -138 | 125 | -32 | -24 | -19 | 85 | -152 | -749 | -914 |
| Financing | -199 | -5,656 | -1,249 | 492 | -1,898 | 969 | -327 | -1,045 | -709 | 132 | 343 | -155 |
| Net Cash Flow | 95 | -1,914 | -290 | 245 | -506 | 8 | 180 | 238 | -133 | 60 | 686 | 133 |
| Free Cash Flow | 429 | -1,126 | 1,211 | -764 | 1,020 | -1,029 | 482 | 1,226 | 477 | -147 | 724 | 626 |
| CFO/OP | -23 | 270 | 67 | -17 | -5,358 | 108 | 96 | 144 | 61 | 10 | 59 | 42 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 50 | 97 | 104 | 134 | 137 | 168 | 130 | 76 | 72 | 102 | 130 | 137 |
| Inventory Days | 90 | 164 | 168 | 216 | 355 | 400 | 503 | 186 | 176 | 210 | 171 | 152 |
| Days Payable | 122 | 193 | 233 | 180 | 265 | 253 | 366 | 155 | 86 | 165 | 156 | 172 |
| Cash Conversion Cycle | 18 | 68 | 39 | 170 | 227 | 315 | 266 | 107 | 162 | 148 | 145 | 117 |
| Working Capital Days | -96 | -56 | -155 | -100 | -328 | -1,465 | 84 | 16 | 66 | 103 | 73 | 84 |
| ROCE % | -48% | 11% | 53% | 15% | -8% | -48% | 10% | 21% | 20% | 25% | 33% | 34% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY15–FY27.
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Company Information
Suzlon Energy Limited is a wind-first group spanning turbine technology/manufacturing, project development/execution, and renewable-asset O&M. It has installed 22+ GW across 17 countries; key subsidiaries include Suzlon Global Services, SE Forge, and Renom. [1]
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