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Suzlon Energy

SUZLON NSE
₹37.45 +1.70 (+4.76%)
P/E
16.21
View as Markdown
MCP
Close 4 Nov 2026 ₹37.45 −22.16 −37.2% 1Y
Start ₹59.61

Key Fundamentals

MidcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
34.20%
Debt to Equity
0.06
EPS (TTM)
₹2.31
Book Value
₹7.52
Market Cap
—
P/E (TTM)
16.21
P/B
4.98
ROE
39.70%
Dividend Yield
0.00%
EBITDA
₹3,132 Cr
52W High
₹61.50
52W Low
₹33.15
Day Range
₹35.16 – ₹37.50
Volume
10,46,77,317

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

Suzlon Energy peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Suzlon Energy (this company)
₹37.4516.21₹50,790 Cr4.980.00%39.70%34.20%₹17,429 Cr₹3,143 Cr
Median 8 companies₹3,236.0070.90₹1,23,040 Cr15.250.21%22.15%29.65%₹13,588 Cr₹2,184 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

50 Average

Data confidence 95/100

Category scores

Quality
55
Good
Returns, margins, earnings quality 22% weight
Valuation
70
Strong
Cheap vs sector & own history 24% weight
Growth
97
Strong
Sales & profit trajectory 9% weight
Financial Health
34
Poor
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
29
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBearish261
Moving AveragesStrong Bearish802

Key readings

RSI (14)
44.68
Neutral
MACD (12,26,9)
−1.54
Bearish
SMA (50)
41.38
Bearish
SMA (200)
47.59
Bearish

As of

Analyst Rating

Based on 11 analysts
BUY91%

10 of 11 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
10
91%
HOLD
1
9%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+5.84%
5Y+37.98%
3Y+40.98%
1Y+53.65%
TTM+45.24%

Net profit

Net profit growth by window
10Y+18.42%
5Y+97.98%
3Y+3.09%
1Y+52.65%
TTM+50.10%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+17.79%
3Y+34.77%
1Y+10.07%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+21.06 pp
5Y+2.03 pp
3Y+4.13 pp
1Y+0.97 pp
TTM−0.06 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹12,714 Cr
Mar 2018₹8,116 Cr
Mar 2019₹5,025 Cr
Mar 2020₹2,973 Cr
Mar 2021₹3,346 Cr
Mar 2022₹6,582 Cr
Mar 2023₹5,971 Cr
Mar 2024₹6,529 Cr
Mar 2025₹10,890 Cr
Mar 2026₹16,732 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹852 Cr
Mar 2018−₹384 Cr
Mar 2019−₹1,537 Cr
Mar 2020−₹2,692 Cr
Mar 2021₹104 Cr
Mar 2022−₹177 Cr
Mar 2023₹2,887 Cr
Mar 2024₹660 Cr
Mar 2025₹2,072 Cr
Mar 2026₹3,163 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,154 Cr +54.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Suzlon Energy Ltd trades at ₹35.75 as of 2026-11-03 with a market cap of ₹48,934 crore, a P/E (TTM) of 15.48, and an ROE of 33.43%. The stock sits near its 52-week low of ₹33.15, having fallen roughly 42% from its 52-week high of ₹61.50, while the underlying business has delivered 45% TTM sales growth and 50% TTM profit growth.

Bull Case 8
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.06, giving the company significant financial flexibility in a capital-intensive sector.
  • Exceptional ROE of 33.43% as of 2026-11-03, with a 3-year average ROE of 38% and last year's ROE at 40%, indicating highly efficient use of shareholder capital.
  • TTM revenue growth of 45% and 3-year compounded sales growth of 41% reflect strong order execution momentum in India's expanding wind energy market.
  • TTM profit growth of 50% and 5-year compounded profit CAGR of 45% demonstrate sustained earnings acceleration well above the broader capital goods sector.
  • P/E (TTM) of 15.48 appears moderate relative to the company's 50% TTM profit growth, implying a PEG ratio well below 1 on trailing numbers.
  • ROCE of 27% signals that the business is generating strong returns on total capital employed, not just equity.
  • Stock is trading at ₹35.75, only about 8% above its 52-week low of ₹33.15, which may reflect a compressed valuation after a significant correction from the ₹61.50 high.
  • 10-year compounded profit growth of 23% and 10-year compounded sales growth of 6% show long-term business viability and a marked acceleration in the more recent years.
Bear Case 8
  • Promoter holding is low at 11.7%, which raises governance concerns and increases vulnerability to hostile actions or market-driven volatility.
  • The company pays zero dividend (yield of 0%) despite reporting repeated profits, offering no income return to shareholders.
  • The stock has delivered a 1-year return of -25%, significantly underperforming the broader market and indicating negative near-term sentiment.
  • Price-to-book ratio of 4.75 is elevated, meaning investors are paying a substantial premium over book value despite the recent price correction.
  • The tax rate appears low, which could mean current earnings are being flattered by tax benefits that may not persist, posing a risk to future net profit margins.
  • The stock has fallen approximately 42% from its 52-week high of ₹61.50 to the current ₹35.75, reflecting sharp erosion in market confidence over recent quarters.
  • Despite a 5-year stock CAGR of 44%, the 3-year stock CAGR of only 8% suggests that most share price gains occurred in earlier years and momentum has faded.
  • The wide gap between 10-year sales CAGR of 6% and 10-year profit CAGR of 23% implies that much of the profit growth came from margin expansion or one-time items rather than sustained top-line scaling, raising questions about future earnings durability.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Suzlon is executing strongly on deliveries with a record Q2 at 710 MW, a robust 6 GW order book, and a clean balance sheet validated by a CRISIL upgrade to AA-. The key risk is structural margin compression as EPC mix rises toward 50%, with EBITDA margin dropping to 14.8% in Q2 despite 26% revenue growth. The Suzlon 2.0 transformation from turbine maker to full-stack player is progressing but comes at a near-term profitability cost. H2 FY27, which should carry 60-65% of deliveries, will be the critical test of whether margins can recover toward the guided 16-17% range.

Headwinds 5
  • EBITDA margin compression to 14.8% Oct 30

    Q2 FY27 EBITDA margin contracted from 18.6% to 14.8% YoY despite revenue growing 26% to ₹4,869 crore; RE solutions segment margin dropped from ~14.8% to ~8.8%.

  • EPC mix shift pressures margins Oct 30

    EPC orders now 38% of order book (up from 22% a year ago), targeting 50% by FY28. Higher pass-through costs inflate revenue but structurally lower margin percentages.

  • H2 must deliver margin recovery Oct 30

    H1 FY27 margin running at ~15.2% vs full-year guidance of 16-17%; H2 needs significant improvement with 60-65% of deliveries still pending to meet management targets.

Positives 6
  • Record Q2 deliveries of 710 MW Oct 30

    Suzlon shipped 710 MW in Q2 FY27, its strongest Q2 ever, with commissioning jumping 69% sequentially to 454 MW and revenue rising 26% YoY to ₹4,869 crore.

  • CRISIL upgrades rating to AA- Oct 30

    Long-term bank facilities upgraded to AA-/Stable from A+/Stable covering ₹5,685 crore of debt; short-term rating moved to A1+, reflecting improved scale, margins, and net cash of ₹2,048 crore.

  • 6 GW order book, 2.5 yr visibility Oct 30

    Order book at 6,009 MW with ~78% from PSUs and C&I customers; DevCo orders exceeded 1.1 GW in H1 FY27, accounting for over 70% of 1.5 GW order intake.

Neutral 2
  • Suzlon Foundation made subsidiary Oct 30

    Board approved acquiring 100% of Suzlon Foundation Limited for ₹10 lakh to bring CSR operations in-house; financially immaterial against ₹10,277 crore net worth.

  • Capex guided at ~₹700 crore Oct 30

    FY27 capex guidance of ₹700 crore (±₹100 crore) directed at new plants and AI-enabled blade factories for 5 MW series, with DevCo deployment capped at ~₹500 crore on a revolving basis.

Quarterly Results

₹ Cr
SUZLON quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
4,876
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
4,156
Operating Profit
199
225
248
357
370
294
500
693
599
721
738
964
595
720
OPM %
15%
16%
16%
16%
18%
14%
17%
18%
19%
19%
17%
18%
16%
15%
Other Income
19
−28
9
−16
23
18
28
35
33
27
23
97
33
32
Interest
62
44
14
44
45
56
70
85
103
110
114
135
134
123
Depreciation
55
51
39
44
46
54
66
93
70
75
80
93
106
111
PBT
101
102
203
253
302
202
391
551
459
562
567
833
389
518
Tax %
0%
0%
0%
0%
0%
0%
1%
−114%
29%
−127%
21%
−34%
22%
24%
Net Profit
101
102
203
254
302
201
388
1,181
324
1,279
445
1,114
305
394
EPS (₹)
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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SUZLON profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
−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

₹ Cr
SUZLON balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
SUZLON cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
−23
270
67
−17
−5,358
108
96
144
61
10
59
42

Ratios

SUZLON financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Suzlon Energy insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 40.49%
  • FIIs 23.63%
  • Others 13.93%
  • Promoters 11.70%
  • DIIs 10.25%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Suzlon Energy

What does Suzlon Energy Ltd do?
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.
Where is Suzlon Energy Ltd (SUZLON) listed?
Suzlon Energy Ltd trades as SUZLON on the NSE and under code 532667 on the BSE.
Which sector does Suzlon Energy Ltd belong to?
Suzlon Energy Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of Suzlon Energy Ltd?
Suzlon Energy Ltd trades at a PE ratio of 16.21 as of 4 Nov 2026, on earnings per share of ₹2.31, against a book value of ₹7.52 per share.
What is the 52-week high and low of Suzlon Energy Ltd?
Over the last 52 weeks Suzlon Energy Ltd has traded between ₹33.15 and ₹61.5 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Suzlon Energy Ltd?
Suzlon Energy Ltd reported a return on equity of 39.70%. Its debt-to-equity ratio is 0.06.

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.

Website suzlon.com
CEO Mr. Vinod R. Tanti
Employees 6,662
Listed 19 Oct 2005
Face Value ₹2

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