← Throughline · holding view Deep analysis ↗ Q3 FY26
SUZLON Suzlon Energy Limited · Other Q3 FY26 · concall
Pattern: 5 mw turbine launch

FY26 60% commitment delivered: revenue INR16,679cr +54%, EBITDA INR3,022cr +63%.

1 weak · 6 clean — pushback across 1 of 7 Q&A turns

Focused evidence 1 of 7

Deepesh Agarwal · UTI AMCweak

5 MW turbine launch timeline — Chinese peers ahead?

Let me define how far is actually a very subjective question, Deepesh. If you ask me, we are very near. Okay? But that very near could be little far for you. But anyway, what I want to reassure you is that our 5 megawatt turbine is now getting into the proto stage and that will come at appropriate time.

▸ Other Q&A (6)
Sumit Kishore · Axis Capital

Aging of 2,354 MW execution pipeline + receivables overdue?

Pre '25 I think would be somewhere around 50 to 60 megawatts. So that is what it is that -- be predominantly one project in Karnataka, which is stuck because of land and various things. Otherwise, there's nothing beyond that.

Sumit Kishore · Axis Capital

WTG EBITDA margin dip Q3 13.7% vs 16% Q2 — why?

the average sales price of turbine has come down in this quarter because it depends upon whom are we supplying because contract to contract realization changes. The impact of change in the mix of customers because we'll keep changing quarter-to-quarter, change in the mix of customers to whom we supplied and the average sales price coming down, impact of that is almost close to 200 basis points, 190 basis points. Secondly, is the project revenue, yes, that is where you can say EPC or SIA, only EPC SIA. Projects revenue has gone up this quarter.

Sumit Kishore · Axis Capital

DevCo standalone FDRE project development vertical — balance sheet implications?

this is nothing, but what we have been talking from, I think, last few quarters of our taking the development route to increase our EPC share. We said that we keep some seed capital and start doing it. So we will start having that strategic sales for year 3, 4, 5. There is no significant change in business model, but we are creating a business unit, which is more focused only in that.

Deepesh Agarwal · UTI AMC

Renewable tenders weak — order book growth confidence?

First one is that the current order book even if you look at 51% is from C&I and captive segment. No involvement in the bidding. 36% is from bidding. And about the 13% is from PSU segment. So our involvement in the bidding is to the extent of 36%.

Deepesh Agarwal · UTI AMC

Exports — EU FTA + US trade deal + Paulo Soares appointment?

We are exploring Europe, Australia, South Africa, Middle East and few other countries. As I said earlier, you will see some traction some terms of orders getting announced in the next financial year, but the supply starting and the revenue flowing in will be in FY28.

Shiva · Purnartha Investment Advisors

SE Forge non-wind revenue ramp + US tariff impact?

You would clearly see in FY 27 the revenues coming from non-wind substantially going up compared to what it is now. And second is that because of the US trade deal till now whatever the tariff was there, so we had an impact on US exports. We export big way to US specifically to GE. But now with the trade deal announced and that will again come back.

▸ Prepared remarks (5 blocks)
India's wind sector is witnessing its strongest growth phase. The year 2025 has been a landmark with wind installations touching a record 6.34 giga watt, surpassing the previous peak and clearly reaffirming the vast demand potential of wind energy in the country. Industry is well positioned to move to higher installation year-after-year with a clear trajectory to surpass 10 gigawatt over the next 2 years. Suzlon is also focusing for strong export-driven volume growth powered by competitive Make in India manufacturing base and our long-standing global operating experience.
With the EU trade agreement already in place and a US trade deal getting finalized, Suzlon is well positioned to tap significant export opportunities both for WTGs and for SE Forge's castings. Suzlon has set a new benchmark in execution by delivering a record-breaking 617 megawatt in Q3 FY '26, the highest ever quarterly deliveries in India since inception.
Yet again, highest ever order book of 6.4 gigawatt reaffirming our market leadership, powered by over 3 gigawatt new order wins in this financial year itself, resulting in book-to-bill ratio of <strong>1.9x</strong>. The focus now is on expanding our EPC offering, which ha s grown from 20% to 27% in Q3, which enhances our competitive edge and further help to accelerate order book growth.
Our forging and foundry business is unlocking its potential, delivering 33% Y-o-Y reven ue growth in nine months to INR429 crores with EBITDA to INR88 crores. We expect this growth momentum to continue with stronger domestic demand and export opportunities.
Suzlon reported a revenue of INR<strong>4,228 crore</strong>s in Q3 FY '26 with an EBITDA reaching INR739 crores, a robust 48% year-on-year growth wit h PBT of INR567 crores and a PAT of INR445 crores. With strong performance in the first 9 months, we are firmly on track to achieve our FY '26 guidance of 60% Y-o-Y growth across key KPIs.
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