Suzlon Energy Ltd(SUZLON)

NSE: SUZLONBSE: 532667

₹ 37.4-2.86%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 51,411 crNext results: 29 Oct 2026Website: www.suzlon.comUpdated: 24 Oct 2026

About

Suzlon Energy is India's leading wind-first, full-stack renewable energy company, manufacturing wind turbine generators and providing operations & maintenance services across three business segments. The company has installed approximately 22,000 MW of wind capacity across 17 countries and holds a cumulative 28% market share in India. FY26 revenue was Rs 16,731.84 Cr.^[1][2]

Business segments

Wind Turbine Generator: 82.0% of revenue (Rs 14,040.19 Cr) in FY26, EBIT margin 13.2%.^[3]
Operation & Maintenance Service: 14.5% of revenue (Rs 2,483.85 Cr) in FY26, EBIT margin 30.6%.^[3]
Foundry & Forging: 3.5% of revenue (Rs 596.49 Cr) in FY26, EBIT margin 14.5%.^[3]
WTG segment revenue share has risen 20 percentage points since FY18, while OMS share has contracted 5.3 pp over the same period.^[3]

Products and technology platform

Current product portfolio spans 2.x MW, 3.x MW, 5.x MW, and 6.x MW wind turbine systems, organised under four lines: RE Tech (Wind, Storage, Solar), RE DevCo, RE Projects, and RE AMS.^[1]
Blue Sky international platform launched at WindEurope 2026: S175 (5 MW) for low-wind sites and S163 (6.3 MW) for higher wind regimes, tip heights up to 250 metres.^[1]
S175 first domestic order secured in Q1 FY27; deliveries expected from end-FY27. S163 (6.x MW) first installation targeted H1 FY28.^[4]
A 3.3 MW variant with revised power curve offering lower LCOE than the 3.15 MW has begun selling.^[5]

Manufacturing operations

15 manufacturing locations across India with total annual capacity of 4,500 MW as of Q1 FY27.^[1]
Nacelle and hub facility at Puducherry (est. 2021, 2,520 MW/yr); nacelle cover facility at Daman (est. 2005, 2,520 MW/yr).^[1]
Rotor blade plants at Anantapur, AP (1,260 MW/yr); Dhule, Maharashtra (1,050 MW/yr); Bhuj, Gujarat (840 MW/yr); Jaisalmer Unit 1, Rajasthan (630 MW/yr); Ratlam Unit 1, MP (630 MW/yr).^[1]
SE Forge in Coimbatore, Tamil Nadu has casting capacity of 120,000 MT/yr and 42,000 rings/yr (est. 2006).^[1]
R&D centres in Pune, Chennai, Bengaluru and Vadodara, and internationally in Germany, Netherlands and Denmark.^[1]

Key operating numbers

WTG deliveries: 506 MW in Q1 FY27 (highest-ever June quarter), versus 830 MW in Q4 FY26 and 2,456 MW for full-year FY26 (+58% YoY).^[4]
Order book: 6.1 GW as of Q1 FY27, versus ~5,900 MW per the FY26 annual report; approximately 1 GW of new orders in the first four months of FY27.^[4][1]
Average selling price rose from Rs 5.6 cr/MW in Q1 FY26 to Rs 6.3 cr/MW in Q1 FY27, driven by higher EPC share in revenue mix.^[4]
EPC share of revenue: 32% in Q1 FY27, up from 22% in Q1 FY26; EPC share of order book was 28% at end of Q4 FY26.^[4]
Commissioning: 269 MW in Q1 FY27 (+2.3x YoY from 117 MW); 1,257 MW erected and awaiting COD at quarter end.^[4]
OMS installed base 16.1+ GW in India as of Q1 FY27, availability above 95%; service fleet 22,000+ MW per FY26 annual report.^[4][1]
S144 cumulative orders of ~9,000 MW as of FY26.^[1]

Customers and distribution

Order book is 85% from PSU and C&I customers as of Q1 FY27, versus 66% of ~5,900 MW per the FY26 annual report.^[4][1]
Largest single order in FY26 was 838 MW FDRE-linked from TPREL; notable EPC orders include BrightNight and ArcelorMittal (248.9 MW).^[1]
AMS business serves 1,900+ customers across 110+ sites in India, managing 9,600+ wind turbines.^[1]
Renom Energy Services (multi-brand O&M subsidiary) manages 3,585 MW across 15 OEM models for 200+ customers.^[1]
Global installed base of approximately 21.5 GW across 17 countries, including approximately 6 GW outside India.^[1]

Expansion and capex

Two new rotor blade units under construction: Jaisalmer Unit 2, Rajasthan and Ratlam Unit 2, Madhya Pradesh (630 MW/yr each, est. 2026).^[1]
FY27 capex guided at approximately Rs 700 cr ±100 cr, excluding DevCo land investment of up to Rs 500 cr (revolving); Rs 200 - 300 cr already deployed.^[4]
DevCo: 22 - 23 GW of sites identified with 8 GW in active development; 60% of new orders in the first four months of FY27 originated from DevCo.^[6]
Andhra Pradesh extended the Project Implementation Agreement by 24 months for 2.1 GW; 1,325 MW to be converted into EPC contracts by end-December 2026.^[6]
BESS capacity target of 3.1 GW by FY31; technology partnership discussions ongoing as of Q1 FY27.^[4]
First export shipment targeted 18 - 24 months from Q1 FY27; markets include Europe, Australia, Latin America and Southeast Asia.^[4]

Recent developments

Q1 FY27 deliveries were the highest-ever June quarter despite 10 - 20% of planned deliveries deferred by West Asia supply chain disruptions.^[4]
First S175 turbine installed in May 2026.^[4]
Ajay Kapur became Group CEO on 24 Feb 2026; Rahul Jain became CFO on 15 Dec 2025 after the previous CFO resigned effective 31 Aug 2025.^[1]
Independent directors Pedersen and Doshi ceased to be on the board during FY26.^[1]
Paulo Soares appointed President Europe in Q3 FY26; export orders expected in FY27 with first revenue in FY28.^[5]
GST on wind turbines cut from 12% to 5%, expected to reduce LCOE by Rs 0.15 - 0.17/unit.^[7]
Ranked in the top 10 of Corporate Knights' Global 100 Most Sustainable list for 2026.^[1]

Market Cap

₹51,411 Cr

High / Low

₹61 / 36

Stock P/E

16.3

Price / Book

5.4

Book Value

₹7

EPS

₹2.3

No. of Shares

1,371.47 Cr

ROCE

31.9%

ROE

40.6%

OPM

16.7%

Debt / Equity

0.03

Sales

₹16,732 Cr

Net Profit

₹3,163 Cr

Promoter holding

11.7%

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Suzlon Energy Ltd(SUZLON)

About

Business segments

Products and technology platform

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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