Suzlon Energy

Listed Wind — per-stock model.

As of 21 Aug 2026

Wind—

CMP ₹47NSE: SUZLON

Latest concall

Q4 FY26 · 25 May 2026

Record FY26 revenue ₹16,679cr; Q4 rev ₹5,468cr +45% YoY, PAT ₹1,114cr.
Order book 5.9 GW, 66% from C&I and PSU customers.
Record deliveries: 830 MW in Q4, 2,456 MW FY26 — highest-ever in India.
975 MW erected awaiting commissioning; 350 MW ready, pending customer readiness.

Order-book execution

5.9 GW book executes over ~2-3 years as commissioning ramps toward record annual volumes.

Management guidance

India wind installs seen 8 GW FY27, 10 GW FY28; Suzlon eyes share gains.
FY26 EBITDA ₹3,022cr +63%, margin 18.1%; volume scale-up to lift profit.
Development pipeline 22-23 GW identified, ~8 GW in advanced stages.

Suzlon Q4 FY26 results/concall, ~May 25 2026; Yahoo Finance, DSIJ, Angel One, sahi.com

Revenue FY26E

16,732₹ cr

EBITDA margin

18%

P/E

20.2×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	19,954	-5,749	-29.0%	-9,133	—	—	—	—	—	-19.9	—
FY16	9,483	-283	-3.0%	583	—	—	—	—	—	0.9	—
FY17	12,714	2,479	20.0%	852	—	—	—	—	—	1.4	—
FY18	8,116	977	12.0%	-384	—	—	—	—	—	-0.6	—
FY19	5,025	-23	-0.5%	-1,537	—	—	—	—	—	-2.3	—
FY20	2,973	-856	-29.0%	-2,692	—	—	—	—	—	-4.0	—
FY21	3,346	537	16.0%	104	—	—	—	—	—	0.1	—
FY22	6,582	900	14.0%	-177	—	—	—	—	—	-0.2	—
FY23	5,971	833	14.0%	2,887	—	—	—	—	—	2.3	—
FY24	6,529	1,037	16.0%	660	—	—	—	—	—	0.5	—
FY25	10,890	1,863	17.0%	2,072	—	—	—	—	—	1.5	—
FY26	16,732	3,022	18.0%	3,163	—	—	—	—	—	2.3	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	1,351	199	15.0%	101	7.5%
Q2FY24	1,421	225	16.0%	102	7.2%
Q3FY24	1,560	248	16.0%	203	13.0%
Q4FY24	2,196	357	16.0%	254	11.6%
Q1FY25	2,022	370	18.0%	302	14.9%
Q2FY25	2,103	294	14.0%	201	9.6%
Q3FY25	2,975	500	17.0%	388	13.0%
Q4FY25	3,790	693	18.0%	1,181	31.2%
Q1FY26	3,132	599	19.0%	324	10.3%
Q2FY26	3,871	721	19.0%	1,279	33.0%
Q3FY26	4,236	738	17.0%	445	10.5%
Q4FY26	5,493	964	18.0%	1,114	20.3%
Q1FY27	3,829	595	16.0%	305	8.0%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

20.2×

EV / EBITDA

21.3×

P/B

6.7×

Operating metrics

What the rest of the dashboard tracks for Suzlon Energy — capacity, auctions, offtake, manufacturing and returns.

Policy exposure

Schemes whose impact note names this company

Policy

RLMM to ALMM (Wind) AmendmentManufacturingActive
Favours domestic turbine makers with local supply chains — Suzlon, Inox Wind; pressures import-reliant players to localise their components.
Offshore Wind VGF SchemeDemandActive
Opens a new market for wind developers and turbine makers — Suzlon, Inox Wind, NTPC — plus port and EPC contractors.
National Wind Repowering & Life Extension Policy 2023DemandActive
Refresh demand for turbine makers — Suzlon, Inox Wind; benefits legacy wind operators (Orient Green, Inox Green's O&M base) upgrading ageing fleets.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026