Suzlon Energy (SUZLON) Q1 26/27 earnings summary

Executive summary

• Achieved record Q1 FY27 deliveries of 506 MW, up 14% YoY, with 269 MW commissioned, despite supply chain disruptions from Middle East geopolitical tensions that deferred 10%-20% of deliveries to future quarters.

• Cumulative order book stands at 6.1 GW, with ~1 GW of new orders secured in the first four months, 84% from PSU and C&I sectors, reaffirming market leadership.

• Launched Suzlon 2.0 strategy, segmenting into RE Tech, RE DevCo, RE Projects, and RE AMS, with strategic investments in new turbine platforms (S175, S163), AI-enabled smart factories, and international expansion.

• Maintained strong cash balance and working capital to support growth.

Financial highlights

• Q1 FY27 consolidated revenue was ₹3,819 crore, up 23% YoY from ₹3,117 crore; EBITDA stood at ₹595 crore (15.6% margin), PAT at ₹305 crore, and PBT at ₹390 crore.

• EBITDA margin was 15.6% in Q1 FY27, down from 19.2% in Q1 FY26, due to upfront investments and supply chain disruptions.

• Net worth as of June 2026 was ₹9,869 crore, with a net cash position of ₹2,322 crore.

• Interest expense increased ~30% YoY, mainly due to higher working capital utilization, though borrowing rates have improved.

• Net profit margin for Q1 FY27 was 8.0%.

Outlook and guidance

• Management targets a 25% CAGR over the next five years, aiming for 10 GW annual RE sales by FY 2031 (75% wind, 25% solar/BESS), with robust order pipeline and continued investments in technology and capacity expansion.

• EBITDA margin guidance remains at 17%-18% for FY 2027, with some one-time costs expected to normalize as volumes ramp up.

• CapEx guidance is ₹700 crore ± ₹100 crore for FY 2027, focused on capacity expansion and new technology.

• DevCo investment is capped at ₹500 crore, with current utilization below this threshold.

• Wind capacity in India projected to surpass 100 GW by 2030, with strong policy and market tailwinds.