Suzlon Energy (SUZLON) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 FY26 deliveries of 565 MW, marking 121% year-on-year growth and the highest-ever Q2 delivery, with consolidated revenue rising 85% year-on-year to ₹3,866 crore.

• EBITDA surged 145% year-on-year to ₹721 crore, and PAT increased 538% year-on-year to ₹1,279 crore, aided by deferred tax asset recognition.

• Maintained a record order book exceeding 6 GW, providing strong revenue visibility and market leadership.

• Net cash position stood at ₹1,480 crore as of September 2025, supporting financial flexibility.

• Strategic focus on land development, with 23+ GW of potential sites identified and 7+ GW under development to accelerate EPC share and execution velocity.

Financial highlights

• Q2 FY26 consolidated revenue reached ₹3,866 crore, up 85% year-on-year, with H1 FY26 revenue at ₹6,983 crore, up 70% year-on-year.

• Q2 FY26 EBITDA was ₹721 crore (up 145% year-on-year), and H1 FY26 EBITDA was ₹1,320 crore (up 99% year-on-year).

• Q2 FY26 PAT reached ₹1,279 crore (up 538% year-on-year), with H1 FY26 PAT at ₹1,604 crore (up 219% year-on-year), including deferred tax asset recognition.

• Net worth increased to ₹7,860 crore as of September 2025.

• Forging and foundry business posted 53% year-on-year revenue growth in H1 FY26, with EBITDA at ₹52 crore.

Outlook and guidance

• FY26 guidance reaffirmed for 60% year-on-year growth across all key performance parameters.

• Robust execution pipeline of 1,865 MW and groundwork in 29 projects across 7 states provide clear revenue outlook.

• Targeting a shift in EPC share from current 20% to 50% by FY28, leveraging land development strategy.

• Confident of maintaining a 25% market share in national wind capacity additions.

• Expecting total wind installations in India to reach 6 GW in FY26 and 8 GW in FY27.