Suzlon Energy (SUZLON) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 deliveries of 565 MW, with consolidated revenue rising to ₹3,866 crore, the highest-ever for the quarter, and a robust order book exceeding 6.2 GW, reinforcing market leadership.

• EBITDA surged 145% year-over-year to ₹721 crore, and PAT increased 538% year-over-year to ₹1,279 crore, including recognition of deferred tax assets.

• India's power sector reached 500 GW installed capacity, with 50% from non-fossil fuels, and industry-wide wind installations doubled year-over-year in H1 FY26.

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

• Strategic focus on advanced land development, with 23+ GW of potential sites identified and 7+ GW under development.

Financial highlights

• Q2 FY26 consolidated revenue reached ₹3,866 crore, up 84-85% year-over-year, with EBITDA at ₹721 crore, a 145% increase.

• Q2 FY26 PAT was ₹1,279 crore, up 538% year-over-year, including deferred tax asset recognition; H1 FY26 PAT was ₹1,604 crore, up 219% year-over-year.

• EBITDA margin improved to 18.6% in Q2 FY26, up 460 bps year-over-year.

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

• Net finance cost guidance for FY26 is around ₹250 crore.

Outlook and guidance

• Reaffirmed FY26 guidance of 60% year-on-year growth across all key performance parameters.

• Robust execution pipeline of 1,865 MW and strong order book provide clear revenue outlook for FY26.

• Confident in achieving 25% market share in India's wind capacity addition for FY26, with clear visibility on H2 execution pipeline.

• Industry wind installations expected to reach 6 GW in FY26 and 8 GW in FY27.

• Accelerated execution ramp-up expected, with groundwork in 29 projects across 7 states.