Suzlon Energy (SUZLON) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 26% YoY to ₹4,869 crore, with record India deliveries of 710 MW; 454 MW was commissioned, up 69% QoQ.

• H1 revenue was ₹8,688 crore, EBITDA ₹1,315 crore and PAT ₹699 crore; H1 commissioning reached 723 MW.

• H1 order intake exceeded 1.5 GW; the September order book was 5,697 MW, with 38% EPC scope.

Financial highlights

• Q2 revenue was ₹4,869 crore versus ₹3,819 crore in Q1 FY27 and ₹3,866 crore in Q2 FY26; EBITDA was ₹720 crore versus ₹595 crore and ₹721 crore, respectively.

• Q2 PAT was ₹394 crore versus ₹1,279 crore in Q2 FY26; prior-year PAT included ₹891 crore of deferred tax asset recognition. Comparable Q2 FY26 PAT was ₹389 crore, making Q2 FY27 comparable PAT 1.3% higher YoY.

• H1 FY27 revenue was ₹8,688 crore, EBITDA ₹1,315 crore and PAT excluding DTA creation ₹699 crore, versus ₹6,983 crore, ₹1,320 crore and ₹713 crore in H1 FY26.

• Net worth was ₹10,277 crore at September 2026; net cash was ₹2,048 crore.

Outlook and guidance

• FY27 WTG contribution margin guidance was 22%-23%; consolidated FY margin guidance was 15.1%, with up to 1% potential upside from operating leverage.

• H2 activity was expected at 1.5x-1.65x H1; more than 1.25 GW of erected turbines remained in the commissioning pipeline.

• Order book stood at 5,697 MW, with a stated strategy to raise EPC share from 38% to 50% by FY28; DevCo-led orders exceeded 1.1 GW.

• Management targets 25% CAGR, a 15 GW order book and 40% India market share by FY31; export targets include a 3 GW order book and 1 GW of sales by FY31.

• Domestic manufacturing capacity was 4,500 MW; the first installation of the 6.x MW mid-/high-wind flagship was planned for H1 2027.