Suzlon Energy (SUZLON) Q3 24/25 earnings summary

Executive summary

• Achieved record Q3 FY25 performance with consolidated revenue of ₹2,969 Cr, EBITDA of ₹500 Cr, and PAT of ₹388 Cr, supported by robust deliveries and a record 5.5 GW order book; manufacturing capacity expanded to 4.5 GW.

• Surpassed FY24 full-year deliveries in the first nine months of FY25, with 977 MW delivered and a record quarterly delivery of 447 MW, up 163% year-over-year.

• Maintained a strong net cash position of ₹1,107 Cr as of December 2024, with net worth at ₹4,914 Cr and a CRISIL rating upgrade to A/Positive.

• Continued leadership in the C&I segment with a 58% market share in the order book and a 15 GW installed base in India.

• ESG efforts recognized, including UN Global Compact membership, improved ESG rating, and multiple industry awards for sustainability.

Financial highlights

• Q3 FY25 consolidated revenue reached ₹2,969 Cr, up 91% year-over-year; EBITDA was ₹500 Cr, up 102% YoY, with EBITDA margin at 16.8%.

• PAT for Q3 FY25 stood at ₹388 Cr, up 91% YoY and 93% QoQ; 9M FY25 PAT was ₹891 Cr, up 120% YoY.

• WTG segment contribution margin improved to 22.7% for 9M FY25, up from 19.4% YoY.

• OMS India Division revenue for 9M FY25 was ₹1,426 Cr with an EBITDA margin of 40.5%.

• SE Forge 9M FY25 operating revenue was ₹482 Cr, with a 16.6% EBITDA margin and 19% capacity utilization.

Outlook and guidance

• Order book execution timeline is about 24 months, with most deliveries scheduled for FY26 and FY27.

• Guidance for WTG segment contribution margin raised to around 20% on a steady-state basis.

• Annual CAPEX guidance maintained at ₹350-400 Cr for the next 2-3 years, focused on capacity augmentation.

• O&M margins at EBITDA level expected to remain around 40%, with quarter-to-quarter fluctuations.

• No volume guidance for FY26 due to execution uncertainties, but growth is expected to continue.