Suzlon Energy (SUZLON) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly deliveries of 617 MW in Q3 FY26, the highest ever, with a robust order book of 6.4 GW and strong execution momentum.

• Net cash position improved to ₹1,556 crore as of December 2025, supporting financial flexibility and execution ramp-up.

• All business segments reported strong growth and healthy margins, with significant operating leverage from volume ramp-up in the WTG business.

• Launched 'Suzlon 2.0' transformation strategy, expanding into solar, storage, and clean energy technologies.

• Guidance of 60% year-on-year growth across key KPIs reaffirmed, with no downward revision.

Financial highlights

• Q3 FY26 consolidated revenue reached ₹4,228 crore, up 48% year-on-year, with EBITDA at ₹739 crore and EBITDA margin at 17.5%.

• Q3 PBT was ₹567 crore and PAT ₹445 crore, with net profit for 9M FY26 at ₹2,049 crore.

• Nine-month FY26 revenue rose 58% year-on-year to ₹11,211 crore; consolidated EBITDA increased 77% to ₹2,058 crore; PBT at ₹1,589 crore.

• Contribution margin for Q3 FY26 was 31.8%; for 9M FY26, 33.5%.

• Consolidated net worth stands at ₹8,332 crore, with borrowings reduced to ₹283 crore.

Outlook and guidance

• Confident in achieving 60% year-on-year growth guidance for FY26, with no plans for downward revision.

• Strong order pipeline, with 3-4 GW in non-bidding discussions and continued focus on execution improvement.

• Execution pipeline of 2,384 MW and 8+ GW of land development underway, ensuring rapid deployment and long-term growth.

• Export-driven volume growth targeted, with new leadership in Europe and trade agreements supporting expansion.

• Strategic focus on expanding EPC business to 50% share by 2028, with current quarter EPC share at 27%.