Suzlon Energy (SUZLON) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly deliveries of 617 MW in Q3 FY26, driving consolidated revenue to ₹4,228 crore, with a robust order book of 6.4 GW and strong execution momentum.

• Net cash position improved to ₹1,556 crore as of December 31, 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.

• India's wind sector is experiencing its strongest growth phase, with 2025 installations at a record 6.4 GW and a clear trajectory to surpass 10 GW annually in the next two years.

Financial highlights

• Q3 FY26 consolidated revenue reached ₹4,228 crore (up 42% YoY), EBITDA at ₹739 crore (up 48% YoY), PBT at ₹567 crore (up 45% YoY), and PAT at ₹445 crore.

• 9M FY26 revenue was ₹11,211 crore (up 58% YoY), EBITDA at ₹2,058 crore (up 77% YoY), and PBT at ₹1,589 crore.

• Net profit for 9M FY26 stood at ₹2,049 crore.

• Contribution margin for Q3 FY26 was 31.8%; EBITDA margin at 17.5%.

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

Outlook and guidance

• Management reaffirmed FY26 guidance of 60% year-on-year growth across key KPIs, with no downward revision anticipated.

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

• Strong order pipeline, with book-to-bill ratio at 1.9x, and continued focus on expanding EPC offerings and export-driven growth.

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

• Strong domestic demand outlook with power demand expected to triple by 2047 and renewables to grow 10x.