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.

• Nine-month deliveries reached 1,625 MW, surpassing the full FY25 level, with revenues up 58% YoY to ₹11,211 crore.

• 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.

Financial highlights

• Q3 FY26 consolidated revenue: ₹4,228 crore (up 42% YoY); EBITDA: ₹739 crore (up 48% YoY); EBITDA margin: 17.5%.

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

• Net profit for Q3 FY26 was ₹445 crore; for 9M FY26, net profit stood at ₹2,049 crore.

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

• Net cash position at ₹1,556 crore and consolidated net worth at ₹8,332 crore as of December 2025.

Outlook and guidance

• Management reaffirmed FY26 guidance of 60% YoY growth, with no downward revision anticipated.

• Strong order pipeline, with book-to-bill ratio at 1.9x, and expectation of continued order inflow exceeding deliveries each quarter.

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

• Export-driven growth targeted, with focus on Europe and other international markets; US market remains on hold pending policy changes.

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