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.

• Maintained leadership in the Indian wind sector, expanding EPC offerings and export-driven growth, supported by new leadership in Europe.

• 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.

• Net cash position improved to ₹1,556 crore as of December 31, 2025, supporting financial flexibility and execution ramp-up.

Financial highlights

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

• 9M FY26 consolidated revenue rose 58% YoY to ₹11,211 crore; EBITDA at ₹2,058 crore, up 77% YoY; PBT at ₹1,589 crore, up 77% YoY; PAT at ₹2,049 crore.

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

• Net worth stands at ₹8,332 crore as of Dec'25, with borrowings reduced to ₹283 crore.

• Net cash position at ₹1,556 crore as of December 31, 2025.

Outlook and guidance

• Guidance for 60% year-over-year growth across key KPIs reaffirmed, with no downward revision expected.

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

• Order intake is not seen as a constraint; focus remains on improving execution and project offtake.

• Export revenues expected to ramp up from FY28, with Europe as a key focus market.

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