Suzlon Energy Ltd logo

Suzlon Energy Ltd

SUZLON NSE

Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles. [1]

AI Verdict: BUY Confidence: 7%

Suzlon Energy offers a compelling growth story with 54% TTM sales growth, 41% ROE, and a nearly debt-free balance sheet, supported by 83% analyst buy ratings. However, the premium valuation at 8.4x P/B and low promoter holding of 11.7% warrant caution, making this a high-conviction but higher-risk bet on India's wind energy transition.

Key Fundamentals

MidcapElectrical EquipmentCapital Goods
Market Cap
₹79,559 Cr
Volatility
Moderate
P/E Ratio
24.52
EBITDA
₹2,970 Cr
Return on Equity
262.69%
Debt to Equity
0.05
Book Value
₹6.93
EPS
₹0.68
52W High
₹68.3
52W Low
₹38.19

Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 45.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 39.0%

Weaknesses

4
  • Stock is trading at 8.32 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding is low: 11.7%
  • Tax rate seems low

Growth Rate

Revenue Growth
51.72% ↗
Net Income Growth
16.54% ↘
Cash Flow Change
1273.02% ↗
ROE
101.48% ↘
ROCE
22.28% ↘
EBITDA Margin (Avg.)
-1.23% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
BUY
Risk high

Suzlon Energy offers a compelling growth story with 54% TTM sales growth, 41% ROE, and a nearly debt-free balance sheet, supported by 83% analyst buy ratings. However, the premium valuation at 8.4x P/B and low promoter holding of 11.7% warrant caution, making this a high-conviction but higher-risk bet on India's wind energy transition.

Bull Case 8
  • Exceptional revenue growth with TTM sales CAGR of 54% and 3-year compounded sales growth of 41%, reflecting strong order book execution
  • Company is almost debt-free, a dramatic turnaround from its earlier highly-leveraged position, significantly reducing financial risk
  • ROE of 41% last year and 39% 3-year average demonstrates highly efficient capital deployment
  • Compounded profit growth of 165% over 3 years signals operating leverage kicking in as revenues scale
  • Overwhelming analyst consensus with 83.33% buy ratings (10 out of 12 analysts) and zero sell ratings
  • 5-year stock CAGR of 52% shows sustained wealth creation despite recent 1-year correction of -9%
  • India's renewable energy targets of 500 GW by 2030 provide a massive secular tailwind for wind energy installations
  • P/E of 25.1x is reasonable for a capital goods company delivering 45.7% CAGR profit growth over 5 years
Bear Case 8
  • Stock trades at 8.38x book value, a steep premium that leaves little margin of safety for investors
  • Promoter holding at just 11.7% is among the lowest in the sector, raising governance and alignment concerns
  • Zero dividend yield despite repeated profitability suggests cash is not being returned to shareholders
  • 1-year stock return of -9% indicates recent price correction and possible momentum shift after the rally
  • Market cap of Rs 79,476 Cr demands sustained high growth execution to justify current valuation
  • Tax rate appears unusually low, which may normalize in future quarters and compress net margins
  • 10-year sales CAGR of only 6% reveals the company's long history of inconsistent execution before the recent turnaround
  • 5-year and 10-year ROE data unavailable, making it difficult to assess long-term return consistency beyond the recent 3-year window

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 5
  • SEBI ₹29 Cr penalty, stock falls May 29

    SEBI imposed ₹29 crore total penalty (₹15.95 Cr on Suzlon, ₹5.75 Cr on CMD Vinod Tanti, ₹5.45 Cr on promoter Girish Tanti) for financial misstatements from FY14-FY18 involving ₹1,922 Cr artificial gain and ₹1,300 Cr circular transactions. Stock fell ~5% for two consecutive sessions.

  • Nuvama downgrades to Hold at ₹55 May 26

    Nuvama downgraded Suzlon from Buy to Hold with ₹55 target, citing limited forward guidance, back-ended growth, lower margins from higher EPC/O&M mix, and increased liquidity pressure from government order execution.

  • Q4 margins decline YoY May 26

    Q4 FY26 EBITDA margin slipped to 17.6% from 18.4% YoY, with WTG segment margin flat at 13.7% vs 15-16% in H1 FY26. Increasing EPC mix could pressure working capital and margins going forward.

  • Execution bottlenecks limit scale Jun 4

    Land acquisition, Right of Way issues, and grid connectivity delays have stranded 253 MW of pre-commissioned capacity. Component suppliers operate at only 25-26% utilization, limiting Suzlon to 10% market share vs its 25% target.

  • Stock down 14% over one year Jun 16

    Despite strong fundamentals, Suzlon shares remain under pressure on a one-year horizon with a 14.16% decline, and trade at elevated multiples (P/E ~18.6x, EV/EBITDA ~21.7x) requiring flawless execution to justify.

Positives 7
  • FY26 revenue up 54%, PAT up 53% May 25

    Full-year FY26 revenue surged 54% to ₹16,679 Cr, EBITDA jumped 63% to ₹3,022 Cr (margin 18.1% vs 17.1%), and net profit rose 53% to ₹3,163 Cr. Record annual deliveries of 2,456 MW (+58% YoY).

  • Suzlon 2.0: 10 GW, 70 GW AUM Jun 4

    Launched Suzlon 2.0 strategy targeting 10 GW annual sales, 70 GW AUM by FY31 (from ~18 GW currently), 40%+ wind market share, 15 GW order book, and 3 GW exports. RE DevCo to contribute 60% of volumes.

  • Strong balance sheet, net cash ₹2,384 Cr May 25

    Suzlon maintains net cash of ₹2,384 Cr, debt-to-equity of 0.05, and net worth of ₹9,464 Cr. Capital-light expansion funded entirely through internal accruals with ~₹600 Cr annual capex.

  • Motilal Oswal Buy at ₹65 target May 26

    Motilal Oswal maintained Buy with ₹65 target (27x FY28E EPS), citing 30-35% market share and 3-3.5 GW annual execution potential. JM Financial also maintains Buy at ₹65.

  • New President from JSW Energy Jun 1

    Appointed Ashok Ramachandran (ex-JSW Energy COO who helped scale from 5 GW to 30 GW in ~3 years) as President - India Business effective June 4, 2026, to drive operational scaling.

  • S144 dominates with 9 GW orders May 25

    Flagship S144 (3.15 MW) turbine achieved ~9 GW cumulative orders, representing 91% of order book. Delivers 20% higher generation in India's low-wind conditions. Order book stands at 5.9 GW with 66% from PSU/C&I.

  • Stock trades above ₹65 vs targets Jun 16

    Suzlon shares trading around ₹65, above Nuvama's ₹55 Hold target and at Motilal Oswal's ₹65 Buy target, with market cap of ₹76,341 Cr. Nuvama estimates FY31E EPS at ~₹3.7 implying 23% PBT CAGR.

Neutral 3
  • ₹25.97 Cr block trade on NSE Jun 16

    Block trade of ~46.4 lakh shares at ₹55.91/share (₹25.97 Cr total) executed on NSE, indicating large institutional activity without disclosed buyer/seller intent.

  • Investor meet on June 12 Jun 9

    Suzlon scheduled an exclusive investor meet for June 12, 2026, for select institutional investors and analysts.

  • Media meet on June 3-4 May 29

    Suzlon announced an invite-only media meet on June 3-4, 2026, with no UPSI discussion planned. The event preceded the Suzlon 2.0 strategy launch.

TL;DR: Suzlon delivered exceptional FY26 growth (54% revenue, 53% PAT) with record 2,456 MW deliveries and a strong net cash position of ₹2,384 Cr, while its ambitious Suzlon 2.0 strategy targets 70 GW AUM and 10 GW annual sales by FY31. Key risks include the ₹29 Cr SEBI penalty for historical financial misstatements (under appeal), margin pressure from rising EPC mix, and execution bottlenecks that currently limit market share. The stock has recovered to ~₹65 after a 14% one-year decline, but trades at premium valuations requiring sustained execution. Near-term catalysts include FY27 order inflow momentum and resolution of the SEBI appeal, while the Suzlon 2.0 transformation into a full-stack renewable company provides a compelling long-term narrative if management delivers on its targets.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,694
1,351
1,421
1,560
2,196
2,022
2,103
2,975
3,790
3,132
3,871
4,236
5,493
Expenses
1,461
1,152
1,196
1,313
1,839
1,652
1,809
2,475
3,096
2,533
3,150
3,498
4,529
Operating Profit
233
199
225
248
357
370
294
500
693
599
721
738
964
OPM %
14%
15%
16%
16%
16%
18%
14%
17%
18%
19%
19%
17%
18%
Other Income
257
19
-28
9
-16
23
18
28
35
33
27
23
97
Interest
86
62
44
14
44
45
56
70
85
103
110
114
135
Depreciation
81
55
51
39
44
46
54
66
93
70
75
80
93
PBT
323
101
102
203
253
302
202
391
551
459
562
567
833
Tax %
1%
0%
0%
0%
0%
0%
0%
1%
-114%
29%
-127%
21%
-34%
Net Profit
320
101
102
203
254
302
201
388
1,181
324
1,279
445
1,114
EPS in Rs
0.22
0.08
0.08
0.15
0.19
0.22
0.15
0.29
0.87
0.24
0.94
0.33
0.82
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
19,954
9,483
12,714
8,116
5,025
2,973
3,346
6,582
5,971
6,529
10,890
16,732
Expenses
25,703
9,767
10,235
7,140
5,048
3,829
2,809
5,682
5,137
5,492
9,026
13,709
Operating Profit
-5,749
-283
2,479
977
-23
-856
537
900
833
1,037
1,863
3,022
OPM %
-29%
-3%
20%
12%
0%
-29%
16%
14%
14%
16%
17%
18%
Other Income
-194
2,563
109
555
92
-42
823
95
2,739
-24
97
180
Interest
2,065
1,304
1,288
1,581
1,270
1,367
996
735
421
164
255
462
Depreciation
809
392
389
342
342
419
258
260
260
190
259
318
PBT
-8,816
584
912
-391
-1,543
-2,684
105
0
2,892
659
1,447
2,422
Tax %
4%
-4%
1%
0%
-1%
0%
4%
41648%
0%
0%
-43%
-31%
Net Profit
-9,133
583
852
-384
-1,537
-2,692
104
-177
2,887
660
2,072
3,163
EPS in Rs
-19.95
0.94
1.38
-0.57
-2.32
-4.01
0.1
-0.17
2.28
0.49
1.53
2.33
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
742
1,004
1,005
1,064
1,064
1,064
1,702
1,843
2,454
2,722
2,732
2,745
Reserves
-8,064
-8,537
-7,846
-8,031
-9,562
-12,047
-5,045
-5,369
-1,355
1,199
3,374
6,719
Borrowings
17,811
11,414
11,114
11,996
11,552
13,210
6,925
6,465
1,938
150
323
556
Other Liabilities
11,243
5,842
7,887
6,092
5,816
4,303
3,019
3,535
2,486
3,108
6,531
8,850
Total Liabilities
21,731
9,723
12,160
11,121
8,871
6,530
6,601
6,475
5,523
7,179
12,960
18,869
Fixed Assets
5,843
1,573
1,665
1,463
1,520
1,358
1,166
1,059
866
886
1,780
2,309
CWIP
356
233
206
353
229
122
107
20
6
20
105
176
Investments
266
393
670
67
20
20
23
0
0
8
43
217
Other Assets
15,266
7,524
9,619
9,237
7,102
5,030
5,305
5,396
4,651
6,264
11,032
16,166
Total Assets
21,731
9,723
12,160
11,121
8,871
6,530
6,601
6,475
5,523
7,179
12,960
18,869
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,119
-739
1,602
-109
1,267
-929
530
1,302
491
80
1,092
1,202
Investing
-825
4,482
-643
-138
125
-32
-24
-19
85
-152
-749
-914
Financing
-199
-5,656
-1,249
492
-1,898
969
-327
-1,045
-709
132
343
-155
Net Cash Flow
95
-1,914
-290
245
-506
8
180
238
-133
60
686
133
Free Cash Flow
429
-1,126
1,211
-764
1,020
-1,029
482
1,226
477
-147
724
626
CFO/OP
-23
270
67
-17
-5,358
108
96
144
61
10
59
42
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
50
97
104
134
137
168
130
76
72
102
130
137
Inventory Days
90
164
168
216
355
400
503
186
176
210
171
152
Days Payable
122
193
233
180
265
253
366
155
86
165
156
172
Cash Conversion Cycle
18
68
39
170
227
315
266
107
162
148
145
117
Working Capital Days
-96
-56
-155
-100
-328
-1,465
84
16
66
103
73
89
ROCE %
-48%
11%
53%
15%
-8%
-48%
10%
21%
20%
25%
33%
35%

Shareholding Pattern

As of Mar 2026
Public 39.11%
FIIs 23.85%
Others 16.13%
Promoters 11.73%
DIIs 9.18%
Total 100.00%
  Mar 2021Apr 2021Jun 2021Sep 2021Dec 2021Mar 2022May 2022Jun 2022Sep 2022Oct 2022Dec 2022Mar 2023Jun 2023Aug 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
17.17%
16.56%
16.52%
16.41%
16.04%
15.85%
14.92%
14.92%
14.50%
14.50%
14.50%
14.50%
14.50%
13.29%
13.29%
13.29%
13.29%
13.27%
13.25%
13.25%
13.25%
11.74%
11.73%
11.73%
11.73%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.79%
1.04%
1.04%
1.04%
7.80%
0.00%
10.88%
17.83%
19.57%
21.53%
23.72%
22.88%
23.03%
23.03%
22.70%
23.73%
23.85%
DIIs
13.34%
12.87%
12.74%
10.73%
10.50%
10.39%
14.94%
12.36%
8.24%
5.84%
5.83%
5.56%
5.91%
10.91%
9.82%
6.15%
6.30%
9.17%
9.01%
9.31%
8.73%
10.17%
10.16%
9.24%
9.18%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.01%
0.02%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
41.58%
40.11%
41.58%
43.18%
43.10%
45.01%
42.06%
43.98%
45.30%
46.91%
46.27%
46.83%
45.89%
41.24%
42.94%
42.52%
41.72%
37.92%
37.62%
38.29%
38.71%
38.65%
39.17%
39.08%
39.11%
Others
27.91%
30.46%
29.17%
29.68%
30.35%
28.76%
28.08%
28.74%
31.16%
31.71%
32.35%
32.07%
25.89%
34.56%
23.06%
20.21%
19.12%
18.11%
16.40%
16.27%
16.27%
16.41%
16.24%
16.22%
16.13%
No. of Shareholders
11,17,930
11,17,930
12,20,460
13,15,910
15,19,020
20,70,710
20,66,070
21,15,060
22,09,620
24,40,190
24,31,140
24,42,670
24,90,960
26,15,200
28,68,150
35,12,040
43,55,170
41,96,130
49,94,340
54,68,870
56,74,620
56,04,610
56,36,240
56,35,390
56,95,350

Documents

1
Concall - May 2017 May 2017
2
Concall - May 2018 May 2018
3
Concall - Nov 2020 Nov 2020
4
Concall - May 2023 May 2023
5
Concall - Jan 2024 Jan 2024

Frequently Asked Questions about Suzlon Energy Ltd

What does Suzlon Energy Ltd do?
Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towe...
Where is Suzlon Energy Ltd (SUZLON) listed?
Suzlon Energy Ltd is listed on the Indian stock exchanges. It is listed on NSE: SUZLON and BSE: 532667. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Suzlon Energy Ltd belong to?
Suzlon Energy Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Suzlon Energy Ltd?
Suzlon Energy Ltd has a market capitalisation of approximately ₹79558.59 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Suzlon Energy Ltd?
The Price-to-Earnings (PE) ratio of Suzlon Energy Ltd is 24.52. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Suzlon Energy Ltd?
Over the past 52 weeks, Suzlon Energy Ltd has traded between a low of ₹38.19 and a high of ₹68.3. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Suzlon Energy Ltd?
Suzlon Energy Ltd has a Return on Equity (ROE) of 262.69%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Suzlon Energy Ltd on Tapetide?
On Tapetide, you can view Suzlon Energy Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles. [1]

Website suzlon.com
CEO Mr. Vinod R. Tanti
Employees 6,662
Listed 2005-10-19
Face Value ₹ 2
Issued Size 13,71,22,80,885

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