Suzlon Energy
Suzlon Energy
Capital Goods F&OKey Fundamentals
MidcapElectrical EquipmentCapital GoodsTapetide Score
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Key Insights
Strengths
4- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 45.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 38.5%
Weaknesses
3- 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
AI Analysis — Bull vs Bear
Suzlon Energy has a market capitalisation of about ₹55,837 crore and trades at a P/E of 17.6 and a P/B of 5.88. Over the last 3 years, sales compounded at 41% and profit at 163%, and ROE averaged 38% over the same period. The stock has fallen 26% over the past year, and the company pays no dividend and has low promoter holding of 11.7%.
- Revenue growth is strong: TTM sales grew 45%, with 3-year sales CAGR of 41% and 5-year CAGR of 38%. That points to sustained order execution rather than a one-off spike.
- Profit is compounding fast, with 3-year profit CAGR of 163%, 5-year CAGR of 45.2% and TTM profit growth of 50%. This reflects the turnaround from past losses into steady profitability.
- Return ratios are high: ROE was 40% last year and averaged 38.5% over 3 years. That is high capital efficiency for a capital-goods business.
- The company is described as almost debt-free, a sharp change from its earlier highly leveraged position. This lowers financial risk and interest costs, and gives it room to fund working capital for growth.
- A P/E of 17.6 is modest next to TTM profit growth of 50% and 3-year sales CAGR of 41%. Earnings growth is running well ahead of the earnings multiple.
- The stock is down 26% over 1 year, while the 5-year stock CAGR is 48% and TTM sales growth is still 45%. The price has pulled back even though the business is still growing.
- The company is expected to report a good quarter, which would continue its 45%+ growth trend in sales and profit.
- A P/B of 5.88 is steep for a cyclical capital-goods maker. The market is already pricing in continued high growth and a 40% ROE, so there is little room for execution slippage.
- The low tax rate flag suggests reported profit may be boosted by tax benefits such as carried-forward losses or deferred tax credits. If so, the headline P/E of 17.6 and 3-year profit CAGR of 163% may overstate normalised earnings power.
- Promoter holding is only 11.7%. That means limited promoter skin in the game and a larger free float exposed to institutional and retail selling pressure.
- The dividend yield is 0% despite repeated profits and a 40% ROE, so shareholders get no cash return. Their returns depend entirely on the share price.
- Long-term track record is weak: 10-year sales CAGR is just 6% and 10-year stock CAGR is 11%. That history, including a debt crisis and restructuring, shows how cyclical and fragile the business has been.
- The stock fell 26% over the past year even as TTM profit grew 50%. The market may be de-rating the stock over concerns about growth durability, margins or competition in wind turbines.
- The 3-year profit CAGR of 163% starts from a very low, loss-affected base, so it will mathematically fall sharply as the base normalises. Future growth rates are unlikely to match recent figures.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Large trade weighs on stock Sep 24
About 3.2 crore shares (0.23% of equity) changed hands at an average of ₹41 for ₹134 crore, and the stock fell as much as 3.6% to about ₹41.07 from ₹42.39. A separate signal flagged another 83 lakh shares near ₹41.17 (₹34.18 crore), and buyer and seller identities have not been disclosed yet.
- Persistent downtrend, 22% YTD fall Sep 24
The stock has fallen in 9 of the last 12 sessions and is down 22% in 2026 and over 12.9% in the past month, with three straight losing days. Market cap has dropped to ₹56,466.87 crore from ₹62,377.47 crore on Sep 4.
- Order win fails to lift stock Sep 8
The stock was down 7% for the month even after the 200 MW Ayana order, slipping from ₹47.50 to ₹43.90 on NSE and staying under pressure for two months. It traded little changed at ₹45.59 on the day of the announcement.
- Low promoter holding Sep 24
Promoters held only 11.71% as of the June quarter, with 88.29% held by the public. Retail investors own 38.87% combined (25.15% small and 13.72% large), which can make the stock more volatile.
- Strong quarterly earnings growth Sep 24
Revenue rose to ₹5,493.25 crore from ₹2,179.20 crore, and operating income grew 69.87% to ₹967.89 crore. PAT rose 150.26% to ₹1,114.35 crore, which is above PBT of ₹833.24 crore and points to a tax benefit, while diluted normalized EPS rose to ₹0.77 from ₹0.20. The reported 45.57% revenue growth figure does not match these numbers, which imply about 152%.
- First 200 MW Ayana order Sep 8
Suzlon won its first 200 MW order (64 S144 turbines of 3.15 MW each) from Ayana Renewable Power for Limbawas, Madhya Pradesh. It is a full-EPC DevCo-led project covering land, balance of plant, substation, EHV line and O&M, and is Suzlon's third DevCo-led order.
- S144 platform crosses 10 GW Sep 8
Cumulative S144 3 MW platform sales passed 10 GW, up from 9 GW in just over three months. This suggests the 3 MW+ class is becoming the standard for Indian utility-scale wind.
- Geographic diversification into MP Sep 8
Madhya Pradesh as a new wind hub spreads execution risk away from crowded Gujarat and Tamil Nadu. The growing backlog of high-margin EPC contracts also improves revenue visibility.
- Analysts see support at ₹38-40 Sep 8
KC Securities' Mahesh Ojha expects a trend reversal if ₹38 holds, with a breakout above ₹46 targeting ₹54. Anuj Gupta sees strong support at ₹38-40, backed by healthy order flow.
- Mutual fund holding at 6.47% Sep 24
Mutual funds held 6.47% as of the June quarter, including 2.88% held by Motilal Oswal Manufacturing Fund. The stock trades at about 18.5x P/E.
- AGM approves FY26 financials Sep 11
At the 31st AGM on Sep 11, 2026, shareholders approved the FY26 financial statements and reappointed Vinod Tanti as director. The cost auditor's remuneration was also approved.
- New President for AMS business Sep 4
Manjari Upadhye, who brings 27 years of experience from Mahindra & Mahindra's Auto Division, was appointed President of Re Asset Management Services effective Sep 4, 2026. She reports to the Group CEO and is designated Senior Managerial Personnel.
TL;DR: Suzlon's business looks strong, with sharply higher quarterly revenue and profit, a full-EPC 200 MW order from Ayana, and S144 sales past 10 GW. The stock is moving the other way: it is down 22% YTD and 12.9% in a month, and large undisclosed trades around ₹41 suggest heavy selling. The quarterly figures have internal inconsistencies, and PAT appears boosted by a tax benefit, so earnings quality should be checked against company filings. Near term, watch whether the stock holds the ₹38-40 support zone and what the block deal disclosures show, since a break below ₹38 would point to a deeper correction despite the order book.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,351 | 1,421 | 1,560 | 2,196 | 2,022 | 2,103 | 2,975 | 3,790 | 3,132 | 3,871 | 4,236 | 5,493 | 3,829 |
| Expenses | 1,152 | 1,196 | 1,313 | 1,839 | 1,652 | 1,809 | 2,475 | 3,096 | 2,533 | 3,150 | 3,498 | 4,529 | 3,234 |
| Operating Profit | 199 | 225 | 248 | 357 | 370 | 294 | 500 | 693 | 599 | 721 | 738 | 964 | 595 |
| OPM % | 15% | 16% | 16% | 16% | 18% | 14% | 17% | 18% | 19% | 19% | 17% | 18% | 16% |
| Other Income | 19 | -28 | 9 | -16 | 23 | 18 | 28 | 35 | 33 | 27 | 23 | 97 | 33 |
| Interest | 62 | 44 | 14 | 44 | 45 | 56 | 70 | 85 | 103 | 110 | 114 | 135 | 134 |
| Depreciation | 55 | 51 | 39 | 44 | 46 | 54 | 66 | 93 | 70 | 75 | 80 | 93 | 106 |
| PBT | 101 | 102 | 203 | 253 | 302 | 202 | 391 | 551 | 459 | 562 | 567 | 833 | 389 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 1% | -114% | 29% | -127% | 21% | -34% | 22% |
| Net Profit | 101 | 102 | 203 | 254 | 302 | 201 | 388 | 1,181 | 324 | 1,279 | 445 | 1,114 | 305 |
| EPS in Rs | 0.08 | 0.08 | 0.15 | 0.19 | 0.22 | 0.15 | 0.29 | 0.87 | 0.24 | 0.94 | 0.33 | 0.82 | 0.22 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 17,429 |
| Expenses | 25,703 | 9,767 | 10,235 | 7,140 | 5,048 | 3,829 | 2,809 | 5,682 | 5,137 | 5,492 | 9,026 | 13,707 | 14,411 |
| Operating Profit | -5,749 | -283 | 2,479 | 977 | -23 | -856 | 537 | 900 | 833 | 1,037 | 1,863 | 3,025 | 3,019 |
| OPM % | -29% | -3% | 20% | 12% | -0.5% | -29% | 16% | 14% | 14% | 16% | 17% | 18% | 17% |
| Other Income | -194 | 2,563 | 109 | 555 | 92 | -42 | 823 | 95 | 2,739 | -24 | 97 | 178 | 180 |
| Interest | 2,065 | 1,304 | 1,288 | 1,581 | 1,270 | 1,367 | 996 | 735 | 421 | 164 | 255 | 462 | 493 |
| Depreciation | 809 | 392 | 389 | 342 | 342 | 419 | 258 | 260 | 260 | 190 | 259 | 318 | 354 |
| PBT | -8,816 | 584 | 912 | -391 | -1,543 | -2,684 | 105 | 0 | 2,892 | 659 | 1,447 | 2,422 | 2,352 |
| 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 | 3,144 |
| 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 | 2.31 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 2,296 |
| CWIP | 356 | 233 | 206 | 353 | 229 | 122 | 107 | 20 | 6 | 20 | 105 | 190 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 84 |
| ROCE % | -48% | 11% | 53% | 15% | -8% | -48% | 10% | 21% | 20% | 25% | 33% | 34% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Suzlon Energy Limited is a wind-first group spanning turbine technology/manufacturing, project development/execution, and renewable-asset O&M. It has installed 22+ GW across 17 countries; key subsidiaries include Suzlon Global Services, SE Forge, and Renom. [1]
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