Suzlon Energy Ltd
Suzlon Energy Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY15–FY26.
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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 7.04 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 7d agoSuzlon Energy Ltd is a wind energy equipment maker with a market cap of ₹65,017 Cr trading at a PE of 20.6x. The company has delivered 45% TTM sales growth and 50% TTM profit growth while being almost debt-free, but its stock has declined 25% over the past year and promoter holding remains low at 11.7%.
- TTM revenue growth of 45% signals strong order execution and demand tailwinds in India's renewable energy sector
- Compounded profit growth of 165% over 3 years reflects a dramatic earnings turnaround from prior loss-making years
- Company is almost debt-free, a major improvement from its historically leveraged balance sheet that weighed on operations for years
- Return on equity of 41% in the last year and 39% over 3 years indicates highly efficient capital deployment
- PE of 20.6x is moderate relative to the high-growth renewable energy peer set, given 50% TTM profit growth
- 5-year compounded sales CAGR of 38% demonstrates sustained revenue momentum beyond a single-quarter spike
- Price-to-book of 6.88x is supported by 41% ROE, implying the company is generating returns well above its cost of equity
- 5-year stock CAGR of 51% reflects long-term wealth creation despite recent correction
- Stock has declined 25% over the past 1 year, indicating potential overvaluation concerns or profit-booking at prior highs
- Promoter holding at just 11.7% is significantly below the typical comfort threshold, raising governance and alignment concerns
- Zero dividend yield despite repeated profitability suggests the company is not returning cash to shareholders
- Tax rate appears low, which may not be sustainable and could compress net margins if normalized
- 10-year compounded sales CAGR of only 6% highlights the cyclical and volatile nature of the wind energy business over longer periods
- 5-year ROE data is unavailable, making it difficult to assess consistency of returns beyond the recent turnaround period
- Market cap of ₹65,017 Cr on what was a near-bankrupt company just a few years ago implies significant growth expectations are already priced in
- Debt-to-equity and EPS data are not available in reported metrics, limiting full balance sheet transparency for analysis
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18h ago- Q1 net profit falls 6% Jul 29
Q1FY27 net profit dropped 5.9% to ₹305.22 crore despite 22.5% revenue growth to ₹3,819.36 crore, due to margin pressure and higher finance costs.
- Supply chain delays Q1 deliveries Jul 29
Supply chain issues delayed 10-20% of Q1 deliveries. EBITDA margins guided at 17-18% with 1-2% variation, indicating ongoing margin compression.
- 15 GW target, 25% CAGR goal Jul 29
Suzlon targets 15 GW wind installations by FY31 and 25% revenue CAGR over five years under Suzlon 2.0 strategy, with CAPEX at ~₹700 crore and DevCo investment capped at ₹500 crore.
- 201.6 MW Waaree order win Jul 25
Secured 201.6 MW wind project from Waaree Forever Energies in Andhra Pradesh using 64 S144 turbines, strengthening regional order book to ~1 GW.
- Repowering policy being drafted Jul 22
India's Clean Energy Minister is developing regulations to replace ageing wind turbines with higher-capacity units, directly benefiting Suzlon as a major turbine manufacturer.
- Strong ESG progress FY26 Aug 15
Suzlon achieved 24.07% drop in Scope 1 emissions, Zero Waste to Landfill status, and water neutrality at group level in FY26.
- ₹21 crore institutional block trade Jul 28
Block trade of ~43.85 lakh shares at ₹47.96/share worth ₹21.03 crore on NSE, reflecting significant institutional interest.
- Multiple investor conferences planned Aug 14
Suzlon participating in nine investor conferences between August 6 and September 1, 2026, with Motilal Oswal, Goldman Sachs, DAM Capital, Elara, Emkay, Ambit, and Avendus.
- AGM book closure Sep 5-11 Jul 29
Books close Sep 5-11, 2026 for 31st AGM with e-voting rights cutoff on Sep 4, 2026.
- New Group CHRO appointed Jul 28
Anjali Byce appointed Group CHRO effective July 29, 2026, replacing Rajendra Mehta who resigned for consulting.
TL;DR: Suzlon is executing well on revenue growth (22.5% YoY) and order wins but facing near-term margin pressure with Q1 profit declining 6%. The ambitious Suzlon 2.0 strategy targeting 15 GW by FY31 and 25% CAGR provides a strong growth narrative, supported by favorable government repowering policy. Key risks are supply chain disruptions and margin compression; if deliveries normalize and EBITDA margins hold at 17-18%, the growth trajectory should reassert itself in coming quarters.
Quarterly Results
| 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
| 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 | 13,709 | 14,411 |
| Operating Profit | -5,749 | -283 | 2,479 | 977 | -23 | -856 | 537 | 900 | 833 | 1,037 | 1,863 | 3,022 | 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 | 180 | 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
| 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 | 2,309 |
| 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 |
Cash Flow
| 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
| 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 | 89 |
| ROCE % | -48% | 11% | 53% | 15% | -8% | -48% | 10% | 21% | 20% | 25% | 33% | 35% |
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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]