Suzlon Energy Limited reported consolidated revenue from operations of Rs 4,869 crore for the quarter ended 30 September 2026 (Q2 FY27), up 26% from Rs 3,866 crore a year earlier and 27% from Rs 3,819 crore in the previous quarter. The wind turbine maker delivered a record 710 MW in the quarter and commissioned 454 MW, according to the results, press release and investor presentation filed with BSE and NSE on 29 October 2026 after a board meeting held from 12.00 p.m. to 3.30 p.m.
Q2 FY27 financial performance
Consolidated EBITDA was Rs 720 crore, in line with Rs 721 crore in Q2 FY26 and higher than Rs 595 crore in Q1 FY27. The EBITDA margin was 14.8%, compared with 15.6% in Q1 FY27 and 18.6% a year earlier. Profit before tax was Rs 518 crore, against Rs 390 crore in Q1 FY27 and Rs 562 crore in Q2 FY26. Net profit after tax stood at Rs 394 crore, up from Rs 305 crore in the previous quarter.
The reported profit for Q2 FY26 was Rs 1,279 crore, which included the creation of a deferred tax asset of Rs 891 crore. Excluding that item, the comparable profit for Q2 FY26 was Rs 389 crore, so the underlying profit rose 1.3% year on year.
For the first half of FY27, revenue was Rs 8,688 crore, compared with Rs 6,983 crore in H1 FY26. H1 EBITDA was Rs 1,315 crore against Rs 1,320 crore, with the margin at 15.1% compared with 18.9%. H1 net profit was Rs 699 crore.
Deliveries and commissioning
Net deliveries of 710 MW in Q2 FY27 compare with 506 MW in Q1 FY27 and 565 MW in Q2 FY26, a rise of 40% quarter on quarter and 26% year on year. H1 FY27 deliveries reached 1,217 MW, up 21% from 1,009 MW in H1 FY26.
Commissioning stood at 454 MW in the quarter, up 69% from 269 MW in Q1 FY27 and up 196% year on year. Commissioning in H1 FY27 totalled 723 MW, against 270 MW in H1 FY26. The presentation notes that 1,295 MW of turbines had been erected with commissioning pending.
Order book and business mix
The order book stood at 6,009 MW at the end of September 2026, up from 5,697 MW in March 2026 and 5,025 MW in March 2025. Order intake in H1 FY27 was above 1.5 GW. Orders led by the company’s development arm (DevCo) crossed 1.1 GW, which is over 70% of H1 order intake.
By customer segment, captive, commercial and industrial (C&I) and retail buyers account for 64% of the order book, central and state auctions for 22% and public sector units for 14%. Public sector and C&I customers together contribute 78%. By turbine model, the S144 makes up 89%, the S120 9% and the S175 2%. Engineering, procurement and construction (EPC) work is 38% of the order book, up from 22% in Q1 FY26, and the company aims to raise this to 50% by FY28.
Balance sheet, rating and capacity
Consolidated net worth rose to Rs 10,277 crore at 30 September 2026 from Rs 9,464 crore in March 2026. Borrowings were Rs 327 crore and net cash was Rs 2,048 crore, lower than Rs 2,384 crore in March 2026. CRISIL upgraded the company’s long-term rating to AA-/Stable and its short-term rating to A1+.
Suzlon says it has one of India’s largest domestic wind turbine manufacturing capacities, at 4,500 MW across 15 specialised hubs, including three smart factories in Gujarat, Karnataka and Tamil Nadu.
Other board decisions
The board approved the acquisition of 100% of Suzlon Foundation Limited, a Section 8 not-for-profit company, by buying 1,00,000 equity shares for Rs 10 lakh in cash, with completion expected by the first week of November 2026.
The board also approved an investment of up to Rs 1 crore in OE Business Park Private Limited, which will make it a subsidiary with about 99% held by Suzlon, with completion expected in Q3 FY27.
The results also note that the Securities and Exchange Board of India imposed a penalty of Rs 15.95 crore on 29 May 2026 relating to transactions with domestic subsidiaries and contingent liability disclosures for FY 2013-14 to FY 2017-18. The Securities Appellate Tribunal has admitted the company’s appeal and stayed the order, with the next hearing on 28 January 2027. The company says there is no impact on these results.
What it means for India’s wind sector
Vice Chairman Girish Tanti said the company’s 1.1-plus GW of DevCo-led orders show how fast it is accelerating project execution, and linked this to India’s ambition of 100 GW of wind energy by 2030. The presentation puts India’s installed wind capacity at about 59 GW as of 30 September 2026. Chief Executive Officer Ajay Kapur said the record deliveries and strong commissioning reflect stronger execution and are driving revenue growth.
The presentation cites an onshore wind potential of 1,164 GW at 150 metre hub height and a repowering potential of about 25.4 GW estimated by the National Institute of Wind Energy. The margin squeeze shows that a rising EPC share and commodity and currency swings can weigh on profitability even as volumes grow. Suzlon says it has installed more than 22 GW of wind capacity across 17 countries.
Official references
- Suzlon Energy Limited, outcome of board meeting, financial results, press release and Q2 FY27 investor presentation, filed on BSE (scrip 532667) on 29 October 2026: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d1b153e2-adb0-4973-a18d-ce467415756b.pdf
- Suzlon Group official website: https://www.suzlon.com/
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