Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Sep - Allotment of 6,40,726 equity shares pursuant to exercise of stock options under ESOP plan 2022
Source: Bse
Suzlon Energy Limited (SUZLON)
Mid CapIndustrials stocks · Mid cap · NSE
Suzlon Energy Limited is an Indian wind energy company that has seeded, shaped, and scaled the domestic wind market. It is transitioning to 'Suzlon 2.0', a 'Wind first, full-stack RE solutions company' offering end-to-end solutions across wind, solar, and storage, with global expansion ambitions.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 07:30 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -11.6% / mo · MACD +
Stock trend: 38
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SUZLOND candles · FIT view-25.1%Latest close ₹40.38 on 2026-10-19
Bar
-2.9%
RSI
45
MACD hist
0.52
52W pos
16%
2026-10-19O ₹41.58H ₹41.58L ₹40.25C ₹40.38Vol 6.5Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SUZLONNifty India ManufacturingNifty 500
- SUZLON
- -23.9%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -18.4 pp
Chart stats
19 Oct 2026- From 52W high
- -34.3%
- 52W range position
- 16%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.93x
- Avg traded value
- ₹281 Cr
- 20D price channel
- ₹36.3 - ₹44.2
₹61.5
₹36.3 - ₹61.5
₹1.3
Latest completed session
20-session average
40.0% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE75
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +22.3% · PAT -5.9% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+55.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -6% YoY · margin compression · Rev +22% YoY
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,829 Cr | +22.3% | -30.3% |
| EBITDA | ₹595 Cr | -0.7% | -38.3% |
| Operating margin | 16.0% | -300 bps | -200 bps |
| PAT | ₹305 Cr | -5.9% | -72.6% |
| PAT margin | 8.0% | -237 bps | -1231 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.30
- P/B
- 6.02
- EV/EBITDA
- 17.11
- Market Cap
- 57162.00Cr
Profitability
- ROE
- 39.70%
- ROCE
- 34.20%
- ROA
- 16.66%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 38.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 112.50%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 6.12×
- Altman Z
- 5.78
- Book Value
- 6.96
Cash Flow
- FCF Yield
- 0.50%
- FCF Positive Y
- 9/5
- OCF
- 1202.00 Cr
- EPS TTM
- 2.31
Shareholding
- Promoter Hold
- 11.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 16.7k+53.6% vs prev
Net Profit
₹ CrLatest: 3,144-0.6% vs prev
Return on Equity
%Latest: 33.2-35.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~13.1% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 34% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
9
RS percentile
Stage 1 Base / Transition
1M return
-6.4%
3M return
-23.9%
6M return
-26.0%
1Y return
-28.2%
RS 1D
-8
RS 20D
-5
Sector rank
#5
Industry rank
#8
Stage evidence
- Price is 17.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 75.27-2.86%
RS vs Nifty 50075
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation14/30
Growth25/25
Quality20/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
75
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
75/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 55.5%.
- Growth contributes 25/25 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
18.3
PB
6.0
EV/EBITDA
17.1
ROE
39.7%
ROCE
34.2%
FCF Yield
0.5%
Debt/Equity
0.1
MoS
+55.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
75
Previous: 75
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+55.5%
Previous: +55.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
76
76
76
76
76
76
76
75
75
75
75
75
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹19.02
-112.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹90.78
+55.5% MoS
PEG
0.25
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SCHNEIDER
Large
Schneider Electric Infrastructure Limited
Capital Goods
match 166
44
148.0
38.2%
-274%
WATCHLIST
KIRLOSENG
Large
Kirloskar Oil Engines Limited
Capital Goods
match 158
38
54.9
17.5%
-34%
WATCHLIST
POWERINDIA
Mid
Hitachi Energy India Limited
Capital Goods
match 158
58
108.0
21.9%
-183%
FAIR VALUE
SHYAMMETL
Large
Shyam Metalics and Energy Limited
Capital Goods
match 158
30
28.3
9.7%
-147%
OVERVALUED
SKFINDUS
Micro
SKF India (Industrial) Limited
Capital Goods
match 150
76
31.6
26.6%
+100%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T07:55:05.172Z
Management commentary snapshot
Suzlon reports strong FY26 performance with significant YoY growth across Deliveries (+58%), Revenue (+54%), EBITDA (+63%), and PAT (+53%), driven by increased execution.
The company demonstrates strong financial growth in FY26 and has outlined an ambitious 'Suzlon 2.0' strategy to become a full-stack RE solutions provider. While the market tailwinds are strong, the execution challenges in wind projects and the aggressive FY31 targets warrant close monitoring.
Growth engines
Dispatchability & Hybrid Solutions
Wind naturally complements solar, lowers system LCOE, and auctions increasingly reward firm and dispatchable power value.
Execution Capacity Unlock
Addressing key execution bottlenecks like land, manpower, infrastructure, and grid connectivity is critical for converting demand into installed capacity.
ALMM & Domestic Supply Chains
India's ALMM framework for wind turbines mirrors global policies, incentivizing domestic content and rewarding localized OEMs.
Full-Stack RE Solutions
Suzlon 2.0 aims to offer integrated end-to-end solutions across Wind, Solar, Storage, and Energy Management Systems (EMS).
Capacity and execution
New Turbine Installation
The first S175 5.x MW turbine was installed in May 2026.
Future Turbine Installation
The first S163 6.x MW turbine is planned for installation in H1 2027.
Wind Capacity Addition Requirement
India needs an average of 13-15 GW/year of wind addition to meet the 2030 target of 100GW+.
Energy Storage Capacity Requirement
India's annual BESS + PSP energy storage capacity addition needs a ~10x ramp-up in 5 years to meet FY30 optimal mix targets.
Tailwinds
Global Electricity Super-cycle
Global electricity generation has entered a structural super-cycle, with India forecasted to have the fastest growth pace over the next 1.5 decades.
Energy Security as Policy Driver
Energy security is replacing climate ambition as the primary policy driver, with renewables forming the backbone of an electro-state.
Favorable Policy for Domestic Manufacturing
India's ALMM (Wind) framework mirrors EU and US trade policies, actively incentivizing domestic content in clean-energy manufacturing.
Shift to Hybrid/RTC Tenders
Market trends show a shift towards complex constructs, with an increasing share of Hybrid/RTC tenders.
Headwinds
Execution Bottlenecks
Wind projects face average delays of ~9 months due to challenges in land acquisition, skilled manpower, and grid connectivity.
Immature Vendor Ecosystem
The vendor ecosystem for RE projects is immature, with siloed capabilities and difficulty in finding reliable EPC partners for full scope contracts.
Risk radar
Project Delays
Wind projects are significantly delayed compared to solar, impacting execution reliability and project timelines.
Grid Connectivity Challenges
Securing grid connectivity is becoming harder every year and is identified as the single biggest threat to the project pipeline.
Long-term O&M Quality
Concerns exist regarding OEM longevity and O&M quality over the 25-year asset life, potentially leading to spare availability issues.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The financial results are presented for full fiscal years (FY24, FY25, FY26), making year-over-year comparison the most appropriate to assess the company's sustained growth and performance trends.
Sector KPIs management disclosed
Deliveries (MW)
FY26 Deliveries stood at 2,456 MW, representing a 58% YoY growth.
Revenue (₹ Cr.)
FY26 Revenue reached ₹16,679 Cr., a 54% YoY increase.
EBITDA (₹ Cr.)
FY26 EBITDA was ₹3,163 Cr., showing a 63% YoY growth.
PAT (₹ Cr.)
FY26 PAT was ₹3,022 Cr., reflecting a 53% YoY growth (Consolidated, includes Deferred Tax Recognition).
Management forward view
Suzlon 2.0 Strategy
Management aims to transform Suzlon into a 'Wind first, full-stack RE solutions company' by FY31, expanding offerings beyond wind turbines.
Ambitious FY31 Targets
Targets include 40%+ EPC share in India Wind, 60%+ India Wind market share, 3+ GW export order intake, 70+ GW RE AUM portfolio, and 25%+ revenue CAGR by FY31.
Integrated Value Chain
Management believes E2E ownership from site development, turbine supply, to long-term O&M is required to build a competitive moat and lead the industry.
International Expansion
The company plans global expansion, launching the 'Blue Sky Platform' and targeting 3 GW order intake in select international markets.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RE Order Book Growth | 5.5 GW | Progress towards the 15 GW RE Order Book target by FY31. |
| Project Execution Speed | Wind projects avg. ~9 months delay | Reduction in project delivery cycle time and improved execution reliability for wind and hybrid projects. |
| RE Asset Under Management (AUM) | 18 GW | Expansion towards the 70+ GW RE AUM portfolio target by FY31, including Solar and BESS assets. |
| India Wind Market Share | Not explicitly stated | Progress towards achieving 60%+ India Wind market share by FY31. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
97 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Industrials: 96th pctile, median 68 · Mid: 83rd pctile, median 76
Evidence depth
Financial-only
97 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸Promoter holding is only 11.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Suzlon Energy Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Sep - Suzlon won maiden 200 MW wind order from Ayana Renewable Power; S144 sales cross 10 GW.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Aug - Suzlon wins 250 MW wind order from Torrent Green Energy; partnership exceeds 1.3 GW.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.