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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -6% YoY · margin compression · Rev +22% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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).
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -7.0% / mo · MACD +
Technical chart
SUZLONdaily · 1Y · AUTO+12.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~7.6% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 19% 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.
Relative Strength & Trend Stage
- Price is 8.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 50.4%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding is only 11.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Mid: 86th pctile, median 76
85 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 19.70
- P/B
- 6.52
- EV/EBITDA
- 18.50
- Market Cap
- 61836.00Cr
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
- 6.08
- Book Value
- 6.96
Cash Flow
- FCF Yield
- 0.47%
- FCF Positive Y
- 9/5
- OCF
- 1202.00 Cr
- EPS TTM
- 2.31
Shareholding
- Promoter Hold
- 11.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.