SUZLON
Mid CapSuzlon Energy Limited
Industrials
Suzlon Energy Limited is a leading Indian wind energy OEM with over 21 GW global installed capacity and 28% cumulative market share in India. It provides end-to-end wind energy solutions, including WTG manufacturing, project execution (EPC/Non-EPC), and multi-brand Operations & Maintenance Services (OMS) through Suzlon and Renom.
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 is neutral, 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 31 Mar 2026
Bad · 2/100PAT -6% YoY · margin compression · Rev +45% YoY · +30% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,493 Cr | +44.9% | +29.7% |
| EBITDA | ₹964 Cr | +39.1% | +30.6% |
| Operating margin | 18.0% | +0 bps | +100 bps |
| PAT | ₹1,114 Cr | -5.7% | +150.3% |
| PAT margin | 20.3% | -1088 bps | +977 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 saw highest ever quarterly India deliveries of 830 MW, driving consolidated revenue to ₹5,468 Cr. FY26 consolidated PBT increased 67% to ₹2,422 Cr, with net cash improving to ₹2,384 Cr.
Suzlon demonstrated robust execution in Q4 FY26 and FY26, with significant growth in deliveries, revenue, and profitability. The strong order book and improved net cash position provide a solid foundation, aligning with the positive industry outlook for wind energy in India. However, increased working capital needs warrant monitoring.
Wind order book by WTG model (May 2026)
Latest issuer-disclosed distribution across 2 reported categories.
S144 Wind Turbine
Around 9 GW of firm orders intake since launch, making it the dominant product for the India market.
Operations & Maintenance Services (OMS)
15.7+ GW installed base, stable annuity cash flow business model with 4-5% annual O&M fee escalation.
Renom Multi-brand O&M
3,509 MW Asset Under Management (Wind, Solar, BOP) with capability to manage multiple technologies.
SE Forge
22% YoY growth in FY26 revenues with 61% jump in EBITDA, with capacity unlocking plans underway.
New Blade Factories
Three new AI-enabled smart blade factories planned to further expand manufacturing footprint.
SE Forge Capacity
Annual manufacturing capacity of 120,000 MT, with lower utilization providing headroom for growth.
India's Energy Transition Goals
India aims for 500 GW of non-fossil fuel energy capacity and 50% renewables in the energy mix by 2030.
Strong Domestic Demand
India aims for 160 GW of wind by 2035, with accelerated Commercial & Industrial (C&I) demand.
Favorable Policy & Incentives
GST reduction on wind equipment from 12% to 5% and VGF scheme with INR ~7,500 Cr outlay for 1 GW of offshore wind.
Export Opportunity
Global wind installations are set to average 194 GW annually, with MNRE's sourcing regulation driving large-scale manufacturing for exports.
Working Capital Management
Trade receivables increased to ₹6,487 Cr and inventories to ₹4,512 Cr as of Mar-26, indicating potential working capital strain with execution ramp-up.
Project Execution Complexity
EPC contribution increased to 28% of the order book, which can introduce higher execution complexity and working capital requirements.
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.
YoY is crucial for assessing annual growth and market share in a project-based, seasonal business like WTG manufacturing. QoQ is important for tracking sequential execution momentum, especially given the ramp-up in deliveries and order book conversion.
Order Book (MW)
Strong5,892 MW as of May 2026.
Deliveries (MW)
Strong growthQ4 FY26: 830 MW (45% YoY); FY26: 2,456 MW (58% YoY).
Consolidated Revenue (₹ Cr)
Strong growthQ4 FY26: ₹5,468 Cr (45% YoY); FY26: ₹16,679 Cr (54% YoY).
Consolidated EBITDA Margin (%)
ImprovedFY26: 18.1% (improved 100 bps YoY).
Execution Ramp-up Support
Adequate working capital lines (non-fund) are available to support faster execution ramp-up.
WTG Business Drivers
WTG business growth is driven by strong commercial fundamentals, robust C&I demand, and FDRE tenders.
Attractive Wind Tariffs
Wind tariffs are at an attractive level for all stakeholders, including customers, vendors, OEMs, and Financial Institutions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | 5,892 MW as of May 2026. | Consistent conversion of the strong order book into deliveries and revenue. |
| Working Capital Cycle | Trade receivables and inventories increased significantly YoY. | Improvement in receivables collection and inventory management efficiency to support growth without excessive strain. |
| WTG Contribution Margin | 24.5% for FY26. | Maintenance or improvement of WTG contribution margin amidst accelerated execution ramp-up and potential cost pressures. |
| New Blade Factories Commissioning | Three new AI-enabled smart blade factories planned. | Timely commissioning and ramp-up of new manufacturing capacity to meet growing demand. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +25.1% / mo · near 52W high
Technical chart
SUZLONdaily · 6M+7.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 55.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 55 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 45% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 47.3%.
- 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
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 97th percentile of the scored universe and 97th 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: 97th pctile, median 68 · Mid: 88th pctile, median 76
100 documents indexed, 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 0.4%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 23.40
- P/B
- 7.82
- EV/EBITDA
- 22.37
- Market Cap
- 74175.00Cr
Profitability
- ROE
- 40.60%
- ROCE
- 35.10%
- ROA
- 16.76%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 38.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 115.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 6.54×
- Altman Z
- 6.83
- Book Value
- 6.96
Cash Flow
- FCF Yield
- 0.39%
- FCF Positive Y
- 9/5
- OCF
- 1202.00 Cr
- EPS TTM
- 2.33
Shareholding
- Promoter Hold
- 11.73%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.