1. Opening Hook
Remember when Suzlon was the “once upon a time” poster child for debt and despair? Well, Q2 FY26 just flipped that script harder than a Bollywood comeback. India crossed 500 GW of installed power capacity, half of it non-fossil, and Suzlon didn’t just ride the wind—it practically commanded it. Record installations, margins that finally make CFOs smile, and a deferred tax asset fatter than a Diwali bonus. The renewable rush is real, and Suzlon’s playing lead guitar again.
Stick around—things get stormy, shiny, and sarcastically sweet in the rest of this decoding.
2. At a Glance
- Revenue ₹3,866 Cr – Up 121% YoY; apparently turbines now spin cash too.
- EBITDA ₹721 Cr – 145% jump; margins got a caffeine boost.
- EBITDA Margin 18.6% – Up 460 bps; even the finance team’s Excel smiled.
- PAT ₹1,279 Cr – Includes ₹718 Cr tax asset magic; still, profits look very real.
- Order Book 6.2 GW – Because “fully booked” is Suzlon’s new aesthetic.
- Net Cash ₹1,480 Cr – Once broke, now bragging.
- Guidance – 60% YoY growth; bold, or just wind beneath their wings?
3. Management’s Key Commentary
“India hit 500 GW power capacity, with 50% non-fossil — renewables are no longer the future; they’re here.”
(Translation: Coal, pack your bags; wind just got promoted.)
“565 MW delivered — highest-ever Q2 in our 30-year history.”
(Finally, a ‘record-breaking’ quarter that actually means something 😏)
“Order book crossed 6 GW; 2 GW added in H1 FY26 alone.”
(When it rains, it pours. When it’s windy, it’s
Suzlon.)
“Deferred tax asset of ₹718 Cr recognized — ₹5,000 Cr profit shield.”
(Translation: We won’t be paying taxes till the next World Cup.)
“Land identified for 23 GW renewable sites; 7+ GW under development.”
(They’re literally buying wind real estate before it blows away.)
“Forging business EBITDA up 243%; margins doubled.”
(From rusty bolts to money minting steel — now that’s alchemy.)
“Net worth ₹7,860 Cr; debt-free and flexing.”
(Balance sheet so clean, it squeaks.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Remarks |
|---|---|---|---|
| Revenue | ₹3,866 Cr | +121% | Strong execution; less hot air, more metal. |
| EBITDA | ₹721 Cr | +145% | Margin windfall, literally. |
| EBITDA Margin | 18.6% | +460 bps | Costs finally trimmed, not dreams. |
| PAT | ₹1,279 Cr | +179% | Deferred tax fairy visited. |
| Net Cash | ₹1,480 Cr | NA | Balance sheet flex zone. |
| Order Book | 6.2 GW | +50% | CFO’s new sleep aid. |
| Installed MW (Q2) | 565 MW | +121% | Record quarter, finally literal. |
Commentary: Suzlon’s no longer the “turnaround story.” It’s a running engine now. Even the taxman’s giving them breathing room.
5. Analyst Questions
Q: Will Suzlon hit 1,500 MW this year?
A: “We’re confident of 25% market share.”
(Translation: Maybe more,
