1. At a Glance
Suzlon Energy today is that Bollywood comeback story where the hero was declared “finished” in 2013, written off by brokers, shorted by traders, laughed at on Twitter… and then quietly walked back on screen with abs, cash flow, and a 6.4 GW order book.
Market cap sits at ₹65,170 Cr, stock price around ₹47.9, down sharply in the last 6 months (-24%), which already tells you sentiment is drunk even when numbers are sober. Q3 FY26 revenue came in at ₹4,236 Cr, up 42.4% YoY, while PAT stood at ₹445 Cr. ROCE is a spicy 32.5% and ROE a borderline show-off 41.4%. Debt? A polite ₹397 Cr — after surviving ₹17,000+ Cr once.
Suzlon today is no longer a “hope trade”. It’s a cash-generating wind turbine manufacturing machine with 90% of its order book riding on a single successful product (S144).
But wait — if everything is so great, why is the stock bleeding? And why is promoter holding still stuck at 11.7%?
Buckle up. 🌬️
2. Introduction
Suzlon’s story is mandatory reading for every Indian equity investor — not for inspiration, but for risk management PTSD.
Once upon a time (2008), Suzlon wanted to be Vestas + Siemens + GE + World Conqueror. It borrowed in dollars, euros, dreams, and hubris. The global financial crisis arrived like a Mumbai monsoon on a paper boat. Debt exploded, margins evaporated, and shareholders watched 95% of market cap vanish like free snacks at an AGM.
Fast forward to 2026 — the company is alive, profitable, deleveraged, and suddenly fashionable again. Wind power is back in policy focus, solar is overcrowded, FDRE is the new buzzword, and Suzlon is India’s only serious vertically integrated domestic WTG player.
This is
no fairy tale though. It’s a rehabilitation story — with scars, dilution, and trust issues still visible.
So the real question is not “Can Suzlon grow?”
It already is.
The real question is — can it stay disciplined this time?
3. Business Model – WTF Do They Even Do?
Suzlon doesn’t just sell wind turbines. It sells a full-stack wind ecosystem.
Think of Suzlon as the IKEA of wind energy — except they design the furniture, manufacture the screws, install it at your house, and then charge you AMC for the next 25 years.
Core verticals:
- WTG Manufacturing (blades, nacelles, towers, generators — the whole buffet)
- Project Execution (EPC + non-EPC)
- Operations & Maintenance (O&M) — the real annuity engine
Suzlon has installed 21 GW globally, manages 15.1 GW in India, and another ~6 GW internationally. This gives them sticky long-term revenue visibility that pure-play EPC players can only dream of.
Products that matter:
- S144 (3 MW) — 90%+ of current order book
- S133 (up to 3.15 MW) — workhorse
- S120 — older but reliable
This business works because:
- Wind projects need local servicing
- Imported turbines suffer logistics + forex pain
- Policy wants domestic manufacturing
- O&M
