Suzlon Energy Q1 FY27: Revenue Up 23%, EBITDA Down ₹4 Crore

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1. At a Glance

Suzlon closed the June 2026 quarter with consolidated revenue of ₹3,829 Cr against ₹3,132 Cr a year earlier, a 22% rise. Operating profit came in at ₹595 Cr versus ₹599 Cr, and net profit at ₹305 Cr versus ₹324 Cr. Operating margin was 16%, against 19% in the year-ago quarter. EPS for the quarter was ₹0.22, unannualised.

Deliveries hit 506 MW, up 14% year-on-year and described by the company as its highest-ever first quarter. Commissioning came in at 269 MW against 117 MW. Management stated that 1,257 MW of turbines stand erected and awaiting commissioning, and attributed deferral of roughly 10–20% of deliveries to Middle East logistics constraints affecting movement of cranes, trailers and transport vehicles.

The order book stood at 6,135 MW including orders received after June, with roughly 1 GW booked in the first four months of FY27 — including a 400 MW EPC order from Tata Power Renewables, 201.6 MW from Waaree Forever Energies, and 105 MW from Sunsure Energy. EPC share of the order book rose from 22% in Q1 FY26 to 32%.

The CFO stated EBITDA margin should hold near 17–18% for the year, plus or minus one to two percent, and the CEO put the quarter’s upfront investment drag at ₹40–50 crore across various subheads.

Separately, the board disclosed a SEBI penalty of ₹15.95 crore attributable to the company, and approved a wholly owned subsidiary in Singapore. Both of which have longer stories attached.

2. Introduction

Suzlon has been a listed company for long enough to have lived several distinct lives. Founded in 1995, the group installed over 21 GW of wind capacity across 17 countries. Then came 2008: global ambitions, heavy debt taken on to acquire foreign companies at the peak of the economic cycle, and a market capitalisation that eroded by more than 95%. The company approached bankruptcy. Recovery began around 2014, when it captured roughly 20% of the Indian wind turbine market. Founder Tulsi Tanti died in October 2022.

The balance sheet tells that arc in one line. Borrowings stood at ₹11,114 Cr in March 2017 and ₹556 Cr in March 2026. Reserves were negative ₹7,846 Cr in 2017 and positive ₹6,719 Cr in 2026 — a ₹14,500 Cr swing achieved through a combination of profits, rights issues in January, March, May and August 2025, and an authorised share capital raised from ₹11,000 Cr to ₹21,053 Cr in FY25.

The management roster has turned over at pace. Ajay Kapur was named Group CEO in February 2026 with J.P. Chalasani elevated, and Girish Vanvari joined as an independent director. Rahul Jain became CFO in December 2025. Vivek Srivastava resigned as CEO of the WTG division in December 2025; Sairam Prasad resigned as CEO of Global O&M in March 2026; Anjali Byce joined as Group CHRO in July 2026 as Rajendra Mehta stepped down.

In this quarter the company unveiled “Suzlon 2.0” — four businesses: RE Tech, RE DevCo, RE Projects and RE AMS. The segment names in the financial statements were renamed to match, with ‘Wind Turbine Generator’ becoming ‘Renewable Energy Solutions’. The filing notes this changed no reported amounts. A rebrand that reconciles to the rupee is a rare thing.

3. Business Model: WTF Do They Even Do?

Suzlon makes big spinning things and then charges you for the rest of their life.

It is a vertically integrated wind turbine manufacturer, which means it designs and builds rotor blades, tubular towers, generators, control equipment, gears and nacelles — and then installs the turbine, and then maintains it. Fourteen manufacturing facilities across India, 4,500 MW of annual capacity, spread across Puducherry, Daman, Vadodara, Dhule, Gandhidham, Bhuj, Anantpur, Ratlam, Jaisalmer and Coimbatore. The Jaisalmer blade facility doubled from 630 MW to 1,260 MW this quarter by adding two lines.

The turbine catalogue reads like a shoe size chart. The S120 is 2.10 MW at 120 m. The S144 is 3.15–3.30 MW and forms 88% of the order book. The S175 is 5.x MW, first turbine installed in May 2026, first Indian order already secured. The S163 at 6.x MW is aimed at export markets, where management expects 18 to 24 months to seed a market before shipments begin. Somewhere in a Danish or Dutch or German R&D centre, engineers are drawing a bigger circle.

Then there is the annuity half. RE AMS services an installed base of 16.1+ GW across 10,000+ turbines and 1,900+ customers, with over 110 sites and 3,600+ team members. This segment did ₹526 Cr of revenue in Q1 FY27 with ₹228 Cr of EBITDA — a 43.3% margin that management said was slightly elevated and expects to normalise toward the higher thirties. Renom, the multi-brand platform, manages 3,585 MW of assets across 15 OEM makes and 37 models, which is essentially a mechanic’s shop that will service anyone’s car.

Foundry and forging rounds it out: ₹126 Cr revenue, ₹22 Cr EBITDA in the quarter, 120,000 MT annual capacity, 32% utilised.

Geography is less exotic than the