SUZLON Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹3,117 Cr
verified against source
Revenue YoY
62%
reported change
EBITDA
₹599 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Suzlon delivered a record Q1 FY26 with 444 MW revenue recognition (62% YoY), driven by strong execution and a 5.7 GW order book growing for 10 consecutive quarters. Revenue of ₹3,117 crore and EBITDA of ₹599 crore (19.2% margin, +86bps YoY) reflect operational strength, though management flagged the 26% contribution margin as a quarterly outlier and guided 23% for the full year. The balance sheet is robust with ₹6,542 crore net worth and ₹1,620 crore net cash. A key risk: CFO Himanshu Modi's resignation effective August 31 creates a leadership transition. Client-side delays (evacuation infrastructure, land acquisition) continue to impact commissioning timelines, with 664 MW in pre-commissioning. The ALM policy provides a level playing field versus Chinese competitors, while the 6 GW industry installation target for FY26 signals healthy demand. Working capital days are being optimized from 90-100 towards 75-day target. The O&M business (15+ GW managed) and SE Forge (exports to Middle East/Europe planned) offer diversification upside.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 60% year-on-year growth across all key performance parameters for FY26, encompassing revenue, EBITDA, and volume metrics.
- Contribution margin expected to normalize at 23% for FY26; Q1's 26% was an outlier driven by high-ASP orders and lower EPC activity.
- Industry expected to commission approximately 6 GW of wind capacity in FY26, up from 4 GW in FY25, signaling execution pace improvement.
- Directional guidance of approximately ₹200 crore annual net interest cost, with Q1's ₹70 crore including ₹14 crore one-time processing fees.
Risks flagged
- Group CFO Himanshu Modi resigned effective August 31, 2025. While JP Chalasani stated a successor search is in advanced stages, CFO transitions create execution risk and investor uncertainty during a high-growth phase.
- Client delays in evacuation infrastructure (33kV pooling substations) and land acquisition impacted commissioning timelines. 547 MW erected but pending pre-commissioning, with grid connectivity dependent on third-party clients.
- New domestic and Chinese players are entering the market, increasing competitive pressure on future order wins despite ALM leveling the playing field on component sourcing.
- Q1 order inflows appeared lower quarter-on-quarter (~₹540 crore estimated by analyst vs historical run-rate). Management attributed this to order booking policy threshold of 100 MW + confirmed advance, but pipeline conversion timing remains uncertain.
Key quotes
- We expect the industry to do close to 6 GW of wind installations in FY26.
- Our order book is predominantly for CNA segment and the PSU segment which is not going to stop... we will definitely touch 85-90 GW by 2030.
- Solar plus battery can never ever replace wind... different combinations of solar plus storage, wind plus storage, solar plus wind plus storage would come in depending upon the load profile of different states.
- This quarter has been high because of for two or three reasons: certain high average sales price orders that have got delivered in this quarter and also there has been a lower project activity due to the early onset of monsoon.
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