SUZLON Q2 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
₹3,866 Cr
verified against source
Revenue YoY
45%
reported change
EBITDA
Pending
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 Energy delivered a stellar Q2 FY26 with consolidated revenue of ₹3,866 crore, up 45% YoY, driven by record execution of 565 MW—highest Q2 in India's wind sector over 30 years. EBITDA margin expanded 450 basis points to 18.6% from 14.1%, reflecting operating leverage and cost optimization initiatives. PAT came in at ₹1,279 crore with PBT growth of 117% YoY. The company recognized ₹784 crore of deferred tax assets, taking total DTA to ₹1,229 crore, providing a ₹5,000 crore tax shield on future profits. Order book stands at 6.2 GW with over 2 GW added in H1, backed by 23 GW of identified land sites and 1,150 MW already acquired. Management maintained FY26 guidance of 60% growth across key parameters and targets 25% market share on projected 6 GW wind installations. The strategic shift toward EPC model (targeting 50% mix by FY28 from current 20%) and GST reduction on wind towers to 5% from 12% are structural tailwinds. Key risks include elevated receivables from PSU contract payment terms (70% on receipt vs 93% for private sector) and margin pressure from product mix shift toward higher WTG share (84% vs 80% in Q1).
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 60% network growth across all key performance parameters for FY26, including revenue, EBITDA, and PAT, driven by execution acceleration in H2.
- Targeting 25% market share based on projected 6 GW total wind installations in FY26, up from approximately 20% share historically, with visibility improving as H2 execution ramps up.
- Strategic target to increase EPC share from current 20% to 50% by FY28, enabling execution control, faster deployment, and improved manufacturing utilization through integrated land-plus-turbine model.
- Guidance of approximately ₹250 crore net finance cost for FY26 (around ₹70 crore per quarter), slightly higher due to SGB bonds issuance and increased working capital from higher execution velocity.
Risks flagged
- PSU contracts (which constituted over 50% of Q2 supplies) have only 70% payment on receipt of material versus 93% for private contracts, causing receivables surge. Collection timeline extends to 45 days vs 20-25 days for other contracts.
- WTG segment revenue share increased from 80% in Q1 to 84% in Q2, and since WTG margins (26.9%) are lower than O&M margins (34.5%), this mix shift creates margin headwind at consolidated level despite individual segment improvement.
- Competitors are launching 5 MW and 4 MW variants for onshore wind while Suzlon's current主力 product is 3.15 MW (90% of order book). Next model is under prototype/procurement phase with no specific timeline provided, creating potential competitive disadvantage.
- DTA of ₹1,229 crore (providing ₹5,000 crore tax shield) requires ongoing profitability to maintain recognition. Any significant downturn could trigger DTA write-down affecting reported profits.
Key quotes
- The EPC route is actually risk mitigation not the risk creation—it would significantly increase our capacity because we are the only player who can provide value along with the land.
- With all my experience I can say that this (solar plus battery storage only) is being spoken by people who do not understand the sector. You will never hear this from ignition players. The cost per unit with solar plus wind plus battery comes to around ₹2.65-2.70 versus ₹6.5 for solar plus battery only.
- I don't think order book would be an issue for us for the next at least couple of years. We have a significant pipeline under various discussions and we're making this statement based on clear pipeline of discussions with various clients.
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