Suzlon Energy · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
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.
