SUZLON Q3 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
₹4,228 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹739 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Suzlon delivered a record Q3 with 670 MW India deliveries, the highest ever for any quarter, generating ₹4,228 crore revenue and ₹739 crore EBITDA (48% YoY). The 9-month performance shows robust 66% volume growth (1,625 MW vs FY25 full year 1,540 MW) with consolidated revenue of ₹11,211 crore (+58% YoY). EBITDA margin compressed 180 bps to 17.5% due to mix of lower-realization customers and higher project revenue share. Management maintained its 60% YoY growth guidance for FY26 across key metrics, citing strong order book of 6.4 GW (book-to-bill 1.9x) and 4.5 GW fully operational manufacturing capacity. The primary risk remains execution bottlenecks from land acquisition, RO approvals, and grid connectivity delays limiting project uptake despite manufacturing capability to supply 1,100 MW per quarter. Working capital stress from delayed PSU payments is being managed through dedicated credit lines.
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Guidance to track
- Management reiterated full-year guidance of 60% growth in revenue, EBITDA, and PAT despite Q3 delivery pressures. Confident of meeting targets with Q4 execution expected to see significant jump.
- With 1,625 MW already delivered in 9 months, management targets approximately 875 MW in Q4 to meet annual guidance. Execution ramp-up expected in final quarter.
- Currently at 10% market share with 6 GW addressable market assumption. Management working to increase share through EPC-led growth and development company pipeline.
- Non-bidding route discussions of 3-4 GW ongoing with CNI segment driving demand. Management expects order book to continue growing each quarter with closing book larger than opening.
Risks flagged
- 253 MW turbines pre-commissioned but awaiting grid connection; 80 MW stalled due to MP/MR coordination dispute. Land acquisition and Right of Way approvals remain the primary constraint limiting project uptake despite manufacturing capacity for 1,100 MW/quarter supply.
- Trade receivables at ₹5,700 crore with one large customer contract facing payment delays. Dedicated credit line established for that contract, but working capital expected to remain elevated until development company model scales.
- Q3 EBITDA margin compressed 180-200 bps due to lower-realization customer mix and higher project revenue proportion. Margins will continue to fluctuate quarter-to-quarter based on contract composition.
- Analyst raised concerns about weak renewable tenders over past year and 30-35 GW solar capacity lying unutilized. While management clarified wind PPA situation is healthy, state-level bidding pace and policy resolution timeline remain uncertain.
Key quotes
- Issue is not that how much can we supply in a quarter. We can actually supply 1,100 megawatt in a quarter if there is a consistent uptake from the projects. Problem is execution is killing us ours as well as others.
- Even after 4,200 crores of cumulative profit from now on, we will not pay a single rupee of tax. We will not pay single rupee of tax. That's one part of it. Even after whatever happened in quarter three, we still have that much sitting in our bank.
- Without storage renewable energy will not grow... storage is mandatory. We said clearly the standalone solar will not grow unless solar and wind is there. This is our stated stand for the 5 years when people ridiculed us.
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