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