SUZLON Q4 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
₹5,468 Cr
verified against source
Revenue YoY
54%
reported change
EBITDA
₹964 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Suzlon delivered a record Q4 with 830 MW highest-ever India deliveries for any quarter, driving FY26 full-year revenue to ₹16,679 crore (up 54% YoY) and EBITDA to ₹3,022 crore (up 603% YoY). The WTG segment grew 65% to ₹14,040 crore with 24.5% contribution margin. Order book stands at 5.9 GW with 66% CNI/PSU composition, transitioning toward EPC contracts (EPC share rose from 20% to 28% in H2). The company commissioned 744 MW in FY26 with 971 MW erected pending commissioning. Management targets 8-9 GW industry installations in FY27 and 15 GW by FY30, driven by strong PSU demand and emerging DevCo model. Working capital increased due to PSU contracts but remains funded through non-fund based limits. DTA of ₹742 crore recognized during the year. Key risks include EPC contract cycle length, AP project ATRS approval dependency, and rupee depreciation impact on unhedged contracts.
Colored figures show movement against the previous available record.
Guidance to track
- Management projects industry installations to reach 8-9 GW in FY27 based on strong PSU/CNI pipeline and NTPC's shift toward EPC contracts with 2,750 MW in EP pipeline.
- Industry expected to reach 15 GW installations by FY31, with 56 GW already installed and 100 GW target by 2030.
- Development pipeline of 20-22 GW identified sites with 8-10 GW at advanced stages; EPC conversions expected from June 2026 onward over next 6 months.
- Forward-looking capex guidance of ₹600 crore plus/minus ₹50 crore annually to support capacity expansion and demand growth.
Risks flagged
- Transition to EPC contracts is extending order closure timelines as customers conduct site assessments and multiple contracts are signed separately (land, supply, services). Management expects significant conversions from June 2026.
- The 775 MW FDR project in Andhra Pradesh is pending APRC fixation of tariff. While precedent exists (400 MW FTR approved in FY25), regulatory delays could impact monetization timeline of ₹1,325 MW balance pipeline.
- Operating cash flow of ₹1,200 crore vs EBITDA of ₹3,022 crore reflects PSU contract-driven working capital increase. CFO indicates this was anticipated and priced into tenders but could limit cash recycling if order intake slows.
- CERC's proposed ±10% deviation framework for wind (vs current ±15%) creates uncertainty for existing projects. Suzlon developed stability forecasting models but full client rollout requires collaboration with international partners and regulatory clarity.
Key quotes
- For FY26, Suzlon transitioned into a scaled, profitable and financially strong market leader in wind sector. Suzlan delivered a record 830 megawatt in quarter 4 and 2,456 megawatt in FI26 which is our ever highest deliveries in India.
- Our end-to-end wind energy model supported by an integrated supply chain, strong execution and industry-leading service provides a competitive edge that is unique and difficult for others to match.
- We have 9 GW of S144 orders. I think it's one of its kind. I was quite thrilled when I met people across those two three days at Wind Europe with very very active pipeline of some of the leading developers, top companies.
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