Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through debt or equity in the transcript. J.P. Chalasani and Rahul Jain discussed capital deployed for the DevCo model, currently around INR 300-350 crores. There is a plan to potentially increase non-fund-based facilities if they enter connectivity or as model develops. Rahul Jain mentioned working capital needs may increase as they scale activities but did not specify new fundraising. Overall, no direct indication of fresh debt or equity raising; focus is on managing working capital and existing cash reserves. Future capital deployment will depend on pr

Any current/future capex/capital investment/strategic investment?

Suzlon expects a capex run rate of around INR600 crores +/- 50 crores annually going forward to expand capacity and meet demand. (Page 16) Capital deployed for the Development Company (DevCo) model is currently around INR300-350 crores, with a threshold of INR300 crores kept as cash. This could increase as the model evolves and with connectivity-related investments. (Page 16) Suzlon is actively working on developing Renewable Energy (RE) parks with connectivity that is transferable, in collaboration with the Government of India, which may require additional capital. (Page 16) No immediate a

Future growth expectations in sales/revenue/volumes?

Industry wind installations expected to grow from 6 GW in FY '26 to 8 GW in FY '27 and 10 GW in FY '28, targeting 15 GW by FY '30/'31. Suzlon's deliveries grew 58% to 2,456 MW in FY '26; good execution momentum expected to continue with increasing installations. Revenue growth robust: FY '26 consolidated revenue at INR16,679 crores, up 54% Y-o-Y, with WTG segment revenues up 65% to INR14,040 crores. EBITDA increased 63% to INR3,022 crores with margin expansion to 18.1%. Order book remains strong (~6 GW) with positive outlook on converting development pipelines (~22-23 GW identified, 8

Future growth expectations in earnings/operating earnings/profits/EPS?

Suzlon achieved 63% growth in EBITDA and 67% growth in profit before tax in FY '26, demonstrating strong operating leverage. WTG segment revenue grew 65% with a contribution margin of 24.5%, reflecting improving profitability. EBITDA margin expanded by 100 basis points to 18.1% in FY '26 and is expected to improve further with positive operating leverage. The company foresees continued strong revenue growth driven by expanding capacity and improved execution momentum. Suzlon projects the wind industry market to grow from 6 GW in FY '26 to around 8 GW in FY '27, 10 GW in FY '28, and approximate

Current/ Expected Orderbook/ Pending Orders?

Suzlon's order backlog stands at approximately 5,892 megawatts, with no significant non-moving or slow-moving orders currently. The company began the year with an order book of around 5 gigawatts and is closing at 5.9 gigawatts, showing steady order inflow. A substantial portion of the order book is moving from equipment supply agreements (SAAs) towards more comprehensive EPC contracts, which take longer to close but indicate stronger future execution. Suzlon has identified a development pipeline of about 22 to 23 gigawatts of sites, with 8 gigawatts actively under development and some p

IN US

Suzlon Energy LtdQ1 FY27Electrical Equipment

Suzlon Energy Ltd Q1 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹48.4P/E: 20.9Market Cap: ₹65.6K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Industry wind installations expected to grow from 6 GW in FY '26 to 8 GW in FY '27 and 10 GW in FY '28, targeting 15 GW by FY '30/'31.
→Suzlon's deliveries grew 58% to 2,456 MW in FY '26; good execution momentum expected to continue with increasing installations.
→Revenue growth robust: FY '26 consolidated revenue at INR16,679 crores, up 54% Y-o-Y, with WTG segment revenues up 65% to INR14,040 crores.
→EBITDA increased 63% to INR3,022 crores with margin expansion to 18.1%.
→Order book remains strong (~6 GW) with positive outlook on converting development pipelines (~22-23 GW identified, 8 GW in active development).
→Expansion driven by EPC contracts, with expected acceleration starting Q2 FY '27.
→Growth expected from domestic demand, exports (notably Europe), and new product launches (Blue Sky platform).
→Capex run rate expected around INR600 crores ±50 crores over the next 3-4 years to support growth.

Margin guidance

Category 3

→Suzlon achieved 63% growth in EBITDA and 67% growth in profit before tax in FY '26, demonstrating strong operating leverage.
→WTG segment revenue grew 65% with a contribution margin of 24.5%, reflecting improving profitability.
→EBITDA margin expanded by 100 basis points to 18.1% in FY '26 and is expected to improve further with positive operating leverage.
→The company foresees continued strong revenue growth driven by expanding capacity and improved execution momentum.
→Suzlon projects the wind industry market to grow from 6 GW in FY '26 to around 8 GW in FY '27, 10 GW in FY '28, and approximately 15 GW by FY '30/'31, providing a strong demand backdrop.
→The order book and development pipeline are robust (~25 GW identified assets, with 8-10 GW at advanced stages), supporting sustained future earnings growth.
→Pending installations and commissions (971 MW erected, 332 MW commissioned Q4 FY '26) indicate rising near-term revenues and profits.
→Deferred tax asset recognition (~INR 742 Cr in FY '26) supports improved net profits.
→Overall, positive trends in earnings, operating margins, and EPS are expected over the next 3-4 years.

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Fundraise plans

→No explicit mention of new fundraising through debt or equity in the transcript.
→J.P. Chalasani and Rahul Jain discussed capital deployed for the DevCo model, currently around INR 300-350 crores.
→There is a plan to potentially increase non-fund-based facilities if they enter connectivity or as model develops.
→Rahul Jain mentioned working capital needs may increase as they scale activities but did not specify new fundraising.
→Overall, no direct indication of fresh debt or equity raising; focus is on managing working capital and existing cash reserves.
→Future capital deployment will depend on project developments and evolving business needs.

Order book

Yes

→Suzlon's order backlog stands at approximately 5,892 megawatts, with no significant non-moving or slow-moving orders currently.
→The company began the year with an order book of around 5 gigawatts and is closing at 5.9 gigawatts, showing steady order inflow.
→A substantial portion of the order book is moving from equipment supply agreements (SAAs) towards more comprehensive EPC contracts, which take longer to close but indicate stronger future execution.
→Suzlon has identified a development pipeline of about 22 to 23 gigawatts of sites, with 8 gigawatts actively under development and some projects transitioning into EPC contracts.
→The company is actively converting land agreements into EPC contracts, expected to add further to the active development pipeline.
→Approximately 25 gigawatts of assets are currently engaged across India, 8-10 gigawatts of which are "better baked," signaling a robust pipeline supporting growth.

Capex plans

Yes

→Suzlon expects a capex run rate of around INR600 crores +/- 50 crores annually going forward to expand capacity and meet demand. (Page 16)
→Capital deployed for the Development Company (DevCo) model is currently around INR300-350 crores, with a threshold of INR300 crores kept as cash. This could increase as the model evolves and with connectivity-related investments. (Page 16)
→Suzlon is actively working on developing Renewable Energy (RE) parks with connectivity that is transferable, in collaboration with the Government of India, which may require additional capital. (Page 16)
→No immediate acquisitions are in the pipeline for solar and Battery Energy Storage Systems (BESS), but these are part of Suzlon's future agenda and they are considering asset-light versus investing strategies. (Page 14)
→They have plans to enter the European market, which is considered a future revenue and bottom-line growth driver, but detailed strategy will be shared later. (Page 7)

How does Suzlon Energy Ltd rank vs peers in Electrical Equipment?

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