Suzlon Energy Q2 FY27 Earnings Call Transcript Released
Suzlon Energy's Q2 FY27 earnings call transcript reveals strong performance with 710 MW delivered, a 40% QoQ jump. Revenue rose 27% QoQ to ₹4,869 crore, with EBITDA at ₹720 crore. Net worth crossed ₹10,000 crore, and net cash stood at ₹2,048 crore. The company aims for 15 GW annual installations by FY31.
The announcement provides a detailed update on the company's financial performance, operational highlights, and future outlook, including industry-specific growth drivers and Suzlon's strategic positioning. This information is crucial for investors and stakeholders.
The company reported strong sequential growth in deliveries, revenue, and EBITDA, alongside a significant increase in net worth and a healthy net cash position. Positive outlook on industry growth and market share targets also contribute to the positive sentiment.
Suzlon Energy Limited has released the transcript of its Q2 FY27 Earnings Conference Call, which took place on October 29, 2026. The call featured insights from Mr. Ajay Kapur, Group CEO, and Mr. Rahul Jain, Group CFO.
During the call, Mr. Kapur highlighted the significant growth and strategic importance of India's wind energy sector, noting that India crossed 59 gigawatts of installed wind capacity. He emphasized the industry's role in energy security, manufacturing growth, and decarbonization, supported by initiatives like Green Energy Corridor Phase-III. The execution pipeline is robust, with over 40 gigawatts of projects under implementation and annual manufacturing capacity exceeding 20 gigawatts. Wind equipment exports reached INR12,000 crores in FY26. Annual installations are expected to cross 10 gigawatts in the near term and reach 15 gigawatts by FY31.
Suzlon reported strong business performance for Q2 FY27, delivering 710 megawatts, a 40% increase quarter-on-quarter, marking its highest second-quarter deliveries. Commissioning grew by over 69% to 454 megawatts. The company's order book stands at 6 gigawatts, providing approximately 18 months of coverage. Suzlon is expanding its technology portfolio with high-capacity turbines like the S175 5.x and S163 6.x. RE Tech commissioned the prototype of its first S175 5 MW turbine and secured its first customer order for 21 turbines (105 MW). The RE AMS India business maintains strong EBITDA margins above 40%, and the foundry and forging division reported revenues of INR167 crores and EBITDA of INR50 crores in Q2.
Financially, for Q2 FY27, revenue grew 27% quarter-on-quarter to INR4,869 crores, with EBITDA improving to INR720 crores and Profit After Tax (PAT) at INR394 crores. The consolidated net worth crossed INR10,000 crores, reaching INR10,277 crores, and the net cash position stood at INR2,048 crores. CRISIL upgraded Suzlon's long-term rating to AA-/Stable and its short-term rating to A1+.
The management addressed concerns regarding a decline in WTG contribution margins, attributing it to forex and commodity volatility, customer and scope mix changes, and non-recurring expenses related to Suzlon 2.0. They indicated that WTG contribution margins are expected to remain in the 22-23% range for FY27, subject to normalization of externalities. Normalized EBITDA margins, excluding non-recurring costs, FX, and commodity impacts, are expected to be around 16.5% to 17%. The company anticipates operating leverage benefits in H2 FY27 due to higher volumes, with H2 typically being 1.5x to 1.65x of H1.
Regarding capital allocation, the company has committed approximately INR500 crores to its DevCo business, with INR125-130 crores deployed as of date. Approximately 900 megawatts of orders have been secured through the DevCo model. Suzlon is also exploring asset-light models for solar and BESS projects, with team building and negotiations underway.
The company discussed competition from players like Adani and JSW, noting that the Indian wind market is expanding and Suzlon maintains a significant market share. They highlighted their three decades of leadership, global presence, and strong O&M capabilities as key differentiators. Suzlon aims for a 40% market share by FY31.
On exports, Suzlon is seeing good traction with its Blue-Sky platform (5 MW and 6.3 MW turbines) and smaller 2.1 MW turbines. They anticipate these orders to materialize in the next fiscal year. Repowering opportunities are also being pursued both in India and internationally.
Concerning localization, Suzlon, with over 80% local content, is well-positioned to benefit from government policies aimed at strengthening the domestic wind industry. The company believes India can achieve 100% localization for wind turbine components.
The average selling price (ASP) for Q2 FY27 was approximately INR5.9 crores per megawatt, a slight increase from INR5.7 crores in Q2 FY26. Management clarified that this is a function of business mix and contracted positions, not a price reduction. The working capital requirement is primarily due to building inventory for H2 deliveries and gearing up for higher volumes, not directly linked to the DevCo model.
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