SUZLON - Suzlon Energy

📊 NSE: SUZLON 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 14:00

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 67% YoY in FY25 to INR 10,851 Cr. The Wind Turbine Generator (WTG) segment grew 101% YoY, while Operation and Maintenance Services (OMS) grew 8% YoY. SE Forge revenue grew 53% YoY in H1 FY26.

Geographic Revenue Split

Not disclosed in specific percentages, but the company has installed over 21 GW across 17 countries, with a dominant ~30-35% market share in India.

Profitability Margins

EBITDA margin reached 18.6% in Q2 FY26. WTG PBIT margins improved from 2% in FY24 to 10% in FY25. OMS PBIT margins remained steady at 34% in FY25 compared to 36% in FY24.

EBITDA Margin

18.6% in Q2 FY26, representing a 460 basis point improvement from 14.1% in Q2 FY25. H1 FY26 EBITDA margin stood at 18.9%.

Capital Expenditure

No material debt-funded capital expenditure is planned for the near term; the company is focusing on unlocking capacity in its existing SE Forge business (120,000 MT annual capacity).

Credit Rating & Borrowing

ICRA assigned [ICRA]A+ (Stable) and [ICRA]A1 ratings to bank lines of INR 2,635 Cr. Interest coverage ratio was 7.3x as of FY25.

⚙️ Operational Drivers

Raw Materials

Steel, metal scrap for foundry operations, and specialized wind turbine components including rotor blades, tubular towers, generators, and nacelles.

Import Sources

Not specifically disclosed, though the company is increasing exports in the wind sector for its forging and foundry division.

Capacity Expansion

SE Forge has an annual manufacturing capacity of 120,000 MT. WTG deliveries reached 565 MW in Q2 FY26, a 121% increase YoY from 256 MW in Q2 FY25.

Raw Material Costs

Contribution margin was 34.1% in Q2 FY26. Procurement costs have been reduced through cost-out initiatives and internalizing machining processes.

Manufacturing Efficiency

SE Forge capacity utilization reached 30% in H1 FY26, up from 21% in FY25.

📈 Strategic Growth

Expected Growth Rate

67%

Growth Strategy

Acquisition of Renom Energy Services (3GW portfolio), expansion of SE Forge into non-wind and export markets, and margin improvement through internalizing machining and cost-out initiatives.

Products & Services

Wind Turbine Generators (WTGs), Operation and Maintenance Services (OMS), and Forging and Foundry products (castings and forgings).

Brand Portfolio

Suzlon, SE Forge, Renom Energy Services.

New Products/Services

Renom Energy Services acquisition allows the company to service non-Suzlon wind turbines, targeting a diverse portfolio of ~3GW.

Market Expansion

Expanding SE Forge into non-wind sectors and increasing international exports; targeting a revenue mix of 2/3 non-Suzlon customers by FY27.

Market Share & Ranking

Leading domestic WTG manufacturer with a ~30-35% market share of the total installed base in India.

Strategic Alliances

Working capital facility of INR 5,906 Cr from REC Limited to support operational scale-up.

🌍 External Factors

Industry Trends

India's wind capacity is projected to reach 100 GW by 2030 and 400 GW by 2047, driving long-term demand for WTGs and O&M services.

Competitive Landscape

Leading domestic player with strong in-house technical capabilities and an integrated manufacturing infrastructure across the value chain.

Competitive Moat

Vertical integration and a 30-35% market share provide a sustainable competitive advantage; the company designs and manufactures all major components in-house.