Synopsis:
Suzlon Energy reported a strong Q1FY26 YoY performance with revenue up 54.6 percent and PBT up 51.8 percent, though net profit fell 72.5 percent sequentially due to tax adjustments. Operationally, it achieved record Q1 deliveries, a robust order book, and maintained a healthy net cash position. A major management change saw Group CFO Himanshu Mody resign.
A leading wind energy solutions player reported its Q1FY26 results post-market hours, showing strong year-on-year growth in revenue, profit, and margins. However, a sharp sequential decline in profit due to tax adjustments. The stock in focus is Suzlon Energy Ltd, with a market capitalisation of Rs. 86,486.27 crore, closed Tuesday, 12th August 2025, at Rs. 63.12.
What’s the News?
Quarter-on-quarter, revenue from operations fell 17.4 percent from Rs. 3,773.54 crore in Q4FY25 to Rs. 3,117.33 crore in Q1FY26. Profit before tax (PBT) declined 16.7 percent from Rs. 551.24 crore to Rs. 459.23 crore.
Net profit dropped sharply by 72.5 percent from Rs. 1,180.98 crore to Rs. 324.32 crore, largely due to the recognition of deferred tax assets of Rs. 600.75 crore in the previous quarter. EBITDA decreased 13.5 percent from Rs. 693 crore to Rs. 599 crore, while EBITDA margin improved from 18.4 percent to 19.2 percent.
Year-on-year, revenue from operations grew 54.6 percent from Rs. 2,015.98 crore in Q1FY25 to Rs. 3,117.33 crore in Q1FY26. PBT rose 51.8 percent from Rs. 302.48 crore to Rs. 459.23 crore, while net profit increased 7.3 percent from Rs. 302.29 crore to Rs. 324.32 crore. EBITDA jumped 61.9 percent from Rs. 370 crore to Rs. 599 crore, with margins improving from 18.4 percent to 19.2 percent.
In segment revenue for Q1FY26, the Wind Turbine Generator division contributed Rs. 2,494.57 crore (77.3 percent), Foundry and Forgings brought in Rs. 146.49 crore (4.53 percent), Operation and Maintenance Services generated Rs. 584.45 crore (18.1 percent), and Others accounted for Rs. 1.61 crore (0.05 percent).
The quarter also saw consistent order book growth for the tenth consecutive quarter, highest-ever Q1 deliveries of 444 MW, fresh orders worth 1 GW, and an overall order book of 5.7 GW, with 75 percent from commercial & industrial and PSU customers. Suzlon reported a net cash position of Rs. 1,620 crore as on June 30, 2025, domestic manufacturing capacity of 4,500 MW, and a total installed base of over 15.2 GW in India.
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Management Commentary
JP Chalasani, Chief Executive Officer, Suzlon Group, said – “India’s renewable energy growth is driven by large PSU-led auctions — signalling strong market momentum and rising C&I demand. Businesses are seeking firm, reliable, and affordable clean power to meet sustainability goals.
Our record deliveries this quarter highlight Suzlon’s executional strength and ability to seize opportunities. These align perfectly with MNRE’s revised ALMM (Wind) guidelines — a roadmap to make India’s energy transition Made in India, for India, and by India. With 4.5 GW of annual domestic manufacturing capacity, we are well-positioned to power the nation’s clean energy future.”
Himanshu Mody, Chief Financial Officer, Suzlon Group, said, – “Q1 delivered a strong all-round performance, with year-on-year growth across all key financial and operational metrics. The significant increase in EBITDA reflects our disciplined financial management, operational efficiency, and the underlying strength of our business model.
The Company recognised Deferred Tax Assets of ₹ 630 Crores last quarter, which is now unwinding, resulting in a deferred tax charge of ₹ 134 Crores in Q1 FY26. This is purely an accounting adjustment with no cash impact. Our strong order inflow provides clear revenue visibility, while five-notch rating upgrades over the last two years reflect our improved financial strength and flexibility, unlocking new working capital avenues.”
Major Management Change
In a significant leadership development, Group CFO Himanshu Mody announced his resignation, effective 31st August 2025. In his farewell note, Mody said it had been a rewarding journey transforming the company from under Rs. 10,000 crore in market capitalisation to nearly Rs. 1,00,000 crore, creating wealth for over 50 lakh shareholders. He added that it was now time to move forward and take on a new professional challenge.
About the Company
The Suzlon Group is a leading global renewable energy solutions provider, with over 21 GW of wind energy capacity installed across 17 countries. Suzlon has in-house R&D centres in Germany, the Netherlands, Denmark, and India, along with manufacturing facilities across India.
With 30 years of operational excellence and over 8,100 employees, Suzlon is India’s No. 1 renewable energy solutions company, with 15.2 GW of installed assets in India and another 6 GW overseas. Its portfolio includes advanced 2.x MW and 3.x MW series wind turbines.
Written by – Manan Gangwar
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