Any current/future new fundraising through debt or equity?

There are no current plans for equity consolidation or new equity fundraising; the management has no impending thoughts on consolidating equity capital (Page 17). The board has approved cleaning up legacy reserves and negative items on the balance sheet, expected to take 6-7 months, aiming for a clean balance sheet going forward (Page 18). No immediate plans to enter new fundraising through debt or equity were mentioned. The company has taken on some debt related to the NTPC project, reflected in increased finance costs due to processing fees for working capital (Page 5). The focus currently i

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

Suzlon is incurring increased costs in organizational buildup and technological investments, including implementing the SAP S/4 HANA module and IT expenses, aimed at building a more robust organization for the future. These investments are one-time and geared towards long-term benefits, with expenses like ESOP charges continuing till FY’26 for employee retention. Manufacturing capacity is being ramped up, targeting 4.5 GW by March 2025 across blades, towers, and nacelles, including ramp-up at the Pondicherry and Daman facilities. The company is open to exploring strategic opportunities adjacen

Future growth expectations in sales/revenue/volumes?

Suzlon expects wind installations in India to grow from approx. 5 GW in FY’25 to 6-7 GW in FY’26, and further to 9-10 GW yearly thereafter. The company plans to ramp up manufacturing capacity to 4.5 GW by March 2025. Order book has surged to over 5 GW, with execution expected over 18-24 months targeting a run rate of 2-2.5 GW annually, scaling up over time. Strong demand pipeline continues, with Suzlon aiming to keep order book at record highs for upcoming quarters. Revenue growth supported by increasing deliveries—256 MW delivered in Q2 FY’25, the highest second-quarter delivery in 7 years. S

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

Suzlon expects margin expansion with EBITDA margins in WTG business (~7%) and 40% in OMS business to improve going forward (Page 12). EBITDA grew 31% YoY to ₹294 cr in Q2 FY25; PAT increased 96% YoY to ₹201 cr (Page 5). Management anticipates increased deliveries, targeting 5 GW installations in FY25, 6-7 GW in FY26, and 9-10 GW yearly thereafter, supporting higher revenues and profits (Page 4). Investments in technology, organizational buildup, and capacity ramp-up are expected to enhance competitiveness and profitability long term (Page 5, 12). No immediate equity consolidation planned; bala

Current/ Expected Orderbook/ Pending Orders?

Suzlon's current order book stands at 5.1 GW, the largest ever in its history. The entire 5.1 GW order book consists of firm orders backed by financial commitments and is expected to be executed over the next 18 to 24 months. The company anticipates the order book to continue growing, with significant orders under discussion and a robust pipeline. Suzlon secured the largest single order of 1.166 GW from NTPC Green. There is also an active order pipeline including public sector tenders like the NTPC tender in Karnataka. Management expects the order book to keep increasing each quarter

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Suzlon Energy LtdQ3 FY24Electrical Equipment

Suzlon Energy Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹59.3P/E: 22.7Market Cap: ₹73.3K 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

→Suzlon expects wind installations in India to grow from approx. 5 GW in FY’25 to 6-7 GW in FY’26, and further to 9-10 GW yearly thereafter.
→The company plans to ramp up manufacturing capacity to 4.5 GW by March 2025.
→Order book has surged to over 5 GW, with execution expected over 18-24 months targeting a run rate of 2-2.5 GW annually, scaling up over time.
→Strong demand pipeline continues, with Suzlon aiming to keep order book at record highs for upcoming quarters.
→Revenue growth supported by increasing deliveries—256 MW delivered in Q2 FY’25, the highest second-quarter delivery in 7 years.
→Services business (Operations & Maintenance) expected to grow steadily, backed by fleet expansion.
→Organizational investments and technology upgrades position Suzlon for enhanced competitiveness and future profitability growth.

Margin guidance

Category 3

→Suzlon expects margin expansion with EBITDA margins in WTG business (~7%) and 40% in OMS business to improve going forward (Page 12).
→EBITDA grew 31% YoY to ₹294 cr in Q2 FY25; PAT increased 96% YoY to ₹201 cr (Page 5).
→Management anticipates increased deliveries, targeting 5 GW installations in FY25, 6-7 GW in FY26, and 9-10 GW yearly thereafter, supporting higher revenues and profits (Page 4).
→Investments in technology, organizational buildup, and capacity ramp-up are expected to enhance competitiveness and profitability long term (Page 5, 12).
→No immediate equity consolidation planned; balance sheet is being reorganized for optimized capital structure to sustain growth (Page 17).
→Services business with higher margins expected to grow in correlation with WTG installations, adding to profitability (Page 7).
→Management is confident about sustainable margin improvements with increasing volumes and efficient cost control despite some short-term cost rise from ESOP and IT investments (Pages 8, 12).

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Fundraise plans

→There are no current plans for equity consolidation or new equity fundraising; the management has no impending thoughts on consolidating equity capital (Page 17).
→The board has approved cleaning up legacy reserves and negative items on the balance sheet, expected to take 6-7 months, aiming for a clean balance sheet going forward (Page 18).
→No immediate plans to enter new fundraising through debt or equity were mentioned.
→The company has taken on some debt related to the NTPC project, reflected in increased finance costs due to processing fees for working capital (Page 5).
→The focus currently is on organizational investments and capacity ramp-up with an optimized cost structure rather than raising new capital (Pages 5 and 12).
→Management remains open to exploring future opportunities but has not announced any specific capital raising plans.

Order book

Yes

→Suzlon's current order book stands at 5.1 GW, the largest ever in its history.
→The entire 5.1 GW order book consists of firm orders backed by financial commitments and is expected to be executed over the next 18 to 24 months.
→The company anticipates the order book to continue growing, with significant orders under discussion and a robust pipeline.
→Suzlon secured the largest single order of 1.166 GW from NTPC Green.
→There is also an active order pipeline including public sector tenders like the NTPC tender in Karnataka.
→Management expects the order book to keep increasing each quarter for at least the next two quarters.
→No exact future order book numbers were given, but management confirmed significant serious offers on the table.

Capex plans

Yes

→Suzlon is incurring increased costs in organizational buildup and technological investments, including implementing the SAP S/4 HANA module and IT expenses, aimed at building a more robust organization for the future.
→These investments are one-time and geared towards long-term benefits, with expenses like ESOP charges continuing till FY’26 for employee retention.
→Manufacturing capacity is being ramped up, targeting 4.5 GW by March 2025 across blades, towers, and nacelles, including ramp-up at the Pondicherry and Daman facilities.
→The company is open to exploring strategic opportunities adjacent to its core renewable energy business, with ongoing work involving a leading global management consultant to identify potential expansions, expected to conclude in 4-6 months.
→No immediate plans for acquisition in energy storage or solar, but Suzlon remains open to future opportunities that enhance its renewable energy portfolio and stakeholder value.

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

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