Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned new fundraising through debt or equity in the transcript. The company currently has a strong consolidated net worth of INR7,860 crores and a net cash position of INR1,480 crores, providing financial flexibility. Adequate banking limits of up to INR7,000 crores are tied-up for executing the current order book. The company is using its available cash primarily for capex, seed capital for land development (INR150 crores), and operational purposes. The CEO mentioned that as cash generation improves in the future, options like dividends or othe

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

Suzlon has provided INR150 crores as seed capital for land acquisition and development of wind farms, which will keep getting recycled. The company is actively acquiring land for future projects, with about 1,150 megawatts of land footprint already acquired and 7.5 gigawatts under land acquisition. Capital expenditure includes spending on expanding manufacturing capacity and internal machining capabilities, reducing reliance on outsourcing. Ongoing investments are for business expansion, capex, and strategic land development to increase EPC contracts from current 20% to target 50% by FY

Future growth expectations in sales/revenue/volumes?

FY '26 performing well with record 565 MW delivered in Q2 and over 6 GW order book. Expecting around 60% growth in deliveries, aiming for ~2,500 MW in FY '26. Targeting 8 GW of wind installations in FY '27, up from 6 GW in FY '26. Further growth expected in FY '27, but management refrains from giving exact numbers until Q3/Q4 updates. Strong order pipeline with regular new order announcements; aim to maintain closing order book higher than the opening one. Shift towards increasing EPC share from current 20% to 50% by FY '28. SE Forge business showing robust 53% YoY revenue growth, indicating e

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

For FY '27, the company expects growth but has not specified numerical guidance yet (J.P. Chalasani, Page 19). Suzlon targets a 60% growth in capacity delivery this year, aiming for around 2,500 MW; first half already at 1,000 MW (Page 10). Order book exceeded 6 GW with over 2 GW wins in H1 FY '26, indicating strong future revenue potential (Page 4). EBITDA margin improved to 18.6% in Q2 FY '26; management expects margin expansion and sustained profitability improvements (Page 4). O&M segment margins faced a one-off dip but are expected to stabilize in the 37-40% range going forward (Page 8).

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately 6.2 GW as of Q2 FY26. About 65% of the order book is non-bidding route (C&I and PSU), with 35% via bidding. The company aims to increase EPC contracts from 20% to 50% by FY28. Over 2 GW in order wins in H1 FY26, with the S144 order book exceeding 5.6 GW. Significant order pipeline under discussion; new orders expected to maintain trend of closing order book higher than opening. Execution timelines vary from 18 to 27 months depending on contract specifics. Suzlon reassures no impact on order book from the 42 GW solar LOA cancellations. Manufacturing ca

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Suzlon Energy LtdQ3 FY25Electrical Equipment

Suzlon Energy Ltd Q3 FY25 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 1

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→FY '26 performing well with record 565 MW delivered in Q2 and over 6 GW order book.
→Expecting around 60% growth in deliveries, aiming for ~2,500 MW in FY '26.
→Targeting 8 GW of wind installations in FY '27, up from 6 GW in FY '26.
→Further growth expected in FY '27, but management refrains from giving exact numbers until Q3/Q4 updates.
→Strong order pipeline with regular new order announcements; aim to maintain closing order book higher than the opening one.
→Shift towards increasing EPC share from current 20% to 50% by FY '28.
→SE Forge business showing robust 53% YoY revenue growth, indicating expanding volumes.
→Overall, growth driven mainly by volume increase; revenues per MW remain stable with no significant price moderation.

Margin guidance

Category 3

→For FY '27, the company expects growth but has not specified numerical guidance yet (J.P. Chalasani, Page 19).
→Suzlon targets a 60% growth in capacity delivery this year, aiming for around 2,500 MW; first half already at 1,000 MW (Page 10).
→Order book exceeded 6 GW with over 2 GW wins in H1 FY '26, indicating strong future revenue potential (Page 4).
→EBITDA margin improved to 18.6% in Q2 FY '26; management expects margin expansion and sustained profitability improvements (Page 4).
→O&M segment margins faced a one-off dip but are expected to stabilize in the 37-40% range going forward (Page 8).
→Deferred tax assets recognized suggest strong profit confidence, contributing to PAT growth (Page 4).
→The company is focused on increasing EPC share from 20:80 to 50:50 by FY '28, expecting improved margins and control (Page 7-8).
→SE Forge business shows robust growth (53% in H1) and margin expansion, supporting overall profitability (Page 12).

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Fundraise plans

→There is no explicit mention of any current or planned new fundraising through debt or equity in the transcript.
→The company currently has a strong consolidated net worth of INR7,860 crores and a net cash position of INR1,480 crores, providing financial flexibility.
→Adequate banking limits of up to INR7,000 crores are tied-up for executing the current order book.
→The company is using its available cash primarily for capex, seed capital for land development (INR150 crores), and operational purposes.
→The CEO mentioned that as cash generation improves in the future, options like dividends or other uses of cash could be considered, but no immediate plans were specified.
→No indication from management about plans to increase promoter holding through equity fundraising; promoter commitment remains firm without further reduction.

Order book

Yes

→Current order book stands at approximately 6.2 GW as of Q2 FY26.
→About 65% of the order book is non-bidding route (C&I and PSU), with 35% via bidding.
→The company aims to increase EPC contracts from 20% to 50% by FY28.
→Over 2 GW in order wins in H1 FY26, with the S144 order book exceeding 5.6 GW.
→Significant order pipeline under discussion; new orders expected to maintain trend of closing order book higher than opening.
→Execution timelines vary from 18 to 27 months depending on contract specifics.
→Suzlon reassures no impact on order book from the 42 GW solar LOA cancellations.
→Manufacturing capacity not a constraint; main limitation is project offtake readiness.
→Land acquired for development of 7.5 GW, identified sites for around 23 GW.
→Plans to announce more EPC contracts starting Q4 FY26.

Capex plans

Yes

→Suzlon has provided INR150 crores as seed capital for land acquisition and development of wind farms, which will keep getting recycled.
→The company is actively acquiring land for future projects, with about 1,150 megawatts of land footprint already acquired and 7.5 gigawatts under land acquisition.
→Capital expenditure includes spending on expanding manufacturing capacity and internal machining capabilities, reducing reliance on outsourcing.
→Ongoing investments are for business expansion, capex, and strategic land development to increase EPC contracts from current 20% to target 50% by FY '28.
→Suzlon aims to accelerate execution velocity for faster value realization and control project execution through EPC, enabling higher turbine supply.
→They are preparing for future export market expansion with team hiring and market study, with expected orders to start in FY '28.

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