AI-generated · cited to primary sources · not investment advice
Suzlon Energy (532667) Aug 2025 Filing Analysis
Does management do what it says?
With H1 FY26 deliveries reaching 1,009 MW, the WTG business has moved well past the breakeven volume, achieving an EBITDA of Rs 893 Cr for the half-year. (2 exceeded, 1 missed, 1 met, 1 revised across 5 tracked commitments)
“I mean, of course, OMS will continue to deliver close to 40% EBITDA margin. That has always been our guidance.”
Management reaffirmed their belief that total wind installations will reach approximately 6 gigawatts by the end of FY '26, supported by 3 gigawatts already commissioned in H1 FY '26. (1 met, 1 revised across 2 tracked commitments)
“We expect the industry to do close to 6GW of wind installations in FY '26.”
Management raised the expected net financing cost for the year to INR 250 crores due to additional costs from issuing surety bonds and increased volumes. (1 revised, 1 in progress across 2 tracked commitments)
“but directionally, we maintain that close to about INR200 crores per annum would -- should be the net Finance cost going forward for the year.”
The company is working to reduce net working capital/inventory days to approximately 75 days. — target: 75 days
“So directionally, we said that we are looking at reducing that and bring it down close to about 75 days.”
See the full cited Management analysis of Suzlon Energy
How durable is the business?
SE Forge revenue grew significantly to ₹146 Cr in Q1 FY26 from ₹92 Cr in Q1 FY25. Notably, the share of revenue from external customers (non-Suzlon) increased to 62% from 40% YoY, indicating successful diversification. (5 expanding)
“Suzlon Share (%) Q1 FY25 40% Q1 FY26 62%... SE Forge (Foundry & Forging) is well poised for capacity expansion”
While India remains the core market, the company has shifted its strategy to actively pursue export opportunities in the Middle East, Europe, and neighboring regions. (2 shifted)
“There is a reasonably good export potential on the -- as I said, in the neighborhood in the Middle East, even including the Europe, where we can really compete.”
See the full cited Business Model analysis of Suzlon Energy
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