Suzlon Posts Record FY26 Performance, Expands EPC Pipeline and Eyes Multi-Year Wind Growth

Suzlon Posts Record FY26 Performance, Expands EPC Pipeline and Eyes Multi-Year Wind Growth

The Electrical Post 

Mumbai: Suzlon Energy Limited delivered its strongest-ever annual operational and financial performance in FY26, achieving the commitments made to investors while strengthening its leadership in India's wind energy sector through higher deliveries, expanding EPC business, robust profitability and growing international opportunities.

The Suzlon Group is a leading global full-stack renewable energy partner with 21,700 MW of renewable energy assets across 17 countries. We create and manage integrated clean energy systems and are with you through every stage of your good energies project, across wind, solar, storage, and emerging technologies. Always end-to-end and good.

Speaking during the Q4 FY26 investor conference call, Group Executive Counsel J.P. Chalasani said the company had delivered on its commitment of achieving 60% growth during the financial year. Consolidated EBITDA increased by 63%, Profit Before Tax rose by 67%, while Wind Turbine Generator (WTG) revenue grew by 65%, reflecting strong execution across business segments.

The company also met its commitment of improving profitability in its Operations and Maintenance Services (OMS) business. After witnessing lower EBITDA during the second quarter, management had described the decline as a one-off event and indicated that margins would recover by the end of the year. Suzlon reported that OMS EBITDA reached 40.5% by the close of FY26.

Suzlon continued to expand its Engineering, Procurement and Construction (EPC) business as part of its long-term strategy. The EPC share in the order book increased from around 20% during the second quarter to 28% in the second half of FY26. The company reiterated its target of increasing EPC contribution to 50% of the order book by FY28, with further growth expected during FY27.

The company's Forging & Foundry business also recorded strong performance during the year. Revenue increased by 22% year-on-year to Rs. 597 crore, while EBITDA grew by 61% to Rs. 119 crore. Management said the business continues to benefit from strong domestic demand and export growth and is expected to maintain its growth momentum during the coming financial year.

Suzlon also provided an update on its long-pending Andhra Pradesh Project Implementation Agreement (PIA). The agreement, originally signed with the state government in 2015, had faced delays following a change in government. The company announced that the Andhra Pradesh government has now extended the PIA by another two years.

Under the agreement, Suzlon holds development rights for 2.1 GW of projects. Of this, 775 MW already has Power Purchase Agreements signed and the proposal has reached the Andhra Pradesh Electricity Regulatory Commission for tariff determination. Following discussions with the regulator, the company has agreed to convert the project into Firm and Dispatchable Renewable Energy (FDRE). Suzlon stated that there is already a precedent for FDRE tariff approval by APERC, and several customers have expressed interest in developing the 775 MW project once tariff approval is received.

The remaining 1,325 MW under the development rights is expected to be monetized over the next six months beginning June, creating another significant growth opportunity for the company.

Management highlighted that the overall industry environment remains favourable, supported by sustained electricity demand growth, increasing peak power requirements and rising need for reliable, flexible and round-the-clock renewable energy solutions. Wind-dominated FDRE projects are expected to play an increasingly important role in meeting these requirements.

FY26 marked a significant milestone for India's wind industry, with annual installations crossing 6 GW, the highest level since 2017 and surpassing the previous peak. Suzlon believes this marks the beginning of a multi-year growth cycle, with annual installations expected to exceed 10 GW in the near term and reach 15 GW over the next five years. With 56 GW of installed wind capacity already operational and a strong pipeline of State Transmission Utility (STU), Central Transmission Utility (CTU), public sector and commercial and industrial projects, the company believes India remains well positioned to achieve 100 GW of installed wind capacity by 2030. Repowering opportunities and increasing customer interest are also expected to generate substantial business opportunities over the next two to three years.

Operationally, FY26 was the strongest year in Suzlon's history. The company delivered a record 830 MW during the fourth quarter and 2,456 MW during the full financial year, representing the highest annual deliveries ever achieved by Suzlon in India.

Revenue reached an all-time high of Rs. 16,679 crore, registering 54% year-on-year growth. The order book stood at 5.9 GW, with 66% comprising Commercial & Industrial and Public Sector Utility projects, reflecting strong demand across fast-growing market segments.

The company's S144 turbine platform continued to witness strong market acceptance, with cumulative order intake approaching 9 GW, demonstrating growing customer confidence in Suzlon's technology.

Suzlon also announced its return to international markets through the launch of its Blue Sky platform in Spain. The platform features the new S175 and S163 turbines designed for diverse wind conditions, higher energy generation, improved reliability and lower levelized cost of energy, enabling the company to participate in both repowering and new-build opportunities across global markets.

Manufacturing capacity was further strengthened during the year. Suzlon now has a fully operational manufacturing capacity of 4.5 GW, supported by three AI-enabled smart blade manufacturing facilities designed to improve production efficiency and scalability.

The company commissioned 744 MW during FY26, while another 971 MW has already been erected, taking the total to 1,715 MW. Management stated that commissioning momentum accelerated during the fourth quarter with 332 MW commissioned and expects this trend to continue throughout FY27, supported by operational improvements implemented over recent quarters.

Suzlon's Operations and Maintenance Services business also continued to perform strongly, with more than 15.7 GW of wind assets under management in India and machine availability consistently exceeding 95%. Renom's assets under management continued to grow steadily, supported by healthy fleet additions and a robust order pipeline.

Financially, Suzlon reported consolidated revenue of Rs. 5,468 crore during the fourth quarter of FY26. EBITDA stood at Rs. 964 crore, representing a 39% year-on-year increase. Profit Before Tax reached Rs. 833 crore, while Profit After Tax stood at Rs. 1,114 crore.

For the full financial year, consolidated revenue increased to Rs. 16,679 crore, up 54% year-on-year. WTG segment revenue rose 65% to Rs. 14,040 crore, with a contribution margin of 24.5%. Consolidated EBITDA increased 63% to Rs. 3,022 crore, while EBITDA margin expanded by 100 basis points to 18.1%. Profit Before Tax grew 67% to Rs. 2,422 crore and Profit After Tax reached Rs. 3,153 crore.

Management noted that FY26 Profit After Tax included deferred tax asset recognition amounting to Rs. 742 crore.

Suzlon also reported a significantly strengthened balance sheet at the end of March 2026, with consolidated net worth increasing to Rs. 9,464 crore. The company closed the financial year with a net cash balance of Rs. 2,384 crore, providing strong financial flexibility and resilience to support future growth initiatives.
 

Published at : Sep 08, 2026 10:05 AM (IST)

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