Suzlon Energy Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has a good return on equity (ROE) track record: 3 Years ROE 44.7%
- Company has a healthy return on capital (ROCE) of 38.3%
- Company has delivered good sales growth of 64.6% CAGR over last 5 years
- Operating margins have improved to 18.7% from 7.0%
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.31x)
- Effective tax rate is unusually low at -15.9% - earnings may be flattered
- Recurring exceptional / one-off items are inflating headline profit
- Equity base is being diluted - shares outstanding up 11.8%
- Stock is trading at 5.6x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| TDPOWERSYS | 804.85 | 91.45 | 25148.09 | 0.13 | 862.93 | 72.33 | 6400.54 | 72.10 | 34.01 | 19.00 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 747 | 750 | 890 | 1,996 | 1,906 | 1,932 | 2,763 | 3,561 | 2,844 | 3,476 | 3,789 | 4,944 | 3,297 | |
| 713 | 732 | 882 | 1,707 | 1,568 | 1,701 | 2,294 | 2,970 | 2,265 | 2,756 | 3,250 | 3,999 | 2,958 | |
| Operating Profit | 34 | 18 | 8 | 289 | 338 | 231 | 468 | 591 | 579 | 721 | 538 | 946 | 340 |
| OPM % | 4.58% | 2.39% | 0.94% | 14.49% | 17.71% | 11.96% | 16.96% | 16.60% | 20.35% | 20.74% | 14.21% | 19.13% | 10.30% |
| 66 | 54 | 47 | 46 | 33 | 41 | 72 | 59 | 31 | -14 | 7 | 1,308 | 43 | |
| Interest | 76 | 58 | 29 | 40 | 40 | 49 | 60 | 79 | 93 | 99 | 103 | 123 | 123 |
| Depreciation | 37 | 34 | 20 | 34 | 35 | 41 | 45 | 46 | 39 | 43 | 47 | 60 | 72 |
| Profit before Tax | 0 | -5 | 24 | 276 | 300 | 192 | 440 | 541 | 482 | 569 | 402 | 2,094 | 383 |
| Tax % | 0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.50% | -117.02% | 27.90% | -126.24% | 29.79% | -4.79% | 19.97% |
| Net Profit | 0 | -5 | 24 | 276 | 300 | 192 | 438 | 1,174 | 347 | 1,287 | 282 | 2,195 | 306 |
| 0.00 | 0.00 | 0.02 | 0.20 | 0.22 | 0.14 | 0.32 | 0.86 | 0.25 | 0.94 | 0.21 | 1.60 | 0.22 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,246 | 5,977 | 2,544 | 376 | 1,247 | 4,040 | 3,590 | 5,864 | 10,198 | 15,092 | 15,507 | |
| 7,531 | 5,377 | 2,791 | 1,280 | 1,349 | 3,972 | 3,544 | 4,954 | 8,583 | 12,270 | 12,962 | |
| Operating Profit | 1,715 | 600 | -248 | -904 | -102 | 68 | 46 | 910 | 1,614 | 2,822 | 2,545 |
| OPM % | 18.55% | 10.04% | -9.73% | -240.54% | -8.17% | 1.69% | 1.29% | 15.51% | 15.83% | 18.70% | 16.41% |
| -15 | -113 | -5,782 | -549 | 873 | -19 | 2,748 | 99 | 255 | 1,333 | 1,345 | |
| Interest | 931 | 1,223 | 944 | 1,141 | 983 | 777 | 442 | 144 | 229 | 418 | 447 |
| Depreciation | 414 | 419 | 439 | 682 | 186 | 185 | 190 | 142 | 167 | 190 | 223 |
| Profit before Tax | 356 | -1,155 | -7,412 | -3,276 | -398 | -913 | 2,163 | 723 | 1,474 | 3,547 | 3,448 |
| Tax % | -0.01% | -0.12% | -0.02% | -0.02% | -0.00% | -0.00% | 0.00% | 0.00% | -42.82% | -15.90% | -18.04% |
| Net Profit | 356 | -1,156 | -7,413 | -3,277 | -398 | -913 | 2,163 | 723 | 2,105 | 4,111 | 4,070 |
| EPS | 0.71 | -2.20 | -13.94 | -6.16 | -0.53 | -0.98 | 2.01 | 0.53 | 1.54 | 3.00 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 65%
- 3 Years:
- 61%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- —
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- 50%
- 3 Years:
- 25%
- 1 Year:
- -23%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 27%
- 3 Years:
- 45%
- Last Year:
- 54%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,005 | 1,064 | 1,064 | 1,064 | 1,702 | 1,843 | 2,454 | 2,722 | 2,730 | 2,743 |
| -37 | -756 | -8,087 | -11,342 | -5,925 | -5,967 | -1,035 | 530 | 2,675 | 6,953 | |
| 6,256 | 7,169 | 5,119 | 8,983 | 6,614 | 6,170 | 2,018 | 20 | 641 | 890 | |
| Trade Payables | 4,655 | 2,434 | 1,793 | 1,158 | 1,372 | 1,816 | 1,062 | 2,182 | 3,333 | 4,510 |
| 2,348 | 2,930 | 8,634 | 5,861 | 1,600 | 1,814 | 1,549 | 1,303 | 2,327 | 1,786 | |
| Total Liabilities | 14,226 | 12,841 | 8,523 | 5,723 | 5,362 | 5,675 | 6,048 | 6,757 | 11,706 | 16,883 |
| 1,755 | 1,429 | 1,367 | 858 | 725 | 650 | 497 | 646 | 707 | 1,208 | |
| Capital Work in Progress | 73 | 112 | 130 | 105 | 96 | 8 | 1 | 4 | 60 | 138 |
| 3,648 | 2,878 | 2,009 | 1,782 | 1,781 | 1,752 | 1,754 | 379 | 1,278 | 2,337 | |
| 2,276 | 1,552 | 1,180 | 897 | 862 | 1,167 | 760 | 2,054 | 2,857 | 3,557 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,659 | 3,683 | 5,742 | |
| Cash & Bank | 153 | 447 | 16 | 36 | 194 | 410 | 291 | 362 | 997 | 873 |
| 6,321 | 6,423 | 3,821 | 2,046 | 1,704 | 1,688 | 2,745 | 1,654 | 2,126 | 3,027 | |
| Total Assets | 14,226 | 12,841 | 8,523 | 5,723 | 5,362 | 5,675 | 6,048 | 6,757 | 11,706 | 16,883 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,806 | -802 | 449 | -1,255 | -165 | -75 | -15 | -48 | 916 | 1,291 | |
| Cash from Investing | -1,847 | 32 | 534 | -3,503 | 518 | 1,180 | 408 | -107 | -612 | -1,314 |
| Cash from Financing | -898 | 1,058 | -1,414 | 4,780 | -199 | -889 | -510 | 179 | 331 | -87 |
| 56 | 293 | -430 | 20 | 157 | 216 | -119 | 24 | 635 | -110 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Suzlon Energy Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-09-08 - Suzlon Energy Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-09-04 - Suzlon Energy Limited has informed the Exchange regarding Appointment of Ms Manjari Upadhye as Other of the company w.e.f. September 04, 2026.
2026-08-25 - Suzlon Energy Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-08-15 - Suzlon Energy Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026
2026-08-14 - Suzlon Energy Limited has informed the Exchange about Schedule of meet
2026-08-14 - Suzlon Energy Limited has informed the Exchange about Schedule of meet
2026-08-14 - Suzlon Energy Limited has informed the Exchange about Schedule of meet
2026-08-14 - Suzlon Energy Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for SUZLON
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Suzlon Energy Ltd.
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