Earnings calls / SUZLON

Suzlon Energy Limited Q1 FY27 Earnings Call Summary

Suzlon reported Q1 FY27 revenue of INR 3,819 crore, up 23% YoY, with EBITDA margin near 15.6%, flattish YoY. Record 506 MW India deliveries and a higher EPC mix lifted revenue, but 10-20% of planned deliveries were deferred by Middle East supply chain disruptions and INR 40-50 crore of Suzlon 2.0 investments capped margins. Management guided margins to return to the 17-18% band on second-half operating leverage, citing a 6.1 GW order book and 1 GW of orders in the first four months. The main risks are deferred deliveries from supply chain stress and interest costs up 30% YoY on working capital.

Revenue
Margin
Demand
Guidance
Tone
Metrics cut 1
  • Planned deliveries: 10-20% of planned deliveries deferred to coming quarters due to Middle East supply chain disruptions (expected to recover in coming quarters)

Event Participants

Executives

2 Ajay Kapur (Group CEO), Rahul Jain (Group CFO) (plus senior members of finance team, unnamed)

Analysts

14 Abhishek (Motilal Oswal), Amit Bhinde (Axis Capital), Balasubramanian (Arihant Capital), Mohit Kumar (ICICI Securities), Neil Oswal (PGIM India Asset Management), Nikhil Abhyankar (UTI Mutual Fund), Nikhil Poptani (Kizuna), Nitin Kaushik (Afin Capital Private Limited), Prakhar Porwal (Ambit Capital), Priyesh Babariya (Mahindra Manulife Mutual Fund), Raj Shah (Enam AMC), Satpal Singh Khanuja (Ishaan Ventures), Sumit Kishore (Axis Capital), Sweta Jain (Anand Rathi Share and Stock Brokers Limited)

Financials & KPIs

Metric Reported Commentary
Deliveries (India) 506 MW Highest-ever Q1 delivery; 10%-20% of planned deliveries deferred due to Middle East supply chain disruptions, expected to recover in coming quarters
Commissioning (COD) 269 MW Up 2.3x YoY from 117 MW in Q1 FY26; 1,257+ MW erected but awaiting commissioning underpins future COD uptick
Order Book 6.1 GW Reaffirms market leadership; 1 GW of new orders secured in first 4 months of FY27
New Orders (DevCo share) 600+ MW (60% of intake) Strong market acceptance of DevCo-led engine; supports order book momentum
Blended ASP INR 6.3 crore/MW Up from INR 5.6 crore/MW in Q1 FY26; aided by EPC/project mix (EPC share rose from 22% to 32% YoY)
Revenue (Consolidated) INR 3,819 crore +23% YoY; driven by record Q1 deliveries and higher EPC contribution
EBITDA INR 595 crore Flattish YoY vs INR 599 crore in Q1 FY26; impacted by INR 40-50 crore upfront Suzlon 2.0 investments and supply chain disruptions
EBITDA Margin ~15.6% Within management's 17-18% guidance band ±1-2%; H2 operating leverage expected to improve
PBT INR 390 crore Reported for Q1 FY27
PAT INR 305 crore Reported for Q1 FY27
Interest Cost +30% YoY Higher working capital utilization tracking revenue growth; offset by lower borrowing rates

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