Key Financial Figures - Q2 FY27

  • Revenue: ₹4,869 crores (27% quarter-on-quarter growth from ₹3,819 crores in Q1 FY27)
  • EBITDA: ₹720 crores (21% quarter-on-quarter growth)
  • Profit After Tax: ₹394 crores (29% quarter-on-quarter growth)
  • EBITDA Margin: 14.8%
  • WTG Contribution Margins: Declined from 26.9% to 21.2% year-on-year

Key Financial Figures - H1 FY27

  • Deliveries: 1,217 megawatts (21% year-on-year growth from 1,009 megawatts in H1 FY26)
  • Revenue: ₹8,688 crores (24% year-on-year growth)
  • EBITDA: ₹1,315 crores
  • PAT: ₹699 crores

Operational Highlights - Q2 FY27

  • Deliveries: 710 megawatts (40% quarter-on-quarter increase, highest ever second quarter)
  • Commissioning: 454 megawatts (69% growth from 269 megawatts in previous quarter)
  • Erected Turbines Pipeline: 1.25 gigawatts for future commissioning
  • Order Book: 6 gigawatts (providing 18 months coverage)
  • H1 Order Wins: 1.5 gigawatts secured

Balance Sheet Position (as of September 2026)

  • Consolidated Net Worth: Crossed ₹10,000 crores mark to ₹10,277 crores
  • Net Cash Position: ₹2,048 crores
  • Working Capital: Adequate limits tied up for current order book execution
  • Credit Rating: CRISIL upgraded long-term rating to AA-/Stable and short-term rating to A1+

Margin Impact Analysis

Management attributed EBITDA margin decline to several factors:

  • Customer and scope mix changes: 150-180 basis points impact
  • Segment mix (higher WTG revenue share): ~50 basis points impact
  • Non-recurring Opex (Suzlon 2.0 branding, travel, SG&A): ~100 basis points impact (₹50 crores)
  • FX and commodity volatility: ~50 basis points impact
  • Normalized EBITDA margin excluding non-recurring costs and externalities: 16.5% to 17%

Business Segment Updates

RE Tech: Successfully commissioned prototype of first S175 5 MW turbine and secured first customer order of 21 turbines (105 MW)

DevCo Business: Shows strong market acceptance with 900 MW of orders booked in H1 FY27. Total capital allocation planned: ₹500 crores, with net investment currently at ₹125-130 crores range.

RE AMS India Business: Maintains strong position with 16.5+ GW installed base and EBITDA margins maintained north of 40%.

Foundry and Forging: Delivered revenues of ₹167 crores and EBITDA of ₹50 crores in Q2, with momentum driven by domestic demand and export growth.

Export Business: Seeing good traction with customers expected to receive orders in next few quarters. Export pipeline includes repowering opportunities and smaller turbines (2.1 MW).

Integrated Offerings: Active discussions ongoing for FDRE (Full Dispatchable Renewable Energy) partnerships with prospective partners.

Industry Context

  • India crossed 59 GW of installed wind capacity
  • Green Energy Corridor Phase-III approved by Cabinet, enabling evacuation of up to 135 GW of RE capacity
  • Wind equipment exports exceeded ₹12,000 crores in FY26
  • 8-9 GW of wind RTC, FDRE, wind-dominated tenders awarded in H1 FY27
  • Annual installations expected to cross 10 GW in near term and reach 15 GW by FY31

Management Guidance

  • WTG contribution margins expected to remain in 22-23% range for FY27
  • H2 typically 1.5x to 1.65x of H1, providing operating leverage effect of ~100 basis points
  • Targeting 40% market share by FY31 (currently at 28-29%)
  • 25% CAGR growth trajectory
  • Export target: 3 GW order book and 1 GW sales by FY31

ALMM (Approved List of Models and Manufacturers) Impact

  • Notification came on July 31, 2025 with grandfathering provisions
  • Localization requirements for nacelle, blade, tower, generator, gearbox, and special bearings
  • Grandfathering extended for yaw and pitch bearing (until January 2028) and main bearing (until January 2029)
  • Suzlon well-positioned with 80%+ local content

Working Capital

Management indicated higher working capital primarily due to seasonality and gearing up for higher volumes in H2. Some receivables are linked to commissioning activities (typically 5-10% of contract value).

Renom Acquisition

Company acquired Renom (ISP space business) for approximately ₹700-800 crores. Added 178 MW in H1 FY27. Management views this as a long-term strategic opportunity in the growing renewable energy market.