Suzlon Energy Q3 FY26 Results: Record 617 MW Deliveries, Revenue Jumps 48% to ₹4,228 Crore
Mumbai, FEBRUARY 2026: Suzlon Energy Limited reported its highest-ever quarterly deliveries of 617 megawatt in Q3 FY26, with consolidated revenue surging 48% year-on-year to ₹4,228 crore, driven by strong execution momentum and robust order book.
Financial Highlights (Consolidated, Q3 FY26):
Revenue from Operations: ₹4,228 crore — up 48% YoY
EBITDA: ₹739 crore — up 48% YoY
EBITDA Margin: 17.5%
Profit Before Tax (PBT): ₹567 crore
Profit After Tax (PAT): ₹445 crore
Nine-Month Performance (Apr-Dec 2025):
Deliveries: 1,625 megawatt — up 66% YoY (surpassed full-year FY25 level of 1,550 MW)
Revenue: ₹11,211 crore — up 58% YoY
EBITDA: ₹2,058 crore — up 77% YoY
PBT: ₹1,589 crore — up 77% YoY
PAT: ₹2,049 crore
Key Operational Highlights:
Order Book: Highest ever at 6.4 gigawatt, with book-to-bill ratio of 1.9x
New Order Wins: Over 3 gigawatt added in FY26 so far
S144 Order Book: Exceeded 5.4 gigawatt
EPC Share: Expanded from 20% to 27% in Q3
Execution Pipeline: 2,354 megawatt under active execution
OMS Portfolio: 15.5+ gigawatt under management with machine availability consistently above 95%
Forging & Foundry Business (SE Forge): 9-month revenue at ₹429 crore — up 33% YoY; EBITDA at ₹88 crore; margins expanded from 12% to 20%
Balance Sheet Strength:
Net Worth: ₹8,332 crore
Net Cash Position: ₹1,556 crore
Working Capital: Adequate limits tied up for current order book execution
Management Commentary:
J.P. Chalasani, Group CEO: "Suzlon has set a new benchmark in execution by delivering the highest ever quarterly deliveries in India since inception. Our order book stands at a record 6.4 gigawatt, reaffirming our market leadership. Order intake is not an issue—execution remains the sectoral challenge. We are confident of achieving our FY26 guidance of 60% growth across all key parameters."
Rahul Jain, Group CFO (newly appointed): "Our balance sheet reflects exceptional strength with a net cash position of ₹1,556 crore and strong net worth of ₹8,332 crore. We are firmly on track to meet our annual guidance."
Segment Performance & Strategic Initiatives:
Wind Turbine Generator (WTG) Business:
Q3 EBITDA margin at 13.7% impacted by customer mix and higher project revenue proportion. 9-month margins remain healthy.
Development Company (DevCo):
Company launching standalone FDRE project development vertical to accelerate EPC share growth. Seed capital deployment with no significant balance sheet commitment.
Exports:
EU trade agreement in place; US trade deal getting finalized. Paulo Soares appointed as President Europe to drive export growth. Export revenues expected from FY28.
New Product Development:
5 MW turbine at proto stage; 3.3 MW turbine with revised power curve launched offering lower LCOE.
AI Integration:
Three new AI-enabled smart blade factories being established. OMS system digitization for predictive maintenance to improve turbine availability beyond current 96.1%.
Industry Context:
India's wind installations touched a record 6.34 gigawatt in 2025, surpassing previous peak. Industry poised to surpass 10 gigawatt annual installations over next 2 years. India targeting 100 gigawatt wind capacity by 2030.
SECI-19 pure wind bid of 1,200 megawatt received 3x oversubscription at tariff of ₹3.67-3.69 per unit, indicating strong standalone wind demand.
Other Key Developments:
Order Book Mix:
C&I and captive segment: 51%
Bidding route: 36%
PSU segment: 13%
Execution Challenges:
253 megawatt turbines pre-commissioned awaiting grid connectivity; 80 megawatt stuck due to temperature norm confusion between MNRE and MoP. Task force constituted to resolve land, ROW and connectivity issues.
Deferred Tax Asset (DTA):
Company has ₹1,100 crore DTA available, sufficient to offset ₹4,400 crore of future taxable profits. Additional ₹8,000 crore carry-forward losses to be recognized progressively.
Recent Order Wins:
EPC contracts from BrightNight and ArcelorMittal secured in last 1.5 months.
Sustainability Recognition:
Suzlon ranked among Top 10 Most Sustainable Companies Globally for 2026 by Corporate Knights' Global 100 list — the only Indian company featured.
Board Meeting Details:
The Board Meeting approved the Q3 results on February 5, 2026.
About Suzlon Energy Limited:
Suzlon Energy Limited is India's largest renewable energy solutions provider, with over 30 years of leadership in the wind power sector. The company offers end-to-end wind energy solutions including manufacturing, EPC, operations & maintenance, and development services.