Overview
- Suzlon reported record India deliveries of 710 MW in the September quarter and consolidated revenue rose about 26% to Rs 4,869 crore while EBITDA stayed near Rs 720 crore.
- The company’s reported EBITDA margin fell to 14.8% from 18.6% a year earlier as the core Renewable Energy Solutions unit saw its margin slide to 8.8% on higher bought‑in costs.
- EPC/DevCo work, where Suzlon builds sites as well as supplying turbines, now makes up 38% of the order book and the company aims to raise that to 50% by FY28, a shift that raises revenue per MW but increases material and construction expenses.
- Receivables and inventory rose sharply, operating cash flow turned negative and several brokerages cut targets or trimmed earnings, a response that coincided with a near‑10% intraday share price fall.
- Suzlon still holds a 6 GW plus order book and 1,295 MW erected but awaiting commissioning, and CRISIL upgraded the long‑term rating to AA-/Stable as management expects H2 commissioning to drive operating leverage and margin recovery.