Suzlon Energy Q3 Profit Rises 15% to ₹445 Crore in FY26

Introduction

Renewable energy solutions provider Suzlon Energy announced a solid performance for the third quarter of the financial year 2025-26. The company reported a 15% year-on-year (YoY) increase in its consolidated net profit, which stood at ₹445 crore for the quarter ending December 31, 2025. This compares to a profit of ₹386 crore in the same period of the previous fiscal year. The growth was supported by a significant rise in operational revenue and record-breaking project deliveries.

Detailed Financial Performance

Suzlon's revenue from operations for Q3 FY26 saw a substantial 42% YoY jump, reaching ₹4,228 crore from ₹2,969 crore in Q3 FY25. The company's profit before tax (PBT) also showed strong growth, climbing 44.83% YoY to ₹566.75 crore. However, on a sequential basis, the net profit saw a 65% decline from the ₹1,279 crore reported in the second quarter of FY26. This was despite a 9% sequential increase in revenue from ₹3,866 crore in Q2.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter came in at ₹739 crore, a 47.8% increase from the ₹500 crore posted in the corresponding quarter last year. The EBITDA margin expanded to 17.5% in Q3 FY26, up from 16.8% in Q3 FY25, indicating improved operational efficiency.

Operational Highlights and Order Book

The quarter was marked by the highest-ever quarterly deliveries in the company's history, with net volumes rising 38.03% to 617 MW compared to 447 MW in Q3 FY25. This robust execution has strengthened Suzlon's market position. The company's balance sheet also reflects a healthy financial state, with a net cash position of ₹1,556 crore as of December 31, 2025.

JP Chalasani, Chief Executive Officer of Suzlon Group, highlighted the strength of the company's order book. "Our closing order book of 6.4 GW stands higher than the opening orderbook for the quarter, despite the highest-ever deliveries in 30 years. This reflects the demand for our solutions and the effectiveness of our execution," he stated.

Strategic Direction: 'Suzlon 2.0'

Girish Tanti, Vice Chairman of Suzlon Group, introduced the company's new comprehensive business transformation strategy, 'Suzlon 2.0'. This initiative aims to position Suzlon as a full-stack clean energy solutions conglomerate. "This strategic shift broadens our scope across wind, solar, storage, and emerging clean energy technologies, enabling us to offer integrated solutions to our customers," Tanti explained.

Key priorities under this strategy include launching a standalone project development vertical, transforming its operations and maintenance services into a digital-first platform, and establishing smart manufacturing facilities to capitalize on global opportunities.

Management Commentary

Management expressed confidence in the company's growth trajectory. Rahul Jain, Chief Financial Officer, noted, "Q3 FY26 marks another milestone in Suzlon’s growth journey, with our highest-ever quarterly deliveries of 617 MW in India resulting in strong upswing across all financial metrics." He attributed the performance to the company's integrated business model and disciplined execution, driven by strong fundamentals and rising demand from the commercial and industrial (C&I) sector.

Chalasani also elaborated on the company's EPC strategy, which targets a 50% share of the EPC business by 2028. The share has already increased from 20% to 27% this quarter. He added that the project development pipeline of over 25 GW complements this strategy and will be a significant growth driver.

Focus on Green Steel and Market Expansion

Suzlon has been actively contributing to the decarbonization of India's steel industry. The company recently secured its fourth major wind order for green steel production, bringing its total contribution to this sector to approximately 1,156 MW. These projects involve supplying advanced wind turbine generators, such as the S144 model with a 3.15 MW capacity.

Market Context and Stock Performance

Despite the strong quarterly results, Suzlon Energy's stock has faced some pressure. On the day of the announcement, the stock was trading lower at ₹47.83 on the NSE. Over the past month, the stock has seen a slight decline. The broader market indices, Nifty and Sensex, were also trading lower on the same day. The stock's PE ratio stands at 22.94 based on trailing twelve-month earnings ending September 2025.

Conclusion

Suzlon Energy's Q3 FY26 results demonstrate strong operational execution and financial growth, underscored by record deliveries and a robust order book. The company's 'Suzlon 2.0' strategy signals a clear intent to diversify and solidify its leadership in the broader clean energy sector. While short-term market sentiment for the stock may be mixed, the company's strong fundamentals, expanding order pipeline, and strategic initiatives position it well to capitalize on India's accelerating green energy transition.