Suzlon Energy Q4 FY26: Estimates, Targets for 2026

Result date and what the Street is tracking

Suzlon Energy is set to announce its results for the quarter and financial year ended March 31, 2026 on Monday, May 25. Ahead of the print, multiple brokerages have published sharply different revenue and margin expectations for the March 2026 quarter. The key variables across estimates are wind turbine generator (WTG) deliveries, operating leverage and how much of the profitability is driven by execution versus mix. Investor focus is also on whether profitability holds up against cost pressures, including finance costs mentioned elsewhere in the coverage. In Wednesday’s trade referenced in the preview, Suzlon Energy shares settled at ₹52.57, down nearly two-third of a per cent. Target prices cited in the same set of brokerage notes range from ₹64 to ₹67 per share, with ‘buy’ ratings mentioned for all.

JM Financial: higher revenue base, sharp operating leverage

JM Financial’s preview for the March 2026 quarter pegs sales at ₹10,028.2 crore, up 12% year-on-year (YoY) and 18% quarter-on-quarter (QoQ). It estimates EBITDA at ₹1,423 crore, up 71% YoY and 161% QoQ, with margin improving to 14.2%. Net profit is projected at ₹1,005.9 crore, up 158% YoY and 99% QoQ. The same note also links the margin expansion to operating leverage as dispatches scale up. JM Financial’s delivery or dispatch estimate for 4QFY26 is 874 MW, up 52.5% YoY. JM Financial has cited a target price of ₹64 per share.

Motilal Oswal: 17% EBITDA margin, deliveries seen at 900 MW

Motilal Oswal’s estimate for Suzlon’s March 2026 quarter revenue is ₹5,904.4 crore, up 56% YoY. It expects EBITDA of ₹1,019.3 crore, up 46.97% YoY, with an EBITDA margin of 17%. Net profit is seen at ₹635.4 crore, up 9% YoY, while PAT margin is pegged at 10.8% for the quarter. On operations, Motilal Oswal Financial Services expects deliveries of 900 MW, up 57% YoY and 46% QoQ. Motilal Oswal’s target price in the preview is ₹66 per share.

Anand Rathi: revenue growth supported by 850 MW WTG deliveries

Anand Rathi Share & Stock Brokers estimates March 2026 quarter revenue at ₹5,696.2 crore, up 50.3% YoY and 34.5% QoQ. It models an EBITDA margin of 16.9% for the quarter. Net profit is estimated at ₹593.2 crore, described as flat on a yearly basis, while up 5.1% QoQ. Anand Rathi’s note attributes the revenue momentum to strong WTG deliveries of 850 MW. Across the previews, delivery assumptions differ, and that gap explains part of the spread in revenue projections. Even so, the common element is an expectation of higher scale compared with the year-ago quarter.

Nuvama: adjusted PAT seen lower YoY, revenue growth intact

Nuvama’s preview expects Suzlon Energy to report a 6.31% YoY drop in adjusted PAT to ₹1,107.60 crore for the March quarter, versus ₹1,182 crore in the same quarter last year. Despite the softer adjusted profit expectation, Nuvama estimates revenue rising 56% YoY to ₹5,914 crore from ₹3,789 crore. The combination suggests the brokerage is factoring different cost or adjustment items in its profit line compared with others. This set of numbers also highlights why investors typically track both reported profit and adjusted profit when brokerages use different normalisation assumptions. The preview does not provide an EBITDA number in the cited text, but it keeps revenue growth expectations high.

Key estimates, deliveries and target prices at a glance

The table below compiles only the figures explicitly cited in the brokerage previews.

FY25 snapshot in the same coverage: strong YoY growth, tax and cost nuances

Separate from the FY26 preview, the supplied text also references Suzlon’s Q4 FY25 results and a full-year FY25 profit number. For Q4 FY25, revenue from operations was reported at ₹3,774 crore, up 73% YoY, while net profit was ₹1,181 crore versus ₹254 crore in Q4 FY24. Q4 FY25 EBITDA was stated at ₹551 crore, up 96.8% YoY, and FY25 EPS was cited at ₹8.37 versus ₹3.17 in FY24. For the full year, PAT was mentioned at ₹2,071 crore in one place and ₹2,072 crore in another, against ₹661 crore or ₹660 crore in FY24 (both variants appear in the input). The same coverage also flags that around 50% of the quarterly profit was attributed to deferred tax asset recognition worth ₹600 crore, described as an accounting gain rather than extra cash earned in the quarter. Another operational metric cited is deliveries rising to 573 MW in Q4 FY25 from 273 MW in Q4 FY24.

Costs, finance charges and other pressure points mentioned

Beyond headline growth, the text includes references to margin pressure and finance costs. One part notes that profit after tax for a quarter fell to ₹445.28 crore, a decline of 43.9% compared to the average of the previous four quarters, alongside commentary that this contrasts with a positive revenue trajectory. It also states that interest expenses rose 55.5% over a nine-month period to ₹326.99 crore, increasing scrutiny on debt servicing costs in a capital-intensive business. Separately, quarterly expenses were cited at ₹3,274 crore, up from ₹2,611 crore in Q3 FY25 and ₹1,927 crore in Q4 FY24. These references matter because they explain why different brokerages can land at different profit numbers even when they model similar delivery growth. Investors typically look for management commentary on what is structural versus what is timing-related.

Order book, balance sheet claims and operational narrative

The supplied text also includes a spoken-market commentary stating that the group is “debt free” with ₹2,000 crore of cash. The same segment mentions an order book of 5.55 GW and consolidated net worth of around ₹6,000 crore. While these claims are presented as part of a market discussion, they align with what investors usually track in wind OEMs: cash position, leverage, and visibility from the order book. If the May 25 result commentary confirms these metrics, it could influence how the market interprets delivery ramp-up and working capital needs. The preview also includes a separate company-specific note about losses of ₹400 crore per quarter at Mundra UMPP, expected to soften from Q1 FY27 as PPAs get signed, and mentions a strong showing in Odisha expected to continue. These operational pieces provide context on why some investors may separate core wind execution from other business line effects when assessing profitability.

Market impact: price levels cited and what the targets imply

In the pre-result setup described, Suzlon shares closed at ₹52.57 in one reference point, down marginally on the day. In another reference tied to an earnings-day reaction, the text says shares ended at ₹65.44 on the NSE, down ₹0.88 or 1.33% versus the prior Wednesday close, after results were announced post market hours. On the brokerage side, JM Financial’s ₹64 and Motilal Oswal’s ₹66 target prices, along with Systematix Institutional Equities’ ₹67, indicate analysts are anchoring valuation around the same band despite wide dispersion in quarterly revenue estimates. The presence of ‘buy’ ratings across the referenced brokerages is a clear signal of positive stance, but the operating and accounting nuances highlighted in the same coverage suggest investors may still focus on the quality of earnings. The May 25 announcement is the next confirmed event that can reconcile delivery, margin and profit outcomes against these published estimates.

Conclusion

Suzlon Energy’s May 25 results for the quarter and year ended March 31, 2026 are shaping up as a high-attention event, with brokerages forecasting strong revenue growth and improving operating metrics driven by higher WTG deliveries. Estimates vary widely on the topline and profit, while target prices cited cluster between ₹64 and ₹67 per share. The same body of coverage also highlights how accounting items such as deferred tax asset recognition and the trajectory of finance costs can change the profit narrative. Investors will look for the company’s reported deliveries, margins and management commentary to validate which set of assumptions is closest to reality. The next datapoint is the formal results announcement scheduled for Monday, May 25.