Suzlon Energy Q4FY26 Preview: Key Estimates, Targets

Results date and why the quarter matters

Suzlon Energy is set to announce its results for the quarter and financial year ended March 31, 2026 on Monday, May 25. The outcome matters because multiple brokerages are forecasting a sharp improvement in profitability, helped by operating leverage and higher dispatches or deliveries. Expectations also differ meaningfully across brokerages on the revenue line, making the print important for confirming the underlying run-rate. Alongside earnings, the market will also watch execution commentary, given the quarter’s projected 820MW to 900MW range. Brokerages cited in the note maintain a positive stance on the stock with stated target prices clustered in the mid-to-high Rs 60s.

Where the stock stands ahead of the announcement

Shares of Suzlon Energy settled at Rs 52.57 on Wednesday, down nearly two-third of a per cent. The stock is described as mostly flat over the last one week. The note also says Suzlon has rebounded nearly 38 per cent from its 52-week low of Rs 38.17 hit in March 2026. Separately, another data point in the same compilation pegs the current price (June 6, 2026) at Rs 66.71, with a 52-week low of Rs 46 on April 7, 2026 and a 46.8 per cent gain from that recent low. These references indicate the stock has seen large swings across time windows cited by different sources, even as attention returns to the upcoming Q4FY26 results.

JM Financial: higher sales estimate and sharp margin pickup

For the March 2026 quarter, JM Financial expects sales of Rs 10,028.2 crore, up 12 per cent year-on-year and 18 per cent quarter-on-quarter. It expects EBITDA of Rs 1,423 crore, up 71 per cent YoY and 161 per cent QoQ. JM Financial’s estimate implies an EBITDA margin of 14.2 per cent for the quarter. Net profit is expected at Rs 1,005.9 crore, up 158 per cent YoY and 99 per cent QoQ. The same note also flags operating leverage as a factor supporting the margin improvement.

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

Motilal Oswal expects revenue of Rs 5,904.4 crore for the quarter, up 56 per cent YoY. It estimates EBITDA at Rs 1,019.3 crore, up 46.97 per cent YoY, with margins at 17 per cent. Net profit is seen at Rs 635.4 crore, up 9 per cent YoY. PAT margin is estimated at 10.8 per cent for the quarter. Motilal Oswal Financial Services also expects deliveries of 900MW, up 57 per cent YoY and 46 per cent QoQ.

Anand Rathi: revenue seen at Rs 5,696.2 crore

Anand Rathi Share & Stock Brokers pencils in revenue of Rs 5,696.2 crore, up 50.3 per cent YoY and 34.5 per cent QoQ. It expects an EBITDA margin of 16.9 per cent for the quarter. Net profit is estimated at Rs 593.2 crore, described as flat YoY while up 5.1 per cent QoQ. The estimate set reinforces that broker forecasts differ more on the revenue line than on the broad direction of profitability.

Systematix: 820MW execution and Rs 5,250 crore revenue

Systematix Institutional Equities sees Suzlon posting Q4 consolidated revenue of Rs 5,250 crore, up 38 per cent YoY and 24 per cent sequentially. The estimate is based on 820MW order execution during the quarter. This provides an additional execution benchmark alongside other broker projections for 4QFY26.

Execution cues: dispatches and deliveries in focus

Beyond headline P&L numbers, the compiled note highlights quarterly execution as a central driver. JM Financial pencils dispatches at 874MW in 4QFY26, up 52.5 per cent YoY. Motilal Oswal expects deliveries at 900MW, up 57 per cent YoY and 46 per cent QoQ. Systematix anchors its revenue estimate to 820MW execution. Taken together, these figures indicate that the market may interpret the print through the lens of execution volume as much as reported margins.

Snapshot table: Q4FY26 estimates by brokerage

Targets and ratings: buy calls with mid-60s objectives

The note cites multiple target prices: JM Financial at Rs 64 per share, Motilal Oswal at Rs 66 per share, and Systematix Institutional Equities at Rs 67 per share. It adds that all these brokerage firms have a ‘buy’ rating on the stock. Separately, another reference in the compilation says Trendlyne shows an average target price of Rs 72. These targets place emphasis on the upcoming earnings as a near-term catalyst for validating assumptions around execution and margins.

Background: Q4FY25 numbers and what drove them

The compilation also includes Suzlon’s Q4FY25 reported numbers, which shaped prior market reactions. Q4FY25 net profit is stated at Rs 1,181 crore, up 365 per cent YoY, aided by a deferred tax gain of Rs 600 crore. Q4FY25 revenue is stated at Rs 3,773 crore, up 73 per cent YoY. Another set of figures in the same collection reports revenue from operations at Rs 3,773.54 crore in Q4FY25 versus Rs 2,179.20 crore in the corresponding quarter, and net profit at Rs 1,180.98 crore versus Rs 254.12 crore. The compilation also reports EBITDA of Rs 693 crore in Q4FY25 along with 200 basis points of margin expansion.

Market impact: what investors will track on May 25

For Q4FY26, investors are likely to focus on three datapoints highlighted in the preview: revenue trajectory, margin delivery, and execution volumes. Broker estimates range from Rs 5,250 crore to Rs 10,028.2 crore on revenue or sales, while expected EBITDA margins cluster around the mid-teens to 17 per cent where specified. Net profit estimates cited range from Rs 593.2 crore to Rs 1,005.9 crore among the brokerages that published profit forecasts. Execution assumptions in the note span 820MW, 874MW and 900MW depending on the brokerage. With ‘buy’ ratings and targets in the Rs 64 to Rs 67 band cited, the reported numbers and any commentary around deliveries or dispatches can directly influence how those targets are interpreted.

Conclusion

Suzlon Energy’s May 25 result announcement for the quarter and year ended March 31, 2026 comes with sharply higher profitability expectations and a clear focus on execution volumes. The key reference points in the preview are the broker revenue range, mid-teens margin assumptions, and execution estimates of 820MW to 900MW. Investors will also compare the upcoming numbers against the company’s Q4FY25 base, where profit was boosted by a deferred tax gain and revenue rose strongly year-on-year. The next confirmed milestone is the results release scheduled for Monday, May 25.