Suzlon says 6 GW-plus order book supports EPC execution

Suzlon Group reported an order book exceeding 6 GW in its Q2 FY27 update, supported by more than 1.5 GW of order intake in H1 FY27. Engineering, procurement and construction accounted for 38% of the order book, against management’s stated target of 50% by FY28, while Q2 deliveries reached 710 MW.

How large is Suzlon’s wind order book?

Suzlon reported an order book of more than 6 gigawatts (GW) in its Q2 FY27 announcement dated 29 October 2026. The company did not disclose the order book’s rupee value, delivery schedule or project-level customer split, so capacity is the stated measure of its future equipment and project-execution pipeline.

Order intake exceeded 1.5 GW in H1 FY27, which is a separate measure from the outstanding 6 GW-plus order book. Management said the order book provides a future pipeline, but the announcement did not specify the proportion expected to be delivered, erected or commissioned in FY27.

Suzlon also said its installed wind capacity had crossed 22 GW across 17 countries as of the Q2 FY27 update. That installed base represents completed capacity, whereas the 6 GW-plus order book represents work yet to be converted into equipment deliveries and project execution.

What is Suzlon’s EPC share and customer mix?

Suzlon said engineering, procurement and construction (EPC) work represented 38% of its Q2 FY27 order book. Management’s market strategy is to increase that share to 50% by FY28, a planned rise of 12 percentage points from the reported mix.

The company did not disclose the megawatt volume, contract values, margins or execution dates within the 38% EPC portion. Chief Executive Officer Ajay Kapur said the higher EPC share reflected Suzlon’s expanding role in end-to-end project execution, while the 50% figure remains a management target.

Public-sector undertakings (PSUs) and commercial and industrial (C&I) customers made up 78% of the order book. Suzlon did not separate the contribution from PSU customers and C&I customers, but the combined figure shows that these two categories accounted for more than three-quarters of the reported pipeline.

Development-company-led, or DevCo-led, orders exceeded 1.1 GW in H1 FY27 and accounted for more than 70% of the 1.5 GW-plus intake. Vice Chairman and Co-founder Girish Tanti said the DevCo-led orders were accelerating execution and capacity addition, although Suzlon did not identify individual projects or their construction status.

How did Suzlon’s deliveries and commissioning change?

Suzlon delivered 710 MW in India in Q2 FY27, up from 506 MW in Q1 FY27 and 565 MW in Q2 FY26. The company described the quarter-on-quarter increase as 40%, making the 710 MW result its reported record Q2 delivery level.

Commissioning reached 454 MW in Q2 FY27, up 69% quarter on quarter, according to the company’s highlights. Separately, Suzlon reported 723 MW of commissioning in H1 FY27, including projects involving Juniper Green Energy, Aditya Birla Renewables Limited, Zelestra, Brookfield and Yanara.

Revenue from operations was Rs 4,869 crore in Q2 FY27, compared with Rs 3,819 crore in Q1 FY27 and Rs 3,866 crore in Q2 FY26. Suzlon reported 26% year-on-year revenue growth and 27% quarter-on-quarter growth, linking the increase to record deliveries.

How did Suzlon’s Q2 FY27 profitability compare?

Suzlon reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 720 crore in Q2 FY27, compared with Rs 595 crore in Q1 FY27 and Rs 721 crore in comparable Q2 FY26. EBITDA therefore increased by Rs 125 crore sequentially but was Rs 1 crore below the comparable year-earlier amount.

EBITDA margin was 14.8% in Q2 FY27, versus 15.6% in Q1 FY27 and 18.6% in Q2 FY26. Profit before tax rose to Rs 518 crore from Rs 390 crore in Q1 FY27, but was below Rs 562 crore in Q2 FY26.

Net profit after tax was Rs 394 crore in Q2 FY27, compared with Rs 305 crore in Q1 FY27. Suzlon used Rs 389 crore as the comparable Q2 FY26 profit after removing a Rs 891 crore deferred-tax-asset creation, and said comparable net profit after tax increased 1.3% year on year.

Chief Financial Officer Rahul Jain said commodity and currency volatility continued during Q2 FY27. He said Suzlon was strengthening manufacturing and execution capabilities while focusing on margins, cash flow and capital allocation, but the announcement did not quantify any planned capital expenditure.

What manufacturing capacity supports Suzlon’s execution plan?

Suzlon reported domestic wind-turbine manufacturing capacity of 4,500 MW across 15 specialised hubs, including three smart factories in Gujarat, Karnataka and Tamil Nadu. The company did not disclose factory utilisation, Q2 FY27 production output or a date for further manufacturing-capacity additions.

Its product portfolio includes 2.x MW, 3.x MW, 5.x MW and 6.x MW wind-turbine systems alongside integrated renewable-energy solutions. Suzlon did not identify which models are assigned to its 6 GW-plus order book, 1.5 GW-plus H1 FY27 intake or 723 MW of H1 commissioning.

Suzlon’s renewable-energy asset-management-services business manages more than 16,000 MW of installed capacity in India, comprising more than 9,600 wind turbines across more than 110 sites for more than 1,900 customers. These figures describe the operating-services footprint rather than capacity included in the reported order book.

Conclusion

Suzlon’s Q2 FY27 update combines a 6 GW-plus order book with more than 1.5 GW of H1 order intake, 38% EPC exposure and 710 MW of quarterly deliveries. The comparison with 506 MW in Q1 FY27 shows that delivery activity increased alongside revenue, while the 78% PSU and C&I share identifies the customer categories behind most of the pipeline.

The next disclosed marker is management’s FY28 goal of lifting EPC’s order-book share to 50% from 38% in Q2 FY27. Further order intake, including DevCo-led orders that exceeded 1.1 GW in H1 FY27, and future delivery and commissioning figures will indicate how the reported pipeline converts into completed wind projects.