/** blogpostTitle: Suzlon Q4 FY26: Record Deliveries, Strong Order Book, and a Clear Push Toward EPC blogpostSlug: suzlon-q4 */

Suzlon Q4 FY26: Record Deliveries, Strong Order Book, and a Clear Push Toward EPC

Suzlon’s Q4 FY26 update was driven by one thing: scale. The company reported its highest ever quarterly India deliveries of 830 MW, taking consolidated revenue for the quarter to 5,468 crore. For FY26, deliveries rose to 2,456 MW and consolidated revenue increased to 16,679 crore, up 54% year on year. EBITDA for FY26 climbed to 3,022 crore, up 63%, with EBITDA margin improving to 18.1% from 17.1%.

Profit before tax reached 2,422 crore for FY26, up 67%. Net profit for FY26 was reported at 3,163 crore, although the company clarified that this includes deferred tax asset recognition of 742 crore, which is non-cash in nature.

A year where execution did the heavy lifting

The presentation frames FY26 as a year of consistent outperformance across operating and financial metrics. The core wind turbine generator business expanded rapidly, supported by a larger industry upcycle in India. MNRE data cited in the deck shows wind installations in India rising to 6.1 GW in FY26, the highest level in several years.

Suzlon’s own deliveries grew much faster than the market. FY26 deliveries rose 58% to 2,456 MW. Q4 deliveries at 830 MW were also up 45% year on year. That execution scale is central to the story because it is what turned revenue growth into operating leverage.

The company also highlighted a shift in project maturity. FY26 installations were 1,715 MW, including 971 MW of erected turbines. Management pointed to this erected base as a leading indicator for commissioning momentum into FY27.

Financial summary

Note: Figures are consolidated as presented by the company.

Segment view: WTG drives growth, OMS anchors stability

Suzlon’s FY26 segment disclosures show a business that is increasingly driven by WTG volumes, while service revenue continues to provide stability.

The WTG segment reported FY26 revenue of 14,040 crore, up sharply versus prior years, with WTG EBITDA reported at 2,033 crore. Management also disclosed a WTG contribution margin of 24.5% for FY26.

On the services side, OMS India (excluding Renom) continued to show consistency. FY26 revenue was 2,073 crore, and EBITDA was 839 crore, translating into a 40.5% margin. The company reiterated its annuity characteristics: 4% to 5% annual O&M fee escalation and high contract retention, supported by a large installed base. Installed capacity under management in India was disclosed at 15.7 GW as of March 2026, with availability consistently above 95%.

Renom, positioned as a multi-brand O&M platform, reported 3,509 MW of assets under management, covering wind, solar and BOP. The company also showed a steady AUM ramp from 1.7 GW in FY23 to 3.5 GW in FY26.

The third operating pillar, SE Forge, showed improving profitability. FY26 operating revenue was 597 crore and EBITDA rose to 119 crore, with EBITDA margin at 19.9%. Capacity utilization, while still moderate at 33% in FY26, improved from 21% in FY25, suggesting headroom if demand remains supportive.

The strategic hinge: EPC and development-led execution

Suzlon’s near-term competitive strategy is increasingly built around EPC. The company disclosed that EPC share in the order book has increased to 28%, and management reiterated an earlier target to reach 50% by FY28. The call added an important nuance: EPC contracts take longer to close due to multiple contracting elements, including land agreements and site assessments. However, management framed this as a deliberate move to increase competitiveness and expand addressable opportunity, especially in PSU projects that are shifting away from split contracts.

The order book itself remains one of the central strengths. Suzlon reported a wind order book of about 5,892 MW as of May 2026. The mix is diversified: 51% is C&I, 34% is central and state auctions, and 15% is PSU. Model mix is heavily tilted toward the S144 platform at 88%, with S120 at 12%.

A key business development highlight in the call was Andhra Pradesh. Management stated that the Government of Andhra Pradesh extended the project implementation agreement by two years in April. Under this agreement, Suzlon has developmental rights for 2,100 MW. A 775 MW PPA signed earlier has reached APERC for tariff fixation, and APERC asked whether it could be converted into FDRE, to which Suzlon consented. Beyond this, management stated that the remaining 1,325 MW is expected to be monetized from June onwards over the next six months through conversion into firm EPC contracts.

Balance sheet: net cash and capacity expansion runway

The balance sheet remains a clear differentiator in this cycle. As of March 2026, Suzlon reported net cash of 2,384 crore and net worth of 9,464 crore. Total borrowings were 264 crore.

Management also stated that adequate working capital lines, largely non-fund based, are available to support faster execution. That said, the call included a candid discussion on working capital. The CFO attributed working capital buildup primarily to receivables, especially from PSU contracts, while adding that this was anticipated and factored into tender pricing.

On capex, management guidance was explicit. The CEO indicated a run-rate capex of about 600 crore per year, plus or minus 50, as the company expands capacity to participate in demand. The presentation also highlighted 4,500 MW of domestic manufacturing capacity and the plan for three new AI-enabled smart blade factories.

What to track from here

Suzlon exits FY26 with three clear operating signals: a large order book, an increasing EPC mix, and a material installed and erected base that should support commissioning momentum. At the same time, investors will need to track execution quality as EPC share rises, and monitor working capital intensity as PSU exposure and project scope expand.

Management also discussed the tightening deviation settlement mechanism framework for wind, moving from plus/minus 15 to plus/minus 10, and highlighted scheduling and forecasting as a capability area. This matters because project economics and customer appetite for RTC and FDRE structures increasingly depend on predictability.

Suzlon’s FY26 numbers show that the company is not just riding an industry upcycle. It is also building a more integrated execution model around EPC, development-led projects, manufacturing scale, and a high-margin service annuity. The next validation point will be whether this structure converts a strong 5.9 GW backlog into sustained commissioning and cash generation through FY27.