Suzlon revenue rises 26% but Q2 profit before tax falls

Suzlon Energy Limited reported consolidated revenue from operations of Rs 4,869.05 crore for the quarter ended September 30, 2026, 26.0% above Rs 3,865.54 crore a year earlier. Suzlon's profit before tax, however, declined 7.9% to Rs 518.21 crore as total expenses increased 31.5%, led by higher material, component and service costs.

How did Suzlon's September-quarter revenue and profit change?

Suzlon's revenue from operations increased by Rs 1,003.51 crore from the quarter ended September 30, 2025, and by Rs 1,049.69 crore from Rs 3,819.36 crore in the preceding quarter ended June 30, 2026. Total income, including Rs 6.65 crore of other operating income and Rs 32.34 crore of other income, reached Rs 4,908.04 crore in the September 2026 quarter.

Profit before exceptional items and tax was Rs 518.21 crore, down from Rs 562.50 crore a year earlier but up from Rs 389.47 crore in the June 2026 quarter. There were no exceptional items in the September 2026 quarter, so reported profit before tax was also Rs 518.21 crore.

Suzlon's net profit was Rs 394.15 crore, compared with Rs 1,279.44 crore in the September 2025 quarter and Rs 305.22 crore in the June 2026 quarter. The prior-year quarter included a deferred-tax credit of Rs 718.18 crore, while the latest quarter recorded deferred-tax expense of Rs 118.53 crore and current-tax expense of Rs 5.53 crore; basic and diluted earnings per share were Rs 0.29, not annualised.

What reduced Suzlon's profit before tax despite higher revenue?

Suzlon's consumption of raw materials, components and services rose 36.1% to Rs 3,304.59 crore from Rs 2,428.27 crore a year earlier. The Rs 876.32 crore increase accounted for most of the Rs 1,003.51 crore increase in revenue from operations and was larger than the 26.0% revenue growth rate.

Other expenses rose to Rs 517.77 crore from Rs 425.46 crore, while depreciation and amortisation increased to Rs 111.37 crore from Rs 75.23 crore. Finance cost rose to Rs 122.58 crore from Rs 109.66 crore, whereas employee benefits expense decreased to Rs 289.65 crore from Rs 291.33 crore.

Suzlon also reported an Rs 33.86 crore expense for changes in inventories of finished goods, semi-finished goods and work in progress, compared with a Rs 1.59 crore credit in the September 2025 quarter. As a result, total expenses reached Rs 4,389.83 crore, increasing faster than total income, which rose to Rs 4,908.04 crore from Rs 3,897.33 crore.

Which Suzlon segments drove September-quarter revenue?

Suzlon's Renewable Energy Solutions segment generated Rs 4,211.56 crore of revenue in the September 2026 quarter, compared with Rs 3,240.56 crore a year earlier. During the half year, Suzlon renamed the Wind Turbine Generator segment as Renewable Energy Solutions; it said the change did not alter the segment's composition or previously reported amounts.

RE Asset Management Services reported revenue of Rs 639.63 crore, up from Rs 575.01 crore in the September 2025 quarter, and Foundry & Forging revenue increased to Rs 167.15 crore from Rs 120.80 crore. Together with Rs 3.07 crore from Others, gross segment revenue was Rs 5,021.41 crore before Rs 152.36 crore of inter-segment revenue was eliminated.

Segment results moved differently across the businesses. Renewable Energy Solutions reported Rs 370.54 crore, below Rs 478.21 crore a year earlier, while RE Asset Management Services rose to Rs 220.39 crore from Rs 145.48 crore; Foundry & Forging declined to Rs 15.20 crore from Rs 20.71 crore. These results are reconciled with other income of Rs 32.34 crore and finance cost of Rs 122.58 crore to arrive at consolidated profit before tax.

For the half year ended September 30, 2026, consolidated revenue from operations was Rs 8,688.41 crore, compared with Rs 6,982.87 crore in the prior-year half year. Renewable Energy Solutions revenue rose to Rs 7,385.87 crore from Rs 5,735.13 crore, while RE Asset Management Services revenue increased to Rs 1,271.51 crore from Rs 1,159.46 crore.

What do Suzlon's balance sheet and cash flows show?

Suzlon reported consolidated total assets of Rs 20,005.58 crore at September 30, 2026, compared with Rs 18,868.86 crore at March 31, 2026. Inventories increased to Rs 5,461.21 crore from Rs 4,511.84 crore, and trade receivables rose to Rs 6,786.34 crore from Rs 6,269.22 crore.

Consolidated equity increased to Rs 10,276.94 crore at September 30, 2026 from Rs 9,463.52 crore at March 31, 2026, while total liabilities rose to Rs 9,728.64 crore from Rs 9,405.34 crore. Renewable Energy Solutions accounted for Rs 13,380.66 crore of segment assets and Rs 8,420.46 crore of segment liabilities at the September date.

Consolidated net cash used in operating activities was Rs 199.54 crore in the half year ended September 30, 2026, against net cash generated of Rs 85.57 crore in the prior-year half year. The movement included Rs 949.37 crore used by higher inventories and Rs 536.91 crore used by higher trade receivables; cash and cash equivalents ended the period at Rs 831.30 crore.

Suzlon's Board approved the unaudited results on October 29, 2026, after review by its Audit Committee. The statutory auditors performed a limited review of the standalone results and stated that nothing had come to their attention indicating a material misstatement or required disclosure failure under Securities and Exchange Board of India listing regulations.

Conclusion

Suzlon converted higher activity into a 26.0% increase in September-quarter revenue, with Renewable Energy Solutions contributing Rs 4,211.56 crore of segment revenue and RE Asset Management Services adding Rs 639.63 crore. The earnings outcome did not match the revenue increase because material, component and service costs rose 36.1%, contributing to the decline in profit before tax to Rs 518.21 crore.

The next disclosed event to watch is the January 28, 2027 hearing before the Securities Appellate Tribunal on the Securities and Exchange Board of India's May 29, 2026 order imposing a Rs 15.95 crore penalty. Suzlon said the tribunal admitted its appeal and stayed the order, while management said, based on external legal advice, that it believes there is no impact on the reported results.