Mumbai, February 5, 2026, 16:33 IST
- Suzlon reported a 15% rise in Q3 net profit, reaching 4.45 billion rupees (445.28 crore), with revenue from operations jumping 42% to 42.28 billion rupees (4,228.18 crore)
- The stock dropped up to 6% during the session, closing at 47.76 rupees
- The company posted record deliveries totaling 617 MW, with its closing order book reaching 6.4 GW
Suzlon Energy Ltd shares slipped nearly 6% to hit a low of 47.76 rupees on Thursday, despite the wind turbine maker’s third-quarter profit rising. The company reported a consolidated net profit of 4.45 billion rupees (445.28 crore) for the quarter ended Dec. 31, marking a 15% increase year-on-year. Revenue from operations surged 42% to 42.28 billion rupees (4,228.18 crore). Moneycontrol
Suzlon’s latest update is significant as it remains one of the few domestic turbine manufacturers with substantial scale. Its delivery speed directly impacts project deadlines and cash flows. The company reported a record 617 megawatts (MW) delivered in the quarter, with 2.4 gigawatts (GW) of projects currently underway. As of December 31, it held net cash of 15.56 billion rupees (1,556 crore). CEO JP Chalasani highlighted that the “closing order book of 6.4 GW” exceeded the opening order book, signaling a firm backlog of orders. Upstox
Profit took a hit compared to the September quarter, which partly explains why the stock didn’t celebrate the headline growth as a straightforward win. Earnings tumbled 65% sequentially after the previous quarter was boosted by a 7.17 billion-rupee (717 crore) deferred tax asset—an accounting move that reduces future tax expenses, ETMarkets reported. Vice chairman Girish Tanti revealed the launch of “Suzlon 2.0,” aiming to develop a “full-stack clean energy solutions” business. This includes a focus on firm and dispatchable renewable energy (FDRE) projects designed to deliver power on demand, often by integrating wind, solar, and storage. Economictimes
Several brokerages had forecast net profits around 5 to 5.6 billion rupees and turbine execution between 570 and 740 MW, though they warned profits might remain under pressure quarter-on-quarter, Business Today reported earlier. Motilal Oswal Financial Services anticipated “execution of 671MW,” while Nuvama highlighted margin fluctuations tied to the engineering, procurement, and construction (EPC) segment, where contractors handle building and delivery. Businesstoday
The market’s focus is on the backlog details. At the end of the December quarter, Suzlon’s order book totaled 6.4 GW, with roughly 5.69 GW tied to the S144 platform, LiveMint reported. That makes the S144 the clear leader in the pipeline. Livemint
Suzlon is broadening its focus beyond just wind turbines. The company’s management has mentioned plans to move into solar, storage, and other clean-energy solutions as tender formats evolve and corporate customers seek continuous green power instead of relying on one energy source.
The company operates in a fiercely competitive space. Domestic rival Inox Wind is likewise pursuing fresh capacity, while international turbine giants like Vestas enter the Indian market via developers and partners, intensifying pressure on prices, delivery timelines, and service guarantees.
The figures also reveal how much the story hinges on mix and timing. More EPC work can boost revenue but also shuffle margins, while cash conversion relies on project milestones, grid readiness, and payment speed — factors that the headline order book number doesn’t capture.
Investors are focused on one key question: can Suzlon convert its 6.4 GW backlog and 25-plus GW development pipeline into consistent deliveries, all while holding onto the margin improvements seen so far this year?
