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Informist, Thursday, May 29, 2025

--Suzlon Energy: Outlook for future looks very promising 

--CONTEXT: Comments by Suzlon Energy mgmt at post-earnings analyst concall 

--Suzlon Energy: Confident of achieving 60% YoY growth across all parameters 

--Suzlon Energy: Do not see orders becoming issue for us in 18-24 months 

--Suzlon Energy: See FY26 order book being more accelerated vs last 3 yrs 

--Suzlon Energy: Hope to maintain 23% margin on wind turbines in FY26 

--Suzlon Energy: May bring in variant of current S144 wind turbine 

--Suzlon Energy: Deferred tax of INR 6.38 bln is on back of assessed losses 

--Suzlon Energy: Expect wind turbine replacement market to start this year 

--Suzlon Energy:Safe to assume INR 3.5 bln-INR 4 bln depreciation cost ahead 

--Suzlon Energy: FY26 interest cost may rise to INR 2.5 bln vs INR 1.5 bln 

--Suzlon Energy: See INR 4.0 bln-INR 4.5 bln capex FY26 vs INR 3.5 bln FY25 

By J. Navya Sruthi and Sunil Raghu

MUMBAI/AHMEDABAD – Suzlon Energy Ltd. is confident of achieving at least 60% on year growth across all parameters like revenue, earnings before interest, tax, depreciation, and amortisation, and net profit in 2025-26 (Apr-Mar), the company's management said in a post-earnings analyst conference call on Thursday. "As we look ahead for FY26, we are confident of achieving 60% growth across all key parameters in FY26 over FY25, which in any case meets all analyst expectations or estimates made by the about eight analysts that we have," said Himanshu Mody, chief financial officer, Suzlon Group.

Suzlon is looking more to sustenance capital expenditure, research and development, information technology and capacity augmentation, rather than additional manufacturing capacity in FY26. The company plans capital expenditure of about INR 4.0 billion to 4.5 billion in FY26, against INR 3.5 billion in the previous year. "...We are working on fine-tuning some of our aggressive capex plans for this year," Mody said.

The company reported net revenue of INR 37.90 billion, up 73% on year in the March quarter, while the net profit surged 365% on year and over 205% sequentially to INR 11.82 billion. For FY25, the company's net revenue rose to INR 108.90 billion, from INR 65.29 billion the previous year and net profit rose more than three times to INR 20.72 billion. 

Suzlon energy created deferred taxes in the March quarter which also boosted the company's consolidated profit. The company created deferred tax asset of about INR 6.38 billion in the March quarter on back of assessed losses of about INR 25.0 billion. The management said there is an "absolute certainty of profits in FY26 for the corporation", based on the assessed losses. "And based on the performance in FY26, our belief is that a large part of the DTA (domestic tariff area) that's been created in Q4 (Jan-Mar) shall get absorbed during the year in FY26," the management said. 

The company's management expects depreciation cost of INR 3.5 billion to INR 4.0 billion moving forward and interest costs to rise to INR 2.5 billion from INR 1.5 billion in FY25. The renewable energy solutions provider reported deferred tax of around INR 6.00 billion for the quarter, which pushed the profit higher.

The company said it may bring in variant of the current S144 wind turbines and expects to maintain 23% margin on wind turbines in FY26. The management also said it expects to start wind turbine replacement market this year. In FY25, Suzlon Energy reported a consolidated revenue of INR 31.42 billion in the wind turbine generator segment, more than double the INR 15.32 billion revenue it had reported a year ago.

Order inflow in FY26 is likely to be more accelerated compared with last three years, the management said. The management continues to see the traction in order book on sequential basis. As of March, the company's order book stands at 5.4 gigawatts, which is the firm's "highest-ever" order book. The management said outlook for future looks very promising and does not see orders becoming an issue in next 18-24 months.

Thursday, shares of Suzlon Energy ended 1% lower at INR 65.42 on the National Stock Exchange. The company declared its results after market hours.  End

Edited by Vandana Hingorani 

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