Earnings Review
Suzlon Energy beats Q2 view on tax writeback, better margins
This story was originally published at 12:44 IST on 4 November 2025
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--Suzlon Energy Jul-Sept consol net profit INR 12.79 bln
--Analysts saw Suzlon Energy Jul-Sept consol net profit at INR 2.53 bln
--Suzlon Energy Jul-Sept consol revenue INR 38.71 bln
--Analysts saw Suzlon Energy Jul-Sept consol revenue at INR 29.07 bln
--Suzlon Energy Jul-Sept consol PAT INR 12.79 bln vs INR 2.00 bln year ago
--Suzlon Energy Jul-Sept consol revenue INR 38.71 bln vs INR 21.03 bln yr ago
--Suzlon Energy Q2 consol net profit includes tax write back INR 7.18 bln
--Suzlon Energy Apr-Sept consol PAT INR 16.04 bln vs INR 5.02 bln year ago
--Suzlon Energy Apr-Sept consol revenue INR 70.03 bln vs INR 41.25 bln yr ago
--Suzlon Energy Q2 consol wind turbine revenue INR 32.41 bln vs INR 15.07 bln
--Suzlon Energy Q2 consol EBITDA INR 7.21 bln, up 145% on year
--Suzlon Energy Jul-Sept consol EBITDA margin 18.6% vs 14.1% year ago
--Suzlon Energy Q2 consol net volumes 565 MW vs 256 MW year ago
--Suzlon Energy wind current order book over 6 GW as on Sept 30
--Suzlon Energy: India deliveries highest ever at 565 MW in Q2
--Suzlon Energy: Target 122 GW wind capacity by FY32
--Suzlon Energy: Annual installations expected to cross 6 GW this year
By Akash Mandal
MUMBAI – Improved margins, record deliveries for its India operations, revenue growth and a tax writeback of INR 7.18 billion helped Suzlon Energy beat analysts' estimates for September quarter bottom line by a wide margin. While the six time on-year surge in bottom line is an anomaly due to the large tax writeback, the company's top line grew at the fastest on-year pace in three quarters, comfortably surpassing the Street's expectation.
Suzlon Energy reported a consolidated net profit of INR 12.79 billion in the September quarter, up 539% on year and 295% sequentially. Even without the tax writeback, its consolidated net profit of INR 5.61 billion implies a near-three-time on-year growth and comfortably beat the Street's view of INR 2.51 billion.
The Pune-based company's consolidated revenue surged 84% on year and 24% sequentially to INR 38.71 billion in the reporting quarter, surpassing the consensus view of INR 29.07 billion by a considerable margin. Its other income rose 49% on year to INR 266 million.
The company's total expenses rose 74% on year and 23% sequentially to INR 33.35 billion in the reporting quarter. This on-year jump was driven by a 51% on-year rise in raw material costs to INR 24.28 billion. Sequentially, raw material costs declined over 1%. The company's other expenses rose 61% on year and 18% sequentially to INR 4.26 billion. Employee benefit expenses rose 20% on year to INR 2.91 billion.
The wind turbine maker's consolidated earnings before interest, tax, depreciation, and amortisation jumped 145% on year to INR 7.21 billion in the September quarter. Its consolidated EBITDA margin expanded 450 basis points on year to 18.6%.
An on-year jump in revenue from the wind turbine generator segment, driven by strong operating leverage, helped the company's topline show robust growth. Revenue from the segment more-than-doubled on year to INR 32.41 billion on a consolidated basis in the September quarter, over 82% of the company's combined revenue from all segments. Sales from the company's foundry and forging segment rose 45% on year to INR 1.21 billion during the quarter. Sales from its operation and maintenance services segment rose slightly to INR 5.75 billion from INR 5.66 billion a year ago.
The company's consolidated net volume rose to a record of 565 megawatt in Jul-Sept, compared to 256 MW in the year-ago period. Its wind energy order book rose to 6.2 gigawatt as of Sept. 30, compared to the 5.4 GW at the end of the June quarter. The company said annual installations are expected to cross 6 GW by the end of the year, and the company targets a wind capacity of 122 GW by FY32. The company currently has a global installed wind capacity of over 21 GW, its investor presentation said.
For the six months ended September, the company's consolidated net profit more than tripled on year to INR 16.04 billion. Its consolidated revenue rose to INR 70.03 billion in the same period from INR 41.25 billion a year ago. At 1205 IST, shares of the company rose post earnings and were trading 3.1% higher at INR 61.08 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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