Analyst Concall
Suzlon sees annual capex run rate at INR 5.5 bln-INR 6 bln
This story was originally published at 20:42 IST on 25 May 2026
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--Suzlon: Do not see any downward trend in order inflow going forward
--CONTEXT: Comments by Suzlon Energy mgmt in post earnings analyst call
--Suzlon: May mitigate impact of forex change via cost control for now
--Suzlon: Some of our contracts were impacted by West Asia war
--Suzlon: Seeing orders converted to EPC contracts, to help improve margins
--Suzlon: See capex run-rate at INR 5.5 bln-INR 6 bln per annum going forward
By Gunjan Rajput and Sunil Raghu
NEW DELHI/AHMEDABAD – Suzlon Energy Ltd. expects annual capital expenditure to be in the range of INR 5.5 billion-INR 6 billion as it transitions from being primarily a wind turbine supplier to an engineering, procurement and construction player in firm and dispatchable renewable energy projects, the management said in a post-earnings analyst call following Jan-Mar earnings.
The company said it is increasingly focusing on EPC and project development opportunities, including firm and dispatchable renewable energy projects, where it can offer end-to-end renewable energy solutions instead of only supplying wind turbines. Suzlon said it intends to supply the "entire FDRE" stack in some projects rather than just the wind component.
For the March quarter, the company's net profit was INR 11.14 billion on a revenue of INR 54.68 billion.
The management said the transition is being driven by rising demand for hybrid and round-the-clock renewable power solutions, with utilities and developers increasingly preferring turnkey EPC contracts over split-package tenders. Suzlon said the EPC share in its order book has already increased to 28% from around 20% earlier and is targeted to reach 50% by the financial year 2027-28 (Apr-Mar). The company added that EPC-led projects improve execution visibility and support margins.
The company does not expect any downward trend in order inflows going forward, despite slower closure timelines for EPC deals. Though some contracts were impacted by geopolitical tensions in West Asia and currency fluctuations, the impact was largely mitigated through cost-management initiatives and localisation efforts, it added. According to the management, newer contracts would factor in revised forex rates.
"Some of our contracts have a pass-through with respect to the foreign currency impact that comes through. Again, while there is a geopolitical situation that is prevailing as of now, we are always on a cost management drive to be able to reduce our costs," the management said.
Monday, shares of the company closed 0.4% higher at INR 53.99 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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