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Informist, Monday, Jul 27, 2026

By Sunil Raghu

AHMEDABAD - Hotter-than-normal summer coupled with delayed onset of the monsoon helped power consumption in India grow 9% year-on-year in the June quarter. This may well be the tailwind for wind-energy company Suzlon Energy Ltd. in the long run.

However, from the trailing quarter, the seasonally weak quarter of Apr-Jun may fail to power the wind turbine maker's revenue much higher, brokerages said. They also point to execution challenges for wind energy infrastructure providers as another reason for subdued expectations. Suzlon is expected to deliver a much higher number of wind turbine generators in the quarter, pushing up its revenues and net profit.

Suzlon's consolidated net profit is seen rising 33% year-on-year to INR 4.31 billion for the June quarter, according to the average of estimates from six brokerages. The highest estimate for the renewable energy solution company's net profit is INR 4.92 billion from Anand Rathi Share and Stock Brokers Ltd. and the lowest is INR 3.85 billion from Nuvama Wealth Management Ltd.

The company's revenues are expected to rise over 22% year-on-year to INR 38.22 billion for the June quarter. The highest estimate is INR 43.4 billion from Centrum Broking Ltd. and the lowest is INR 35.24 billion from JM Financial Institutional Securities Pvt. Ltd. However, on quarter, the company's net profit is expected to fall nearly 59% and its revenues by over 30%. For the March quarter, the company's consolidated net profit had fallen for the first time in eight quarters, even as the contraction was milder than what the street had penciled in.

On a year-on-year basis, brokerages expect a steady rise in Suzlon's deliveries of wind turbines, healthy order inflows from state-owned companies and private players, and increasing contribution from its high-margin operations and maintenance business. For the June quarter, brokerages expect the company to deliver wind turbine generators of 484-623 megawatts, compared with 444 MW delivered in the year-ago quarter. The company has an annual execution target of 3 GW.

Execution of orders has improved due to an increase in engineering, procurement, and construction orders, according to brokerages. In the March quarter, the share of orders in this category was 28%. Suzlon is expected to focus on increasing orders from this segment to 50% of the total order book by the financial year 2027-28 (Apr-Mar).

The company's earnings before interest, taxes, depreciation, and amortisation are expected to increase 13% to INR 6.78 billion, according to the average of four estimates. The highest EBITDA estimate is INR 7 billion from Systematix Shares and Stocks (India) Ltd. and the lowest is INR 6.29 billion from JM Financial.

The brokerages have a consensus about an expected fall in the company's EBITDA margin for the reporting quarter, primarily on rising contribution of low-margin engineering, procurement and construction business. Centrum Institutional Research expects Suzlon's EBITDA margin at 17.3%, while Nuvama sees it at 18%, compared with 18.3% in the March quarter.

On Jun. 3, Suzlon announced its growth plans for the next five years, with a focus to expand across wind, solar, and battery energy storage system. The company said it aims to increase the annual renewable energy sales fourfold to 10 gigawatts by 2030-31 (Apr-Mar) and quadruple renewable fleet under management to 70 GW. It also seeks to grow its renewable energy order book to 15 GW by FY31, from 5.9 GW order book size in FY26.

Suzlon also wants to raise its market share to 40% of India's wind energy market, and aims to get 3 GW of export orders for the wind energy business by FY31. Other than any updates or roadmap to achieve these  targets, analysts would also be keen on an update on Suzlon's first battery energy storage systems manufacturing facility slated to be complete by 2027.

Suzlon Energy will announce its June quarter results on Tuesday. Monday, shares of Suzlon Energy closed trade 1.6% higher at INR 53.14 on the National Stock Exchange. The stock has mostly remained unchanged since the company reported its March-quarter earnings on May 25. 

Of the seven brokerage reports available with Informist, six carry a "buy" recommendation on the stock, with an average target price of INR 65 per share, which is over 22% higher than the current market price. One brokerages has ‘Hold' recommendation.

The following are the estimates of Suzlon Energy's earnings for the quarter ended June, in descending order of net profit, in INR billion:

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Edited by Shubhayan Bhattacharya

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