Wind turbine manufacturer Suzlon Energy recorded a net profit of ₹3.24 billion(~$37.01 million) in the first quarter (Q1) of the financial year (FY) 2026, increasing 7.3% year-over-year (YoY) from ₹3.02 billion (~$34.5 million).

The company’s revenue from operations stood at ₹31.17 billion (~$356.12 million) up by 54.6% from ₹20.16 billion (~$230.3 million) during the same period of the previous year.

Suzlon attributed the revenue growth to a jump in wind turbine sales. It generated ₹24.95 billion (~$285.06 million) from sales of wind turbines, a 66.6% YoY increase from ₹14.97 billion (~$171.03 million).

The earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₹5.99 billion (~$68.43 million), a 61.8% increase from ₹3.7 billion (~$42.27 million) in Q1 FY 2024.

Suzlon’s earnings per share (EPS) came in at ₹0.24 (~$0.0027), compared to ₹0.22 (~$0.0025) from the same quarter in the preceding year.

The company achieved consistent growth in its order book over the last 10 quarters. It also completed 444 MW of power projects during the quarter, a 62% YoY increase from 274 MW.

Suzlon received orders totalling 1 GW, taking the order book to 5.7 GW. The commercial and industrial (C&I) sector makes up 54% of its order book, public sector undertakings (PSUs) account for 21%, and 25% in the bidding stage.

The company’s pipeline for central, state bidding, and C&I projects exceeded 41 GW. In the same quarter, large PSU bids and hybrid tenders grew, supported by the Solar Energy Corporation of India’s green hydrogen and electrolyser auctions.

Girish Tanti, Vice Chairman at Suzlon Group, said the energy sector is undergoing a structural shift where wind-dominant firm and dispatchable renewable energy (FDRE) and round-the-clock (RTC) solutions are essential for delivering firm, reliable, and affordable clean power to India.

Business Highlights

Suzlon has more than 21 GW of wind power projects installed worldwide and holds a 29% cumulative market share in India.

It has installed over 15.2 GW of power projects in the country and has $10 billion (~₹875.12 billion) under assets under management. The majority of the company’s projects are in Gujarat, followed by Tamil Nadu and Rajasthan.

It also has a domestic manufacturing capacity of 4,500 MW in the wind sector.

Suzlon has 547 MW of erected wind turbine generators in the pre-commissioning stage, bringing the total to over 664 MW.

Commenting on the new Approved List of Models and Manufacturers (ALMM) for wind, JP Chalasani, CEO at Suzlon Energy, said the list creates a level playing field as everyone needs to source components from manufacturers listed in it. He added that ALMM eliminates the disadvantage of some players sourcing from Chinese players.

He stated that if the wind tariff is between ₹3.6 (~$0.04)/kWh and 3.9 (~$0.044)/kWh during peak hours, and the solar tariff ranges from ₹2.5 (~$0.028)/kWh to 2.6 (~$0.029)/kWh with the ALMM mandate, solar plus battery cannot replace wind unless the battery cost is less than ₹1.2 (~$0.013)/kWh.

However, Chalasani highlighted that the industry will see different combinations of solar, wind, and storage depending on the load profiles of other Indian states.

He noted that China, which has the cheapest storage price, continues to invest heavily in wind capacity additions.

In the earnings call for Q1 FY 2026, Suzlon revealed plans to move towards the engineering, procurement, and construction (EPC) segment by FY 2027. It will also focus on expanding into non-wind sectors and concentrating on exports.

Suzlon said it will be focusing on exports in the Middle East and Europe, which will start by FY 2027.

Chalasani added that the evacuation infrastructure issues are slowly easing. He said that at least 80 substations are coming up after all the delays. The company aims to reach 7 GW to 7.3 GW in FY 2027 and plans to grow further by 8 GW to 9 GW.

Suzlon stated that its market share dropped due to delays in clients’ ability to acquire land.

“In our order book, about 78% is non-EPC, and 52% to 54% is pure equipment supply. In the last couple of years, our share has come down. With things picking up, we expect our market share to reach 24-26%,” said Chalasani.

Outlook

The company targets 122 GW of wind capacity by FY 2032, with wind expected to play a dominant role in hybrid, RTC, and FDRE projects.

According to the company, the C&I sector is projected to require 78 GW of renewable energy by FY30.

In Q4 FY 2025, the company recorded a net profit of ₹11.81 billion (~$138.22 million), increasing approximately 377% YoY from ₹2.54 billion (~$29.7 million). The company’s revenue from operations stood at ₹37.73 billion (~$441.6 million), up 73% from ₹21.79 billion (~$255.06 million) during the same period of the previous year.