SUZLON
Suzlon Energy Limited
India's leading wind turbine maker, with integrated renewable energy services
Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment
suzlon.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹42.00
Market cap
57,763 Cr
Stock P/E
18.4
P/B
6.11
ROE (FY26)
33.4%
ROCE (FY26)
29.6%
Operating margin (FY26)
16.2%
Debt / equity (FY26)
0.03
OCF / EBITDA (FY26)
39.8%
OCF / EBITDA (3Y)
39.4%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Suzlon (Suzlon Energy) makes wind turbine generators and supplies the turbines, builds the wind projects (EPC, engineering-procurement-construction) and services wind assets under long-term operations and maintenance contracts, selling mainly to customers in India with an international push under way.
Company snapshot
8thBy market cap
Ranked among 38 companies in Heavy Electrical Equipment.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 75.2% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Foundry & Forging | 4.5% | 321 Cr | 11 Cr | — |
| Operation & Maintenance Service | 23.0% | 1,630 Cr | 590 Cr | — |
| Others | 0.1% | 6 Cr | 4 Cr | — |
| Wind Turbine Generator | 75.2% | 5,340 Cr | 392 Cr | — |
Shares add up to 103% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓Net margin of 18.9% — the business keeps a healthy share of every rupee it earns.
Concerns
- ✗Only 39% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
2 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,421 Cr | 1,560 Cr | 2,196 Cr | 2,022 Cr | 2,103 Cr | 2,975 Cr | 3,790 Cr | 3,132 Cr | 3,871 Cr | 4,236 Cr | 5,493 Cr | 3,829 Cr |
| Operating expenses (approx.) | 1,196 Cr | 1,313 Cr | 1,839 Cr | 1,652 Cr | 1,809 Cr | 2,475 Cr | 3,096 Cr | 2,533 Cr | 3,150 Cr | 3,498 Cr | 4,529 Cr | 3,234 Cr |
| EBITDA | 225 Cr | 248 Cr | 357 Cr | 370 Cr | 294 Cr | 500 Cr | 693 Cr | 599 Cr | 721 Cr | 738 Cr | 964 Cr | 595 Cr |
| OPM % | 15.8% | 15.9% | 16.3% | 18.3% | 14.0% | 16.8% | 18.3% | 19.1% | 18.6% | 17.4% | 17.5% | 15.5% |
| Other income | 7 Cr | 9 Cr | 11 Cr | 23 Cr | 18 Cr | 28 Cr | 35 Cr | 33 Cr | 27 Cr | 23 Cr | 27 Cr | 33 Cr |
| Interest | 44 Cr | 14 Cr | 44 Cr | 45 Cr | 56 Cr | 70 Cr | 85 Cr | 103 Cr | 110 Cr | 114 Cr | 135 Cr | 134 Cr |
| Depreciation | 51 Cr | 39 Cr | 44 Cr | 46 Cr | 54 Cr | 66 Cr | 93 Cr | 70 Cr | 75 Cr | 80 Cr | 93 Cr | 106 Cr |
| Profit before tax | 102 Cr | 203 Cr | 253 Cr | 302 Cr | 202 Cr | 391 Cr | 551 Cr | 459 Cr | 563 Cr | 567 Cr | 833 Cr | 389 Cr |
| Tax % | 0.1% | 0.0% | -0.5% | 0.1% | 0.5% | 0.9% | -114.2% | 29.4% | -127.5% | 21.4% | -33.7% | 21.6% |
| Net profit | 102 Cr | 203 Cr | 254 Cr | 302 Cr | 201 Cr | 388 Cr | 1,181 Cr | 324 Cr | 1,279 Cr | 445 Cr | 1,114 Cr | 305 Cr |
| EPS (₹) | ₹0.08 | ₹0.15 | ₹0.19 | ₹0.22 | ₹0.15 | ₹0.28 | ₹0.87 | ₹0.24 | ₹0.93 | ₹0.32 | ₹0.81 | ₹0.22 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,693 Cr | 8,334 Cr | 5,025 Cr | 2,973 Cr | 3,346 Cr | 6,582 Cr | 5,971 Cr | 6,529 Cr | 10,890 Cr | 16,732 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 10,215 Cr | 7,331 Cr | 5,033 Cr | 3,833 Cr | 2,811 Cr | 5,692 Cr | 5,139 Cr | 5,500 Cr | 9,033 Cr | 13,709 Cr | Sign in free for the trailing twelve months |
| EBITDA | 2,478 Cr | 1,003 Cr | -9 Cr | -860 Cr | 534 Cr | 889 Cr | 832 Cr | 1,029 Cr | 1,857 Cr | 3,022 Cr | Sign in free for the trailing twelve months |
| OPM % | 19.5% | 12.0% | -0.2% | -28.9% | 16.0% | 13.5% | 13.9% | 15.8% | 17.1% | 18.1% | Sign in free for the trailing twelve months |
| Other income | 111 Cr | 79 Cr | 50 Cr | 28 Cr | 20 Cr | 22 Cr | 20 Cr | 38 Cr | 103 Cr | 110 Cr | Sign in free for the trailing twelve months |
| Interest | 1,288 Cr | 1,581 Cr | 1,270 Cr | 1,367 Cr | 996 Cr | 735 Cr | 421 Cr | 164 Cr | 255 Cr | 462 Cr | Sign in free for the trailing twelve months |
| Depreciation | 389 Cr | 342 Cr | 342 Cr | 419 Cr | 258 Cr | 260 Cr | 260 Cr | 190 Cr | 259 Cr | 318 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 863 Cr | -386 Cr | -1,549 Cr | -2,684 Cr | 108 Cr | -10 Cr | 2,892 Cr | 659 Cr | 1,447 Cr | 2,422 Cr | Sign in free for the trailing twelve months |
| Tax % | 1.4% | 0.4% | 0.8% | -0.3% | 4.3% | -1672.6% | 0.2% | -0.1% | -43.2% | -30.6% | Sign in free for the trailing twelve months |
| Net profit | 852 Cr | -384 Cr | -1,537 Cr | -2,692 Cr | 104 Cr | -177 Cr | 2,887 Cr | 660 Cr | 2,072 Cr | 3,163 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹1.71 | ₹-0.72 | ₹-2.87 | ₹-4.97 | ₹0.14 | ₹-0.22 | ₹2.64 | ₹0.50 | ₹1.52 | ₹2.31 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,005 Cr | 1,064 Cr | 1,064 Cr | 1,064 Cr | 1,702 Cr | 1,843 Cr | 2,454 Cr | 2,722 Cr | 2,732 Cr | 2,745 Cr |
| Reserves | -7,846 Cr | -8,031 Cr | -9,562 Cr | -12,047 Cr | -5,045 Cr | -5,369 Cr | -1,355 Cr | 1,199 Cr | 3,374 Cr | 6,719 Cr |
| Borrowings | 6,917 Cr | 11,605 Cr | 9,624 Cr | 9,686 Cr | 6,203 Cr | 6,391 Cr | 1,905 Cr | 110 Cr | 283 Cr | 264 Cr |
| Other liabilities | 12,075 Cr | 6,472 Cr | 7,750 Cr | 7,887 Cr | 3,799 Cr | 3,646 Cr | 2,519 Cr | 3,149 Cr | 6,571 Cr | 9,141 Cr |
| Total liabilities | 12,160 Cr | 11,121 Cr | 8,871 Cr | 6,530 Cr | 6,601 Cr | 6,475 Cr | 5,523 Cr | 7,179 Cr | 12,960 Cr | 18,869 Cr |
| Fixed assets (net) | 1,420 Cr | 1,267 Cr | 1,147 Cr | 1,048 Cr | 935 Cr | 907 Cr | 778 Cr | 810 Cr | 822 Cr | 1,360 Cr |
| CWIP | 119 Cr | 173 Cr | 218 Cr | 110 Cr | 104 Cr | 15 Cr | 3 Cr | 16 Cr | 89 Cr | 176 Cr |
| Investments | 670 Cr | 67 Cr | 58 Cr | 54 Cr | 56 Cr | 31 Cr | 29 Cr | 35 Cr | 69 Cr | 241 Cr |
| Loans & advances | — | — | 12 Cr | 22 Cr | 21 Cr | 0.96 Cr | 0.61 Cr | 0.26 Cr | 0.27 Cr | 3 Cr |
| Inventories | 3,469 Cr | 3,026 Cr | 2,914 Cr | 2,056 Cr | 2,173 Cr | 2,208 Cr | 1,827 Cr | 2,292 Cr | 3,234 Cr | 4,512 Cr |
| Trade receivables | 3,628 Cr | 2,985 Cr | 1,881 Cr | 1,365 Cr | 1,190 Cr | 1,377 Cr | 1,170 Cr | 1,830 Cr | 3,866 Cr | 6,269 Cr |
| Cash & bank | 336 Cr | 581 Cr | 75 Cr | 58 Cr | 263 Cr | 437 Cr | 367 Cr | 250 Cr | 901 Cr | 631 Cr |
| Other assets | 2,519 Cr | 3,020 Cr | 2,567 Cr | 1,817 Cr | 1,860 Cr | 1,498 Cr | 1,348 Cr | 1,946 Cr | 3,979 Cr | 5,677 Cr |
| Total assets | 12,160 Cr | 11,121 Cr | 8,871 Cr | 6,530 Cr | 6,601 Cr | 6,475 Cr | 5,523 Cr | 7,179 Cr | 12,960 Cr | 18,869 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 1,602 Cr | -109 Cr | 1,267 Cr | -929 Cr | 531 Cr | 1,302 Cr | 467 Cr | 33 Cr | 1,092 Cr | 1,202 Cr |
| Cash from investing | -643 Cr | -133 Cr | 125 Cr | -32 Cr | -24 Cr | -18 Cr | 85 Cr | -152 Cr | -752 Cr | -914 Cr |
| Cash from financing | -1,249 Cr | 492 Cr | -1,898 Cr | 969 Cr | -327 Cr | -1,045 Cr | -684 Cr | 178 Cr | 343 Cr | -155 Cr |
| Net cash flow | -290 Cr | 249 Cr | -506 Cr | 8 Cr | 180 Cr | 238 Cr | -133 Cr | 60 Cr | 686 Cr | 133 Cr |
| Free cash flow (OCF − Capex) | 1,188 Cr | -819 Cr | 984 Cr | -1,030 Cr | 479 Cr | 1,225 Cr | 366 Cr | -194 Cr | 721 Cr | 625 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | — | — | -31.3% | — | 9.8% | 22.3% | 110.3% | 20.4% | 26.6% | 29.6% |
| ROE % | — | — | — | — | — | — | 259.2% | 16.8% | 33.9% | 33.4% |
| Debtor days | 104 | 130 | 136 | 168 | 129 | 76 | 71 | 102 | 129 | 136 |
| Inventory days | 152 | 273 | 359 | 534 | 491 | 196 | 183 | 208 | 165 | 144 |
| Days payable | 211 | 228 | 268 | 337 | 358 | 164 | 90 | 163 | 150 | 162 |
| Cash conversion cycle | 45 | 176 | 227 | 364 | 263 | 109 | 165 | 147 | 144 | 118 |
| OCF / EBITDA % | 64.7% | -10.9% | — | — | 99.3% | 146.4% | 56.1% | 3.2% | 58.8% | 39.8% |
| OCF / EBITDA % (3 years) | — | — | 79.5% | n.m. | — | 160.2% | 101.9% | 65.5% | 42.8% | 39.4% |
| Debt / equity | — | — | 0.00 | — | — | — | 1.73 | 0.03 | 0.05 | 0.03 |
| Current ratio | 0.67 | 0.80 | 0.59 | 0.28 | 1.26 | 1.19 | 1.53 | 1.76 | 1.56 | 1.65 |
| Net debt / EBITDA | 2.66 | — | — | — | 11.12 | 6.69 | 1.85 | -0.14 | -0.33 | -0.12 |