SUZLON · Capital Goods
Suzlon Energy Ltd. reported revenue of ₹3,829 cr for April to June 2026, +22.3% on the year and −30.3% on the quarter. That is slower than this quarter has grown in recent years (+52.3% on average). Over the last four quarters revenue comes to ₹17,429 cr, +45.2% on the four before.
Operating profit (EBITDA) was ₹595 cr, a margin of 15.5%, −359 bps on the year and −201 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.0% to 19.1%, averaging 17.2%. Operating costs grew +27.7%, faster than revenue at +22.3%, so operating profit grew less than sales.
Net profit was ₹305 cr, −5.9% on the year and −72.6% on the quarter, with earnings per share of ₹0.22. Profit before other income, one-offs and tax fell 16.4%, so 11 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹3,143 cr, +50.1% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹2.31 over the last four quarters, the stock at ₹38.91 trades at 16.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹4,876 cr |
| YoY | — | — | +50% | +48% | +91% | +73% | +55% | +84% | +42% | +45% | +22% | +26% |
| EBITDA margin | 15.9% | 16.3% | 18.3% | 14.0% | 16.8% | 18.3% | 19.1% | 18.6% | 17.4% | 17.5% | 15.5% | 14.8% |
| Other income, % of PBT | 4% | −6% | 8% | 9% | 7% | 6% | 7% | 5% | 4% | 12% | 8% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 0% | 0% | 0% | 1% | — | 29% | — | 21% | −34% | 22% | 24% |
| Net profit | ₹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 | ₹394 cr |
| YoY | — | — | +199% | +97% | +91% | +365% | +7% | +536% | +15% | −6% | −6% | −69% |
| Core profit YoY | — | — | +240% | +42% | +87% | +92% | +53% | +191% | +50% | +43% | −16% | −9% |
| EPS | ₹0.15 | ₹0.19 | ₹0.22 | ₹0.15 | ₹0.29 | ₹0.87 | ₹0.24 | ₹0.94 | ₹0.33 | ₹0.82 | ₹0.22 | ₹0.29 |
| Flags | · | · | 1 | 1 | ✓ | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Suzlon Energy Ltd. reported revenue of ₹3,829 cr (+22.3% on the year) and net profit of ₹305 cr (−5.9% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −16.4% on the year, against −5.9% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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