Suzlon Energy Ltd
Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles. [1]
- Market Cap ₹ 66,871 Cr.
- Current Price ₹ 49.2
- High / Low ₹ 74.3 / 44.8
- Stock P/E 22.2
- Book Value ₹ 5.37
- Dividend Yield 0.00 %
- ROCE 36.2 %
- ROE 45.6 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 23.0% CAGR over last 5 years
Cons
- Stock is trading at 9.15 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 11.7%
- Tax rate seems low
- Debtor days have increased from 96.9 to 132 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Part of BSE 500 BSE Capital Goods BSE 100 BSE 200 BSE Dollex 200
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,065 | 2,270 | 5,942 | 9,246 | 5,977 | 2,544 | 376 | 1,247 | 4,040 | 3,590 | 5,864 | 10,198 | 12,197 | |
| 3,400 | 2,652 | 5,103 | 6,736 | 5,344 | 2,743 | 1,270 | 1,346 | 3,964 | 3,529 | 4,946 | 8,527 | 10,004 | |
| Operating Profit | -336 | -382 | 839 | 2,510 | 633 | -199 | -894 | -98 | 76 | 61 | 918 | 1,670 | 2,192 |
| OPM % | -11% | -17% | 14% | 27% | 11% | -8% | -238% | -8% | 2% | 2% | 16% | 16% | 18% |
| 806 | -4,274 | 722 | -810 | -146 | -5,830 | -559 | 870 | -26 | 2,733 | 91 | 199 | 117 | |
| Interest | 1,221 | 1,219 | 776 | 931 | 1,223 | 944 | 1,141 | 983 | 777 | 442 | 144 | 229 | 351 |
| Depreciation | 174 | 158 | 420 | 414 | 419 | 439 | 682 | 186 | 185 | 190 | 142 | 167 | 166 |
| Profit before tax | -925 | -6,032 | 365 | 356 | -1,155 | -7,412 | -3,276 | -398 | -913 | 2,163 | 723 | 1,474 | 1,792 |
| Tax % | -0% | 0% | -3% | -0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -43% | |
| -924 | -6,032 | 378 | 356 | -1,156 | -7,413 | -3,277 | -398 | -913 | 2,163 | 723 | 2,105 | 3,009 | |
| EPS in Rs | -3.00 | -13.14 | 0.61 | 0.57 | -1.76 | -11.26 | -4.97 | -0.38 | -0.80 | 1.73 | 0.54 | 1.55 | 2.23 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 94% |
| 3 Years: | 36% |
| TTM: | 97% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 23% |
| 3 Years: | 64% |
| TTM: | 436% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 52% |
| 3 Years: | 76% |
| 1 Year: | -14% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 46% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 498 | 742 | 1,004 | 1,005 | 1,064 | 1,064 | 1,064 | 1,702 | 1,843 | 2,454 | 2,722 | 2,732 | 2,744 |
| Reserves | 2,328 | -605 | -400 | 18 | -710 | -8,087 | -11,342 | -5,680 | -5,736 | -1,035 | 559 | 2,797 | 4,564 |
| 10,058 | 10,947 | 6,210 | 6,075 | 7,357 | 6,783 | 11,962 | 4,852 | 4,314 | 2,342 | 38 | 36 | 74 | |
| 5,727 | 4,671 | 5,478 | 7,128 | 5,130 | 8,763 | 4,039 | 4,489 | 5,253 | 2,286 | 3,438 | 6,780 | 7,380 | |
| Total Liabilities | 18,611 | 15,754 | 12,292 | 14,226 | 12,841 | 8,523 | 5,723 | 5,362 | 5,675 | 6,048 | 6,757 | 12,344 | 14,761 |
| 719 | 588 | 1,746 | 1,790 | 1,470 | 1,404 | 893 | 758 | 681 | 526 | 673 | 732 | 770 | |
| CWIP | 16 | 20 | 179 | 128 | 292 | 140 | 117 | 100 | 12 | 4 | 8 | 76 | 193 |
| Investments | 7,730 | 2,752 | 2,753 | 3,648 | 2,878 | 2,009 | 1,782 | 1,781 | 1,752 | 1,754 | 379 | 1,278 | 1,648 |
| 10,146 | 12,395 | 7,615 | 8,660 | 8,201 | 4,970 | 2,932 | 2,724 | 3,230 | 3,763 | 5,698 | 10,258 | 12,150 | |
| Total Assets | 18,611 | 15,754 | 12,292 | 14,226 | 12,841 | 8,523 | 5,723 | 5,362 | 5,675 | 6,048 | 6,757 | 12,344 | 14,761 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -163 | -15 | 1,555 | 2,801 | -796 | 450 | -1,257 | -161 | -74 | -17 | -48 | 916 | |
| -540 | -566 | 2,156 | -1,844 | 32 | 534 | -3,503 | 518 | 1,180 | 408 | -107 | -612 | |
| 624 | 588 | -3,685 | -898 | 1,058 | -1,414 | 4,780 | -199 | -889 | -510 | 179 | 331 | |
| Net Cash Flow | -79 | 7 | 27 | 59 | 293 | -430 | 20 | 157 | 216 | -119 | 24 | 635 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 184 | 254 | 116 | 91 | 116 | 157 | 413 | 111 | 60 | 56 | 103 | 132 |
| Inventory Days | 123 | 132 | 132 | 150 | 138 | 251 | 859 | 420 | 138 | 101 | 221 | 164 |
| Days Payable | 565 | 592 | 328 | 307 | 216 | 381 | 1,108 | 669 | 214 | 141 | 234 | 191 |
| Cash Conversion Cycle | -258 | -206 | -81 | -66 | 37 | 26 | 163 | -138 | -16 | 15 | 89 | 104 |
| Working Capital Days | -336 | 84 | -65 | -86 | -169 | -831 | -12,645 | -302 | -74 | -73 | 62 | 48 |
| ROCE % | -2% | -2% | 10% | 26% | 8% | -5% | -186% | -17% | -7% | 3% | 23% | 36% |
Documents
Announcements
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Rumour verification - Regulation 30(11)
6h - Notified exchanges of unexplained material price movement in Suzlon scrip on 3 February 2026 at 09:15.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Jan
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Board Meeting Intimation for Inter Alia, Consider And Approve The Unaudited Financial Results Of The Company On Standalone And Consolidated Basis For The Quarter And Nine Months Ended On 31St December 2025.
28 Jan - Board meeting on 5 Feb 2026 to approve unaudited Q3/9M results (31 Dec 2025); trading window closed Jan 1–Feb 7.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
28 Jan - Suzlon secures 248.85 MW ArcelorMittal order (79×3.15MW) for Gujarat captive project; announced 28 Jan 2026.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Jan
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Jul 2024Transcript PPT REC
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May 2024Transcript PPT
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May 2024TranscriptAI SummaryPPT REC
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May 2024TranscriptAI SummaryPPT
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Feb 2024Transcript PPT REC
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Jan 2024TranscriptAI SummaryPPT
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Nov 2023Transcript PPT REC
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Jul 2023Transcript PPT REC
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Jun 2023Transcript PPT REC
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May 2023TranscriptAI SummaryPPT
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Feb 2023Transcript PPT REC
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Nov 2022Transcript PPT REC
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Nov 2020TranscriptAI SummaryPPT
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Jan 2019TranscriptPPT
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May 2018TranscriptAI SummaryPPT
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May 2017TranscriptAI SummaryPPT
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Oct 2016TranscriptAI SummaryPPT
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Oct 2016TranscriptAI SummaryPPT
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Sep 2016TranscriptAI SummaryPPT
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Jul 2016TranscriptAI SummaryPPT
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Jun 2016TranscriptAI SummaryPPT
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May 2016TranscriptAI SummaryPPT
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Jan 2016TranscriptAI SummaryPPT
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Dec 2015TranscriptAI SummaryPPT
Business Overview:[1]
Company is a renewable energy solutions provider and is in the business of manufacturing, project execution and operation and maintenance of wind turbine generators and sale of related components. It has installed 21 GW of wind energy in 17 countries. With over 30 years of expertise and a workforce of ~7,800, Suzlon is India’s No. 1 renewable energy company, managing 15.1 GW of domestic wind assets and ~6 GW internationally.