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. Apart from manufacturing, it offers a full gamut of wind project planning and execution services, including wind resource assessment, infrastructure and power evacuation, technical planning and execution of wind power projects. It also offers O&M services in India and overseas countries.[1]
- Market Cap ₹ 72,091 Cr.
- Current Price ₹ 53.0
- High / Low ₹ 74.3 / 46.0
- Stock P/E 22.7
- Book Value ₹ 5.78
- Dividend Yield 0.00 %
- ROCE 32.5 %
- ROE 41.4 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 22.9% CAGR over last 5 years
Cons
- Stock is trading at 9.17 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 101 to 130 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20,403 | 19,954 | 9,483 | 12,714 | 8,116 | 5,025 | 2,973 | 3,346 | 6,582 | 5,971 | 6,529 | 10,890 | 13,767 | |
| 20,465 | 25,703 | 9,767 | 10,235 | 7,140 | 5,048 | 3,829 | 2,809 | 5,682 | 5,137 | 5,492 | 9,026 | 11,254 | |
| Operating Profit | -62 | -5,749 | -283 | 2,479 | 977 | -23 | -856 | 537 | 900 | 833 | 1,037 | 1,863 | 2,513 |
| OPM % | -0% | -29% | -3% | 20% | 12% | -0% | -29% | 16% | 14% | 14% | 16% | 17% | 18% |
| -495 | -194 | 2,563 | 109 | 555 | 92 | -42 | 823 | 95 | 2,739 | -24 | 97 | 123 | |
| Interest | 2,070 | 2,065 | 1,304 | 1,288 | 1,581 | 1,270 | 1,367 | 996 | 735 | 421 | 164 | 255 | 367 |
| Depreciation | 777 | 809 | 392 | 389 | 342 | 342 | 419 | 258 | 260 | 260 | 190 | 259 | 304 |
| Profit before tax | -3,404 | -8,816 | 584 | 912 | -391 | -1,543 | -2,684 | 105 | 0 | 2,892 | 659 | 1,447 | 1,964 |
| Tax % | 4% | 4% | -4% | 1% | -0% | -1% | 0% | 4% | 41,648% | 0% | -0% | -43% | |
| -3,548 | -9,133 | 583 | 852 | -384 | -1,537 | -2,692 | 104 | -177 | 2,887 | 660 | 2,072 | 3,172 | |
| EPS in Rs | -11.43 | -19.95 | 0.94 | 1.38 | -0.57 | -2.32 | -4.01 | 0.10 | -0.17 | 2.28 | 0.49 | 1.53 | 2.34 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -6% |
| 5 Years: | 30% |
| 3 Years: | 18% |
| TTM: | 75% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 23% |
| 3 Years: | 195% |
| TTM: | 222% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 72% |
| 3 Years: | 74% |
| 1 Year: | -19% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 41% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | -879 | -8,064 | -8,537 | -7,846 | -8,031 | -9,562 | -12,047 | -5,045 | -5,369 | -1,355 | 1,199 | 3,374 | 5,116 |
| 17,059 | 17,811 | 11,414 | 11,114 | 11,996 | 11,552 | 13,210 | 6,925 | 6,465 | 1,938 | 150 | 323 | 397 | |
| 13,583 | 11,243 | 5,842 | 7,887 | 6,092 | 5,816 | 4,303 | 3,019 | 3,535 | 2,486 | 3,108 | 6,531 | 7,599 | |
| Total Liabilities | 30,261 | 21,731 | 9,723 | 12,160 | 11,121 | 8,871 | 6,530 | 6,601 | 6,475 | 5,523 | 7,179 | 12,960 | 15,856 |
| 13,515 | 5,843 | 1,573 | 1,665 | 1,463 | 1,520 | 1,358 | 1,166 | 1,059 | 866 | 886 | 1,780 | 1,776 | |
| CWIP | 433 | 356 | 233 | 206 | 353 | 229 | 122 | 107 | 20 | 6 | 20 | 105 | 286 |
| Investments | 707 | 266 | 393 | 670 | 67 | 20 | 20 | 23 | 0 | 0 | 8 | 43 | 202 |
| 15,606 | 15,266 | 7,524 | 9,619 | 9,237 | 7,102 | 5,030 | 5,305 | 5,396 | 4,651 | 6,264 | 11,032 | 13,591 | |
| Total Assets | 30,261 | 21,731 | 9,723 | 12,160 | 11,121 | 8,871 | 6,530 | 6,601 | 6,475 | 5,523 | 7,179 | 12,960 | 15,856 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 568 | 1,119 | -739 | 1,602 | -109 | 1,267 | -929 | 530 | 1,302 | 491 | 80 | 1,092 | |
| -439 | -825 | 4,482 | -643 | -138 | 125 | -32 | -24 | -19 | 85 | -152 | -749 | |
| 360 | -199 | -5,656 | -1,249 | 492 | -1,898 | 969 | -327 | -1,045 | -709 | 132 | 343 | |
| Net Cash Flow | 489 | 95 | -1,914 | -290 | 245 | -506 | 8 | 180 | 238 | -133 | 60 | 686 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 48 | 50 | 97 | 104 | 134 | 137 | 168 | 130 | 76 | 72 | 102 | 130 |
| Inventory Days | 102 | 90 | 164 | 168 | 216 | 355 | 400 | 503 | 186 | 176 | 210 | 171 |
| Days Payable | 134 | 122 | 193 | 233 | 180 | 265 | 253 | 366 | 155 | 86 | 165 | 156 |
| Cash Conversion Cycle | 16 | 18 | 68 | 39 | 170 | 227 | 315 | 266 | 107 | 162 | 148 | 145 |
| Working Capital Days | -99 | -96 | -56 | -155 | -100 | -328 | -1,465 | 84 | 16 | 66 | 103 | 73 |
| ROCE % | -5% | -48% | 11% | 53% | 15% | -8% | -48% | 10% | 21% | 20% | 25% | 33% |
Documents
Announcements
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Update Regarding Penalty
23h - CESTAT order 10 Dec 2025: penalty cut to Nil from Rs21.92 Cr; Rs101.92 Cr liability removed.
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Update Regarding Penalty
5 Dec - Deputy Commissioner reduced Suzlon Global penalty from Rs19,54,890 to Rs50,000; Rs19,04,890 to be refunded (5 Dec 2025).
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
5 Dec - Allotment of 5,90,000 equity shares pursuant to exercise stock options under ESOP 2022 plan
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Disclosure Of Penalty
4 Dec - Paid Rs.1,00,000 penalty to Central Ground Water Authority for late NOC application on 4 Dec 2025.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Dec
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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Dec 2015TranscriptAI SummaryPPT
Business Overview:[1][2]
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 20+ GW of wind energy in 17 countries and 111+ wind farms with a capacity of 13,880 MW. Company client portfolio includes power utilities and electricity producers in both the private and public sectors.