Suzlon Energy

“Your question on solar and BESS, as of now, no capex has been made. We are going for asset-light model.”

“I think this will take next couple of quarters and post that, we will start our journey of capex.”

“Expanding footprint with three AI-enabled smart blade factories to drive efficiency and scale”

“You work backwards. I think capacity will not be a deciding factor. It's basically the pull from the projects.”

“Our order book of 6 gigawatts reaffirms our market leadership. In H1 '27, we have already secured 1.5 gigawatts of orders and continue to have strong pipeline.”

“The current order backlog provides coverage for 18 months, and healthy order pipeline gives strong confidence and comfort for maintaining the growth momentum.”

“Our DevCo shows a strong market acceptance, reflected in 900 megawatts of orders already booked in H1 '27.”

“And in India, we have already got first repowering order, as I mentioned, with Tatas, which we are working at a project site.”

“And then with the DevCo, we are in dialogue with the leading C&I and other customers for year 3, 4, 5, which means I am actually talking now FY28, '29, '30, '31 kind of a business with them.”

“On exports, we are seeing good traction, with customers expected to receive orders in the next few quarters.”

“Our RE AMS India business remains strong with 16.5 plus gigawatts of installed base, with EBITDA margins maintained north of 40%.”

“Our foundry and forging continues to scale strongly, in Q2 delivering revenues of INR167 crores and EBITDA of INR50 crores with continued momentum driven by domestic demand and export growth.”

“In H1, I think we added about 178 megawatts in Renom.”

“Renom is rightly placed to serve these customers. We already won close to 200 megawatts in the last quarter.”

“Green Energy Corridor Phase-III, approved by the Cabinet recently, is a significant step towards strengthening intrastate transmission infrastructure, enabling evacuation of up to 135 gigawatts of RE capacity.”

“This sets the stage for a multi-year growth cycle, with annual installations expected to cross 10 gigawatts in the near term and reach 15 gigawatts by FY31.”

“The good news is the sector is expanding. We are looking at close to 8 gigawatts January to September kind of demand already and Suzlon continues to win orders.”

“every year, we are looking at 8 gigawatts to 10 gigawatts of installations in the next 3-4 years.”

“In India itself, there is a 25 gigawatts opportunity.”

“declined WTG contribution margins from 26.9% to 21.2%, primarily due to segment customer and scope mix changes, and additionally, forex and commodity volatility, making it a key driver of the EBITDA margin decline.”

“I would say commodity and FX impact put together has about a 50-basis point impact.”

“one is the customer and scope mix. It's about 150 to 180 basis points.”

“But the share of that changes as the wind turbine revenues go up. So that has an impact of around 50 bps.”

“last year same time, our margin was 18.8% EBITDA margin, and now we are at 14.8%.”

“consolidated net worth crossing the INR10,000 crores mark to INR10,277 crores. Our net cash position at INR2,048 crores further enhances our financial flexibility and resilience.”

“Our net working capital looks higher primarily due to seasonality and us gearing up for higher volumes in H2.”

“CRISIL has elevated our long-term rating to AA-/Stable and the short-term rating has been upgraded to A1+.”

“So the net cash position is about INR2,300 crores that remains.”

“the number of encumbrance remains at about 40%, 50% only, but we'll have to drill into it to understand the exact number. Again, that's not a separate number that we disclose.”

“Our RE Tech successfully commissioned the proto of first S175 5 megawatts turbine and secured the first customer order of 21 turbines of 105 megawatts.”

“With respect to integrated offering in terms of FDRE, we are in active discussions and finalizing the terms with prospective partners.”

“As I mentioned, currently, we are in the process of incubating these businesses. The new leadership teams are joining us and I think in time to come, we will start getting into BESS and other FDRE offerings as well.”

“What we have also done is reorganized the company rather than having one chief project [ officer of the group ], we have appointed 3”

“Operating expenses increased by about INR80 crores during Q2 FY27 versus Q2 FY26, largely led by higher Suzlon 2.0 related branding, travel, SG&A related to associated costs, which are around INR50 crores. This is expected to be phased down in subsequent quarters.”

“This non-recurring expense had an adverse impact of around 1% on EBITDA margin.”

“In contrast, the current year's PAT is largely impacted by DTA reversals, which are non-cash in nature.”

“Of course, I cannot comment about commodity and FX. But for sure, the recurring will not be there in future.”

“Last year, Q2 and H1 PAT included significant DTA recognition benefits, making the reported numbers not directly comparable.”

“The contribution margin -- the part of the margin impact is attributable to high volatility in FX and commodity, which is largely, I would say, due to the West Asia crisis.”

“The grandfathering has been extended for certain components in case of lack of availability or constrained supply chain. One year for yaw and pitch bearing, that is up to 31st January '28, and two years for main bearing, that is 31st January '29.”

“I think that will help us to mitigate, to a large extent, the commodity risk. But in short term, it hits you.”

“As you know, the notification came on 31st July '25, with grandfathering provision provided for 18 months for C&I and 36 months for IPP.”

“commodity impact will hit everybody, especially the ones who are importing more will be hit even more.”

“Suzlon delivered 710 megawatts in Q2 with 40% jump quarter-on-quarter, making our ever highest second quarter India deliveries.”

“The most salient achievement for the quarter was in terms of commissioning, wherein Suzlon installations grew more than 69% from 269 megawatts to 454 megawatts in Q2 FY27.”

“Further, 1.25 gigawatts of erected turbines in pipeline for future commissioning will pave the way for uptick in the commissioning going forward.”

“In Q2 FY27, revenue grew 27% Q-on-Q to INR4,869 crores from INR3,819 crores in Q1 FY27.”

“EBITDA improved to INR720 crores, up 21% from previous quarter. Profit after tax stands at INR394 crores, up 29% from Q1 FY27.”