Suzlon Energy Limited stands out as a prominent global provider of renewable energy solutions, with a focus on wind power generation. Originating in India, the company has positioned itself as a key player in the wind energy industry, maintaining a significant presence in both local and international markets.
With nearly 30 years of experience, Suzlon has been instrumental in facilitating India’s shift towards renewable energy. The company possesses a substantial order backlog, state-of-the-art wind turbine technology, and a strong manufacturing framework. Its flagship S144 wind turbine, which is designed and produced in India with over 85% of its components sourced locally, exemplifies its dedication to innovation and sustainability.
Suzlon also manages a comprehensive Operations & Maintenance Services (OMS) division, which guarantees high turbine availability and reliability across a 15 GW installed capacity in India. Furthermore, the company is a participant in the United Nations Global Compact and is dedicated to achieving Net Zero carbon emissions by the year 2050.
In this article, we will learn about the company’s Q3 earnings conference call summary in detail. Let’s Begin
Strong Performance & Order Book Growth
The company’s order book is at an all-time high of over 5.5 GW maintaining its leadership across the customer segments.
The company will enter the new financial year with orders in hand for the entire year.
The company is focusing on high-quality orders beyond FY26 to enhance value and margins.
Manufacturing & Capacity Expansion
The company announced a significant ramp up in capacity to over 4.5 GW with revamped Pondicherry and Nacelle facilities.
The company added new blade lines in Madhya Pradesh and Rajasthan which will increase its production to meet demand for the future.
Order book for S144
The order book for S144 now exceeds 5 GW, a testament to superior technology and strong customer confidence in Suzlon.
This achievement reflects company’s 29 years of proven track record and the 31% market share in the installed base in India.
Over 85% of components for the S144 turbine are sourced domestically, reinforcing the ‘Make in India’ initiative.
Execution & Deliveries
Suzlon has received a record quarterly delivery of 447 MW, marking an outstanding 163% year-on-year growth, up from 170 MW same quarter last year.
With 977 MW delivered in the 9 months of FY25, the company has already surpassed the entire FY24 total of 710 MW.
The industry-wide wind energy installation for 9M FY25 was 2,277 MW, below expectations due to transmission delays and land challenges.
Suzlon has 241 MW commissioned and another 218 MW in the pre-commissioning stage, taking the total to over 450 MW.
Focus on High-Quality Clients & Land Availability
Suzlon’s 80% order book consists of non-EPC(Engineering, Procurement, and Construction) orders, where customers are responsible for land acquisition.
What is an EPC Order?
EPC (Engineering, Procurement, and Construction) Order is a type of contract in which the contractor (such as Suzlon) is responsible for the entire process of setting up a project from start to finish. This includes:
Engineering (E) – Designing the wind farm, including site planning, grid integration, and technical specifications.
Procurement (P) – Sourcing and purchasing all necessary equipment and materials, such as wind turbines, towers, transformers, and electrical systems.
Construction (C) – Executing the physical construction, installation of turbines, grid connection, commissioning, and testing to make the project operational.
In Suzlon’s case, 80% of its current order book consists of non-EPC orders, meaning customers are managing land acquisition and project execution. However, Suzlon prioritizes orders where land is partially available upfront to avoid delays.
Key customers with strong land availability include NTPC, Jindal Renewables, and Torrent Power, improving commissioning visibility for FY26.
Operations & Maintenance Services (OMS) Growth
OMS business continues to do well with 15 GW capacity in India with machine availability ensured beyond 96%.
Renom continues to strive for customer fleet acquisition with AUM assets under management crossing 3 GW.
India’s renewable energy journey is just beginning with the wind sector poised for multi-decade growth, supported by a wind installation target of 400 GW for “Viksit Bharat 2047”.
Commitment to ESG & Sustainability
Suzlon is now a member of the United Nations Global Compact.
The company has aligned itself with the Net Zero by 2050 goal and remains committed to sustainable energy solutions.
Financial Performance
- Revenue: ₹2,969 crores (91% YoY growth)
- EBITDA: ₹500 crores (102% YoY growth, 70% QoQ growth)
- EBITDA Margin: Improved to 16.8% from 15.9% last year
- Net Profit (PAT): ₹388 crores (91% YoY, 93% QoQ growth)
- Contribution margin for the Wind Turbine Generator (WTG) segment improved to 22.7% in 9M FY25, up from 19.4% in FY24.
- Net Worth: ₹4,914 crores
- Net Cash Position: ₹1,107 crores
Question and Answer Session highlights
My question is about the order inflow inquiry, of course now it has increased 28 months. The question is how has been the order inflow inquiry as of now, are we seeing inquiry as strong as it has been there in the last 18 months?
Yes, I think it is not last 18 months. What I would say is actually it is increasing from quarter to-quarter, the other inquiries as we keep seeing it. Therefore, we see a good traction in terms of order inquiries and there are, obviously, you know that there are three types of Order.
One is C&I segment which is our strongest point where we have about 58% mark in our order book share. Then PSU is picking up now. You know that we have won already NTPC one order,
second the bid is put in already we are expecting results to come out in next 30-45 days.
And third is bid project, so we actually and also we are now seeing a traction that where people are talking about 5, it is not immediately to be done, can we do a project development and then we want to do a project, let us say in FY27 starting at end of FY26.
on the C&I side, sir given the fact that the transmission charges are supposed to go up by June ‘25 and then there was expectation that C&I will pick up in the Q4 FY25 and Q1 FY26, are you seeing that momentum?
Yes, let us understand first of all, two factors which play a role,
one is tariff arbitrage compared to what they have today versus what happens with the renewable,
second is the transmission front, it is not completely going away in June ‘25.
We are moving from 100% waivers to 75% okay. For one more year, you have 75%, then it goes to 50% then it goes to 25%. So, therefore, while it is less than what it would have been up to 2025, but there still the transmission charges were to the extent of 75% for the next one year, so therefore the people would have preferred the complete as much as possible before June ‘25, but then it is wherever projects are there, still the traction is happening on that.
on the financial side. I think on the O&M services, your revenues are increasing Q-o-Q and Y-o-Y, but your EBIT is almost similar at 2 billion. So, can you please explain that and how we should build up for the future?
if you look at any period, there are a certain one-off items that hit the P&L, whether it is relating to insurance services or the insurance claims or the VAP and VAS services that causes this fluctuation, but we are clearly going forward as we have always maintained that the O&M margins at an EBITDA level will be about 40% and we continue to maintain that guidance going forward.
could you quantify the non-recurring items which may be part of third quarter as part of employee expenses? Also, whether that depreciation and interest cost that we see in Q3, are they the recurring numbers that we should expect would be higher WTG capacity, especially on depreciation?
So, depreciation, will be a recurring item because with the increased CAPEX as JPC sir mentioned with Pondicherry for the additional Nacelle facility getting mobilized and our additional moulds for the S144 getting commissioned, the increased CAPEX is of course hitting the P&L from a depreciation perspective.
So, you should certainly assume that the depreciation of about Rs. 60-Rs. 65 crores a quarter would continue as a normal standard. So, one-off expenses in employee, of course would largely pertain to ESOP charge. Now, the ESOP charges for Q4 would be the similar as you have seen for Q3.
As we step into the next financial year, difficult to say, but as of now it looks like that the ESOP charge on account of employee expenses as a one-off would reduce for the full year in FY26 as compared to FY25.
If you could comment on, what strategic steps are you taking for diversifying from your main growth engine of WTG in India right now?
Suzlon is experiencing strong traction in India and is focusing on diversifying within the Wind Turbine Generator (WTG) segment. The company is expanding its advanced development projects, with 1,100 MW currently under contract and more in the pipeline.
A key priority is reducing supply pushbacks caused by commissioning delays, ensuring smoother execution. Additionally, Suzlon is working on multi-brand acquisitions through Renom to expand its service offerings. While international expansion, particularly in Europe, is being evaluated, the immediate focus remains on maximizing growth within India before exploring export opportunities.
how should one think about this 5 GW order book? Or what period would you expect to deploy this?
These are some part of it obviously, for current level of equity in Q4 of this year and the large portion is for FY26 and some of them in FY27. Let us be clear that there are these days that you have an order book. When you take the order book, you have a contractual scheduled. That this is what is a delivery. But we all know that there are changes happening with respect to the project schedules, because maybe the substation got shifted or something else is happening. So, there is a constant pressure between us and the client to the extent of keep modifying the schedule, but the simple answer to your question is that most of this order book is for FY26 and FY27.