WatchTalking point
Growing, but light on cash
Revenue grew 53.6% but only 0.38× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
SUZLON ENERGY LTD. · Research view
SUZLON ENERGY LTD.
NSE: SUZLONBSE: 532667ISIN INE040H01021Face value ₹2consolidated
₹38.96
−1.17% · 2026-10-01 · 52-wk ₹39–₹60
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Higher returns, lower valuation
ROE of 40.6% beats the heavy electrical equipment median (19.2%) while P/B (5.65×) sits below it (17.69×).
Importance 62 / 95 · valuation
WatchTalking point
Volatile earnings
Profit has swung sharply over 5 years (from ₹-2,692 to ₹3,163) — one year is a weak guide to the earnings power.
Importance 61 / 95 · growth
StrengthTalking point
More profitable than peers
ROE of 40.6% is well above the heavy electrical equipment median of 19.2%.
Importance 58 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment.
- Market cap
- ₹53,472 cr
- FY2026 revenue
- ₹16,732 cr
- FY2026 net profit
- ₹3,163 cr
- Net worth
- ₹9,464 cr
- Total debt
- ₹264 cr
- EPS (basic)
- ₹2.31
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 8 heavy electrical equipment.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 5 years (from ₹-2,692 to ₹3,163) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +18.7%over 7 years
- Revenue growth
- +53.6%vs last year
- Net profit growth
- +52.7%vs last year
- Change in net profit since FY19
- +306%
Revenue compounded at 18.7% a year over 7 years (₹5,025 → ₹16,732) — though FY2022 saw a one-off step-change of 97% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Reported net profit grew 52.7% (FY2025 → FY2026), but pre-tax profit was ₹2,422 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.
Revenue grew 53.6% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹3,829 cr, up 22.3% from ₹3,132 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Concern
Q1 FY27 EBITDA margin was 16.4%, down 3.78 percentage points from 20.2% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Watch
Q1 FY27 effective tax rate was 21.6% (tax ₹84 cr on PBT ₹389 cr), vs 29.4% a year earlier.
Rule QTR_TAX_RATE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 2,103 | — | 201 | — | 9.5% |
| Q3 FY25 | 2,975 | +90.6% | 388 | +91.0% | 13.0% |
| Q4 FY25 | 3,790 | +72.6% | 1,181 | +364.7% | 31.2% |
| Q1 FY26 | 3,132 | +54.9% | 324 | +7.3% | 10.4% |
| Q2 FY26 | 3,871 | +84.0% | 1,279 | +537.8% | 33.1% |
| Q3 FY26 | 4,236 | +42.4% | 445 | +14.8% | 10.5% |
| Q4 FY26 | 5,493 | +44.9% | 1,114 | −5.6% | 20.3% |
| Q1 FY27 | 3,829 | +22.3% | 305 | −5.9% | 8.0% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹17,429 crTTM
- EBITDA
- ₹3,128 crTTM
- EBIT
- ₹2,775 crTTM
- PBT
- ₹2,352 crTTM
- Net profit
- ₹3,144 crTTM
C. Corporate actions
3 Oct 2022Rights issueRight Issue of Equity Shares
9 Jun 2010Rights issueRight Issue of Equity Shares
17 Jul 2008DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
21 Jan 2008Otherother
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 40.6% is well above the heavy electrical equipment median of 19.2%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 18.7%
- 8-year range
- -28.0–18.7%
- ROE FY2026
- 40.6%
- ROCE FY2026
- 34.9%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Revenue grew 53.6% but only 0.38× of reported profit came through as operating cash.
Rule GROWTH_WITH_WEAK_CASH
Operating cash flowNet profit
- Total debt
- ₹264 cr
- Operating cash flow ÷ net profit
- 0.38×FY2026
- Free cash flow
- ₹626 cr
- Current ratio
- 1.65×
Cash conversion (CFO ÷ profit) has averaged 0.32× over the last 3 profit-making years versus 2.64× before that.
Operating cash flow was only 0.38× reported profit (FY2026).
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 heavy electrical equipment (FY2026, consolidated).
Revenue growth
SUZLON · 1st of 6 · set median 26.5%
EBITDA margin
SUZLON · 3rd of 8 · set median 18.2%
Return on equity
SUZLON · 2nd of 8 · set median 21.2%
P/E ratio
SUZLON · 1st of 8 · set median 85.4×
Context
ROE of 40.6% beats the heavy electrical equipment median (19.2%) while P/B (5.65×) sits below it (17.69×).
Rule STRONG_RETURNS_AT_DISCOUNT
- P / E
- 17.0×TTM to Jun 26
- P / B
- 5.7×latest book
- P / S
- 3.1×TTM sales
- Earnings yield
- 5.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 16.9× · P/S 3.2× · ROE 40.6%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −29.4%
- 3-year return
- +51.0%
- 5-year return
- +499.4%
- From 52-wk high
- −35.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹46
- vs 200-day avg
- Below₹49
- RSI (14)
- 19.3oversold
- MACD histogram
- -0.3
- From 52-wk high
- −35.1%
- From 52-wk low
- 0.0%
- 30-day volatility
- 21.9%ann.
- 6-month return
- −1.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowing, but light on cashRevenue grew 53.6% but only 0.38× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- WatchVolatile earningsProfit has swung sharply over 5 years (from ₹-2,692 to ₹3,163) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 61
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 0.32× over the last 3 profit-making years versus 2.64× before that.CASH_CONVERSION_DETERIORATING · conviction 55
- ConcernWeak cash conversionOperating cash flow was only 0.38× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 55
- WatchProfit growingReported net profit grew 52.7% (FY2025 → FY2026), but pre-tax profit was ₹2,422 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.PROFIT_GREW_YOY · conviction 47
- WatchUnusual tax rateEffective tax rate of -30.6% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.EFFECTIVE_TAX_UNUSUAL · conviction 45
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for 2 rights issues (ex-dates 2010-06-09, 2022-10-03) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,025 | 2,973 | 3,346 | 6,582 | 5,971 | 6,529 | 10,890 | 16,732 |
| Total income | 5,075 | 3,000 | 3,366 | 6,604 | 5,990 | 6,568 | 10,993 | 16,842 |
| EBITDA | 41 | −832 | 554 | 912 | 852 | 1,067 | 1,961 | 3,132 |
| Profit before tax | −1,543 | −2,684 | 105 | 0 | 2,892 | 659 | 1,447 | 2,422 |
| Net profit | −1,537 | −2,692 | 104 | −177 | 2,887 | 660 | 2,072 | 3,163 |
| EPS (₹) | −2.9 | −5.0 | 0.1 | −0.2 | 2.6 | 0.5 | 1.5 | 2.3 |
| Net worth | −8,503 | −11,042 | −3,401 | −3,562 | 1,099 | 3,920 | 6,106 | 9,464 |
| Total debt | 9,624 | 9,686 | 6,203 | 6,391 | 1,905 | 110 | 283 | 264 |
| Operating cash flow | — | — | 531 | 1,302 | 467 | 33 | 1,092 | 1,202 |
| Free cash flow | — | — | 479 | 1,226 | 452 | −193 | 724 | 626 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -40.8 | 12.5 | 96.7 | -9.3 | 9.4 | 66.8 | 53.6 |
| Profit growth YoY | — | — | — | — | — | -77.1 | 213.7 | 52.7 |
| Profitability | ||||||||
| EBITDA margin % | 0.8 | -28.0 | 16.6 | 13.9 | 14.3 | 16.3 | 18.0 | 18.7 |
| Net margin % | -30.3 | -89.7 | 3.1 | -2.7 | 48.2 | 10.1 | 18.8 | 18.8 |
| Return on equity % | 18.1 | 27.5 | -1.4 | 5.1 | -234.5 | 26.3 | 41.3 | 40.6 |
| Return on capital % | -26.8 | 1062.8 | 40.9 | 23.2 | 20.3 | 25.0 | 32.7 | 34.9 |
| Leverage & cash | ||||||||
| Debt to equity | -1.13 | -0.88 | -1.82 | -1.79 | 1.73 | 0.03 | 0.05 | 0.03 |
| Cash flow ÷ profit | — | — | 5.12 | — | 0.16 | 0.05 | 0.53 | 0.38 |
| Current ratio | 0.59 | 0.28 | 1.26 | 1.19 | 1.53 | 1.76 | 1.56 | 1.65 |