TrueCAGR
SUZLON ENERGY LTD. · Research view

SUZLON ENERGY LTD.

NSE: SUZLONBSE: 532667ISIN INE040H01021Face value ₹2standalone
₹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
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

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
₹15,092 cr
FY2026 net profit
₹4,111 cr
Net worth
₹9,828 cr
Total debt
₹0 crnet cash
EPS (basic)
₹3.00
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?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr05101520035REVENUENET PROFIT3k-7,413FY19376-3,277FY201k-398FY214k-913FY224k2,163FY234k93FY2410k2,105FY2515k4,111FY26
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
+29.0%over 7 years
Revenue growth
+48.0%vs last year
Net profit growth
+95.3%vs last year
Change in net profit since FY19
+155%

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

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr02356012REVENUENET PROFIT2k201Q2 '253k388Q3 '254k1,181Q4 '253k324Q1 '264k1,279Q2 '264k445Q3 '265k1,114Q4 '264k305Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY252,103—201—9.5%
Q3 FY252,975+90.6%388+91.0%13.0%
Q4 FY253,790+72.6%1,181+364.7%31.2%
Q1 FY263,132+54.9%324+7.3%10.4%
Q2 FY263,871+84.0%1,279+537.8%33.1%
Q3 FY264,236+42.4%445+14.8%10.5%
Q4 FY265,493+44.9%1,114−5.6%20.3%
Q1 FY273,829+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?

Margins — FY19 to FY26% of revenue · consolidated
-540%-535%-530%-525%-520%-515%-510%-505%-500%-495%-490%-485%-480%-475%-470%-465%-460%-455%-450%-445%-440%-435%-430%-425%-420%-415%-410%-405%-400%-395%-390%-385%-380%-375%-370%-365%-360%-355%-350%-345%-340%-335%-330%-325%-320%-315%-310%-305%-300%-295%-290%-285%-280%-275%-270%-265%-260%-255%-250%-245%-240%-235%-230%-225%-220%-215%-210%-205%-200%-195%-190%-185%-180%-175%-170%-165%-160%-155%-150%-145%-140%-135%-130%-125%-120%-115%-110%-105%-100%-95%-90%-85%-80%-75%-70%-65%-60%-55%-50%-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%30%35%40%45%50%55%60%19.7%27.0%FY19FY20FY21FY22FY23FY24FY25FY26
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
19.7%
8-year range
-175.9–19.7%
ROE FY2026
53.5%
ROCE FY2026
36.3%
Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated
₹'000 crtotal debt ≈ ₹0 across the history03710-7kFY19-10kFY20-4kFY21-4kFY221kFY234kFY246kFY2510kFY26
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 flow vs net profit₹ crore · FY21–FY26
0k2k3k5k-161-398FY21-74-913FY22-312kFY23-62293FY249162kFY251k4kFY26
Operating cash flowNet profit
Total debt
₹0 crnet cash
Operating cash flow ÷ net profit
0.31×FY2026
Free cash flow
₹851 cr
Current ratio
1.60×

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%

SUZLON53.6%GVT&D44.6%POWERINDIA27.6%CGPOWER25.3%BHEL19.2%SIEMENS11.7%

EBITDA margin

SUZLON · 3rd of 8 · set median 18.2%

GVT&D28.6%ENRIN20.7%SUZLON18.7%POWERINDIA18.3%ABB18.1%CGPOWER15.1%SIEMENS14.4%BHEL9.3%

Return on equity

SUZLON · 2nd of 8 · set median 21.2%

GVT&D55.3%SUZLON40.6%ENRIN25.1%ABB21.3%POWERINDIA21.0%CGPOWER19.6%SIEMENS18.9%BHEL6.3%

P/E ratio

SUZLON · 1st of 8 · set median 85.4×

SUZLON17.0×SIEMENS49.0×BHEL60.4×GVT&D83.8×ABB87.1×ENRIN107.8×CGPOWER111.3×POWERINDIA121.0×
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?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹392020202120222023202420252026

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%
RSI (14) · 0–10019.3 — oversold
0305070100OVERSOLDOVERBOUGHT19.3
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Growing, but light on cash
    Revenue grew 53.6% but only 0.38× of reported profit came through as operating cash.
    GROWTH_WITH_WEAK_CASH · conviction 62
  • Watch
    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.
    EARNINGS_VOLATILE · conviction 61
  • Watch
    Cash conversion trending down
    Cash conversion (CFO ÷ profit) has averaged 0.32× over the last 3 profit-making years versus 2.64× before that.
    CASH_CONVERSION_DETERIORATING · conviction 55
  • Concern
    Weak cash conversion
    Operating cash flow was only 0.38× reported profit (FY2026).
    WEAK_CASH_CONVERSION · conviction 55
  • Watch
    Profit growing
    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.
    PROFIT_GREW_YOY · conviction 47
  • Watch
    Unusual tax rate
    Effective 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.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue2,5443761,2474,0403,5903,86010,19815,092
Total income2,9796121,3174,1033,7834,05310,30015,246
EBITDA252−661−301322524141,7672,976
Profit before tax−7,412−3,276−398−9132,163931,4743,547
Net profit−7,413−3,277−398−9132,163932,1054,111
EPS (₹)−13.9−6.2−0.5−1.02.00.11.53.0
Net worth−7,023−10,278−3,979−3,8921,4193,6075,5299,828
Total debt5,1018,9144,4934,2612,33763600
Operating cash flow——−161−74−31−6229161,291
Free cash flow——−200−126−28−805588851
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—-85.2231.8223.9-11.17.5164.248.0
Profit growth YoY———————95.3
Profitability
EBITDA margin %9.9-175.9-2.43.37.010.717.319.7
Net margin %-248.8-535.3-30.2-22.257.22.320.427.0
Return on equity %105.637.95.623.2-174.93.746.153.5
Return on capital %9.781.851.0-11.93.07.332.736.3
Leverage & cash
Debt to equity-0.73-0.87-1.13-1.091.650.180.000.00
Cash flow ÷ profit————-0.01-6.660.430.31
Current ratio0.390.140.690.850.831.071.391.60
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.