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Start by checking the reporting period, whether the figures are standalone or consolidated, and whether they are audited. Then read revenue, margins, profit, cash flow, the balance sheet and the notes together. Suzlon’s 28 July 2026 results release reports FY26 as audited and Q1 FY27 as unaudited, but the release alone does not provide enough detail to assess cash generation, current debt or audit findings.
Start with the period, scope and audit status
Before comparing numbers, identify the reporting period, the statement’s scope and its audit status. A quarterly result is not directly comparable with a full-year result: the periods differ in length, and project timing or seasonality can affect quarterly activity. Also distinguish company-reported operating measures from financial statement figures.
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- Period: Note whether a figure covers a quarter or a full financial year, and whether a comparison is year-on-year or quarter-on-quarter.
- Scope: Consolidated statements show the group; standalone statements show Suzlon Energy Limited, the parent. Read both if you need to understand whether subsidiary results, cash or liabilities change the group picture.
- Audit status: Suzlon’s official Q1 FY27 results release, dated 28 July 2026, labels Q1 FY27 and its quarterly comparators unaudited, and FY26 audited. Do not treat those periods as having the same coverage.
The company’s FY2024–25 annual report contains consolidated statements and an independent auditor’s report. It is useful for learning where disclosures appear, but it cannot establish FY26 balances or audit findings. Suzlon’s official shareholder portal provides annual reports, exchange disclosures, shareholding patterns, AGM documents and earnings-call materials.
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The table gives company-reported figures from Suzlon’s 28 July 2026 release. Amounts are ₹ crore, except volumes. FY26 is labelled audited in the release; Q1 FY27 is labelled unaudited. These reported figures are not a substitute for the complete statements and notes.
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| Measure | FY26 | Q1 FY27 |
|---|---|---|
| Revenue from operations | ₹16,679 crore (audited) | ₹3,819 crore (unaudited) |
| EBITDA | ₹3,022 crore (audited) | ₹595 crore (unaudited) |
| EBITDA margin | 18.1% (audited) | 15.6% (unaudited) |
| Profit before tax (PBT) | ₹2,422 crore (audited) | ₹390 crore (unaudited) |
| Net profit after tax (PAT) | ₹3,163 crore (audited) | ₹305 crore (unaudited) |
| Net volumes | 2,456 MW (company-reported) | 506 MW (company-reported) |
Q1 FY27’s 15.6% EBITDA margin is below the 19.2% reported for Q1 FY26 and the 18.1% for audited FY26. The first comparison is quarter-on-quarter by year; the second compares one quarter with a full year. Neither on its own establishes a future margin trend. The reported FY26 PAT is also higher than FY26 PBT, so check the audited statement and notes for the items that bridge PBT to PAT rather than assuming what caused the difference.
Suzlon reported Q1 FY27 deliveries of 506 MW, up 14% year on year, commissioning of 269 MW and new order additions of approximately 1 GW. It also described the quarter’s deliveries as its highest first-quarter level and reported a cumulative order book of approximately 6.1 GW. These are operating indicators: they do not, by themselves, establish revenue recognition, customer cash collection or future profitability.
Rank #2
Read the income statement from revenue through PAT
Check whether revenue growth reaches operating profit
Start with revenue from operations, then compare it with EBITDA and EBITDA margin. Revenue describes activity recognized under the company’s accounting; it does not show how much profit that activity produced or whether customers have paid. Compare comparable quarters or full years, and check whether changes in project mix, timing or scope affect the comparison.
In its 28 July 2026 release, Suzlon’s Group CFO Rahul Jain attributed Q1 FY27 margin influences to logistics disruption, strategic investments and changes in scope and segment mix: “We delivered a strong top-line performance this quarter, with revenue growing 23% year-on-year, reflecting healthy execution and project deliveries. EBITDA & PAT margins were in line with ongoing developments, given the temporary logistic disruptions arising from the geopolitical situation, certain strategic investments, and change of scope and segment mix.” This is management’s explanation, not independent verification of the causes or evidence that the effects will be temporary. Compare it with later filings, segment disclosures and cash-flow results.
Follow EBITDA to PBT and PAT
EBITDA is not net income or cash flow. Read the statement lines between EBITDA and PAT to see how depreciation, finance costs, taxes and exceptional items affect reported profit. Where a headline release does not show a complete bridge, use the full statement and notes; do not infer the reason for a change from the headline figures alone.
Use cash flow to test whether profit becomes cash
A company can report profit while cash is tied up in receivables, inventory or other working capital. Compare PAT with cash generated from operations over several periods, then read the cash-flow statement’s working-capital movements. Check whether operating cash generation depends on changes in supplier payables as well as collections from customers.
Rank #4
- Review operating cash flow and the movements in receivables, contract assets, inventories and payables.
- Check investing cash outflows, including capital expenditure and acquisitions where disclosed.
- Read financing cash flow for new borrowings, repayments, share issues, lease payments and interest.
The Q1 FY27 release does not provide the detailed FY26 cash-flow lines needed to assess cash conversion. Its profit figures therefore cannot establish whether Suzlon generated cash from operations or how cash was deployed.
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Use the balance-sheet date and scope shown on the statement. For leverage, compare cash and liquid investments with gross borrowings and their maturities; do not rely on a net-debt figure without understanding which balances it includes. Review lease liabilities separately and check whether debt falls due soon or is subject to other conditions in the notes.
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Also examine receivables, contract assets, inventory, payables, provisions and contingent liabilities. Notes can explain whether balances are pledged, disputed, related to group companies or affected by acquisition accounting. Read significant accounting policies and estimates, commitments, related-party transactions and subsequent events. The FY26 headline release does not establish the current amounts or details for these items, so earlier-year figures should not be presented as current.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Read the auditor’s report and ownership disclosures
An “audited” label does not replace reading the auditor’s report. In the relevant annual report, check the opinion, any emphasis-of-matter paragraphs, key audit matters and internal-control reporting. The FY2024–25 annual report includes an independent auditor’s report, but that does not establish the auditor’s FY26 findings.
Then check current exchange filings and shareholding disclosures for changes in promoter or institutional holdings, dilution, stock options, acquisitions and other material events. Suzlon says it is listed on BSE and NSE, and its official shareholder portal hosts these materials. Use the filing itself to verify each figure and its date.
A practical order for reviewing Suzlon’s filings
- Open the official shareholder portal and locate the FY26 annual report and latest BSE/NSE filings. Use the portal to find the documents; cite the filing itself for specific claims.
- Confirm the document’s date, period, units, scope and audit status. Note any restatements, and distinguish consolidated figures from parent-company figures.
- Compare revenue, EBITDA, margin, PBT and PAT across like periods. Read the full statement for the bridge from operating earnings to net profit.
- Trace profit through operating cash flow. Examine working capital, capital expenditure, acquisitions and financing movements rather than treating PAT as cash generated.
- Verify balance-sheet exposures and audit commentary. Check cash, borrowings and maturities, leases, receivables, contingent liabilities, related-party disclosures and the auditor’s report.
- Check the latest ownership and event disclosures. Confirm shareholding, share count and subsequent events from dated exchange filings.
Keep orders and deliveries in their proper place in the analysis: they can help explain business activity, but they are not a substitute for recognized revenue, collected cash or a complete assessment of the statements.
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