iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Compare Suzlon with Inox Wind and other Indian wind-energy stocks using the same reporting period, consolidated accounts and market date. Focus on deliveries, order-book conversion, margins, cash flow, debt, earnings quality and valuation—not just headline backlog or sector growth. The figures below are dated benchmarks, not a live buy-or-sell call.
Start with the business each company actually runs
A wind-energy company may manufacture turbines, execute projects, maintain turbines, or own and operate wind farms. Those activities have different revenue timing, capital needs and risk. Before comparing two stocks, identify which activities drive each company’s reported revenue and profits.
- Turbine manufacturing: Compare units or megawatts delivered, product mix, manufacturing capacity and margins.
- Project execution: Check whether reported work includes engineering, procurement and construction, and how much execution risk or working capital it carries.
- Operations and maintenance: Look at service revenue and the installed fleet under service; recurring service income is not the same as a new turbine order.
- Project ownership or power generation: Separate owned generating assets and their output from equipment sold to customers. A project owner’s capacity is not an OEM’s order book.
Use consolidated filings, since subsidiaries and other business lines can materially change the picture. Do not compare one company’s equipment backlog with another’s installed or owned capacity as if they were equivalent.
Put sector growth in context, not in the forecast column
India added 6,057 MW of wind capacity in FY2025-26, taking installed capacity to 57,443 MW as of June 30, 2026, according to the Ministry of New and Renewable Energy’s July 22, 2026 release. The ministry reported additions of 3,253 MW in FY2023-24 and 4,151 MW in FY2024-25; generation was 83 billion units in each of those years and 106 billion units in FY2025-26. Its state table gives FY2025-26 generation as 106,699 million units.
#1 Best Overall
The same release says India ranked fourth globally in wind installation through December 31, 2025, citing GWEC’s 2026 report. It lists transmission expansion, renewable purchase and consumption obligations, revised competitive-bidding guidelines, offshore-wind viability-gap funding, repowering policy and green open access among policy measures. These are relevant to project pipelines and execution; they do not guarantee new orders, timely commissioning, company profits or stock returns.
Compare execution and backlog conversion
For each company, align the fiscal year and distinguish manufacturing, dispatch, delivery and commissioning. Those are not interchangeable milestones. A large order book is potential future work, not revenue already earned; its value depends on customer quality, timing, cancellations, product mix and the margin and cash generated when orders are fulfilled.
Suzlon’s May 29, 2025 FY25 results release reported deliveries of 1,550 MW, up from 710 MW in FY24, and a 5.6 GW firm order book at FY25 reporting. Its annual report says the company began FY25 with a 3 GW order book and ended with 5.6 GW. These company-reported figures describe FY25, not current deliveries or backlog.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsInox Wind is a relevant listed peer, but a July 2025 Economic Times comparison’s FY25 figures are historical rather than a current like-for-like comparison. That article reported an Inox Wind backlog of 3.2 GW alongside Suzlon’s 5.6 GW. Treat the figures as dated secondary reporting, not as a substitute for checking both companies’ filings for the same period. Current directly comparable audited FY26 peer figures are not established here.
Read earnings quality, not just headline profit
Suzlon’s FY25 exchange-hosted results reported consolidated revenue of ₹10,851 crore, versus ₹6,497 crore in FY24; EBITDA of ₹1,857 crore, versus ₹1,029 crore; and profit before exceptional items and tax of ₹1,447 crore, versus ₹713 crore. The company reported FY25 PAT of ₹2,072 crore, including recognition of a ₹638 crore deferred tax asset. That tax-related item is not recurring operating profit, so comparing PAT alone can distort the picture.
For Suzlon and each peer, compare revenue, EBITDA and margin, profit before tax, PAT, and operating cash flow for the same period. Then inspect exceptional items and deferred-tax effects in the statements. A company can report accounting profit without generating comparable cash from operations; working-capital movements and customer receipts matter, particularly when projects are being executed.
Check the balance sheet and capital needs
Suzlon reported ₹1,943 crore of net cash at FY25 reporting. This is a dated company figure, not a complete assessment of financial risk. Compare consolidated gross debt, cash, net debt, working capital, capital expenditure commitments and refinancing needs at the same reporting date. Also examine contingent liabilities and whether growth requires more investment or equity issuance.
Net cash does not by itself establish that cash conversion is strong or that the company has no financing needs. For a fair peer comparison, read the balance sheet alongside cash-flow statements and notes, rather than relying on a single net-cash headline.
Assess market position using consistent definitions
Market-share claims can refer to different things: cumulative installed fleet, annual installations, deliveries in a particular year, domestic OEM sales or turbines under service. Specify the denominator, geography, period and source before comparing percentages.
Suzlon’s FY2024-25 annual report says its Indian installed base was 15.1 GW and claims 30% cumulative market share. It also says 91% of its order book was for the company’s 3 MW series. These are company-reported FY25 figures. The report describes 26% of orders as coming from the PSU segment and 55% of the order book as coming from C&I.
A June 23, 2026 Deven Choksey Research report estimates cumulative installed-fleet shares of 38–40% for Suzlon and 10–12% for Inox Wind, and estimates their combined share of annual installations at 49% in FY26. These are analyst estimates, not the same measure as Suzlon’s FY25 company-reported 30% claim. Different dates and methods mean the percentages should not be combined into one precise market-share figure.
Free tools Windows power users keep installed
One-click scans. No signup required.
Normalize valuation before comparing stocks
Valuation changes with share prices and reporting periods. Compare companies using the same market date and a consistent earnings basis. Useful measures can include P/E on normalized earnings, EV/EBITDA, price-to-book and market capitalization, but each can mislead if its inputs are not aligned.
Best Value
- Use the same market date for share prices and market capitalization.
- Use the same fiscal period and consolidated reporting basis for earnings and EBITDA.
- Adjust the interpretation of P/E and return ratios for one-off effects, including Suzlon’s FY25 deferred-tax-asset recognition.
- Check whether ROE, ROCE or another return measure reflects durable operations, a small equity base or accounting effects.
Multiples and share-performance snapshots in the July 2025 Economic Times comparison are historical. They should not be paired with a later share price and presented as current valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Account for risks that sector growth cannot remove
- Order execution: Delays, cancellations, customer concentration and product mix can weaken conversion or margins.
- Project economics: Tender design, customer payments, transmission availability and state-level implementation affect project pace.
- Supply and capacity: Component availability, manufacturing constraints and commissioning delays can separate booked work from delivered turbines.
- Policy dependence: Government measures can support development, but implementation and project outcomes remain uncertain.
- Financial risk: Working-capital needs, capex and refinancing may matter even when a company reports net cash.
- Competition: Compare product range, service base and actual annual execution rather than relying on a single cumulative-share estimate.
A practical checklist for comparing Suzlon with Inox Wind
- Choose a common cutoff: Use the latest period for which both companies have comparable filings, and record the reporting date.
- Map the businesses: Separate turbine sales, project execution, O&M, and any generation or asset ownership.
- Compare execution: Put deliveries or commissioning in the same units and fiscal period; identify what each company’s metric measures.
- Test backlog quality: Review firm versus other orders, customer concentration, cancellations, product mix, delivery schedule and realized margins.
- Reconcile profit to cash: Compare EBITDA, PAT, operating cash flow and material tax or exceptional items.
- Review funding needs: Compare cash, gross debt, net debt, working capital, capex and refinancing on the same date.
- Check the denominator: Label market share as cumulative fleet, annual installations or another stated measure.
- Value on a common basis: Use a shared market date and normalized earnings; do not carry stale multiples forward.
The FY26 Suzlon consolidated revenue figure of ₹16,679.11 crore appears on an IDBI Direct page reproducing the company’s directors’ report. Because that is an intermediary source, verify it against Suzlon’s official FY26 annual report and full statements before using it in a detailed financial comparison. A reproduced revenue figure alone does not establish comparable peer profitability, cash conversion or valuation.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
