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To assess Suzlon Energy, start with the consolidated financial statements, then reconcile revenue and profit with the order book’s date, mix, deliveries, commissioning and cash conversion. In Q1 FY27 (the quarter ended 30 June 2026), revenue increased year over year, but EBITDA, EBITDA margin and net profit declined. The order book was 5,933 MW at June 2026—not the later 6,135 MW figure reported for July—and 1,257 MW of erected turbines were still awaiting commissioning.
The figures below separate audited from unaudited information, consolidated from standalone reporting, and company disclosures from management opinion. An order book indicates contracted work and potential visibility; it is not recognized revenue, a profit forecast or proof that customers have paid.
1. Establish the correct reporting basis before comparing anything
Suzlon’s Q1 FY27 results cover the three months ended 30 June 2026. The board approved them on 28 July 2026. The interim consolidated results are unaudited and subject to a limited review. FY26 annual figures in the investor presentation are identified as audited. A quarterly figure must not be compared directly with a full-year total, and an unaudited interim number should not be described as audited.
Use consolidated figures for group performance
Consolidated statements include the group and are the appropriate starting point for questions about Suzlon’s overall revenue, margins, profit, assets and liabilities. Keep standalone numbers in a separate column or paragraph. Suzlon’s NSE integrated Q1 filing is standalone and reports amounts in lakhs. It shows standalone revenue from operations of ₹329,738 lakh, or ₹3,297.38 crore, while the consolidated Q1 results show revenue of ₹3,819.36 crore. These are different scopes, not contradictory results.
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Record the period and source beside every number
- Q1 FY27: quarter ended 30 June 2026; unaudited, limited-reviewed interim results.
- Q1 FY26: the year-earlier quarter used for comparison.
- Q4 FY26: the immediately preceding quarter in the presentation.
- FY26: annual figures labelled audited in the investor presentation.
- Order-book dates: 5,933 MW at June 2026 and 6,135 MW at July 2026 are different point-in-time measures.
Company presentation numbers should be labelled company-reported. Explanations given by executives on the 28 July 2026 earnings call are management commentary, not independently verified forecasts.
2. Read the income statement beyond revenue growth
| Consolidated measure | Q1 FY27 | Q1 FY26 | What the comparison shows |
|---|---|---|---|
| Revenue | ₹3,819 crore | ₹3,117 crore | Higher year over year |
| EBITDA | ₹595 crore | ₹599 crore | Slightly lower year over year |
| EBITDA margin | 15.6% | 19.2% | Margin contracted |
| Net profit | ₹305 crore | ₹324 crore | Lower year over year |
The headline is therefore mixed: sales rose from ₹3,117 crore to ₹3,819 crore, but EBITDA fell from ₹599 crore to ₹595 crore and net profit from ₹324 crore to ₹305 crore. The EBITDA margin moved down from 19.2% to 15.6%. A revenue-only summary would miss that each rupee of Q1 FY27 revenue generated less EBITDA than in the comparable quarter.
Calculate margins yourself as a cross-check
Use the company-reported EBITDA and revenue to verify the presentation’s margin: ₹595 crore divided by ₹3,819 crore is approximately 15.6%. Repeat that check for each period and keep the denominator consistent. Do not mix consolidated EBITDA with standalone revenue or substitute a quarterly denominator for a full-year measure.
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The presentation says the tax charge is primarily related to recognition or charging of deferred tax assets and is non-cash in nature. That can reduce accounting net profit without representing the same-period cash tax payment. Review EBITDA, operating profit, finance costs, tax and operating cash flow separately; net profit alone does not show whether cash was generated.
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3. Inspect the balance sheet and working capital
| June 2026 consolidated item | Reported amount | How to use it |
|---|---|---|
| Net worth | ₹9,869 crore | Assess the equity base and changes over time |
| Borrowings | ₹277 crore | Compare with cash and financing needs |
| Cash and cash equivalents | ₹2,599 crore | Check the presentation’s definition and restrictions |
| Net cash | ₹2,322 crore | Company-reported cash less borrowings measure |
| Trade receivables | ₹5,890 crore | Review ageing and subsequent collections |
| Inventories | ₹5,172 crore | Track build-up, turnover and links to deliveries |
The presentation notes that cash includes non-current bank balances and mutual-fund investments. Trade receivables include current and non-current trade receivables. Consequently, “net cash” is not the same as unrestricted cash immediately available for every operating use, and the ₹5,890 crore receivables total does not tell you how old the balances are.
Questions for receivables
- What portion is current, overdue or long outstanding?
- Are large balances concentrated in a few customers, projects or public-sector counterparties?
- Do subsequent quarters show collections, provisions or write-offs?
- Does operating cash flow track accounting profit?
Do not infer days sales outstanding from the quarter-end receivables balance without stating a method and choosing an appropriate revenue denominator. A quarter-end snapshot can be distorted by shipment timing, milestone billing and seasonality.
Questions for inventory and liabilities
Compare inventory with deliveries, erection and commissioning. A rising inventory balance may support future installations, but it can also tie up cash if projects are delayed. Check contract assets and contract liabilities where disclosed, along with trade payables and other current liabilities. Management said adequate working-capital limits had been tied up to execute the order book; treat that as management’s assertion and test it against later execution and cash-flow disclosures.
4. Date and segment the order book correctly
| Point-in-time measure | Order book | Qualification |
|---|---|---|
| March 2025 | 5,025 MW | Company presentation reference point |
| March 2026 | 5,697 MW | Company presentation reference point |
| June 2026 | 5,933 MW | Quarter-end figure for Q1 FY27 |
| July 2026 | 6,135 MW | Includes orders received after June, including a disclosed 201.6 MW Waaree Group order |
Use 5,933 MW when describing the order book at the end of the June quarter. Use 6,135 MW only with the July 2026 date. Calling 6,135 MW the quarter-end order book overstates what was known at 30 June.
Model and scope mix at June 2026
| Category | Company-reported mix |
|---|---|
| Turbine model S144 | 88% |
| Turbine model S120 | 10% |
| Turbine model S175 | 2% |
| Non-EPC scope | 68% |
| EPC scope | 32% |
The presentation warns that EPC scope can differ from contract to contract. That matters because an EPC order may involve more installation, logistics and execution responsibilities than a narrower supply contract, with different working-capital and margin exposures. Do not assume the same profitability or cash timing for every megawatt.
Customer and order-category mix
| Category | Company-reported share |
|---|---|
| Captive, commercial and industrial, and retail | 70% |
| Central and state auctions | 16% |
| Public-sector undertakings | 14% |
The customer mix can affect payment terms, approval processes and execution schedules. Track whether the mix changes as new orders arrive rather than treating the June percentages as permanent.
Geographic concentration
| State | Share of June 2026 order book |
|---|---|
| Karnataka | 29% |
| Gujarat | 22% |
| Andhra Pradesh | 20% |
| Maharashtra | 10% |
| Tamil Nadu | 7% |
| Rajasthan | 7% |
| Madhya Pradesh | 6% |
These are company-reported percentages, not an independent valuation of contract quality or margin. State concentration can make permitting, grid connectivity, land access, weather and local logistics material to delivery timing.
5. Test order-book conversion through four operating stages
An order becomes economically useful only as Suzlon progresses from contract to delivery, erection, commissioning, revenue recognition and collection. In Q1 FY27, the company reported 506 MW delivered and 269 MW commissioned. It also reported 1,257 MW of erected turbines awaiting commissioning.
Delivery
Check whether delivered megawatts are increasing, stable or falling over successive quarters. Delivery is an important milestone, but it does not by itself prove that the turbine is operating or that the customer has paid.
Erection
Compare erected capacity with delivered capacity. A large erected-but-not-commissioned balance can indicate a commissioning queue. Investigate whether the constraint is grid readiness, permits, site work, equipment, customer action or another factor disclosed in later filings.
Commissioning
Commissioning is closer to operational completion than shipment or erection. Track the 1,257 MW pending balance into later periods and check whether it converts without repeated deferrals.
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Reconcile deliveries and commissioning with revenue, receivables and operating cash flow. Order intake can rise while cash conversion remains weak if billing milestones precede collection or if inventory and contract working capital expand.
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On the 28 July 2026 earnings call, Group CEO Ajay Kapur said, “Order book is a healthy 6.1 gigawatt reaffirming our market leadership,” and said that in the first four months of FY27 the company had secured approximately 1 gigawatt of orders with a strong pipeline. These are management statements, not independently verified forecasts. Group CFO Rahul Jain said, “Adequate working capital limits have been tied up for execution of the current order book.” That describes management’s funding view; it does not establish that every order will be executed on schedule or collected in cash.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.6. Keep the regulatory matter in its proper context
The results disclose a SEBI order dated 29 May 2026 concerning specified transactions with domestic subsidiaries and contingent-liability disclosures for earlier financial years. The order imposed an aggregate ₹28.95 crore penalty on the noticees, of which ₹15.95 crore was attributable to Suzlon.
Suzlon states that it filed an appeal before the Securities Appellate Tribunal on 13 July 2026. Based on external legal assessment, management says it believes it has a strong case and that the matter has no material impact on the results. Report these as three separate facts: the regulator’s order, the company’s appeal and management’s assessment. The eventual appeal outcome is not established by the Q1 disclosure.
7. A repeatable checklist for every quarterly review
- Identify scope: mark each figure consolidated or standalone, and convert lakhs to crore only after checking the unit.
- Mark assurance: note whether the period is audited, unaudited or limited-reviewed.
- Build the income bridge: record revenue, EBITDA, margin, net profit, exceptional items and deferred-tax effects.
- Check cash quality: compare profit with operating cash flow, then review cash restrictions, borrowings and investments.
- Age working capital: inspect receivable ageing, inventory movement, payables, contract balances and subsequent collections.
- Date the order book: write the exact month or quarter-end date beside the megawatt figure.
- Map the mix: track turbine model, EPC versus non-EPC scope, customer category and geography.
- Follow conversion: compare orders, deliveries, erection, commissioning, recognized revenue and collections.
- Read explanations critically: label supply-chain, logistics, margin and pipeline explanations as management commentary unless corroborated.
- Recheck disclosures: update regulatory matters and contingent liabilities in each new filing.
8. Common mistakes that produce a misleading conclusion
- Using the July 2026 6,135 MW figure as if it were the June quarter-end balance.
- Calling Q1 FY27 audited when it is an unaudited, limited-reviewed interim quarter.
- Combining standalone revenue with consolidated EBITDA.
- Treating an order book as current revenue, guaranteed profit or collected cash.
- Equating net cash with unrestricted cash while ignoring non-current balances and mutual-fund investments included in the company’s definition.
- Interpreting a deferred-tax charge as the same-period cash tax payment.
- Assuming every EPC megawatt has identical scope, margin or working-capital needs.
- Quoting management’s “healthy 6.1 gigawatt” description as an independent forecast.
9. What the Q1 FY27 snapshot actually supports
The quarter supports a precise, limited conclusion. Consolidated revenue grew to ₹3,819 crore, while EBITDA declined slightly to ₹595 crore, EBITDA margin fell to 15.6% and net profit fell to ₹305 crore. The June order book was 5,933 MW, with a disclosed mix concentrated in S144 turbines, non-EPC work, captive/commercial-and-industrial/retail customers and several Indian states. Execution produced 506 MW of deliveries and 269 MW of commissioning, while 1,257 MW remained erected but pending commissioning. The balance sheet showed company-reported net cash of ₹2,322 crore alongside substantial receivables and inventory that require ageing, turnover and cash-flow follow-up.
Those facts describe the starting point for further analysis; they do not establish fair value, future returns, contract-level profitability or the outcome of the SEBI appeal.
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