Suzlon secured an intake exceeding 1.5 GW in the first half of FY27, leaving the company with a 6 GW order book that guarantees roughly 18 months of delivery visibility. Second-quarter deliveries expanded 40% sequentially to 710 MW, while commissioning totals climbed to 454 MW during the same period. However, profitability faced headwinds as second-quarter net profit dropped 69% to Rs 394 crore due to a one-time deferred tax, alongside contracting EBITDA margins driven by commodity volatility, shifting customer mixes, and strategy expenses.
Key points
Expanding domestic wind demand allows multiple turbine manufacturers to thrive because ma…: Expanding domestic wind demand allows multiple turbine manufacturers to thrive because major rivals primarily utilize captive platforms for equipment absorption.
Suzlon is deploying capital into its DevCo project development model to generate incremen…: Suzlon is deploying capital into its DevCo project development model to generate incremental order intake alongside traditional equipment supply.
Management expects margin pressures to ease as strategic transformation expenses taper an…: Management expects margin pressures to ease as strategic transformation expenses taper and delivery volumes increase during the second half.
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The wind turbine maker said it retained a 28-29% share of the Indian market by orders in the first half of FY27, while its share by deliveries stood at about 23%. Group CEO Ajay Kapur acknowledged the entry of new competitors but argued that the industry's growth would allow multiple players to expand.
Also read: Suzlon Energy Q2 Results: Profit plunges 69% YoY to Rs 394 crore due to one-time deferred tax
"You're right. We have Adani, JSW, and many other competitors in the Indian wind sector," Kapur said during the company's Q2 FY27 earnings call on Thursday.
"The good news is the sector is expanding," he said, citing demand of close to 8 GW between January and September.
Kapur also argued that Adani and JSW have large captive platforms that can absorb a substantial portion of their wind equipment production, distinguishing their business models from Suzlon's.
The comments come as India's wind industry enters a period of potentially faster capacity additions, supported by a growing project pipeline, transmission infrastructure investment and demand…
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