Suzlon Share Price Sees Sharpest Single-Day Fall in 3 Months, Nears 3-Year Low After Q2 Results

Suzlon Energy is expanding its role from wind turbine supply towards end-to-end project execution and lifecycle services, supported by 4,500 MW of annual manufacturing capacity. The company reported consolidated revenue from operations of Rs 4,869 crore for the second quarter of FY27, up 26 per cent YoY and 27 per cent QoQ, aided by record India deliveries of 710 MW.

The delivery volume was 26 per cent higher than 565 MW in the year-earlier quarter and 40 per cent above 506 MW in Q1 FY27. Suzlon commissioned 454 MW during the quarter, up 196 per cent YoY, while more than 1.25 GW of turbines had been erected and remained in the commissioning pipeline.

Earnings before interest, Tax, depreciation and amortisation (EBITDA) was broadly unchanged YoY at Rs 720 crore, compared with Rs 721 crore in Q2 FY26. The EBITDA margin declined to 14.8 per cent from 18.6 per cent a year earlier and 15.6 per cent in Q1 FY27. Profit after tax (PAT) rose QoQ to Rs 394 crore from Rs 305 crore, while comparable PAT was marginally higher than Rs 389 crore in Q2 FY26. Reported PAT in the year-earlier quarter was Rs 1,279 crore after including an Rs 891 crore deferred tax asset creation.

For the first half, revenue rose to Rs 8,688 crore from Rs 6,983 crore, while EBITDA was largely steady at Rs 1,315 crore. The Order Book stood at 6,009 MW at September-end, with commercial and industrial customers, captive users and retail projects accounting for 64 per cent. The share of engineering, procurement and Construction (EPC) projects rose to 38 per cent, advancing Suzlon’s target of reaching 50 per cent by FY28.

The company’s net worth crossed Rs 10,000 crore to reach Rs 10,277 crore, while net cash stood at Rs 2,048 crore. CRISIL upgraded Suzlon’s long-term rating to AA-/Stable. Separately, the board approved an investment of up to Rs 1 crore in OE Business Park Private Limited, which is expected to become a subsidiary in Q3 FY27 and indirectly hold the company’s One Earth corporate headquarters.

As of 12:50 pm on October 30, 2026, Suzlon shares were trading at Rs 33.84, down 8.02 per cent from the previous close of Rs 36.79.As a result, Suzlon Energy’s share price has fallen close to its three-year lowThe stock has declined 31.39 per cent over one year, compared with an 8.63 per cent decline in the BSE 500 over the same period. Foreign institutional ownership declined by 0.52 percentage points in the latest reported period to 23.63 per cent.

What This Means for Investors

The quarter strengthens evidence that Suzlon’s manufacturing and project-delivery platform can convert demand into revenue at scale. Record deliveries and commissioning should support second-half execution, while the 6,009 MW order book provides a substantial revenue pipeline. However, revenue growth has not translated into proportional operating profit growth. EBITDA was broadly flat YoY and margin fell 3.8 percentage points, leaving mix, commodity and execution costs central to profitability.

At 22.39 times trailing 12-month earnings, the valuation continues to assume that volume growth and margins can improve together. The net-cash position of Rs 2,048 crore and AA- credit rating add financial resilience, but they do not remove working-capital and commissioning risks inherent in wind projects. The key test is whether the higher engineering, procurement and construction share, now 38 per cent of the order book, lifts revenue without extending cash conversion or holding margins below prior levels.

Disclaimer: The article is for informational purposes only and not investment advice.