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Which Suzlon statements should you read first?
Start by identifying three things on every document: the period covered, whether the figures are standalone or consolidated, and whether the statements are audited. These determine what a number actually describes.
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Consolidated and standalone answer different questions
Consolidated statements show the parent company together with the subsidiaries included in the group accounts. They are generally the better starting point for understanding group-wide revenue, expenses, assets and liabilities. Standalone statements show Suzlon Energy Limited as the parent entity. Compare both to see whether the parent’s cash, debt or results differ materially from the group’s, and read the notes to understand subsidiary and acquisition effects.
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Suzlon’s official shareholder portal provides annual reports, exchange disclosures, shareholding patterns, AGM documents and earnings-call materials; it says the company is listed on BSE and NSE. Its FY2024–25 annual report contains consolidated statements and an independent auditor’s report. Use the report relevant to the period you are evaluating rather than treating a prior-year report as current evidence.
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Audited annual figures are not interchangeable with unaudited quarter figures
The company’s results release dated 28 July 2026 presents FY26 as audited and Q1 FY27, Q1 FY26 and Q4 FY26 as unaudited. A quarter is a shorter period and may reflect project timing or seasonality; an audited full-year figure has different coverage and assurance. Keep the labels attached whenever you compare the figures.
Is Suzlon profitable?
Follow the income statement beyond revenue. Revenue from operations shows the scale of recognized business, but it does not say how much remains after operating costs, depreciation, financing, tax or exceptional items. Track EBITDA and its margin, then profit before tax (PBT) and profit after tax (PAT). Check the statement and notes for the bridge between them.
| Measure | Q1 FY27 | Q1 FY26 | FY26 |
|---|---|---|---|
| Revenue from operations | ₹3,819 crore; unaudited | Not stated in the 28 July 2026 release figures summarized here; unaudited | ₹16,679 crore; audited |
| EBITDA | ₹595 crore; unaudited | Not stated in the 28 July 2026 release figures summarized here; unaudited | ₹3,022 crore; audited |
| EBITDA margin | 15.6%; unaudited | 19.2%; unaudited | 18.1%; audited |
| Profit before tax | ₹390 crore; unaudited | Not stated in the 28 July 2026 release figures summarized here; unaudited | ₹2,422 crore; audited |
| Net profit after tax | ₹305 crore; unaudited | Not stated in the 28 July 2026 release figures summarized here; unaudited | ₹3,163 crore; audited |
All amounts are company-reported in the 28 July 2026 release and are in ₹ crore unless noted; the quarter figures and comparators are unaudited, while FY26 is labelled audited. The release also reports Q1 FY27 revenue growth of 23% year on year. That single growth rate is not a forecast, and it does not establish that the same pace or margin will continue.
Rank #2
Interpret the margin, not just the top line
Q1 FY27’s EBITDA margin was below both the Q1 FY26 comparison and the FY26 full-year margin. The quarterly and annual periods are not directly equivalent, so use year-on-year quarterly comparisons to examine like periods and use full-year figures to understand the longer reporting period. Then check segment mix, project scope, logistics, depreciation, finance costs, tax and exceptional items to understand what changed.
Suzlon Group CFO Rahul Jain attributed the quarter’s margin context to several factors: “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 confirmation that the factors caused the outcome or that the effects will be temporary. Compare it with segment disclosures and subsequent filings.
Check why PAT differs from PBT
In FY26, reported PAT is higher than reported PBT. Do not assume the difference reflects stronger operating performance: inspect the complete income statement and notes for the tax line, exceptional items and other relevant explanations. For Q1 FY27, PBT and PAT are both reported in the release, but the detailed bridge belongs in the full statements.
Do deliveries and orders prove that revenue or cash will follow?
No. Operating measures provide context for activity, but they are not substitutes for recognized revenue, collected cash or profit. Suzlon’s release reports FY26 net volumes of 2,456 MW and Q1 FY27 net volumes of 506 MW. For Q1 FY27 it also reports deliveries up 14% year on year, commissioning of 269 MW, new order additions of approximately 1 GW, and a cumulative order book of approximately 6.1 GW. The company describes Q1 deliveries as its highest first-quarter level.
Use these measures to ask what work has been executed and what may remain to be delivered. Then test the financial statements for when revenue is recognized, whether receivables are collected, and whether project activity converts into operating cash. An order book is not guaranteed future revenue, profit or cash collection.
Does Suzlon generate cash?
Profit and cash generation are separate questions. A company can report accounting profit while cash is tied up in receivables or inventory, or while supplier payments and other working-capital movements affect the period’s cash flow.
Rank #4
Read operating, investing and financing cash flows together
- Operating activities: Compare cash generated from operations with PAT across several periods. Examine changes in receivables, contract assets, inventory, payables and provisions to see what absorbed or supplied cash.
- Investing activities: Identify capital expenditure and acquisition-related payments, and distinguish investment in the business from other movements.
- Financing activities: Review borrowings and repayments, interest and lease payments, and any share issuance or other financing transactions.
The 28 July 2026 headline release does not provide the detailed FY26 cash-flow lines needed to establish cash conversion. Do not infer operating cash flow from PAT; consult the full FY26 report and compare it with earlier periods.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How much debt does Suzlon have, and what balance-sheet risks matter?
The headline release figures above do not establish FY26 cash, borrowings, debt maturities or net debt. Avoid quoting an older cash or debt figure as if it were current. In the full balance sheet and accompanying notes, check the date and consolidation scope, then review:
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- Cash and cash equivalents, liquid investments and any restrictions on their use.
- Borrowings, repayment dates, interest terms and the distinction between current and non-current amounts.
- Lease liabilities, which are separate from conventional borrowings but still represent payment obligations.
- Receivables, contract assets, inventory, payables and provisions, including aging or other note details where provided.
- Contingent liabilities, guarantees, commitments, pledges and related-party balances.
Do not reduce a leverage assessment to one debt number. Consider maturities and obligations alongside available cash, operating cash generation and working-capital needs, using the same reporting date and group scope.
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What should you check in Suzlon’s annual report and exchange filings?
Read the statements together with their notes and audit report. Notes can explain accounting policies and estimates, segment reporting, exceptional items, related-party transactions, contingent liabilities, commitments and events after the reporting date. The FY2024–25 annual report is useful for understanding the prior year, but it cannot establish FY26 audit findings.
- Confirm that the annual report and figures refer to the intended financial year and consolidated or standalone entity.
- Read the auditor’s opinion, any emphasis-of-matter paragraphs, key audit matters and internal-control reporting; an “audited” label by itself does not tell you whether the auditor raised a specific issue.
- Compare the annual report with the latest BSE/NSE filings for subsequent events, restatements and updated disclosures.
- Check the latest shareholding pattern, share count, promoter ownership, institutional holdings, stock options and dilution disclosures.
The official shareholder portal is a locator for company materials, not a substitute for checking the underlying filing. Make sure the document itself supports each figure or claim you rely on.
A practical reading sequence before making an investment decision
- Set the scope: write down the period, consolidated or standalone basis, units and audit status.
- Test operating performance: compare revenue, EBITDA and margin across like periods, then trace PBT to PAT.
- Test cash conversion: reconcile earnings with operating cash flow and working-capital movements; account for capex and financing separately.
- Test financial resilience: compare cash with borrowing maturities, lease obligations, commitments and contingent liabilities.
- Validate the evidence: read material notes and the auditor’s report, then review subsequent exchange disclosures and ownership updates.
Only after these checks should you combine reported results with operating measures such as deliveries and orders. They describe different things, so neither order growth nor a profitable quarter alone establishes whether the shares are attractive.
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