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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Short answer: Suzlon was the much larger business on FY26 consolidated revenue and reported continuing-operations profit, while Inox Wind offers a smaller, more equipment-focused strategy with a company-reported order book of about 4.4 GW as of July 2026. Those facts do not identify a better investment. Suzlon’s FY26 profit was materially affected by a deferred-tax credit, and the available disclosures do not provide the same-date prices, market capitalizations, valuation multiples, cash-flow data and order-book definitions needed for a like-for-like value judgment.
At-a-glance comparison
| Measure | Suzlon Energy | Inox Wind | How to read it |
|---|---|---|---|
| Exchange listing | NSE: SUZLON; main-board equity | NSE: INOXWIND; main-board equity | Use prices from the same trading date when calculating relative value. |
| FY26 consolidated revenue from operations | ₹16,731.84 crore | ₹4,397.12 crore | Suzlon reported greater scale; scale alone does not establish better returns, margins or cash generation. |
| FY26 profit before tax | ₹2,421.72 crore, including a ₹70 crore exceptional item | ₹659.11 crore; no exceptional item is shown in the filing lines consulted | Separate recurring operating performance from exceptional and tax effects. |
| FY26 continuing-operations net profit | ₹3,163.39 crore, with a ₹741.67 crore deferred-tax credit | ₹449.09 crore, with a ₹210.02 crore deferred-tax expense | The reported PAT figures are not tax-neutral and should not be treated as directly comparable earnings power. |
| Reporting segments | Multi-segment filing | Single-segment filing | Read subsidiary, segment and inter-company disclosures before assigning diversification benefits. |
| Most recent disclosed quarter | Company headline for Q1 FY27 says revenue grew 23% year over year and deliveries were the highest-ever Q1 level | Q1 FY27 presentation reports revenue of ₹872 crore, EBITDA of ₹237 crore, PBT of ₹95 crore and PAT of ₹64 crore | The disclosures use different levels of detail and definitions, so they are context rather than a precise ranking. |
The FY26 figures are reported nominal rupee amounts for financial years ended March 31, 2026. Suzlon’s annual total is audited in its May 25, 2026 exchange filing, while the Inox Wind filing dated May 29, 2026 labels both its fourth-quarter and year-to-date figures audited. Suzlon’s fourth-quarter column is unaudited. That distinction matters when comparing annual totals with quarterly snapshots.
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What each company actually does
Suzlon’s broader renewable scope
Suzlon describes activities spanning wind, storage, renewable-project development, renewable-asset management and integrated renewable systems. Its stated customer categories include commercial and industrial buyers, public-sector undertakings, retail customers and independent power producers. This is a company-described business scope, not proof that every activity contributes a material or equally profitable share of revenue.
For an investor, the practical issue is mix. A turbine sale, a turnkey project, a service contract and an owned renewable asset can have different working-capital requirements, margins, timing of cash receipts and risk of cost overruns. Suzlon’s multi-segment presentation therefore requires a closer look at segment revenue, segment profit, eliminations and subsidiary cash flows before treating the group as diversified.
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Inox Wind’s equipment-supply pivot
Inox Wind’s FY26 filing reports one segment. Its Q1 FY27 investor presentation says the company is pivoting toward equipment supply. Management says the financial impact of that pivot should become more visible from Q3 FY27; that is a forward-looking expectation, not a reported result.
Equipment supply can make revenue recognition and project execution easier to analyze than a broad turnkey scope, but it does not remove manufacturing, customer-concentration, warranty, delivery and working-capital risks. The one-segment disclosure also means investors must use the notes, subsidiaries and management commentary to understand what is inside the reported business.
FY26 financial performance: scale is clear, profit quality needs work
Revenue and pre-tax profit
Suzlon’s consolidated FY26 revenue from operations was ₹16,731.84 crore, compared with ₹4,397.12 crore for Inox Wind. Suzlon therefore reported roughly four times Inox Wind’s revenue in the same financial year. That is a statement about reported scale, not a conclusion about future growth or shareholder returns.
Suzlon reported FY26 profit before tax of ₹2,421.72 crore. The filing shows a ₹70 crore exceptional item, so an investor assessing recurring performance should identify the result before and after that item. Inox Wind reported ₹659.11 crore of profit before tax, and the filing lines consulted do not show an exceptional item. The absence of an item in those lines is not a guarantee that future periods will be similarly clean; it simply makes the disclosed FY26 PBT easier to interpret on that specific basis.
Why headline PAT is not a clean contest
Suzlon’s continuing-operations net profit was ₹3,163.39 crore. A deferred-tax credit of ₹741.67 crore is shown in the same filing. A credit increases reported profit in the period, but it is not the same as cash generated by selling turbines or servicing customers. Analysts should therefore reconcile operating profit, cash taxes, deferred taxes and any tax-asset recognition before using Suzlon’s FY26 PAT in a valuation model.
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Inox Wind’s continuing-operations net profit was ₹449.09 crore, including a deferred-tax expense of ₹210.02 crore. That expense reduced the reported period profit, which makes a raw PAT comparison with Suzlon especially misleading. The appropriate comparison is a normalized earnings measure built from both companies’ operating results, exceptional items, tax rates and recurring cash generation.
Q1 FY27: useful signals, but not a like-for-like league table
Suzlon’s disclosed signal
Suzlon’s official July 28, 2026 headline says Q1 FY27 revenue grew 23% year over year and that deliveries reached the company’s highest-ever Q1 level. The available headline does not provide a fully comparable consolidated income statement, delivery volume table, margin bridge or cash-flow schedule. Treat the statement as a directional operating signal until the detailed filing is reviewed.
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Inox Wind’s disclosed quarter
Inox Wind’s Q1 FY27 presentation reports revenue of ₹872 crore, EBITDA of ₹237 crore, profit before tax of ₹95 crore and profit after tax of ₹64 crore. These are company-reported presentation figures. Check the accompanying exchange filing for accounting classification, consolidation scope, exceptional items and any restatements before comparing the numbers with Suzlon’s quarter.
The difference in disclosure format is important: one company’s public headline emphasizes year-over-year growth and deliveries, while the other provides selected income-statement totals. Until both detailed quarterly filings are aligned, the data can show what to investigate but cannot establish which company executed better in the quarter.
Order books: visibility depends on quality, not just gigawatts
Inox Wind’s July 2026 order-book disclosures
Inox Wind’s Q1 FY27 presentation reports an order book of approximately 4.4 GW as of July 2026. The stated context includes a 1.5 GW memorandum of understanding with group company Inox Clean, of which a 500 MW first tranche is described as firm, and a 200 MW turnkey award from NLC India in July 2026.
Those categories should not be treated as identical. A signed firm order normally has stronger near-term visibility than an MOU, and a turnkey award carries a different execution and margin profile from equipment-only supply. Ask the company how each item is counted, the expected delivery schedule, cancellation rights, customer advances, price-escalation clauses and the amount already recognized in revenue.
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The presentation says the proposed 4.5 GW Wind World India operations-and-maintenance portfolio was in the process of consolidation. Do not count that portfolio as completed or consolidated without a later filing confirming the status.
Suzlon’s order-book headline
Suzlon’s investor page displays an order book of 6,400 MW alongside figures identified there as FY25 performance: ₹10,851 crore revenue, ₹1,857 crore EBITDA and ₹1,943 crore net cash. The order-book headline and those performance figures have different displayed cutoffs. It cannot be compared directly with Inox Wind’s July 2026 4.4 GW without confirming measurement dates, consolidation scope and whether conditional, group or otherwise non-firm orders are included.
Order-book size also says nothing by itself about profitability. A useful backlog review separates turbine supply from turnkey work, identifies customer and geography concentration, tests delivery timing against factory capacity, and checks whether the booked prices cover steel, logistics, financing and warranty costs.
How to compare execution and growth
Investors evaluating Suzlon Energy versus Inox Wind should build the same operating dashboard for both companies. The most decision-useful measures are:
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errors- Deliveries: turbine units and megawatts delivered, commissioning progress and the gap between shipment and customer acceptance.
- Order inflow: new firm orders, cancellations, amendments and the share of orders that are MOUs or otherwise conditional.
- Backlog conversion: how much opening backlog became revenue, how long conversion took and whether margins changed as older orders were delivered.
- Capacity and bottlenecks: manufacturing capacity, component availability, logistics constraints, land or grid dependencies and supplier concentration.
- Receivables and advances: customer advances, overdue receivables, retention money and contract assets relative to sales.
- Service economics: recurring operations-and-maintenance revenue, renewal rates, warranty provisions and service margins.
A company can report fast revenue growth while consuming cash through working capital, or show a large order book that takes years to monetize. The dashboard should therefore connect physical execution to recognized revenue, operating cash flow and balance-sheet movements.
Profit quality, cash and funding risk
Normalize the income statement
Start with revenue and gross profit, then review EBITDA, depreciation, finance costs, PBT, exceptional items and cash taxes. For Suzlon, isolate the ₹70 crore exceptional item and the ₹741.67 crore deferred-tax credit from the recurring operating picture. For Inox Wind, account for the ₹210.02 crore deferred-tax expense when comparing after-tax results. A normalized model should show both reported and adjusted figures rather than replacing the statutory result with one analyst-selected number.
Cash conversion is a separate test
The supplied FY26 comparison does not establish equivalent operating cash flow, net debt or net-cash figures for both companies. Do not infer financial strength from PAT, EBITDA or order-book size. Pull the cash-flow statement and balance sheet for the same period and compare:
- cash generated from operations after working-capital changes;
- receivables, inventories, contract assets and customer advances;
- interest expense, maturities, guarantees and covenant headroom;
- capital expenditure needed to support turbine or service capacity;
- net debt or net cash on a consistent consolidation basis; and
- equity issuance, warrants or other potential dilution.
Wind projects and equipment contracts can create long collection cycles. A profitable period with rising receivables deserves a different risk assessment from a period in which earnings are converted into cash promptly.
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Ask what percentage of each company’s activity comes from equipment supply, turnkey engineering-procurement-construction work, service and O&M, development or ownership of renewable assets, and storage or other adjacent offerings. Each category has a different risk-return profile.
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- Equipment supply: usually depends on manufacturing throughput, component costs, delivery schedules and warranty obligations.
- Turnkey or EPC work: can increase contract value but adds site, civil-work, grid, permitting and cost-overrun exposure.
- Service and O&M: may provide recurring revenue, but requires a reliable installed base and disciplined warranty management.
- Project development or asset ownership: can diversify revenue but ties up capital and introduces power-price, financing and asset-performance risks.
- Group-company transactions: require careful reading of related-party terms, customer concentration and whether an order is genuinely independent.
Suzlon’s broader stated scope may offer more pathways for growth, but diversification is valuable only when the businesses contribute sustainable margins and cash. Inox Wind’s equipment-supply pivot may simplify its strategic focus, but the benefits depend on conversion of announced orders into profitable, collected revenue.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Valuation: why the available evidence cannot name a winner
No current share prices or valuation ratios are established in the available disclosures. A nominally lower share price does not mean a stock is cheaper because share counts and capital structures differ. Likewise, a larger order book does not prove a lower enterprise-value-to-sales or enterprise-value-to-EBITDA multiple.
Use a single market-data date and document the calculation:
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- Calculate equity market capitalization using the same share-count convention.
- Add debt, lease liabilities and other material claims, then subtract unrestricted cash to derive enterprise value on a consistent basis.
- Use the same earnings period for both companies, such as trailing twelve months or FY26, and label whether earnings are reported or normalized.
- Calculate P/E, EV/EBITDA and EV/sales only after checking exceptional items, deferred tax, minority interests and discontinued operations.
- Run sensitivity cases for lower backlog conversion, delayed commissioning, weaker margins, higher working capital and dilution.
For a cyclical manufacturer, a single-year P/E can be distorted by tax credits, unusually strong deliveries or low utilization. A multi-year margin and cash-flow view is more informative than ranking the two shares on one reported multiple.
Which is better: Suzlon Energy or Inox Wind?
There is no defensible categorical answer from the disclosed figures alone. Suzlon is the larger reported platform and has a broader company-described renewable scope. Inox Wind is smaller, reports a single segment and is presenting an equipment-supply pivot with a substantial stated backlog. Those are different investment profiles, not proof that one security will outperform.
An investor who prioritizes established scale should test whether Suzlon’s revenue leadership converts into durable operating cash flow after removing the deferred-tax benefit and exceptional item. An investor attracted to Inox Wind’s focused strategy should test whether the 4.4 GW headline consists primarily of firm, economically attractive orders and whether the pivot improves margins and cash conversion from the period management identifies. Both cases require current prices and updated filings before a valuation conclusion.
Due-diligence checklist before buying either share
- Download the latest audited annual report and subsequent exchange filings for both companies.
- Reconcile FY26 consolidated revenue, PBT and PAT to the income-statement notes, including exceptional and deferred-tax items.
- Align the latest quarter by quarter, consolidation scope, accounting labels and reported versus adjusted measures.
- Break each order book into firm orders, MOUs, group-company commitments, equipment-only contracts and turnkey contracts.
- Check customer concentration, geography, delivery schedule, cancellation terms and advances for major orders.
- Compare manufacturing capacity, turbine models, supplier dependencies, warranty provisions and service backlog.
- Calculate operating cash flow, working-capital intensity, net debt or net cash, interest coverage and contingent liabilities.
- Use same-date market prices and diluted share counts to calculate valuation multiples.
- Stress-test delayed deliveries, lower gross margins, slower collections, project cancellations and equity dilution.
- Set an investment thesis that could be falsified, and define which filing data would make you revise it.
Risks that can invalidate a simple comparison
- Tax distortion: deferred-tax credits or expenses can make PAT diverge sharply from operating performance.
- Order-book illusion: MOUs, conditional awards and group-company commitments may not carry the same certainty as firm third-party orders.
- Execution slippage: turbine delivery, installation, grid connection or customer acceptance delays can defer revenue and cash.
- Margin compression: steel, freight, foreign-exchange, financing and warranty costs can erode the economics of older contracts.
- Working-capital strain: growth can require cash before customers pay, particularly on turnkey projects.
- Concentration: dependence on a few customers, states, utilities, suppliers or turbine platforms can magnify a single disruption.
- Comparability error: different segment definitions, audited status, consolidation scopes and cutoff dates can produce misleading ratios.
- Valuation risk: a strong operating story can already be reflected in the share price, while a low multiple can signal structural concerns.
Bottom line
Suzlon Energy and Inox Wind should be compared as two different execution and capital-allocation stories. FY26 filings establish Suzlon’s larger reported scale and higher reported continuing-operations profit, but its deferred-tax credit means headline PAT is not a clean measure of recurring strength. Inox Wind’s Q1 FY27 presentation provides a focused equipment-supply narrative and an approximately 4.4 GW order book, yet the mix of firm orders, an MOU and a proposed portfolio requires verification. The next decision step is not choosing a winner from these figures; it is refreshing both companies’ filings, aligning order-book definitions, measuring cash conversion and applying same-date valuation multiples.
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