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Compare Suzlon with Inox Wind and other Indian wind-energy stocks using the same reporting period, consolidated financial statements and market-price date. Focus on what each company does, whether orders become profitable deliveries and cash, balance-sheet strength, earnings quality and valuation—not just order-book size or sector growth. The figures below are dated snapshots, not a current buy-or-sell call.
Start with the sector, but do not mistake growth for a stock forecast
India added 6,057 MW of wind capacity in FY2025–26, bringing installed capacity to 57,443 MW as of June 30, 2026, according to the Ministry of New and Renewable Energy’s July 22, 2026 release. The Ministry reported wind generation of 106 billion units in that fiscal year; its state table gives 106,699 million units. Annual additions rose from 3,253 MW in FY2023–24 to 4,151 MW in FY2024–25 and 6,057 MW in FY2025–26.
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The same release lists transmission expansion, renewable purchase and consumption obligations, competitive-bidding guidelines, offshore-wind viability-gap funding, repowering policy and green open access among measures supporting renewable energy. Those measures provide industry context, not guaranteed orders, execution, profits or shareholder returns. The Ministry also said India ranked fourth globally in wind installation through December 31, 2025, citing GWEC’s 2026 report.
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A wind-energy company may manufacture turbines, execute projects, provide operations and maintenance (O&M), or own and operate power-generation assets. Those activities have different revenue timing, capital needs and risks. Before comparing headline figures, identify each company’s revenue engines and separate turbine-OEM work from project ownership or power generation.
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This distinction matters for both orders and capacity: an OEM’s order book is potential future work, while a project owner’s installed capacity is an operating asset. They are not interchangeable measures of business scale.
Check execution and backlog conversion
Suzlon’s May 29, 2025 FY25 results release reported consolidated revenue of ₹10,851 crore, EBITDA of ₹1,857 crore and profit before exceptional items and tax of ₹1,447 crore. Deliveries were 1,550 MW, compared with 710 MW in FY24. Suzlon reported a 5.6 GW firm order book at FY25 reporting, up from 3 GW at the start of that fiscal year, and ₹1,943 crore in net cash.
These are company-reported FY25 figures, not current-period peer comparisons. An order book shows work the company may execute; it is not revenue already earned. Assess whether orders are firm, who the customers are, whether orders can be cancelled, when delivery is scheduled and whether the expected margins hold.
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For any peer, align the meaning of “execution”: production, dispatch, delivery and commissioning are different milestones. Compare MW delivered or commissioned over the same fiscal period, along with manufacturing capacity and delays. Do not compare one company’s annual deliveries with another’s order-book additions as if they measure the same thing.
Read earnings quality, not just profit after tax
Suzlon reported FY25 profit after tax (PAT) of ₹2,072 crore, but its results release noted that this included recognition of a ₹638 crore deferred tax asset. That accounting item is not the same as recurring operating profit. For a fair comparison, examine revenue, EBITDA and margin, profit before tax, PAT, operating cash flow, and exceptional or deferred-tax effects together.
Use comparable consolidated filings and the same fiscal period for Suzlon, Inox Wind and any other peer. A headline profit or return ratio can be distorted by one-off accounting effects, a small equity base or differences in business mix. Check whether operating cash flow supports reported earnings and whether the company must reinvest heavily to sustain growth.
Test the balance sheet and capital needs
Suzlon’s ₹1,943 crore FY25 net-cash figure is useful, but it does not by itself answer questions about working capital, contingent liabilities or future investment. For each company, use consolidated figures from the same reporting date and check:
- Gross debt, cash and net debt, including any refinancing needs.
- Working-capital needs and whether receivables or inventory are growing faster than sales.
- Capital expenditure commitments and the funding required to meet delivery plans.
- Potential dilution and the returns expected from reinvested capital.
Net cash is a balance-sheet position at a particular date, not a guarantee of future cash generation.
Compare market position using the same definition
Suzlon’s FY25 annual report reported an Indian installed base of 15.1 GW and described its cumulative market share as 30%. Those are company-reported figures for that reporting context. A June 23, 2026 report by Deven Choksey Research estimated Suzlon’s share of India’s cumulative installed wind fleet at 38–40%, Inox Wind’s at 10–12%, and European OEMs’ at 25–28%; it also estimated Suzlon and Inox together had 49% of annual installations in FY26.
These figures should not be merged into one precise market-share number: they have different dates and may use different denominators or methods. Cumulative installed-fleet share is not annual installation share, and neither is automatically the same as capacity under service. Label company claims and analyst estimates as such, and state the measure and period when using them.
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Compare valuation only after matching the market-price date and using a consistent earnings basis. Useful measures include P/E on normalized earnings, EV/EBITDA and price-to-book, alongside market capitalization. Adjust your interpretation for one-off items such as Suzlon’s FY25 deferred-tax-asset recognition before treating a reported profit figure as a recurring earnings base.
Best Value
A July 2025 Economic Times comparison discussed Suzlon and Inox using FY25 backlog and financial measures. Its valuation, share-performance and technical-analysis figures are historical snapshots, not current multiples or a basis for comparing a present-day share price. Likewise, an old valuation multiple should not be paired with a newer share price and presented as a live comparison.
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For Suzlon versus Inox Wind, compare the latest available audited consolidated statements for the same fiscal year and align each metric to the same reporting date. The FY25 secondary comparison and later analyst estimates do not replace matching-period audited filings. Until those figures are aligned, treat quantitative peer conclusions as provisional rather than declaring one stock “better.”
- Business: identify turbine manufacturing, EPC and project execution, O&M or service, and any power-generation or ownership activity.
- Execution: compare deliveries or commissioning over the same period, and note which milestone each company reports.
- Backlog: examine firm orders, cancellations, customer concentration, product mix, delivery schedule and conversion into revenue and margin.
- Financial quality: compare consolidated revenue, EBITDA, margins, pre-tax profit, PAT and operating cash flow; separate one-offs.
- Funding and returns: assess debt, cash, working capital, capex, dilution, ROE and ROCE, looking for effects from accounting or a small equity base.
- Valuation and position: use one market date and normalized earnings, and distinguish installed fleet from annual installations and service base.
- Risks: consider tender pipelines, transmission availability, policy implementation, component supply, customer payments, competition and project economics.
What could disrupt the comparison
Wind-sector expansion does not ensure a particular OEM will win orders, deliver on schedule or earn attractive margins. Transmission constraints, tender design, state-level implementation, component supply, customer payment timing and project economics can affect execution. A large backlog can convert later than expected, at lower margins, or not at all; therefore, track delivery and cash conversion rather than treating backlog as booked earnings.
Use the Suzlon investor-relations financial-results page and the relevant exchange-hosted annual reports and results for primary company figures. For any peer comparison, verify both companies’ full consolidated statements for matching periods before using valuation or return ratios.
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