To assess Suzlon Energy, read the consolidated financial statements and the order book together, always matching the same reporting date. Check whether orders are being delivered, erected and commissioned; whether those activities produce revenue, profit and operating cash; and whether receivables and inventory are turning into collections. An order book is contracted-work visibility, not recognized revenue, a profit forecast or proof that customers have paid.
The latest official quarter identified is Q1 FY27, ended 30 June 2026. Its results were approved on 28 July 2026, are unaudited interim figures subject to limited review, and should not be compared directly with a full audited year. The company’s presentation and earnings-call transcript provide useful operating detail, but they are company disclosures and management explanations rather than independent verification of every contract.
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Start with reporting scope, period and assurance
Suzlon publishes both consolidated and standalone information. Consolidated statements include the group and are the appropriate starting point for judging group revenue, profitability, assets and liabilities. Standalone figures describe Suzlon Energy Limited on its own. They can differ materially without either number being wrong.
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The NSE integrated filing for Q1 FY27 is specifically standalone and reports amounts in lakhs. It shows standalone revenue from operations of ₹329,738 lakh, or ₹3,297.38 crore. The company’s Q1 results presentation reports consolidated revenue of ₹3,819.36 crore. Those figures cover different reporting scopes, so do not substitute one for the other or describe them as conflicting results.
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Q1 FY27 is an interim quarter that the results identify as unaudited and subject to limited review. The presentation compares Q1 FY27 with Q1 FY26 and Q4 FY26 and separately labels FY26 annual figures as audited. A quarter-to-quarter comparison can show direction; it cannot replace reading the audited annual statements or comparing a quarter with a full-year total.
- Write the period beside every number: Q1 FY27, Q1 FY26, Q4 FY26, June 2026 or July 2026.
- Write the basis beside every number: consolidated or standalone.
- Identify whether a figure is audited, unaudited or limited-reviewed.
- Keep company-reported presentation figures separate from statutory statement figures when their scope or unit differs.
Q1 FY27 consolidated snapshot: growth in sales, weaker profit measures
The company-reported consolidated figures below provide the starting point for analysis. The percentage changes are calculated from the stated figures and are approximate.
| Measure | Q1 FY27 | Q1 FY26 | Year-over-year reading |
|---|---|---|---|
| Revenue | ₹3,819 crore | ₹3,117 crore | Up about 22.5% |
| EBITDA | ₹595 crore | ₹599 crore | Down about 0.7% |
| EBITDA margin | 15.6% | 19.2% | Down 3.6 percentage points |
| Net profit | ₹305 crore | ₹324 crore | Down about 5.9% |
The key analytical point is the divergence: revenue rose, while EBITDA and net profit did not. A headline sales increase therefore does not establish improving operating economics. Calculate and track margin, not only revenue growth, and investigate whether product mix, project timing, input costs, logistics, contract scope or other items explain the difference.
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Understand the tax line before judging net profit
The presentation says the tax charge is primarily related to recognition or charging of deferred tax assets and is non-cash in nature. That means the tax movement can reduce accounting net profit without representing an equivalent same-period cash tax payment. Keep net profit, deferred-tax movements and operating cash flow as separate questions; one cannot be used as a proxy for the others.
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Read the balance sheet as a working-capital test
At June 2026, the company’s presentation reports net worth of ₹9,869 crore, borrowings of ₹277 crore, cash and cash equivalents of ₹2,599 crore, and net cash of ₹2,322 crore. The notes say the cash measure includes non-current bank balances and mutual-fund investments. Confirm the definition before comparing it with another company’s “cash” or “net cash” figure.
| June 2026 balance-sheet item | Company-reported amount | What to test next |
|---|---|---|
| Net worth | ₹9,869 crore | Changes from profit, other comprehensive income, dividends and any capital actions |
| Borrowings | ₹277 crore | Maturity, interest cost, security and whether debt rises during execution |
| Cash and cash equivalents | ₹2,599 crore | Restricted or non-current balances and the portion readily available |
| Net cash | ₹2,322 crore | Reconcile the company’s definition and exclusions |
| Trade receivables | ₹5,890 crore | Ageing, disputed balances, collections and current versus non-current split |
| Inventories | ₹5,172 crore | Turnover, project stage, slow-moving stock, write-downs and conversion into deliveries |
Net cash reduces financing risk but does not remove working-capital risk. Receivables of ₹5,890 crore and inventories of ₹5,172 crore are large point-in-time balances relative to quarterly revenue. The presentation says receivables include current and non-current trade receivables. It does not, in the cited information, provide the ageing needed to determine how quickly customers are paying. Do not infer days sales outstanding from a quarter-end balance without a stated method and a matching revenue denominator.
Checks that connect the balance sheet to cash
- Read the receivables note for ageing buckets, disputed amounts, provisions and subsequent receipts.
- Compare inventory growth with deliveries, erection and commissioning. Inventory rising faster than completed work may indicate timing or execution pressure, but the reason must be established from the notes.
- Review contract assets, contract liabilities, advances and other current liabilities where disclosed.
- Reconcile operating cash flow with net profit. Profit that repeatedly fails to convert into cash requires an explanation.
- Check whether cash includes balances that are not immediately available for operations.
Chief Financial Officer Rahul Jain said on the 28 July 2026 earnings call that “Adequate working capital limits have been tied up for execution of the current order book.” This is management’s statement about funding readiness. Test it against subsequent borrowing, inventory, receivables and cash-flow disclosures rather than treating it as proof that every project will run on schedule or be collected in cash.
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Suzlon reported 5,933 MW at June 2026 and 6,135 MW at July 2026. The July number includes orders received after June, including a disclosed 201.6 MW order from Waaree Group. Therefore, 5,933 MW is the quarter-end figure; 6,135 MW must be labelled as a July point-in-time figure, not as the June closing order book.
| Reference date | Order book | How to describe it |
|---|---|---|
| March 2025 | 5,025 MW | Company-reported context |
| March 2026 | 5,697 MW | Company-reported context |
| June 2026 | 5,933 MW | Q1 FY27 quarter-end figure |
| July 2026 | 6,135 MW | Includes post-June orders, including the disclosed 201.6 MW Waaree Group order |
An order-book total is meaningful only when its composition and conversion are visible. Suzlon’s June presentation reports the following mix; these are company-reported percentages, not independently verified contract value or margin.
| Dimension | June 2026 mix |
|---|---|
| Turbine model | 88% S144; 10% S120; 2% S175 |
| Scope | 68% non-EPC; 32% EPC |
| Customer or order category | 70% captive, C&I and retail; 16% central and state auctions; 14% PSU |
| Geography | Karnataka 29%; Gujarat 22%; Andhra Pradesh 20%; Maharashtra 10%; Tamil Nadu 7%; Rajasthan 7%; Madhya Pradesh 6% |
The company notes that EPC scope can differ from contract to contract. That matters because two megawatts of orders can require very different procurement, construction, commissioning and working-capital commitments depending on what Suzlon must deliver. Customer category and state concentration also affect permitting, grid connection, payment timing and execution exposure.
Measure conversion from order to cash, not just intake
For Q1 FY27, Suzlon reported 506 MW of deliveries and 269 MW commissioned. It also reported 1,257 MW of turbines erected with commissioning pending. Treat these as separate operating milestones:
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitches- Order intake: a signed contract enters the disclosed order book.
- Delivery: equipment reaches the customer or project site under the company’s reporting definition.
- Erection: the turbine is physically installed.
- Commissioning: the project reaches the company’s stated commissioning milestone.
- Revenue recognition: accounting rules determine when and how much revenue is recorded.
- Collection: the customer pays, turning the receivable into cash.
These stages do not occur simultaneously. A large order book can coexist with modest quarterly revenue if projects are awaiting equipment, permits, grid access, installation or commissioning. Conversely, revenue and profit can rise before cash collection, increasing receivables. Track each stage over several quarters instead of treating the order-book total as forecast revenue.
Chief Executive Ajay Kapur said on the 28 July 2026 call, “Order book is a healthy 6.1 gigawatt reaffirming our market leadership.” He also said, “In the first 4 months of FY27, we have already secured ~1 gigawatt of orders and continue to have a strong pipeline.” Both are management statements made on that date, not independently verified forecasts. The relevant follow-up is whether later disclosures show delivery, erection, commissioning, revenue and collection at a pace consistent with the claims.
Look for explanations when milestones diverge
If deliveries lag intake, inspect production capacity, component availability, logistics, site readiness and customer conditions. The earnings-call transcript records management describing temporary supply-chain and logistics disruption and saying some deliveries were deferred. Attribute that explanation to management and seek later evidence rather than assuming it proves the cause.
If erected turbines remain uncommissioned, check permitting, grid connectivity, offtake arrangements, testing and customer readiness. If commissioning rises but cash does not, examine receivable ageing and contract terms. If inventory rises while delivery remains low, read inventory composition and provisions before drawing a conclusion.
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A repeatable comparison prevents an attractive order-book headline from obscuring deterioration elsewhere. Build a worksheet with these columns for every quarter:
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- Scope: consolidated or standalone.
- Reporting status: audited annual, unaudited interim or limited-reviewed quarter.
- Income statement: revenue, EBITDA, EBITDA margin and net profit.
- Balance sheet: cash, borrowings, receivables, inventory, net worth and the company’s definition of net cash.
- Cash conversion: operating cash flow, collections, advances and movements in working capital.
- Order book: date, megawatts, turbine-model mix, EPC share, customer category and geography.
- Execution: deliveries, erected turbines, commissioning and any disclosed backlog awaiting a milestone.
- Exceptional or non-cash items: deferred-tax effects and other items that change profit without the same-period cash impact.
Use the same units throughout. Suzlon’s statutory standalone filing uses lakhs, while the presentation uses crore figures. Convert deliberately: ₹100 lakh equals ₹1 crore. Record whether a figure is a quarter-end balance or a flow for the quarter; mixing those categories produces misleading ratios.
Read the disclosed SEBI matter separately from operating performance
The results disclose a SEBI order dated 29 May 2026 concerning specified transactions with domestic subsidiaries and contingent-liability disclosures for earlier financial years. The order imposed an aggregate ₹28.95 crore penalty on the noticees, of which ₹15.95 crore was attributable to Suzlon.
Suzlon says it filed an appeal before the Securities Appellate Tribunal on 13 July 2026. Based on external legal assessment, management says it believes it has a strong case and that the action has no material impact on the results. Keep three facts distinct: the regulator issued the order, the company appealed, and management offered its assessment. The eventual appeal outcome is not established in the cited results. Do not present management’s view as an adjudicated decision.
A practical review sequence
- Fix the date: write “30 June 2026” for Q1 FY27 balances and “July 2026” only for the later order-book update.
- Fix the scope: begin with consolidated results, then place any standalone number in a separately labelled column.
- Verify assurance: mark Q1 FY27 as unaudited and limited-reviewed; mark FY26 annual numbers as audited where the presentation does so.
- Recalculate direction: compare revenue, EBITDA, margin and net profit instead of relying on revenue growth alone.
- Bridge profit to cash: read operating cash flow, receivables, inventory and contract balances together.
- Describe the order book precisely: use 5,933 MW for June and 6,135 MW for July, with the post-June addition noted.
- Map the mix: record models, EPC share, customer categories and states because execution requirements differ.
- Follow milestones: compare intake with deliveries, erection, commissioning, revenue recognition and collections.
- Separate evidence from commentary: label management explanations, pipeline claims and working-capital assurances as management statements.
- Record unresolved matters: include the SEBI penalty and appeal status without predicting the legal outcome.
What these disclosures cannot establish on their own
The cited quarter-end presentation does not provide a complete receivable-ageing schedule or a full cash-conversion analysis. It also does not independently verify every underlying customer contract, expected margin or delivery date. Consequently, the figures support a disciplined reading of disclosures, not a fair-value calculation or a prediction of future returns.
The most useful conclusion is conditional: Suzlon entered Q1 FY27 with higher reported revenue and a large company-reported order book, but lower year-over-year EBITDA and net profit, substantial receivables and inventory, and a measurable gap between operating milestones. The next filings should be judged by whether orders move through delivery and commissioning, margins stabilize, receivables convert to cash and working-capital needs remain controlled.
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