Wind turbine manufacturer Suzlon Group’s revenue rose 42.4% year-over-year (YoY) to ₹42.28 billion (~$467.44 million) in the third quarter (Q3) of the financial year (FY) 2026 from ₹29.69 billion (~$328.24 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹7.39 billion (~$81.7 million), rising 47.8% YoY from ₹5 billion (~$55.28 million).

Profit after tax (PAT) came in at ₹4.45 billion (~$49.2 million), increasing 14.7% from ₹3.88 billion (~$43 million) in the same quarter in the previous year.

The company attributed its performance to increased demand, effective execution, higher deliveries, an effective integrated business model, and disciplined execution.

Suzlon recorded a 538% YoY increase in PAT of ₹12.79 billion (~$144 million) in Q2 FY2026, increasing from ₹2.01 billion (~$22.6 million).

9M FY 2026

Suzlon posted a revenue of ₹112.11 billion (~$1.24 billion) in the first nine months (9M) of FY2026, a 58% YoY increase.

EBITDA stood at ₹20.58 billion (~$227.53 million), rising 77% YoY.

Business Updates

Suzlon’s orderbook as of Q3 stood at 6.4 GW. It executed 617 MW of wind turbine orders during this quarter, with deliveries of 2.4 GW capacity underway.

Net cash stood at ₹15.56 billion (~$172.03 million) as of December 31, 2025.

Suzlon’s engineering, procurement, and construction share in its order book increased to 27% by Q3 FY 2026. It aims to achieve an engineering, procurement, and construction share of 50% by 2028. Its project pipeline has exceeded 25 GW.

JP Chalasani, CEO at Suzlon Group, stated that the commercial and industrial segment accounted for approximately 51% of its order book, auction bids 36%, and the power services and operations segment 13%.

In the bidding segment, Suzlon Energy had received a significant order from Tata Power. Suzlon has currently paused its bidding activities to address outstanding PPA and other commitments.

Outlook

Suzlon said it is working to become a full-stack clean energy solutions company, expanding its focus to wind, solar, storage, and emerging clean energy technologies.

The company is also planning to launch its standalone firm and dispatchable renewable energy development vertical, DevCo.

Suzlon stated that India’s power demand is expected to reach 4,490 TWh by 2047. Renewable energy generation is projected to reach 1,600 TWh by this period.

Wind energy capacity will grow at a 10% compound annual rate to reach 400 GW by 2047. Meanwhile, the power sector is expected to grow at 5% over this period.

The company has an installed wind energy capacity of approximately 21.5 GW across 17 countries. This comprises 15.5 GW operating in India and roughly 6 GW in other countries. Suzlon’s portfolio includes wind turbines with capacities of roughly 2 MW and 3 MW.

Rahul Jain, CFO at Suzlon Group, stated that the company is focusing on strong export-driven volume growth. To accelerate this growth, Suzlon appointed a new company president for Europe to ensure deeper engagement and faster market expansion across key locations. “With the European Union trade agreement already in place and the U.S. trade deal getting finalized, Suzlon is well-positioned to tap significant export opportunities, both for wind turbine generator components and for Suzlon Energy Forge (SE Forge) castings.”

Jain highlighted that the market opportunity for wind energy in India is large. The country is expected to cater to approximately 10% of the global wind demand.

Cautioning about the U.S. administration’s views on wind energy, Chalasani added that the country continues to have significant potential, as it was Suzlon’s largest market earlier. Meanwhile, the company is increasing its focus on Europe.  He said Suzlon is also exploring opportunities in Australia, South Africa, and the Middle East.

Discussing the impact of revenues from Suzlon’s non-wind energy businesses, he added that the company expects revenues from this segment to increase meaningfully from FY 2027. Chalasani noted that exports to the U.S., particularly to General Electric, were earlier impacted by trade issues. However, he expects these exports to recover once the trade deal with the U.S. is finalized.

Last month, Suzlon secured a 248.85 MW wind turbine generator order from Luxembourg-based steel and mining company ArcelorMittal Group through its Indian renewable energy entity, to decarbonize steel production.