Suzlon Energy reported a comparable net profit of Rs. 394 crore for Q2 FY27, up 1.3% year over year. The September quarter results reflected stronger wind turbine deliveries, which lifted revenue 26% to Rs. 4,869 crore. The renewable energy company recorded these gains despite operating margin pressure and rising execution demands.
The reported profit, however, dropped 69.2% from Rs. 1,279 crore in Q2 FY26. Last year's earnings included an Rs. 891 crore deferred tax asset, which significantly increased the comparison base. Excluding this one-time benefit, Suzlon Energy profit improved from Rs. 389 crore to Rs. 394 crore.
Suzlon delivered 710 megawatts (MW) of wind energy equipment in India during the September quarter. This represented a 25.7% increase from 565 MW in the corresponding quarter last year. Sequentially, revenue climbed 27%, while EBITDA increased 21% to Rs. 720 crore.
However, EBITDA remained almost unchanged from Rs. 721 crore a year earlier. The EBITDA margin also narrowed to 14.8% from 18.6%, highlighting pressure on operating profitability. Profit before tax declined 7.8% to Rs. 518 crore during the quarter.
Chief Executive Officer Ajay Kapur said record deliveries and stronger commissioning volumes demonstrated improved execution. Commissioning activity increased 69% sequentially to 454 MW, supporting the company's quarterly performance.
Suzlon's order book exceeded 6 gigawatts (GW), supported by more than 1.5 GW in first-half FY27 orders. Its development company business contributed over 1.1 GW, representing more than 70% of new orders. Public-sector undertakings and commercial and industrial customers accounted for 78% of the pipeline.
Engineering, procurement and construction contracts represented 38% of the order book. Suzlon aims to increase this contribution to 50% by FY28, strengthening its broader project execution strategy.
Vice-Chairman and Co-Founder Girish Tanti said the Suzlon 2.0 strategy expands the company's renewable energy solutions business. Meanwhile, CFO Rahul Jain highlighted revenue growth despite commodity price fluctuations and currency volatility.
Suzlon's net worth crossed Rs. 10,000 crore, while CRISIL upgraded its long-term rating to AA-/Stable. Its manufacturing capacity stands at 4,500 MW across 15 specialized hubs. The company also manages more than 16,000 MW of installed renewable energy capacity across India.
The latest Suzlon Energy Q2 results highlight stronger execution and a growing project pipeline. However, margin recovery and cost management remain important as the company pursues its expansion plans.
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