The first is wind turbine manufacturing and sales. The company produces wind turbine generators (WTGs), mainly in the 2 MW and 3 MW series. Revenue comes from turbine sales, along with installation and commissioning services.
The second is EPC (Engineering, Procurement, and Construction). Suzlon executes end-to-end wind power projects, including site development, infrastructure setup, turbine installation, and grid connectivity. The contribution of this segment is being scaled up from around 27% to 50% by 2028.
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The third is OMS (Operations and Maintenance Services). This involves long-term service contracts for the installed turbine base, providing stable, recurring revenue with relatively high margins.
In addition, under its “Suzlon 2.0” strategy, the company is expanding into new verticals such as solar energy, battery energy storage systems (BESS), and FDRE (firm and dispatchable renewable energy). A new “DevCo” vertical will develop hybrid projects combining wind, solar, and storage, targeting commercial and industrial (C&I) customers.
The revenue mix is largely dominated by turbine sales and EPC (around 80–85%), which are cyclical in nature, while OMS and services contribute about 15–20%, offering more stable, annuity-like income.
One of Suzlon’s key strengths is its approximately 32% market share in India’s wind energy sector, making it a market leader. The company also benefits from vertically integrated manufacturing, producing blades, towers, and control systems in-house. Importantly, it now has a debt-free balance sheet, giving it flexibility for future growth.
As of March 2026, Suzlon has become a net cash-positive company with a record-level order book. Under the “Suzlon 2.0” strategy, it is transitioning into a full-stack clean energy solutions provider.
Looking ahead over the next three years (FY27–FY29), analysts have set stock price targets of ₹65 (ICICI Direct), ₹67 (Systematix), and ₹82 (Motilal Oswal), all with a “Buy” rating. Financially, the company is expected to reach around ₹25,000 crore in revenue by FY28, implying a CAGR of about 22%. EBITDA margins are projected to remain in the 17–18% range, with steady net profit growth and EPS moving beyond ₹2.25.
In terms of fundamentals, Suzlon’s market capitalization stands at approximately ₹56,000–58,000 crore. The P/E ratio ranges between 18.9 and 27.2, with a trailing EPS of ₹2.25. The stock price was around ₹41–42 in mid-March 2026.
The company has undergone a significant balance sheet turnaround. Shareholders’ funds improved from negative ₹4,033 crore in March 2021 to positive ₹5,528 crore in March 2025. Reserves moved from negative ₹5,735 crore to positive ₹2,797 crore. Cash and equivalents increased from ₹193 crore to ₹996 crore. By December 2025, Suzlon had a net cash position of ₹1,556 crore, effectively making it debt-free.
Operational performance has also been strong. In Q3 FY26, revenue grew to ₹4,228 crore (up 42% year-on-year), while net profit rose to ₹445 crore (up 15%). EBITDA margin improved to 17.3% from 16.6%. For the first nine months of FY26, revenue reached ₹11,211 crore (up 58%), EBITDA stood at ₹2,058 crore (up 77%), and profit before tax was ₹1,589 crore (up 77%).
The company achieved its highest-ever quarterly deliveries of 617 MW in Q3, marking a 30-year record. It is also working to increase the EPC business contribution from 27% to 50% by 2028.
Suzlon’s order book remains strong, standing at 6.4 GW as of January 2026, with 2.4 GW currently under execution. The pipeline exceeds 25 GW. Key orders include 1,166 MW from NTPC Green and 248.85 MW from ArcelorMittal. The C&I segment contributes around 51%, indicating strong diversification.
Cash flows have turned fully positive. Operating cash flow (TTM) is ₹10,690 million, and free cash flow is ₹6,980 million, compared to negative ₹1,478 million earlier. The net cash position stands at ₹1,556 crore (December 2025), with an ending cash balance of ₹11,130 million.
Going forward, Suzlon is evolving beyond a wind turbine manufacturer into a full-stack clean energy company. Its core will remain wind energy, but it is actively expanding into solar, battery storage, and FDRE solutions through its new “DevCo” vertical.
On the export front, the company is targeting markets in Europe and the United States, aiming to benefit from trade agreements and increasing global demand. It also plans to scale up exports of wind turbine components and castings.
However, there are certain risks. The business remains dependent on government policies and grid infrastructure. Scaling up deliveries beyond 2.4 GW could pose execution challenges. Additionally, competition and stock price volatility remain concerns, especially given the decline from its 52-week high of ₹74.
Disclaimer: The above information is based on public data and analyst reports as of March 2026. This is not investment advice. Please consult your financial advisor before making any investment decisions.
The third is OMS (Operations and Maintenance Services). This involves long-term service contracts for the installed turbine base, providing stable, recurring revenue with relatively high margins.
In addition, under its “Suzlon 2.0” strategy, the company is expanding into new verticals such as solar energy, battery energy storage systems (BESS), and FDRE (firm and dispatchable renewable energy). A new “DevCo” vertical will develop hybrid projects combining wind, solar, and storage, targeting commercial and industrial (C&I) customers.
The revenue mix is largely dominated by turbine sales and EPC (around 80–85%), which are cyclical in nature, while OMS and services contribute about 15–20%, offering more stable, annuity-like income.
One of Suzlon’s key strengths is its approximately 32% market share in India’s wind energy sector, making it a market leader. The company also benefits from vertically integrated manufacturing, producing blades, towers, and control systems in-house. Importantly, it now has a debt-free balance sheet, giving it flexibility for future growth.
As of March 2026, Suzlon has become a net cash-positive company with a record-level order book. Under the “Suzlon 2.0” strategy, it is transitioning into a full-stack clean energy solutions provider.
Looking ahead over the next three years (FY27–FY29), analysts have set stock price targets of ₹65 (ICICI Direct), ₹67 (Systematix), and ₹82 (Motilal Oswal), all with a “Buy” rating. Financially, the company is expected to reach around ₹25,000 crore in revenue by FY28, implying a CAGR of about 22%. EBITDA margins are projected to remain in the 17–18% range, with steady net profit growth and EPS moving beyond ₹2.25.
In terms of fundamentals, Suzlon’s market capitalization stands at approximately ₹56,000–58,000 crore. The P/E ratio ranges between 18.9 and 27.2, with a trailing EPS of ₹2.25. The stock price was around ₹41–42 in mid-March 2026.
The company has undergone a significant balance sheet turnaround. Shareholders’ funds improved from negative ₹4,033 crore in March 2021 to positive ₹5,528 crore in March 2025. Reserves moved from negative ₹5,735 crore to positive ₹2,797 crore. Cash and equivalents increased from ₹193 crore to ₹996 crore. By December 2025, Suzlon had a net cash position of ₹1,556 crore, effectively making it debt-free.
Operational performance has also been strong. In Q3 FY26, revenue grew to ₹4,228 crore (up 42% year-on-year), while net profit rose to ₹445 crore (up 15%). EBITDA margin improved to 17.3% from 16.6%. For the first nine months of FY26, revenue reached ₹11,211 crore (up 58%), EBITDA stood at ₹2,058 crore (up 77%), and profit before tax was ₹1,589 crore (up 77%).
The company achieved its highest-ever quarterly deliveries of 617 MW in Q3, marking a 30-year record. It is also working to increase the EPC business contribution from 27% to 50% by 2028.
Suzlon’s order book remains strong, standing at 6.4 GW as of January 2026, with 2.4 GW currently under execution. The pipeline exceeds 25 GW. Key orders include 1,166 MW from NTPC Green and 248.85 MW from ArcelorMittal. The C&I segment contributes around 51%, indicating strong diversification.
Cash flows have turned fully positive. Operating cash flow (TTM) is ₹10,690 million, and free cash flow is ₹6,980 million, compared to negative ₹1,478 million earlier. The net cash position stands at ₹1,556 crore (December 2025), with an ending cash balance of ₹11,130 million.
Going forward, Suzlon is evolving beyond a wind turbine manufacturer into a full-stack clean energy company. Its core will remain wind energy, but it is actively expanding into solar, battery storage, and FDRE solutions through its new “DevCo” vertical.
On the export front, the company is targeting markets in Europe and the United States, aiming to benefit from trade agreements and increasing global demand. It also plans to scale up exports of wind turbine components and castings.
However, there are certain risks. The business remains dependent on government policies and grid infrastructure. Scaling up deliveries beyond 2.4 GW could pose execution challenges. Additionally, competition and stock price volatility remain concerns, especially given the decline from its 52-week high of ₹74.
Disclaimer: The above information is based on public data and analyst reports as of March 2026. This is not investment advice. Please consult your financial advisor before making any investment decisions.
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