Suzlon Energy Reports Q2 Profit of ₹394 Crore, Announces Board Approvals for Acquisitions

Suzlon Energy reported a consolidated net profit of ₹394 crore for the September quarter of FY27, registering a 69 per cent decline compared to the same period in the previous year. The company stated that the decrease was primarily due to a high base in the year-ago period, when it recognised a deferred tax asset of ₹891 crore.

Revenue from operations for the quarter rose 26 per cent year-on-year to ₹4,869 crore, supported by increased deliveries and growth across its renewable energy business segments. Excluding the impact of the deferred tax asset created in Q2 FY26, Suzlon's comparable net profit increased by 1.3 per cent from ₹389 crore in the corresponding quarter last year. Reported net profit in the previous year's quarter stood at ₹1,279 crore.

Operating profitability faced some pressure during the quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at ₹720 crore, compared to ₹721 crore a year earlier. The EBITDA margin declined to 15 per cent from 19 per cent in the corresponding quarter of the previous year.

On the operational front, Suzlon recorded India deliveries of 710 MW during the quarter, representing a 26 per cent increase from 565 MW a year earlier. For the first half of FY27, the company commissioned 723 MW of projects, which included collaborations with firms such as Juniper Green Energy, Aditya Birla Renewables, Zelestra, Brookfield, and Yanara. The company's order book stood at over 6 GW, with order intake in the first half surpassing 1.5 GW. Ajay Kapur, CEO of Suzlon Group, noted that the delivery and commissioning figures reflect stronger execution driving revenue growth. Additionally, the company reported that its net worth crossed ₹10,000 crore, and CRISIL upgraded its long-term rating to AA-/Stable.

In corporate developments, Suzlon Energy's board approved the acquisition of 100 per cent of Suzlon Foundation for ₹10 lakh. Incorporated in 2007 as a Section 8 not-for-profit company, the foundation handles welfare and charitable activities. The transaction is expected to conclude by the first week of November and will allow the company to manage its corporate social responsibility initiatives more effectively.

The board also approved an investment of approximately ₹1 crore in OE Business Park Pvt Ltd, through which Suzlon expects to hold about 99 per cent of the entity's equity in Q3 FY27. This special-purpose vehicle holds Suzlon's One Earth corporate headquarters in Pune. Suzlon had previously sold the property to OE Business Park in September 2024 and leased it back for five years while retaining call options to reacquire an economic interest. The new investment follows the exercise of those options to hold the premises through the property-owning entity.

"Suzlon's Q2 results highlight the importance of looking past headline comparisons to understand underlying business performance. While the large drop in net profit is primarily driven by a high tax base effect from the previous year, the company's core operations show steady momentum with record deliveries and a strong order book exceeding 6 GW. Furthermore, their strategic move to consolidate corporate infrastructure and social responsibility foundations points toward prudent long-term asset management." — Dr. Shishir Gupta, Founder & CEO, StartupLanes