EL7.AI
StocksMedium•29 October 2026•
3 min read

Suzlon profit rises 1.3% after excluding prior tax benefit of Rs 891 crore

Key Facts

1Net profit rose to Rs 394 crore from Rs 389 crore after excluding a deferred tax asset of Rs 891 crore in the year-earlier period.
2Revenue was Rs 4,869.05 crore, compared with Rs 3,865.54 crore in the previous September quarter.
3The EBITDA margin contracted to 14.8% from 18.6%, while EBITDA was nearly flat at Rs 720 crore versus Rs 721 crore.
4Deliveries in India reached a record 710 megawatts, compared with 565 megawatts a year earlier.
5UBS cut its fiscal 2027 EBITDA margin forecast to 15–16% from 17%.

Suzlon’s net profit rose to Rs 394 crore in the September quarter, up 1.3% after excluding the impact of a large deferred tax benefit in the year-earlier period, according to NDTV Profit’s report on the company’s results. Unaudited consolidated results showed a profit of Rs 394.15 crore, compared with Rs 1,279.44 crore a year earlier, when the company recorded a deferred tax asset of Rs 891 crore. The board approved the results on October 29, following a limited review by auditors for the quarter and half-year ended September 30, 2026. The adjusted comparison presents a different picture from the sharp decline in the reported figure, with comparable profit at Rs 389 crore after excluding the impact of the tax asset. Operating indicators, however, point to pressure on margins despite growth in revenue and deliveries.

Revenue from operations was Rs 4,869.05 crore in the September 2026 quarter, compared with Rs 3,865.54 crore in the year-earlier period, an increase of 26%. But higher revenue did not translate into operating profit growth: EBITDA was flat at Rs 720 crore, compared with Rs 721 crore a year earlier. The EBITDA margin fell to 14.8% from 18.6%, while profit before tax declined to Rs 518 crore from Rs 563 crore. The cost of raw materials, components and services also rose to Rs 3,304.59 crore from Rs 2,428.27 crore. The company recorded a foreign-exchange loss of Rs 10.01 crore, compared with Rs 6.47 crore in the previous September quarter. The figures show business expanding while the company retains less of its revenue at the operating level.

Suzlon’s deliveries in India reached a record 710 megawatts during the quarter, compared with 565 megawatts a year earlier, according to NDTV Profit. The company commissioned 454 megawatts during the same period. The rise in deliveries coincided with revenue growth, but the source did not attribute the revenue increase to deliveries alone. The order book exceeded 6 gigawatts, while new orders topped 1.5 gigawatts in the first half of fiscal 2027. Public-sector and commercial and industrial customers accounted for 78% of the order book. These contracts provide a substantial base of work, while margin contraction remains the most visible pressure in the quarterly results.

Net cash stood at Rs 2,048 crore in the quarter, and net worth reached Rs 10,277 crore, exceeding Rs 10,000 crore, according to NDTV Profit. CRISIL raised the company’s long-term rating to AA-/Stable. On valuation, UBS maintained its buy recommendation on October 30 but cut its price target to Rs 58 per share from Rs 66. It also lowered its fiscal 2027 EBITDA margin forecast to a range of 15–16% from 17%. The reduced margin forecast reflects continued focus on operating profitability, despite growth in the order book, revenue and deliveries.

Suzlon shares fell 4.27% in the October 29 session, according to BSE data cited by Trendlyne. The decline came a day before NDTV Profit’s October 30 report on UBS’s cuts to its EBITDA margin forecast and price target. Available data do not support a decline of more than 4% in the October 30 session, so the share move recorded here is limited to the session dated October 29. The quarterly results combine strong growth in revenue and deliveries with broadly stable EBITDA and a notable margin contraction. UBS’s forecasts apply to fiscal 2027, with a new margin range of 15–16%.