Suzlon Revenue Rises to 4,869 Crore Rupees as Operating Margin Contracts to 14.8%
Key Facts
Suzlon Energy reported consolidated operating revenue of 4,869.05 crore rupees for the quarter ended September 30, 2026, compared with 3,865.54 crore rupees in the year-earlier period. Revenue growth came as wind turbine deliveries rose to 710 megawatts from 565 megawatts, according to coverage of the company’s results. But improved activity did not translate into a stronger operating margin: EBITDA stood at 720 crore rupees, compared with 721 crore rupees a year earlier. The EBITDA margin contracted to 14.8% from 18.6%, indicating that sales and delivery growth coincided with pressure on operating profitability. Reported net profit also fell year on year, though the comparison was affected by a deferred tax benefit of 891 crore rupees in the year-earlier period.
Suzlon’s results show a divergence between expanding activity and narrowing margins: quarterly revenue increased by more than 1 billion rupees from the year-earlier period, while EBITDA was nearly unchanged. EBITDA’s share of revenue fell year on year, with the margin declining to 14.8% from 18.6%. The company delivered 710 megawatts in the quarter, up from 565 megawatts a year earlier, supporting growth in operating revenue. In the first half of fiscal 2027, revenue rose 24% to 8,688 crore rupees and deliveries increased 21% to 1,217 megawatts, according to coverage of the earnings call. Management said its market share in the first half was 28%-29% by orders and 23% by deliveries.
Suzlon management cut its fiscal 2027 EBITDA margin forecast to 15%-16%, from a previous estimate of about 17%, according to coverage of the earnings call. Management said higher volumes in the second half could provide operating leverage of about 100 basis points, with volumes in that period expected to reach 1.5 to 1.65 times first-half levels. The company ended the quarter with an order book of more than 6 gigawatts, while new orders exceeded 1.5 gigawatts in the first half of the fiscal year. Suzlon shares fell 1.37% to 36.79 rupees on October 29, 2026, according to historical trading data. The recorded low came on October 8, before the results were announced, so the available data do not support saying the stock hit a new low after their release.
At Vedanta Iron and Steel, second-quarter fiscal 2027 EBITDA rose 56% to 83 crore rupees, and the EBITDA margin improved to 3%, up 112 basis points year on year. At the same time, the post-tax loss narrowed to 324 crore rupees, from a loss of 477 crore rupees in the corresponding quarter of the previous fiscal year. Operating revenue was 2,788 crore rupees for the quarter. The improved operating metrics mean the net loss narrowed, but remained in place despite higher EBITDA and a stronger margin. The company attributed quarterly pressures to seasonal disruptions in iron ore production, planned plant shutdowns, and higher input and conversion costs.
The improvement in Vedanta Iron and Steel’s operating metrics extended into the first half of fiscal 2027: EBITDA rose 54% to 598 crore rupees, while revenue increased 8% to 6,450 crore rupees. The half-year loss also narrowed to 203 crore rupees, compared with 622 crore rupees in the year-earlier period. The company said it completed planned shutdowns at its Bokaro and Goa operations to strengthen asset reliability in the second half. The company published its second-quarter results statement and investor presentation on October 28, followed by the earnings-call transcript on October 29. These steps place the shutdowns within preparations for operations in the coming period, after maintenance work and higher costs affected quarterly performance.