Overview
- Suzlon reported Q3 FY26 revenue of about Rs 4,228 crore, up roughly 42% year on year, with net profit near Rs 445 crore and EBITDA of about Rs 730.5 crore at a 17.3–17.4% margin.
- The company delivered a record 617 MW in the quarter and ended with a 6.4 GW order book, with a further 3–4 GW non-bidding pipeline under discussion.
- Brokerages kept broadly positive views but lowered targets and estimates, with JM Financial cutting its target to Rs 64 (from Rs 70) and Nuvama to Rs 55 (from Rs 60) as they moderated FY27–FY28 delivery assumptions.
- Analysts highlighted commissioning bottlenecks tied to land access, right-of-way and grid connectivity, noting that only 778 MW has been commissioned out of 3,175 MW delivered over the last seven quarters.
- Management reaffirmed FY26 delivery guidance that implies about 850 MW in Q4 and flagged potential additional deferred tax asset creation, even as shares traded near Rs 47 and remained down about 10% over one month.