Suzlon Energy share price in focus: Shares of Suzlon Energy, one of the leading global renewable energy solutions providers, fell 4.5% in intraday trade on Wednesday (August 13) to ₹60.32 apiece despite the company reporting record deliveries and robust growth in its order book in the June-ending quarter.
While the company’s volume, revenue, and EBITDA were in line with estimates, profit after tax missed expectations due to a deferred tax charge of ₹134 crore, resulting in a consolidated net profit of ₹324 crore compared with ₹302 crore in the year-ago period.
Suzlon had recognized deferred tax assets of ₹630 crore in the previous quarter, which are now unwinding, leading to the ₹134 crore deferred tax charge in Q1 FY26. This, the company said in its earnings report, is purely an accounting adjustment with no cash impact.
Investor sentiment was also impacted by the company’s announcement of the exit of Group CFO Himanshu Mody, effective from the close of business hours on August 31, 2025, adding that a replacement is in the final stages of selection.
The company said it has recorded consistent growth in its order book over the last 10 quarters and achieved its highest-ever deliveries of 444 MW in Q1. Consolidated revenue rose to ₹3,117 crore, while EBITDA climbed to ₹599 crore, marking 62% YoY growth driven by strong deliveries, with margins expanding by 80 basis points YoY to 19.2%.
It secured 1 GW of new orders during the quarter, taking its total order book to 5.7 GW. Its S144 order book crossed 5 GW, making it the dominant product in the Indian market. Thus, management maintained its earlier guidance of 60% growth in key parameters, including deliveries, revenue, and EBITDA, for FY26. It expects India to add 6 GW of wind energy capacity in FY26 and 7–8 GW in FY27.
What should investors do with Suzlon Energy shares post Q1?
Motilal Oswal said the announcement of Group CFO Himanshu Mody’s departure could be a short-term negative, given his key role in the company’s balance sheet turnaround. The brokerage also flagged concerns over installations trailing deliveries in recent quarters and tepid FY26 year-to-date new order inflow of 1 GW.
However, it noted that these factors are unlikely to derail the company’s strong momentum, supported by positive regulatory tailwinds. Motilal Oswal highlighted potential upside to order inflow and margins as local content requirements come into play, a possible 700 MW ( ₹60 billion) deal with Tata Power, and efficiency gains such as a shorter working capital cycle.
Deliveries have already picked up in Q2FY26, with an additional 547 MW in pre-commissioning.
The brokerage cut its FY26 adjusted PAT estimate by 25% due to a higher effective tax rate and slightly raised FY27 estimates. It maintained a Buy rating with a target price of ₹80, implying a 26% upside.
JM Financial noted that current installations have remained at just 20% of deliveries for the past three quarters, raising concerns over execution. The brokerage estimates deliveries of 2,500 MW in FY26 and 3,100 MW in FY27, projecting EPS of ₹1.51 and ₹2.31, respectively.
It maintained a Buy rating but trimmed its target price to ₹78 from ₹80, valuing the stock at 35x FY27 EPS.
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