Shares of Suzlon Energy declined nearly 10% to a 52-week low of ₹33.21 on Friday, October 30, 2026, following the company’s September-quarter financial results. The renewable energy company reported a 69% year-on-year decline in consolidated net profit, while weaker operating margins and a reduction in full-year margin guidance added to investor concerns.
The stock opened at ₹36.09 before extending its losses during the trading session. Suzlon shares have fallen 46% from their 52-week high of ₹61.45, recorded in November 2025.
The decline reflects a broader weakness in the company’s share performance over recent months. Suzlon shares have dropped 8% in one week, 13% in one month, 27% in three months, 38% in six months and 41% over the past year. However, the stock has delivered returns of 455% over five years.
For the September quarter, Suzlon Energy reported consolidated net profit of ₹394 crore, compared with ₹1,279 crore in the corresponding quarter of the previous year.
Revenue, however, increased 26% year-on-year to ₹4,869 crore from ₹3,866 crore. The growth was supported by record wind turbine deliveries and improved execution of projects.
The reported decline in net profit was largely influenced by a high base in the year-ago quarter. During the September quarter of FY26, Suzlon had recognised a one-time deferred tax asset benefit of ₹891 crore.
Excluding this benefit, the company’s comparable profit after tax increased 1.3% to ₹394 crore from ₹389 crore in the corresponding quarter of the previous financial year.
On a sequential basis, net profit increased 29% from ₹305 crore in the June quarter, while revenue rose 27% from ₹3,819 crore.
Suzlon’s EBITDA stood at ₹720 crore, compared with ₹721 crore in the September quarter of the previous year. However, it increased 21% from ₹595 crore in the preceding quarter.
The company’s EBITDA margin contracted to 14.8% from 18.6% a year earlier and 15.6% in the June quarter, indicating pressure on operating profitability.
Despite the margin weakness, Suzlon reported strong execution during the quarter. The company recorded its highest-ever second-quarter wind turbine deliveries in India at 710 megawatts (MW), an increase of 26% from 565 MW in the corresponding period last year.
Commissioning also increased significantly, rising 196% year-on-year to 454 MW. During the first half of FY27, deliveries reached 1,217 MW, while commissioned capacity stood at 723 MW.
Ajay Kapur, CEO of Suzlon Group, said the record second-quarter deliveries and stronger commissioning reflected improved execution and were contributing to revenue growth.
However, management lowered its full-year EBITDA margin guidance to 15% plus-minus, compared with the earlier guidance of 17% plus-minus.
Brokerages also revised their assessments of the company’s financial outlook.
JM Financial downgraded Suzlon to ADD from BUY and reduced its target price to ₹40 from ₹46. The brokerage cited lower margins and expected pressure on growth prospects from FY28 onwards, considering the limited Indian market and increasing industry capacity.
ICICI Securities retained its BUY recommendation but lowered its target price to ₹55 from ₹65. It cited favourable valuations and improving execution, while identifying commodity and foreign-exchange inflation and higher spending on Suzlon 2.0 as factors affecting margins.
Nuvama maintained its HOLD rating and reduced its target price to ₹41 from ₹51. The brokerage also cut its FY27 and FY28 earnings-per-share estimates by 9% and 7%, respectively, and introduced FY29 estimates to account for the increase in costs associated with the engineering, procurement and construction (EPC) business.
The differing brokerage views reflect concerns about profitability, competition and the company’s future growth trajectory, despite improvements in deliveries and project execution.
