To assess Suzlon Energy before investing, read its latest results in this order: confirm the period, consolidation scope and audit status; trace revenue through EBITDA, profit before tax and net profit; then test those earnings against cash flow, the balance sheet, notes and the auditor’s report. Suzlon’s 28 July 2026 results release reports audited FY26 headline figures and unaudited Q1 FY27 figures, but it does not provide enough detail on its own to establish cash conversion, current leverage or the full reasons behind reported profit. Those questions require the complete annual report and current exchange filings.
Start by checking what period and accounts you are reading
Before comparing any figures, note three things on the document: the reporting period, whether it is standalone or consolidated, and whether the figures are audited or unaudited. These determine what a number covers and how much verification it has received.
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- Period: A quarter is not directly comparable with a full financial year. Compare quarters with the same quarter a year earlier to help account for seasonality, and use quarter-on-quarter comparisons as additional context rather than a substitute for year-on-year analysis.
- Scope: Consolidated accounts show the parent and its subsidiaries as a group; standalone accounts show Suzlon Energy Limited, the parent company. Use consolidated results to understand group performance, then check standalone accounts for the parent’s own assets, obligations and capacity to support subsidiaries.
- Audit status: Suzlon’s 28 July 2026 release labels Q1 FY27 and its quarterly comparators unaudited, while FY26 is labelled audited. An unaudited quarter and an audited year do not have the same coverage or assurance.
Suzlon’s official shareholder portal provides annual reports, exchange disclosures, shareholding patterns, AGM documents and earnings-call materials. The company’s FY2024–25 annual report includes consolidated statements and an independent auditor’s report; it is useful for understanding the prior year, but it cannot establish FY26 audit findings or current balances.
What do Suzlon’s latest reported headline figures show?
The following figures are reported in Suzlon’s release dated 28 July 2026. Amounts are ₹ crore except net volumes. FY26 is labelled audited; Q1 FY27 and the quarter comparators are labelled unaudited.
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| Measure | FY26 | Q1 FY27 | Q1 FY26 |
|---|---|---|---|
| Revenue from operations | ₹16,679 crore | ₹3,819 crore | not stated in the release figures summarized here |
| EBITDA | ₹3,022 crore | ₹595 crore | not stated in the release figures summarized here |
| EBITDA margin | 18.1% | 15.6% | 19.2% |
| Profit before tax | ₹2,422 crore | ₹390 crore | not stated in the release figures summarized here |
| Net profit after tax | ₹3,163 crore | ₹305 crore | not stated in the release figures summarized here |
| Net volumes | 2,456 MW | 506 MW | not stated in the release figures summarized here |
The comparison shows why periods and measures matter. Q1 FY27’s reported EBITDA margin of 15.6% was below both Q1 FY26’s 19.2% and audited FY26’s 18.1%. The first comparison is quarter against the same quarter a year earlier; the second is a quarter against a full-year rate, so it is useful context but not an like-for-like period comparison.
FY26 net profit after tax of ₹3,163 crore is higher than the reported profit before tax of ₹2,422 crore. Do not infer the reason from these headline numbers. Read the audited income statement and notes to understand the tax line, any exceptional items and the exact presentation before drawing conclusions about recurring earnings.
How do I read Suzlon’s income statement?
Follow the income statement from sales to the amount left for shareholders. Revenue growth alone does not establish better profitability: costs, project mix, financing, taxes and exceptional items affect what reaches net profit.
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- Revenue from operations: Check the reported period and scope, then compare the trend across consistent periods. Treat deliveries and order additions as operating context, not as a substitute for recognized revenue.
- EBITDA and its margin: EBITDA is an operating-performance measure before interest, tax, depreciation and amortization. Review both the amount and margin. A rising EBITDA amount with a falling margin, for example, would call for a closer look at cost and project mix; it would not alone establish why the margin changed.
- Depreciation and finance costs: Trace how the operating result is reduced before profit before tax. Check the detailed statement and notes rather than attributing the change to debt or investment without evidence.
- Tax and exceptional items: Reconcile profit before tax to net profit after tax. Check whether unusual credits or charges, tax adjustments or other disclosed items affect the reported result, and whether they are likely to recur.
Suzlon Group CFO Rahul Jain described Q1 FY27 margin influences this way: “We delivered a strong top-line performance this quarter, with revenue growing 23% year-on-year, reflecting healthy execution and project deliveries. EBITDA & PAT margins were in line with ongoing developments, given the temporary logistic disruptions arising from the geopolitical situation, certain strategic investments, and change of scope and segment mix.” This is management’s explanation, not independent verification of the causes or evidence that the effects are temporary. Compare it with later filings, segment information and cash-flow results.
Does Suzlon generate cash as well as profit?
Profit and cash generation answer different questions. Net profit is calculated under accounting rules; the cash-flow statement shows cash received and spent during the period. The 28 July 2026 results release does not supply the detailed FY26 cash-flow lines needed to assess cash conversion, so the headline PAT figure cannot establish whether operations generated cash.
In the complete cash-flow statement, compare net profit with cash flow from operating activities over several periods. Then examine the reasons for any gap:
- Working capital: Check whether receivables, contract assets or inventory are absorbing cash as activity grows. Rising payables can support operating cash temporarily, so examine both sides of the working-capital movement.
- Investing cash flow: Identify capital expenditure and acquisition spending, and distinguish those outflows from routine operating costs.
- Financing cash flow: Review borrowings and repayments, share issues, lease payments and interest. These help explain how the company funded investment and met obligations.
Do not use EBITDA as a stand-in for cash flow: it does not account for working capital, capital expenditure, interest or financing. Confirm the figures in the full FY26 report before making a claim about cash generation.
How much debt does Suzlon have, and what should I check?
The headline figures in the July 2026 release do not establish Suzlon’s FY26 cash, borrowings, maturities or net debt. Avoid carrying forward a debt or cash figure from an earlier year as though it were current. For a current leverage assessment, use the latest full financial statements and exchange filings, checking their date and whether they are standalone or consolidated.
On the balance sheet and in the related notes, check:
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- Cash and cash equivalents, liquid investments and any restrictions on their use.
- Borrowings, repayment dates, interest terms and other maturity information; compare obligations with available cash and cash generation.
- Lease liabilities, provisions and contingent liabilities, including guarantees and commitments.
- Receivables, contract assets, inventory and payables, looking for movements that may affect cash conversion.
- Related-party balances, pledges, significant estimates and acquisition accounting.
A single debt number is not a complete risk assessment. Its meaning depends on what cash is available, when obligations fall due, the relevant group entity and the business’s ability to generate cash.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do deliveries and the order book tell an investor?
The same release reports Q1 FY27 deliveries of 506 MW, up 14% year on year; commissioning of 269 MW; and new order additions of approximately 1 GW. It also says first-quarter deliveries were Suzlon’s highest first-quarter level and reports a cumulative order book of approximately 6.1 GW. These are company-reported operating indicators. They can help explain business activity, but they do not show that a project’s revenue has been recognized, that a customer has paid, or that the work will produce a particular margin.
Use operating measures alongside the financial statements. Check how deliveries relate to revenue, whether the order book’s scope and timing are explained in filings, and whether receivables and operating cash flow support the reported activity. An order book is not a guarantee of future revenue or cash collection.
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Which Suzlon filings should I read before investing?
Use the company’s official shareholder portal to locate the complete annual report and the latest BSE and NSE disclosures. Read the underlying filing rather than relying on a results headline or a secondary summary.
- Open the latest annual report: Confirm its reporting date, whether the statements are consolidated or standalone, units, audit status and any restatements.
- Read all three statements together: Trace income through to cash flow and check the balance-sheet position at the reporting date.
- Review the notes: Focus on segment reporting, accounting policies and estimates, tax, exceptional items, related-party transactions, commitments, contingent liabilities and events after the reporting period.
- Read the auditor’s report: Check the opinion, any emphasis-of-matter paragraphs, key audit matters and internal-control reporting. An “audited” label alone does not tell you whether the report contains matters that need attention.
- Check newer disclosures: Review the latest exchange submissions and shareholding pattern for changes in promoter and institutional holdings, dilution, stock options, acquisitions and other material events. Confirm the latest share count and filing dates before using figures in an investment analysis.
Suzlon’s FY2024–25 annual report provides a prior-year example of consolidated statements and an auditor’s report. It is not a substitute for the FY26 annual report when assessing FY26 balances or audit commentary. The FY26 figures cited above come from the company’s 28 July 2026 release; the detailed FY26 cash-flow and balance-sheet items, notes and audit findings should be verified in the complete report.
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