# Suzlon Energy (SUZLON) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/suzlon

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹38.8
- Change: +0.54%
- As of: 2026-11-06
- 1D return: +0.54%
- 5D return: +14.45%
- 1M return: +6.51%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

SUZLON is trading at ₹38.80 on 2026-11-06, positioned in the upper-middle of its 20-day range (+63.8%) but near the lower end of its 252-day range (+19.9%). The daily technical structure shows a short-term bounce: price sits above the 20-period EMA and SMA, yet remains below the 50-period and 200-period moving averages and the Supertrend, which is bearish. Trend strength is established on the daily (ADX 35.26) and weekly (ADX 27.76) timeframes, with both showing bearish directional indicators (Minus DI > Plus DI). However, the monthly timeframe shows a bullish Supertrend despite weak trend conviction (ADX 16.56), suggesting a potential long-term floor or consolidation phase.

Recent activity includes a high-severity upward gap on 2026-11-05 (+3.0%), contrasting with an extreme volume-driven drop on 2026-10-30 (-7.9%). Volatility remains elevated with annualized volatility at +37.1% and an ATR of 3.79%. The stock carries a current drawdown of -45.7% from its available high. Immediate resistance lies at ₹38.84 (0.09% above) and ₹39.08 (0.73% above), while support is noted at ₹38.44 (pivot) and ₹38.20 (low). Confirmation of a sustained reversal would require a decisive break above the 50-period EMA and Supertrend; failure to hold above recent lows may see pressure resume toward the 252-day range low.

- Trend Divergence: Daily and weekly trends are bearish (price below 50/200 EMAs, Supertrend down), while the monthly Supertrend remains bullish, indicating conflicting horizon signals.
- Momentum & Volume: An ADX of 35.26 confirms strong daily trend intensity, supported by a high-severity upward gap on 2026-11-05, though this follows an extreme volume sell-off on 2026-10-30.
- Key Levels: Resistance is immediate at ₹38.84–₹39.08; Support holds at ₹38.44 (pivot) and ₹38.20. A break above ₹39.48 could signal further upside momentum.
- Risk Profile: Current drawdown is -45.7% from highs, with high volatility (ATR 3.79%, Annualized Vol +37.1%). Positioning is near the bottom of the yearly range (+19.9%) but mid-range for the last 20 days.

- Outside Bar
- Inside Bar
- Bearish Engulfing Reversal

### News Context

Suzlon Energy announced a strategic expansion in Karnataka on November 5, 2026, targeting a 10 GW wind energy business over five years. This includes two plug-and-play wind parks (2.2 GW combined) and a blade manufacturing plant for 2 GW turbines, utilizing its DevCo model to accelerate project execution. Despite these growth initiatives, the company faces headwinds: shares fell 10% on November 4 after Nuvama and other brokers slashed target prices citing disappointing Q2 margins. Analysts note that while top-line volumes are rising, operating earnings remained flat in H1 FY27, raising concerns about profitability amid intensifying competition from rivals like Adani and JSW. Market positioning data from November 5 identified Suzlon as a potential candidate for short-covering due to elevated open interest, though technical analysts at YES Securities advised avoiding the stock due to bearish structures.

- Strategic Expansion: On Nov 5, 2026, Suzlon outlined plans for a 10 GW business in Karnataka over five years, including two 2.2 GW wind parks and a 2 GW blade plant, leveraging its DevCo model.
- Margin Pressure: Shares dropped 10% on Nov 4 following target price cuts by Nuvama and others due to weak Q2 margins; operating earnings were flat in H1 FY27 despite revenue growth.
- Competitive Landscape: The company faces increasing competition in the wind sector from major rivals such as Adani and JSW.
- Market Positioning: On Nov 5, Bajaj Broking flagged Suzlon for potential short-covering based on derivative metrics, while YES Securities technical analyst Laxmikant Shukla advised against trading the stock due to bearish structures.

- [Suzlon targets 10 GW business in Karnataka in 5 years; plans two wind parks, blade plant](https://www.thehindubusinessline.com/companies/suzlon-targets-10-gw-business-in-karnataka-in-5-years-plans-two-wind-parks-blade-plant/article71670437.ece)
- [Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- [Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- [As Suzlon gains speed, familiar concerns re-emerge](https://www.moneycontrol.com/news/opinion/as-suzlon-gains-speed-familiar-concerns-re-emerge-14070688.html)
- [Suzlon Energy Share Price Today, Suzlon Energy Stock Price Live NSE/BSE Updates | The Economic Times](https://economictimes.indiatimes.com/suzlon-energy-ltd/stocks/companyid-1209.cms)

### What Changed

Suzlon Energy has outlined a significant expansion strategy in Karnataka, targeting a 10 GW wind energy business over the next five years. Announced by President Dinesh Jagdale at the Bharat Renewable Energy Summit 2026, the plan includes two plug-and-play wind parks with a combined capacity of 2.2 GW and a new blade manufacturing plant capable of producing components for 2 GW turbines. The company intends to leverage its Development Company (DevCo) model to manage site preparation, aiming to reduce execution time for project developers. On the corporate engagement front, Suzlon informed the NSE on 5 November 2026 that representatives will attend physical analysts’ and investors’ conferences hosted by JM Financial on 16 November and Avendus Spark on 17 November. The company confirmed it would present only existing IR materials, with no unpublished price-sensitive information shared. As of 6 November 2026, the stock traded at ₹38.80, up from ₹38.59.

- Karnataka Expansion: Targeting 10 GW capacity in 5 years via two 2.2 GW wind parks and a 2 GW blade plant, utilizing the DevCo model to accelerate execution.
- Investor Engagement: Scheduled physical meetings with JM Financial (16 Nov 2026) and Avendus Spark (17 Nov 2026); presentation limited to existing IR data.
- Price Action: Share price recorded at ₹38.80 on 6 November 2026, reflecting a marginal increase from ₹38.59.

- [Suzlon targets 10 GW business in Karnataka in 5 years; plans two wind parks, blade plant](https://www.thehindubusinessline.com/companies/suzlon-targets-10-gw-business-in-karnataka-in-5-years-plans-two-wind-parks-blade-plant/article71670437.ece)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026171020_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026170822_Suzlon05112026.pdf)

### Official Filings

Suzlon Energy Limited reported Q2 FY27 financial results for the period ended September 30, 2026, with revenue of ₹4,869 crores, EBITDA of ₹720 crores, and profit after tax of ₹394 crores. The company maintains a robust balance sheet with consolidated net worth of ₹10,277 crores and net cash of ₹2,048 crores as of September 2026. Operational momentum is evident with 710 MW delivered and 454 MW installed during the quarter, supported by a 6 GW order book. Management has scheduled physical investor meetings on November 16 and 17, 2026, in Mumbai, confirming that only existing IR presentations will be discussed without sharing unpublished price-sensitive information. Additionally, the company issued two Regulation 30(11) notifications on October 30 and November 4, 2026, stating it could not ascertain any mainstream media events triggering material price movements in its scrip.

- Q2 FY27 Performance: Revenue of ₹4,869 crores, EBITDA of ₹720 crores, and PAT of ₹394 crores; deliveries of 710 MW and installations of 454 MW.
- Financial Position: Consolidated net worth of ₹10,277 crores and net cash of ₹2,048 crores as of September 30, 2026.
- Order Book: Total order book stands at 6 GW.
- Investor Engagement: Physical meetings scheduled for November 16 (JM Financial) and November 17 (Avendus Spark) in Mumbai; no new price-sensitive information to be shared.

- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026171020_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026170822_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2328_WebXMLFile_20261105_171240173.xml)
- [Suzlon Energy Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174449_Suzlon04112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Rumour Verification - Regulation 30(11) |SUBJECT: Rumour Verification - Regulation 30(11)](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174858_Suzlon04112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Rumour Verification - Regulation 30(11) |SUBJECT: Rumour Verification - Regulation 30(11)](https://nsearchives.nseindia.com/corporate/SUZLON1_30102026142755_Suzlon30102026.pdf)
- [Suzlon Energy Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SUZLON1_29102026154942_Suzlon29102026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748965_29102026051002_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748970_29102026051143_WEB.xml)
- [Suzlon Energy Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_29102026203518_Suzlon29102026.pdf)

### Fundamentals

Suzlon Energy demonstrates robust top-line expansion with sales rising 26% year-on-year to ₹4,876 crore in Q2 FY2026-27 (Sep 2026), following an 84% surge in the prior year. Operating profit remained stable at ₹720 crore, matching the previous quarter's level, while net profit declined significantly from ₹1,279 crore to ₹394 crore. This divergence highlights a margin compression and earnings quality challenge, as operating leverage did not translate into bottom-line growth despite higher revenues.

Financial health remains strong with Return on Capital Employed (ROCE) improving to 34% in Mar 2026, up from 33% in Mar 2025. However, working capital dynamics show signs of strain: debtor days increased to 137 days in Mar 2026 from 130 days a year earlier. The balance sheet reflects aggressive expansion, with borrowings rising to ₹673 crore by Sep 2026 and fixed assets growing to ₹2,420 crore. Cash from financing activities turned negative (-₹155 crore in FY2026), indicating debt repayment or dividend outflows, while cash reserves decreased to ₹423 crore as of Sep 2026.

The most critical checkpoint is whether management can restore net profit margins in subsequent quarters, given the recent sharp decline despite stable operating profits and rising sales.

- Sales grew 26% YoY to ₹4,876 crore in Q2 FY2026-27, but net profit fell sharply to ₹394 crore from ₹1,279 crore in the prior quarter, signaling margin pressure.
- Operating profit held steady at ₹720 crore in Q2 FY2026-27, matching the previous quarter despite significant revenue growth.
- ROCE improved to 34% in Mar 2026, reflecting efficient capital usage, though debtor days rose to 137 days in Mar 2026.
- Borrowings increased to ₹673 crore by Sep 2026, and cash reserves declined to ₹423 crore, while fixed assets expanded to ₹2,420 crore.

### Bear Case

Suzlon Energy faces significant headwinds as operating earnings remained flat in the first half of FY27 despite rising business volumes, highlighting a divergence between top-line growth and stagnant profitability. This margin pressure has triggered negative market reactions; shares fell 10% after major brokers slashed target prices citing disappointing second-quarter margins. Technical indicators reinforce this caution: the daily Supertrend is bearish with an ADX of 35.26, signaling strong downward momentum. The stock is trading at ₹38.80, well below its 52-week high, and has suffered a year-to-date decline of -26.1% and a one-year return of -34.9%. The current drawdown stands at -45.7%, with annualized volatility at +37.1%, reflecting elevated risk. Analysts advise avoiding the stock due to its bearish structure, while competition from rivals like Adani and JSW intensifies.

- Profitability Divergence: Operating earnings remained flat in H1 FY27 despite rising revenues, indicating margin compression amid intensifying competition.
- Price Action & Sentiment: Shares dropped 10% on broker-led target price cuts; daily technicals show a bearish Supertrend (ADX 35.26) and YTD loss of -26.1%.
- Volatility & Drawdown: The stock exhibits high risk with annualized volatility of +37.1% and a current drawdown of -45.7%, trading at ₹38.80.
- Analyst Caution: Technical analysts identify prevailing bearish structures, advising avoidance, while short-covering potential remains speculative.

- [Suzlon targets 10 GW business in Karnataka in 5 years; plans two wind parks, blade plant](https://www.thehindubusinessline.com/companies/suzlon-targets-10-gw-business-in-karnataka-in-5-years-plans-two-wind-parks-blade-plant/article71670437.ece)
- [Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- [Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- [As Suzlon gains speed, familiar concerns re-emerge](https://www.moneycontrol.com/news/opinion/as-suzlon-gains-speed-familiar-concerns-re-emerge-14070688.html)
- [Suzlon Energy Share Price Today, Suzlon Energy Stock Price Live NSE/BSE Updates | The Economic Times](https://economictimes.indiatimes.com/suzlon-energy-ltd/stocks/companyid-1209.cms)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026171020_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026170822_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2328_WebXMLFile_20261105_171240173.xml)
- [Suzlon Energy Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174449_Suzlon04112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Rumour Verification - Regulation 30(11) |SUBJECT: Rumour Verification - Regulation 30(11)](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174858_Suzlon04112026.pdf)

### FAQs

**What were Suzlon Energy's key financial and operational results for Q2 FY27?**

For the quarter ended September 2026, Suzlon reported revenue of ₹4,869 crores, EBITDA of ₹720 crores, and profit after tax of ₹394 crores. Operational deliveries stood at 710 MW with installations of 454 MW. The company also holds a consolidated net worth of ₹10,277 crores and net cash of ₹2,048 crores.

**Why did Suzlon shares fall 10% recently despite strong quarterly numbers?**

Shares declined following target price cuts by Nuvama and other brokers citing disappointing second-quarter margins. Management commentary in the Q2 earnings transcript noted that operating earnings remained flat during the first half of FY27 despite top-line growth, raising concerns about profitability amid intensifying competition from rivals like Adani and JSW.

**What are the current technical trends and price levels for SUZLON?**

As of November 6, 2026, the daily trend is bearish with the stock closing at ₹38.80. Key resistance levels are near ₹38.84 and ₹39.08, while support exists at ₹38.44 and ₹38.20. The stock has experienced a significant drawdown of -45.7% currently, with a one-year return of -34.9%.

**What strategic expansions is Suzlon planning for the future?**

Suzlon aims to establish a 10 GW wind energy business in Karnataka over five years. This includes two plug-and-play wind parks (2.2 GW combined) and a blade manufacturing plant for 2 GW turbines. The company plans to use its DevCo model to reduce execution time for project developers.

- [Suzlon targets 10 GW business in Karnataka in 5 years; plans two wind parks, blade plant](https://www.thehindubusinessline.com/companies/suzlon-targets-10-gw-business-in-karnataka-in-5-years-plans-two-wind-parks-blade-plant/article71670437.ece)
- [Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- [Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- [As Suzlon gains speed, familiar concerns re-emerge](https://www.moneycontrol.com/news/opinion/as-suzlon-gains-speed-familiar-concerns-re-emerge-14070688.html)
- [Suzlon Energy Share Price Today, Suzlon Energy Stock Price Live NSE/BSE Updates | The Economic Times](https://economictimes.indiatimes.com/suzlon-energy-ltd/stocks/companyid-1209.cms)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026171020_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026170822_Suzlon05112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2328_WebXMLFile_20261105_171240173.xml)
- [Suzlon Energy Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174449_Suzlon04112026.pdf)
- [Suzlon Energy Limited has informed the Exchange about Rumour Verification - Regulation 30(11) |SUBJECT: Rumour Verification - Regulation 30(11)](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174858_Suzlon04112026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹38.44
- Risk regime: Higher Price Risk

### Support levels
- 38.03
- 36.31
- 33.15

### Resistance levels
- 42.85
- 43.54
- 44.22

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.54% |
| return_10 | +3.74% |
| return_1m | -0.92% |
| return_1y | -34.91% |
| return_20 | +6.51% |
| return_3m | -19.33% |
| return_5 | +14.45% |
| return_6m | -28.57% |
| return_since_start | -40.61% |
| return_ytd | -26.05% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -52.57% |
| annualized_volatility | +37.08% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Suzlon Energy Limited Q2 FY2026-27: Revenue up 27% sequentially

Revenue from operations rose 27.3% quarter on quarter to ₹4,876 crore in Q2 FY2026-27, while profit for the period increased 29.1% to ₹394 crore. Year on year, revenue grew 26.0%, but profit fell 69.2%, reflecting a marked divergence between sales growth and reported earnings.

## Revenue and expenses

Revenue from operations increased from ₹3,829 crore in Q1 FY2026-27 to ₹4,876 crore, but remained below ₹5,493 crore in Q4 FY2025-26. It was up from ₹3,871 crore in Q2 FY2025-26.

Total expenses rose 26.4% sequentially to ₹4,390 crore, slightly slower than revenue. Cost of materials consumed was ₹3,305 crore, employee benefit expense ₹290 crore and depreciation, depletion and amortisation ₹111 crore. Materials were the largest of these reported expense items.

## Profit, tax and earnings per share

Profit before tax increased 33.1% quarter on quarter to ₹518 crore from ₹389 crore in Q1 FY2026-27. It was 7.9% below the ₹563 crore recorded in Q2 FY2025-26. Profit for the period rose from ₹305 crore in Q1, but was down from ₹1,279 crore a year earlier and ₹1,114 crore in Q4 FY2025-26.

Tax expense was ₹124 crore, compared with ₹84 crore in Q1 FY2026-27. It comprised deferred tax expense of ₹119 crore and current tax expense of ₹5.5 crore. Finance costs declined 8.3% sequentially to ₹123 crore, but were above the ₹110 crore reported in Q2 FY2025-26.

Basic and diluted earnings per share from continuing operations were ₹0.29, up from ₹0.22 in Q1 FY2026-27 and below ₹0.93 in Q2 FY2025-26 and ₹0.81 in Q4 FY2025-26.

## Balance sheet and working capital

At 30 September 2026, inventories stood at ₹5,461 crore, up from ₹4,512 crore at 31 March 2026. Current trade receivables were ₹6,786 crore, compared with ₹6,269 crore at the previous financial year-end. Current liabilities were ₹8,451 crore, including current trade payables of ₹5,205 crore.

Cash and cash equivalents were ₹423 crore at 30 September 2026, down from ₹631 crore at 31 March 2026. Bank balances other than cash and cash equivalents were ₹409 crore, while current financial assets totalled ₹8,180 crore. Property, plant and equipment stood at ₹1,483 crore, up from ₹1,360 crore at 31 March 2026.

The higher period-end inventories and receivables, alongside the sequential revenue increase, indicate a larger working-capital position than at 31 March 2026. Cash and cash equivalents were lower over the same period.

## Other comprehensive income

Other comprehensive income was a loss of ₹1.63 crore, compared with a loss of ₹1.23 crore in Q1 FY2026-27. Comprehensive income was ₹392.52 crore, close to profit for the period of ₹394.15 crore.

## Key Takeaway

Q2 FY2026-27 brought a sequential recovery in revenue, pre-tax profit and earnings per share, with expenses growing slightly slower than revenue. Yet profit remained substantially below Q2 FY2025-26, while inventories and receivables increased and cash and cash equivalents declined from their 31 March 2026 levels.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +11.70%
- FII holding: +22.74%
- DII holding: +10.24%
- Mutual fund holding: +6.54%
- Retail holding: +26.76%
- Promoter pledged: +0.00%

### Major reported shareholders

- Tanti Holdings Private Limited — +4.62% (Bodies Corporate)
- Rambhaben Ukabhai — +3.24%
- MOTILAL OSWAL NIFTY 500 ETF — +3.21%
- Samanvaya Holdings Private Limited — +2.66% (Bodies Corporate)
- BELGRAVE INVESTMENT FUND . — +1.86%
- CANNON REALTY PVT. LTD. — +1.75%
- ADITYA THERMAL ENERGY PRIVATE LIMITED — +1.28%
- VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND — +1.20%
- VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERI — +1.15%
- AMRIK SINGH AND SONS CRANE SERVICES PRIVATE LIMITED — +1.05%

## Official filings

- 2026-11-05 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026171020_Suzlon05112026.pdf)
- 2026-11-05 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_05112026170822_Suzlon05112026.pdf)
- 2026-11-05 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2328_WebXMLFile_20261105_171240173.xml)
- 2026-11-04 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174449_Suzlon04112026.pdf)
- 2026-11-04 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_04112026174858_Suzlon04112026.pdf)
- 2026-10-30 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_30102026142755_Suzlon30102026.pdf)
- 2026-10-29 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_29102026154942_Suzlon29102026.pdf)
- 2026-10-29 — Financial Results Filing: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748965_29102026051002_WEB.xml)
- 2026-10-29 — Financial Results Filing: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748970_29102026051143_WEB.xml)
- 2026-10-29 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_29102026203518_Suzlon29102026.pdf)
- 2026-10-29 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2328_WebXMLFile_20261029_203757679.xml)
- 2026-10-28 — Credit Rating Update: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_28102026093056_Suzlon28102026.pdf)
- 2026-10-26 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2328_WebXMLFile_20261026_182537399.xml)
- 2026-10-26 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_26102026182031_Suzlon26102026.pdf)
- 2026-10-21 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2328_WebXMLFile_20261021_140203540.xml)
- 2026-10-21 — Board Meeting Notice: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2328_WebXMLFile_20261021_140203540.xml)
- 2026-10-21 — Board Meeting Notice: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_21102026135946_Suzlon21102026.pdf)
- 2026-10-21 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_21102026160631_Suzlon21102026.pdf)
- 2026-10-21 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_2328_WebXMLFile_20261021_160937897.xml)
- 2026-10-15 — Shareholding Disclosure: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1739068_15102026051415_WEB.xml)
- 2026-10-13 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_13102026100034_Suzlon13102026.pdf)
- 2026-10-09 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_09102026145146_Certificate_74_5_.pdf)
- 2026-10-08 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_08102026180833_Suzlon08092026.pdf)
- 2026-09-24 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SUZLON1_24092026145503_Suzlon24092026.pdf)
- 2026-09-24 — Generic Announcement: Suzlon Energy Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2328_WebXMLFile_20260924_145742741.xml)

## News and market events

- 2026-11-05 — The Hindu: **Suzlon targets 10 GW business in Karnataka in 5 years; plans two wind parks, blade plant** — Suzlon Energy aims to establish a 10 GW wind energy business in Karnataka over five years, including two plug-and-play wind parks with a combined capacity of 2.2 GW and a new blade manufacturing plant capable of producing components for 2 GW turbines. The company plans to utilize its Development Company (DevCo) model to handle site preparation and development requirements, thereby reducing execution time for project developers. These initiatives were outlined by President Dinesh Jagdale at the Bharat Renewable Energy Summit 2026, where he also noted that government incentives would support sec — [Source](https://www.thehindubusinessline.com/companies/suzlon-targets-10-gw-business-in-karnataka-in-5-years-plans-two-wind-parks-blade-plant/article71670437.ece)
- 2026-11-05 — BUSINESSTODAY: **Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss** — Indian equity benchmarks rose on improved risk appetite following US midterm election outcomes, with traders focusing on utilities stocks Suzlon Energy, Waaree Energies, and Vedanta Power. Technical analyst Laxmikant Shukla of YES Securities identified Vedanta Power as a buy opportunity targeting Rs 45, while advising to avoid both Suzlon Energy and Waaree Energies due to their prevailing bearish structures. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- 2026-11-05 — BUSINESSTODAY: **Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering** — Bajaj Broking identified 17 F&O stocks, including Suzlon Energy, UPL, and PFC, as potential candidates for short-covering activity on November 5, citing a strong gap-up opening in Gift Nifty and derivative metrics showing elevated open interest alongside weak price action. The brokerage highlighted that stocks like UPL and Policybazaar exhibit positioning conditions that could trigger unwinding of short bets, while also noting breakout or resistance scenarios for other equities based on call open interest levels. Bajaj Broking cautioned that these observations are informational, do not constit — [Source](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- 2026-11-05 — MONEYCONTROL: **As Suzlon gains speed, familiar concerns re-emerge** — Suzlon Energy is experiencing rising business volumes and revenues in the wind energy sector, which faces increasing competition. However, operating earnings remained flat during the first half of FY27 despite this growth. This divergence between top-line expansion and stagnant profitability has prompted concerns regarding the company's financial performance. — [Source](https://www.moneycontrol.com/news/opinion/as-suzlon-gains-speed-familiar-concerns-re-emerge-14070688.html)
- 2026-11-04 — Economic Times: **Suzlon Energy Share Price Today, Suzlon Energy Stock Price Live NSE/BSE Updates | The Economic Times** — Suzlon Energy shares fell 10% after Nuvama and other brokers slashed target prices, citing disappointing second-quarter margins. The company faces intensifying competition in the wind energy market from rivals such as Adani and JSW. — [Source](https://economictimes.indiatimes.com/suzlon-energy-ltd/stocks/companyid-1209.cms)
- 2026-11-04 — The Hindu: **Grasim, Suzlon join hands to develop recyclable wind turbine blades** — Grasim Industries and Aditya Birla Renewables have partnered with Suzlon Energy to develop and commercialize wind turbines featuring recyclable blades, aiming to mitigate the waste challenge posed by conventional thermoset composite materials. Under a Memorandum of Understanding, Grasim will supply its Recyclamine epoxy technology for chemical recycling, while Suzlon integrates it into manufacturing and ABRen deploys a pilot turbine for performance assessment. The collaboration seeks to establish a circular wind energy ecosystem, with Suzlon targeting recyclable designs for all future turbines — [Source](https://www.thehindubusinessline.com/companies/grasim-suzlon-join-hands-to-develop-recyclable-wind-turbine-blades/article71665913.ece)
- 2026-11-04 — FEEDS: **Grasim Arm Aditya Birla Renewables Signs MoU With Suzlon For Wind Turbines** — Grasim Arm Aditya Birla Renewables and Suzlon have signed a memorandum of understanding at the Bharat Renewable Energy Summit & Expo 2026. The pact aims to develop, commercialise, and scale what the companies describe as India's first wind turbines with recyclable blades. — [Source](https://www.ndtvprofit.com/business/grasim-arm-aditya-birla-renewables-signs-mou-with-suzlon-for-wind-turbines-12282068)
- 2026-11-04 — CNBC-TV18: **Suzlon Energy shares gain up to 5% after tie-up with Grasim for recyclable blades wind turbines; Details here** — Suzlon Energy shares rose up to 5% on November 4 following an announcement that the company has entered into a memorandum of understanding with Grasim to develop India's first wind turbines featuring recyclable blades powered by Recyclamine technology. Under the pilot collaboration, Suzlon will integrate the technology into its manufacturing while Aditya Birla Renewables plans to deploy a turbine with these blades at a project site to demonstrate commercial viability. The partnership aims to accelerate material circularity and explore broader market adoption across India and other agreed regio — [Source](https://www.cnbctv18.com/market/suzlon-energy-share-price-grasim-tie-up-recyclable-blades-wind-turbines-india-global-opportunities-mou-20026972.htm)
- 2026-11-04 — BUSINESSTODAY: **Suzlon, Grasim shares climbed up to 5% today; here's why** — Suzlon Energy and Grasim Industries have entered a pact to develop, commercialize, and scale India’s first wind turbines with recyclable blades on a pilot basis. Under the collaboration, Suzlon will integrate Recyclamine technology into its manufacturing process while Aditya Birla Renewables will deploy the turbine at a project site to demonstrate commercial viability. The partnership aims to address the recycling challenges of conventional thermoset composite blades by enabling chemical recycling through epoxy technology supplied by Grasim. — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-grasim-shares-climbed-up-to-5-today-heres-why-565658-2026-11-04)
- 2026-11-04 — BUSINESSTODAY: **Suzlon share price targets: Key concern amid 33% stock fall in six months** — Suzlon Energy shares have fallen 32.81% over six months despite receiving 'Buy' ratings from at least six brokerages, with a consensus target of Rs 51.30 implying 38.9% upside. While analysts cite a strong 6 GW order book and improving execution as drivers for -term growth, key concerns persist regarding margin pressure and limited domestic market capacity. Consequently, some firms like JM Financial have downgraded the stock to 'Add', highlighting risks related to competition and profitability challenges. — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-share-price-targets-key-concern-amid-33-stock-fall-in-six-months-565563-2026-11-04)
- 2026-11-03 — BUSINESSTODAY: **Buy Suzlon Energy for 65% upside, says Religare Broking; rising order book and risks ahead** — Religare Broking has issued a BUY rating for Suzlon Energy with a price target of Rs 57, citing a 65% upside driven by a robust order book exceeding 6 GW and improving execution visibility. The brokerage revised its FY27 EBITDA margin estimate downward to 15.8% from 18%, acknowledging near-term pressures from project mix, commodity costs, and investments in the company's 'Suzlon 2.0' transformation. Investors are advised to monitor the conversion of the 1.25 GW erected turbine backlog into commissioned projects and the trajectory of margin recovery as deliveries ramp up in H2 FY27. — [Source](https://www.businesstoday.in/markets/stocks/story/buy-suzlon-energy-for-65-upside-says-religare-broking-rising-order-book-and-risks-ahead-565429-2026-11-03)
- 2026-11-02 — Mint: **Top power stocks: Jaiprakash Power vs Suzlon vs Vedanta Power vs Reliance Power vs Inox Wind | Experts' views, target** — Market experts provided divergent stock recommendations for five renewable energy companies, advising avoidance of Jaiprakash Power Ventures and Reliance Power while recommending Suzlon Energy, Inox Wind, and Vedanta Power based on varying risk appetites. — [Source](https://www.livemint.com/market/stock-market-news/top-power-stocks-jaiprakash-power-vs-suzlon-vs-vedanta-power-vs-reliance-power-vs-inox-wind-experts-views-target-11793602441883.html)
- 2026-11-02 — BUSINESSTODAY: **Suzlon shares may rally 100%, say Centrum; check key reasons, ratings, targets and more** — Centrum Broking slashed its target price for Suzlon Energy Ltd to Rs 68 from Rs 74 and lowered earnings estimates due to weaker operating margins, while other brokerages including JM Financial, Axis Capital, Anand Rathi, ICICI Securities, and Investect also revised their ratings or targets for the stock. — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-shares-may-rally-100-say-centrum-check-key-reasons-ratings-targets-and-more-565097-2026-11-02)
- 2026-10-30 — Economic Times: **Suzlon Energy cuts operating margin guidance to 15%** — Suzlon Energy has reduced its FY27 operating margin guidance to 15%, down from an earlier projection of 17%, citing unfavorable project mix, rising commodity costs, and foreign exchange volatility. The company expects margins to improve in subsequent quarters as non-recurring expenses taper off and business volumes increase following the monsoon season. — [Source](https://economictimes.indiatimes.com/industry/renewables/suzlon-energy-cuts-operating-margin-guidance-to-15/articleshow/135375153.cms)
- 2026-10-30 — CNBC-TV18: **FIIs return to buying Indian stocks with ₹3,599 crore inflows; DIIs turn net sellers** — Foreign institutional investors purchased shares worth ₹3,598.54 crore on a provisional basis on Friday, marking a reversal from Thursday's net selling of ₹943.60 crore. Concurrently, domestic institutional investors sold equities worth ₹817.51 crore, contrasting with their net buying position on the previous day. — [Source](https://www.cnbctv18.com/market/fiis-return-to-buying-indian-stocks-with-rs3599-crore-inflows-diis-turn-net-sellers-20023622.htm)
- 2026-10-30 — CNBC-TV18: **Sensex, Nifty extend gains for 2nd day: IT stocks lead rally, broader market underperforms** — Indian equity benchmarks extended gains for a second consecutive session, driven by buying in information technology stocks and select heavyweight shares, although the broader market underperformed. Specific stock movements were attributed to quarterly results, analyst notes, and management changes. — [Source](https://www.cnbctv18.com/market/sensex-nifty-extend-gains-for-2nd-day-it-stocks-lead-rally-broader-market-underperforms-20023387.htm)
- 2026-10-30 — MONEYCONTROL: **Buy Suzlon Energy; target of Rs 55: ICICI Securities** — ICICI Securities has issued a 'Buy' recommendation for Suzlon Energy, setting a target price of Rs 55. This analyst action suggests an improved outlook for the company's near-term performance. — [Source](https://www.moneycontrol.com/news/business/buy-suzlon-energy-target-of-rs-55-icici-securities-14064372.html)
- 2026-10-30 — BUSINESS: **Mid Smallcaps under pressure; Suzlon, Swiggy, STL, HFCL slip up to 10%** — Suzlon Energy shares fell up to 10% after JM Financial Institutional Equities downgraded the stock to 'ADD' from 'BUY', citing expected margin and growth pressure due to limited domestic wind energy market size and rising industry capacity. The broader mid-cap and small-cap indices also faced selling pressure, with Nifty Midcap 100 and Nifty Smallcap 100 falling up to 2% intraday. — [Source](https://www.business-standard.com/markets/news/mid-smallcaps-under-pressure-suzlon-swiggy-stl-hfcl-slip-up-to-10-126103000657_1.html)
- 2026-10-30 — BUSINESS: **Sensex zooms 1,500 pts in 2 days, Nifty tops 23K: Why are bulls in charge?** — Several listed companies experienced distinct stock price movements linked to their Q2 financial results or market debut, including Vedanta Oil and Gas, Suzlon Energy, IndiGo, Trent, Varun Beverages, Eternal, and Jio Platforms. — [Source](https://www.business-standard.com/markets/news/sensex-zooms-1-500-pts-in-2-days-nifty-tops-23k-why-are-bulls-in-charge-126103000686_1.html)
- 2026-10-30 — BUSINESSTODAY: **Suzlon Energy shares slide 10% to hit 52-week low after Q2 earnings; what's weighing on the stock?** — Suzlon Energy shares fell nearly 10% after reporting Q2 FY27 earnings that revealed declining EBITDA margins despite top-line growth, prompting JM Financial and Nuvama to lower their outlooks and target prices due to expected margin pressure from increased EPC activity and competitive intensity. — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-energy-shares-slide-10-to-hit-52-week-low-after-q2-earnings-whats-weighing-on-the-stock-564708-2026-10-30)
- 2026-10-30 — Mint: **Crash! Suzlon Energy share price: Stock tanks 10% to 52-week low after weak Q2 results 2026: Buy or avoid? Target price** — Suzlon Energy shares fell nearly 10% to a 52-week low after the company reported a 69% year-on-year decline in consolidated net profit for the September quarter, largely due to a one-time tax benefit recognized in the prior year. Management lowered its full-year EBITDA margin guidance to 15% plus-minus from 17% plus-minus, citing margin pressure despite record wind turbine deliveries. — [Source](https://www.livemint.com/market/stock-market-news/crash-suzlon-energy-share-price-stock-tanks-10-to-52-week-low-after-weak-q2-results-2026-buy-or-avoid-target-price-11793334115728.html)
- 2026-10-30 — MONEYCONTROL: **Suzlon Energy shares crash 10% after Q2 results; JM Financial downgrades stock to add, revises target price** — Suzlon Energy shares fell 10% following the release of its Q2 results. Concurrently, JM Financial downgraded the stock to 'add' and revised its target price. — [Source](https://www.moneycontrol.com/news/business/markets/suzlon-energy-shares-crash-10-after-q2-results-jm-financial-downgrades-stock-to-add-revises-target-price-14064280.html)
- 2026-10-30 — BUSINESSTODAY: **Fresh low for Suzlon Energy post Q2 results, stock tumbles 9%** — Shares of Suzlon Energy Ltd fell 9% to Rs 33.21, marking a fresh 52-week low, following sharp price target cuts by analysts on its Q2 earnings results. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/fresh-low-for-suzlon-energy-post-q2-results-stock-tumbles-564699-2026-10-30)
- 2026-10-30 — BUSINESSTODAY: **Stocks in news today: RIL, Suzlon Energy, Trent, Deepak Nitrite and more** — Multiple listed companies including Reliance Industries, Vedanta Power, InterGlobe Aviation, Suzlon Energy, Vedanta Oil and Gas, Blue Star, Trent, Indegene, and Deepak Nitrite reported or are set to report their Q2 FY27 financial results, showing mixed performance across sectors. — [Source](https://www.businesstoday.in/markets/stocks/story/stocks-in-news-today-ril-suzlon-energy-trent-deepak-nitrite-and-more-564679-2026-10-30)
- 2026-10-30 — CNBC-TV18: **Q2 Results Live Updates: Suzlon, Trent react to numbers; RIL, Sun Pharma, BEL, report today** — Reliance Industries, Sun Pharma, Bharat Electronics, Max Healthcare, Bank of Baroda, Dixon Technologies, Delhivery, GAIL, Engineers India, and Indian Oil Corporation are among the companies reporting their Q2 financial results today. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-reliance-industries-jio-sun-pharma-bel-gail-dixon-bob-ioc-eil-suzlon-trent-max-health-share-price-liveblog-20022987.htm)

## Business profile

**Strategic vision:** Integrated renewable energy systems across wind, solar, and storage.

### Business segments
- **RE DevCo (Renewable Energy Development Company):** Focuses on making projects development-ready through smart planning, supporting land acquisition, resource assessment, regulatory compliance, grid connectivity, and permitting requirements.
- **RE Projects (EPC Services):** Offers Engineering, Procurement, and Construction (EPC) services, encompassing civil and electrical transmission, project management, safety, quality, and commissioning, with planning centered around long-term operations.
- **RE Asset Management:** Enables Commercial & Industrial businesses to access renewable energy by sourcing from professionally developed and operated integrated energy parks, removing the need for direct ownership and operation of infrastructure.
- **Operations & Maintenance (O&M):** Provides solutions for wind turbine operations through expertise, digital monitoring, maintenance discipline, and lifecycle asset management.
- **Performance/Digital Services:** Utilizes SCADA, digital, and physical performance-enhancing tools to optimize energy system performance and manage renewable assets intelligently.

### Competitive strengths
- Integrated end-to-end model across the renewable energy asset lifecycle.
- Global research and development centers in multiple countries.
- Expertise in multi-brand operations and maintenance.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/suzlon
Markdown representation: https://faxioms.com/stocks/suzlon?render=md