Debt-Free Suzlon Energy Now Aims For 60% Growth

In a bold shift from its troubled past, Suzlon Energy is setting its sights on a 60 percent jump in revenue, profit, and deliveries for FY26, marking its most confident strategic pitch yet for renewed dominance in India’s wind energy landscape.

The ambition, outlined during the company’s recent earnings call, comes as Suzlon emerges debt-free with a net cash position of INR 1,943 crore—a milestone that was unthinkable just a few years ago. More than a financial update, the call underscored a broader repositioning: Suzlon is no longer in recovery mode—it’s in expansion mode, with clear policy alignment, domestic manufacturing strength, and a sharpened focus on execution.

Here are the six key takeaways from the investors’ call of Suzlon Energy, India’s key domestic wind turbine manufacturer and wind energy EPC firm–

A Bold Growth Call

Suzlon reported delivery of 1,550 MW in FY25, reflecting a 118 percent rise over the previous year. Revenues stood at INR 10,851 crore (67 percent YoY growth) with a profit after tax of INR 2,072 crore. But the real headline came next: a forecast of 60 percent growth across key performance metrics in FY26.

Management pointed to a 5.5 GW order book and manufacturing capacity expandable from 4.5 GW to 5.5 GW with process optimization. Equally significant is Suzlon’s shift toward early land acquisition and EPC contracts with land readiness—critical in a market constrained by land and transmission bottlenecks.

Make-in-India Advantage Turns Strategic

Suzlon’s turbine platform, S144, fully built in India and tailored for local wind conditions, now offers a competitive edge as the government tightens RLMM norms for domestic sourcing. While rivals scramble to localize, Suzlon’s long-standing domestic integration is turning into a compliance and cost advantage.

For perhaps the first time in over a decade, the company finds itself better positioned than imported turbine competitors—not just in terms of regulation, but in economics and execution certainty, the investor’ call hinted.

Wind’s Moment in the Solar Era

As India’s solar generation increasingly floods the grid during daylight hours—driving prices and grid frequencies to critical levels—Suzlon is pitching wind as the natural complement. Wind power’s ability to generate during evening peaks addresses emerging loss-of-load risks, which hit 40 percent during March–April evenings this year.

While battery-backed solar is still priced above INR 6.5/kWh, Suzlon points to wind’s lower tariff range of INR 3.6–3.7/kWh as a key differentiator in building reliable, round-the-clock renewable power systems.

Turnaround Anchored in Financial Strength

After years of navigating insolvency proceedings, Suzlon’s turnaround is now underpinned by financial strength. The net cash surplus not only enables fresh capital deployment but also signals institutional resilience. The company now balances high-volume EPC work with a leaner operational model and higher-margin O&M services—transforming itself into a utility-grade equipment and services provider.

Smarter Turbines, Not Just Bigger

Rather than chasing high megawatt ratings like some global peers, Suzlon is doubling down on turbine designs optimized for India’s low-wind sites. The S144’s large rotor and higher hub height were cited as more effective than smaller-rotor, high-MW models. The company’s 60 wind measurement masts deployed across India now serve as a forward-looking R&D tool to anticipate future product needs.

SE Forge and New Growth Verticals

Suzlon’s forging arm, SE Forge, is beginning to show signs of becoming a true growth vertical, with improved utilization and expansion into sectors like railways and defense. While exports remain a longer-term bet, Suzlon indicated readiness to pivot when domestic supply outpaces demand or when international trade dynamics shift.

The Big Picture

FY25 marked more than just Suzlon’s financial comeback—it signaled the company’s reinvention. Once burdened by debt and outpaced by solar-led growth, Suzlon is now leveraging its domestic foundation, regulatory tailwinds, and capital discipline to reclaim relevance.

As India looks to scale wind capacity in hybrid formats and under grid-constrained realities, Suzlon’s strategy, product portfolio, and execution playbook appear more aligned than ever. This is no longer a turnaround story. It’s a case of strategic recalibration—backed by cash, clarity, and conviction.