Analysts/Institutional Investor Meet/Con. Call Updates

4th November 2026. National Stock Exchange of India Limited, BSE Limited, “Exchange Plaza”, P.J. Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai-400051. Mumbai-400001. Dear Sirs, Sub.: Q2 FY27 Earnings Conference Call. In continuation to our earlier communications in the subject matter, enclosed please find the copy of the Transcript, which is also available on the website of the Company (www.suzlon.com). This is for your information as also for the information of your members and the public at large. Thanking you, Yours faithfully, For Suzlon Energy Limited Geetanjali S.Vaidya, Company Secretary. Encl.: As above. “Suzlon Energy Limited Q2 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. AJAY KAPUR – GROUP CHIEF EXECUTIVE OFFICER – SUZLON ENERGY LIMITED MR. RAHUL JAIN– GROUP CHIEF FINANCIAL OFFICER – SUZLON ENERGY LIMITED Page 1 of 18 Suzlon Energy Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Suzlon Energy Limited Q2 FY27 Earnings Conference Call. During this call, the company management may make certain statements that reflect their outlook for the future, which could be construed as forward-looking statements. These statements are based on management's current expectations and are associated with uncertainties and risks as detailed in the Annual Report. Actual results may differ, so these statements should be reviewed in conjunction with the risk the company faces. As a reminder, all participant lines will be in the lesson-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. We will begin with the opening remarks followed by a Q&A session. To be fair to others, we kindly request each participant to ask no more than two or three questions. From the management, we have with us Mr. Ajay Kapur, Group CEO; and Mr. Rahul Jain, Group CFO and senior members of the finance team. I now hand the conference over to Mr. Ajay Kapur. Thank you, and over to you, sir. Ajay Kapur: Thank you. Good evening, everyone, and thank you for joining Suzlon's Q2 FY27 earnings call. Let me start by talking about the industry. This year marks a significant inflection point for India's wind energy sector. The industry has moved beyond proving its relevance and is now increasingly being recognized as a strategic pillar of India's energy security, manufacturing growth, and decarbonization agenda. During the quarter, India crossed 59 gigawatts of installed wind capacity while maintaining one of the world's largest and most indigenized wind manufacturing ecosystems. The focus is on building a resilient domestic industry capable of supporting India's long-term energy ambitions and emerging as a global export hub. Green Energy Corridor Phase-III, approved by the Cabinet recently, is a significant step towards strengthening intrastate transmission infrastructure, enabling evacuation of up to 135 gigawatts of RE capacity. This long-awaited industry demand enhances transmission readiness, reduces evacuation risks, and provides greater certainty for project execution, supporting India's target of 100 gigawatts wind and 300 gigawatts solar capacity by FY30. Equally encouraging is the strength of the industry's execution pipeline. With over 40 gigawatts of projects under various stages of implementation, annual manufacturing capacity exceeding 20 gigawatts, wind equipment exports have emerged as a major growth opportunity, with exports exceeding INR12,000 crores in FY26, demonstrating India's growing global competitiveness. Bid momentum is also gaining traction, with almost 8-9 gigawatts of wind RTC, FDRE, wind- dominated tenders being awarded in H1 FY27. C&I pipeline also stands robust. This sets the stage for a multi-year growth cycle, with annual installations expected to cross 10 gigawatts in the near term and reach 15 gigawatts by FY31. Overall, the convergence of energy security prioritizes manufacturing strength, repowering Page 2 of 18 Suzlon Energy Limited October 29, 2026 opportunities, offshore wind development, transmission expansion, and rising power demand provide strong visibility for a sustained multi-year growth cycle for the Indian wind sector. Now taking you through the Q2 FY27 business highlights. Suzlon delivered 710 megawatts in Q2 with 40% jump quarter-on-quarter, making our ever highest second quarter India deliveries. This performance was achieved despite Q2 seasonally being a lean quarter on account of monsoon. The most salient achievement for the quarter was in terms of commissioning, wherein Suzlon installations grew more than 69% from 269 megawatts to 454 megawatts in Q2 FY27. Talking about half year H1, the installations reached 723 megawatts. Further, 1.25 gigawatts of erected turbines in pipeline for future commissioning will pave the way for uptick in the commissioning going forward. Our order book of 6 gigawatts reaffirms our market leadership. In H1 '27, we have already secured 1.5 gigawatts of orders and continue to have strong pipeline. The current order backlog provides coverage for 18 months, and healthy order pipeline gives strong confidence and comfort for maintaining the growth momentum. Order book is not constrained with strong demand in industry and DevCo model offering in place to help keep momentum growing. Our focus remains on closing quality orders at regular intervals rather than achieving quarterly run rate. With the S175 5.x and S163 6.x, Suzlon is expanding its technology portfolio with high capacity turbines that deliver superior yields, better reliability, the lower LCOE, unlocking opportunities across repowering and new build projects worldwide. 4.5 gigawatts manufacturing capacity, fully operational. Expanding footprint with three AI-enabled smart blade factories to drive efficiency and scale, Suzlon 2.0 is translating into tangible growth opportunities across multiple adjacencies. Our RE Tech successfully commissioned the proto of first S175 5 megawatts turbine and secured the first customer order of 21 turbines of 105 megawatts. Our DevCo shows a strong market acceptance, reflected in 900 megawatts of orders already booked in H1 '27. On exports, we are seeing good traction, with customers expected to receive orders in the next few quarters. With respect to integrated offering in terms of FDRE, we are in active discussions and finalizing the terms with prospective partners. Suzlon 2.0 is a 5-year journey, and I am personally satisfied with the progress made so far. Our RE AMS India business remains strong with 16.5 plus gigawatts of installed base, with EBITDA margins maintained north of 40%. Our foundry and forging continues to scale strongly, in Q2 delivering revenues of INR167 crores and EBITDA of INR50 crores with continued momentum driven by domestic demand and export growth. Now I will invite Rahul Jain, our Group CFO, to take you through our financial performance. Rahul. Rahul Jain: Thank you, Ajay. Good evening, ladies and gentlemen. I would be using slides 18 to 27 of our investor presentation, which has been uploaded on our website as the reference point for my Page 3 of 18 Suzlon Energy Limited October 29, 2026 discussion during this presentation. In Q2 FY27, revenue grew 27% Q-on-Q to INR4,869 crores from INR3,819 crores in Q1 FY27. EBITDA improved to INR720 crores, up 21% from previous quarter. Profit after tax stands at INR394 crores, up 29% from Q1 FY27. The company has delivered strong sequential growth on key financial parameters. When compared on Y-o-Y basis, consolidated EBITDA percentage has been impacted on account of below: declined WTG contribution margins from 26.9% to 21.2%, primarily due to segment customer and scope mix changes, and additionally, forex and commodity volatility, making it a key driv [Showing first 8,000 characters — download PDF for full document]