Earning call Transcript

4th August 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.: Q1 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 Q1 FY27 Earnings Conference Call” July 28, 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 16 Suzlon Energy Limited July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Suzlon Energy Limited Q1 and FY27 Earnings Conference Call. During this call, the companymanagement may make certain statementsthat reflect their outlook for the future. This 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. These statements should be reviewed in conjunction with the risks that the company faces. As a reminder, all participant lines will be in the listen-only mode and if 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 remark followed by a question-and-answer 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 sir. Thank you, and over to you, sir. Ajay Kapur: Thank you. Good evening, everyone, and thank you for joining Suzlon's Q1 FY27 Earnings Call. FY27 has started strongly for Suzlon and the Indian wind industry. Even amid global geopolitical tensions in the Middle East and resulting for supply chain volatility, we have sustained strong execution demonstrating the resilience of our business model and the strength of India's RE opportunity. While Middle East tensions created near-term supply chain disruptions, we have also reinforced the strategic importance of energy security, further strengthening the long-term investment case for domestic RE, especially wind energy. India's economic growth, rapid electrification, AI-led data center expansion, industrial growth, EV adoption and cooling demand continue to drive structural power demand growth. The country's peak power demand has already crossed 270-plus gigawatts, reinforcing the need for large-scale RE capacity additions, especially during non-solar hours, which is peak demand. This momentum sets the stage for a multiyear growth cycle with annual installations expected to cross 10 gigawatts in the near term and reaching 15 gigawatts by FY31. With 57 gigawatts already installed and a strong pipeline with STU and PSU bids as well as C&I demand, particularly for wind, India is set to achieve the near-term target of 100 gigawatts by 2030. Repowering also started gaining traction and there is rising customer interest, which gives visibility of several opportunities ramping up in next 2 to 3 years. Now taking you through the business highlights. Suzlon delivered 506 megawatts in Q1, making our highest ever first quarter deliveries. This performance was achieved despite temporary supply chain and logistics disruptions arising from geopolitical tensions in West Asia. These disruptions deferred approximately 10% to 20% of deliveries, which is expected to be recovered in coming quarters. Q1 FY27, Suzlon installations grew 2.3x from 117 to 269 Page 2 of 16 Suzlon Energy Limited July 28, 2026 megawatts COD with more than 1,257 megawatts of erected, but waiting for commissioning turbines, this paves the way for uptick in the CODs going forward. Order book is a healthy 6.1 gigawatt reaffirming our market leadership. In the first 4 months of FY27, we have already secured ~1 gigawatt of orders and continue to have a strong pipeline. Order book is not a constraint with DevCo model in place with 60% new orders from DevCo. Hopefully, this will keep the momentum going in the coming quarters. Market pricing remains healthy and rational. ASP increased from INR5.6 crores per megawatt in Q1 FY26 to INR6.3 crores per megawatt in Q1 FY27, aided by project mix. The successful launch and maiden order for S175 in India, alongside the Blue Sky Platform, marks Suzlon's return to advance global markets with S175 and S163, Suzlon is expanding its technology portfolio with high-capacity turbines, and we are pleased to report and deliver superior yields better reliability, and lower LCoE, unlocking opportunities across repowering and new build projects worldwide. 4.5 gigawatt manufacturing capacity fully operational expanding footprint with 3 AI-enabled smart factories to drive efficiency and scale. On Suzlon 2.0, it is translating into tangible growth opportunities across multiple adjacencies. On the RE tech side, we have successfully launched S175 5-megawatt turbine and secured the first customer order. On the DevCo, strong market acceptance reflected in 600-plus megawatts of orders booked within the 4 months, which translates to 60% of the business coming from the DevCo-led engine. Exports expanding global footprint with a growing opportunity pipeline spanning key international markets with opportunities under evaluation in Europe, Australia, Latin America and Southeast Asia. On the BESS, advanced storage ambitions through strategic technology partnership discussions are ongoing. On the solar side, we have identified 20-plus gigawatt serviceable solar asset base, leveraging Suzlon's extensive field presence and infrastructure within 25-kilometer radius of Suzlon service locations. Our RE AMS portfolio remained strong with16.1+ GW installed base in Indiaand machine availability crossing consistently above 95%. Renom AUM is consistently growing on the back of steady fleet additions across multi-brand and a healthy pipeline. Foundry and forging continues to scale strongly. Revenues at INR126 crores and EBITDA at INR22 crores with continued momentum driven by domestic demand and export growth. Now I invite Rahul Jain, our Group CFO, to take you through our financial performance. Rahul Jain: Thank you, Ajay. Good afternoon, ladies and gentlemen. I will be using Slides 20 to 27 of our investor presentation, which has been uploaded to our website as the reference point for my discussion during this presentation. In Q1 FY27, Suzlon delivered 506 megawatts, marking our highest ever first quarter deliveries in India. Suzlon reported consolidated revenue of INR3,819 crores in Q1 FY2027, a 23% year- on-year growth with EBITDA at INR595 crores and PBT at INR390 crores. Also, a PAT of INR305 crores was reported during Q1 FY27. EBITDA and PAT did get impacted on account of some of the factors. Page 3 of 16 Suzlon Energy Limited July 28, 2026 Certain deliveries impacted on account of temporary supply chain and logistics disruptions arising from geopolitical tensions in the Middle East, whichimpacted fuel availabilityand movement of critical equipment including cranes, trailers and transport vehicles required for WTG execution. Higher fixed costs reflectsinvestments made to support scale, including the Puducherry facility, leadership strengthening and Suzlon 2.0 initiatives. Q1 FY27 is impacted due to the above factors and in the long term, we continue to grow in line with our ambitions set up for Suzlon 2.0 at [Showing first 8,000 characters — download PDF for full document]