SUZLONCapital Goods

Suzlon Energy Limited

Heavy Electrical Equipment · ISIN INE040H01021 · BSE 532667 · NSE EQ · FV ₹2
Last price
₹37
+4.76%today
What this company does

Suzlon Energy Limited operates in Heavy Electrical Equipment, part of the Capital Goods sector. It booked ₹4,876 cr of revenue in its latest quarter (Q2 FY27) and kept 8.1% of sales as profit. It is the 8th largest of 9 Heavy Electrical Equipment companies we track, by market value.

“The Suzlon Group (‘Suzlon’, ‘the Company’, ‘the Group’) is a Suzlon’s proactive product strategy has allowed it to stay leading global renewable energy solutions provider, with a ahead of this curve. The Company’s latest model, the S144, wind turbine capacity of approximately 21 GW installed across now accounts for 90%+ of the current order book, and has 17 countries as of March 31, 2025.”
In the report:
58out of 100
Equitytale Health Score
Mixed

Healthier than 58% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 81–127 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
36

At close. Not part of the score.

Profitability & returns55

How much profit it earns on the money it employs

Balance sheet52

How much it owes, and whether earnings cover the interest

Cash quality52

Whether reported profit actually arrives as cash

Growth & consistency57

Whether sales and profit have grown, and how steadily

Valuation66

What today's price implies, against our models or its peers

Governance & risk72

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Sales up 26% vs last year
✓ No promoter shares pledged
✓ Strong 15% return on equity
✓ Virtually debt-free
Watch-outs
! Profit down 69% vs last year
! Operating cash flow is negative

What if I invest in SUZLON?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹37▲ +4.76%
latest close · 2026-11-04
1-year return
+409.5%
52-wk low ₹752-wk high ₹54
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio32.3High
LowAverageHigh
P/B ratio5.01High
Below bookModerateHigh
EV / EBITDA17.1High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity15.3%Strong
WeakFairStrong ▸15%
Return on capital22.2%Strong
WeakFairStrong
Net margin8.1%Decent
ThinDecentStrong
EBITDA margin15.4%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.03Comfortable
LowModerateHigh ▸1
Interest cover5.2×Strong
RiskyOkayStrong ▸5×
Current ratio1.74Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹51,518 cr
Book value
₹7
EPS
₹0.29
latest quarter
Net debt
₹-96 cr
more cash than debt
Enterprise value
₹51,422 cr
EBITDA
₹3,009 cr
annualised
EBIT
₹2,563 cr
annualised
Operating margin
13.1%
Return on assets
7.9%
Earnings yield
3.10%
P/S
2.64
Sales / share
₹14.2
Tax rate
23.9%
Face value
₹2
Shares
1,375.7 cr
Working capital
₹6,287 cr
Current assets
₹14,738 cr
Current liabilities
₹8,451 cr
Delivery %
40.6%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹4–₹10, midpoint ₹7

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹4,876 cr
Other Income₹32 cr
Total Income₹4,908 cr
Cost of Materials₹3,305 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹34 cr
Employee Benefit Expense₹290 cr
Finance Costs₹123 cr
Depreciation & Amortisation₹111 cr
Other Expenses₹528 cr
Total Expenses₹4,390 cr
Profit before Tax₹518 cr
Tax Expense₹124 cr
Net Profit₹394 cr
Net margin on total income8.0%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹3,338 cr68.0%
Employee benefit expense₹290 cr5.9%
Finance costs₹123 cr2.5%
Depreciation & amortisation₹111 cr2.3%
Other expenses₹528 cr10.8%
Tax expense₹124 cr2.5%
Profit for the period₹394 cr8.0%
Total income ₹4,908 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue5,493 cr3,829 cr4,876 cr
Total income5,521 cr3,863 cr4,908 cr
Expenses4,757 cr3,473 cr4,390 cr
Profit before tax833 cr389 cr518 cr
Tax-281 cr84 cr124 cr
Net profit (owners' share)1,114 cr305 cr394 cr
Net margin (owners' share, on revenue)20.3%8.0%8.1%
EPS (₹)0.810.220.29
YoY (latest quarter): total income +25.9% · net profit -69.2%
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹20,006 cr
Shareholder equity
₹10,277 cr
parent shareholders
Total debt
₹327 cr
Cash
₹423 cr
Cash flow · H1 FY27
Operating
₹-200 cr
Investing
₹-230 cr
Financing
₹16 cr
Peer comparison
Heavy Electrical Equipment · by market value
CompanyPriceMarket capP/E
Siemens Limited₹3,387₹7.53 L cr87.8
ABB India Limited₹6,605₹1.40 L cr94.6
Bharat Heavy Electricals Limited₹400₹1.39 L cr42.4
CG Power and Industrial Solutions Limited₹810₹1.28 L cr77.3
Hitachi Energy India Limited₹27,280₹1.22 L cr103.3
GE Vernova T&D India Limited₹4,050₹1.04 L cr60.1
Siemens Energy India Limited₹2,847₹1.01 L cr57.5
Suzlon Energy Limitedthis company₹36₹49,179 cr30.8
Thermax Limited₹3,151₹35,498 cr351.7
Same industry · latest reported numbers · not a recommendation.
Corporate actions
ActionDetailEx-date
Rights issue21:53 Oct 2022
Who owns it · 2026-09-30
No pledge
Promoter
11.7%
FII / Foreign
23.6%
DII / Domestic
10.3%
Retail / others
54.4%
Promoter stake down 1.6% over the last 12 quarters.
Smart-money activity
Insider trades
SoldPallavi Bagrecha · Immediate relative5.00 L · ₹1.2 cr31 Aug 23
SoldPallavi Bagrecha · Immediate relative2.00 L · ₹40.7 L22 Aug 23
SoldKarishma Bagrecha · Immediate relative3.00 L · ₹61.2 L22 Aug 23
Bulk / block deals
short— · NSE102 Nov 26
short— · NSE1.02 L30 Oct 26
short— · NSE97329 Oct 26
Stake changes
BoughtRambhaben Ukabhai · promoter→ 3.25%27 Jun 25
SoldRambhaben Ukabhai · promoter→ 3.25% · 2.75 cr9 Jun 25
SoldRanchhodbhai Ramjibhai Family Trust · promoter→ 0.00% · 5.28 cr9 Jun 25
Promoter pledges
PledgedRanjitsinh A Parmar40.82 cr · 1.91% held4 Aug 20
PledgedRajasthan Gum Pvt Ltd8.16 cr · 0.92% held4 Aug 20
ReleasedECL Finance Ltd (through its dP Edelweiss Broking ltd)40.00 L · 1.50% held8 Feb 19
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 11 Sep 2026
See the official result
1
To adopt Financial Statements, etc. for the financial year 2025-26
Backed by 100% of shareholders other than promotersneeded 50%
519.48 cr votes for, 54.74 L against · 0% of mutual funds and other big investors said no
2
To re-appoint Mr. Vinod R.Tanti as Director
Promoters had a personal stake in this
Backed by 72% of shareholders other than promotersneeded 50%
379.15 cr votes for, 147.02 cr against · 38% of mutual funds and other big investors said no
3
To approve remuneration of the Cost Auditors for the financial year 2026-27
Backed by 100% of shareholders other than promotersneeded 50%
525.89 cr votes for, 27.52 L against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 15 named members
owning 11.7% between them · as of 2026-09-30
Tanti Holdings Private Limited4.62%
Rambhaben Ukabhai3.24%
Samanvaya Holdings Private Limited2.66%
Girish R.Tanti0.73%
Vinod R.Tanti0.22%
Pranav T.Tanti as karta of Tulsi Ranchhodbhai HUF0.13%
Jitendra R.Tanti0.07%
Gita T.Tanti0.04%
Business done with them
FY2026 · 5 of the group
The company paid ₹20 cr to companies in the promoter group last year — about 0.1% of its ₹16,732 cr revenue and received ₹2 cr back from them.
Vinod R Tanti
Other payments to them · Managerial remuneration,
also owns 0.22% of the company
₹12 cr
company paid
Girish R Tanti
Other payments to them · Managerial remuneration
also owns 0.73% of the company
₹7 cr
company paid
Samanvaya Holdings Private Limited
Sold goods to them · Sale of goods and services Performance guarantee
also owns 2.66% of the company
₹92 L
company received
Tanti Holdings Private Limited
Sold goods to them · Sale of goods and services AND Performance guarantee expense
also owns 4.62% of the company
₹63 L
company received
Tanti Holdings Private Limited
Other payments to them · Sale of goods and services AND Performance guarantee expense
also owns 4.62% of the company
₹37 L
company paid
Gita T. Tanti
Provision Of Guarantees Or Collateral By Entity · Performance guarantee expense
also owns 0.04% of the company
₹36 L
company received
Samanvaya Holdings Private Limited
Provision Of Guarantees Or Collateral By Entity · Sale of goods and services Performance guarantee
also owns 2.66% of the company
₹5 L
company received

The company also transacted with 13 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.