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• Consolidated Revenue: INR 3,774 crores in Q4 FY25, a 73% YoY and 27% QoQ growth.

• EBITDA: INR 693 crores in Q4 FY25, marking a 95% YoY growth and a 39% increase QoQ.

• EBITDA Margin: Improved by 200 basis points to 18.4% in Q4 FY25.

• Quarterly PAT: INR 1,181 crores, including deferred tax asset recognition of INR 638 crores.

• WTG Division Revenue: Increased by 101% to INR 8,481 crores in FY25.

• WTG Deliveries: 1,550 megawatts in FY25, a 118% increase from the previous year.

• WTG Contribution Margin: Surpassed estimates, reaching 23.6%.

• Full Year Revenue: INR 10,851 crores in FY25, a 67% YoY growth.

• Full Year EBITDA: INR 1,857 crores in FY25, an 80% YoY increase.

• Full Year PAT: INR 2,072 crores, marking a 190% YoY growth.

• Net Cash Position: INR 1,943 crores as of March '25, an increase of INR 836 crores over Q3 FY25.

• Order Book: Exceeds 5.5 gigawatts, with significant orders from NTPC's PSU tenders.

• Warning! GuruFocus has detected 3 Warning Signs with BOM:532667.

Release Date: May 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Suzlon Energy Ltd (BOM:532667) reported a record-breaking quarter with an all-time high order book exceeding 5.5 gigawatts.

• The company secured 1.5 gigawatts as the sole winner of NTPC's PSU tenders, highlighting its strong market position.

• Suzlon's S144 model, a made-in-India product, has an order book exceeding 5 gigawatts, showcasing strong customer confidence.

• The company achieved the highest-ever quarterly PAT of INR1,181 crores, including deferred tax asset recognition.

• Suzlon's OMS business continues to perform well with more than 15 gigawatts capacity in India, maintaining mission availability above 95%.

Negative Points

• The industry commissioned around 4.2 gigawatts in FY25, which, despite a 28% growth, fell short of expectations due to transmission and land acquisition challenges.

• Less than 30% of Suzlon's order book comprises non-EPC projects, where client-side delays have impacted commissioning timelines.

• The company's consolidated contribution margin decreased due to the growing share of the WTG division, which has a lower margin compared to the OMS business.

• Suzlon's interest and depreciation costs increased sharply in the quarter, impacting financial performance.

• The company faces challenges in maintaining consistent demand to fully utilize its 4.5 gigawatt manufacturing capacity, which can deliver up to 5.5 gigawatts with improved productivity.

Q & A Highlights

Q: What are your thoughts on order inflows, deliveries, and contribution margin for FY26? A: J. Chalasani, Group CEO, stated that order inflow momentum is expected to continue or accelerate compared to last year, with significant contributions from public sector tenders. Himanshu Mody, Group CFO, added that they expect to maintain a 23% contribution margin for the WTG division and achieve approximately 60% growth in deliveries year-on-year.