Suzlon Energy reported a 69.2% year-on-year decline in consolidated net profit for the second quarter of FY27, with profit after tax (PAT) at ₹394 crore against ₹1,279 crore in the corresponding quarter a year earlier. However, the headline decline reflects an unusually high comparison base: the September 2025 quarter included the creation of a deferred tax asset worth ₹891 crore. Excluding that impact, Suzlon's comparable PAT for Q2 FY26 was ₹389 crore, meaning the latest quarter recorded a 1.3% increase on this adjusted basis.
The company's operating revenue moved in the opposite direction to its reported profit. Revenue from operations increased 26% to ₹4,869 crore in Q2 FY27 from ₹3,866 crore in Q2 FY26. Suzlon attributed the growth to higher wind turbine deliveries and stronger project execution. The results therefore show an expansion in business activity, although the improvement did not translate into a comparable increase in operating earnings.
Consolidated EBITDA stood at ₹720 crore, almost unchanged from ₹721 crore in the year-ago quarter. The EBITDA margin, however, narrowed to 14.8% from 18.6%, a reduction of 3.8 percentage points. Profit before tax also declined, falling to ₹518 crore from ₹562 crore. These figures indicate that revenue growth was accompanied by pressure on operating margins and pre-tax profitability.
Wind turbine deliveries were a key contributor to the higher revenue. Suzlon delivered 710 MW during the quarter, compared with 565 MW in Q2 FY26, marking a 26% increase and its highest-ever second-quarter delivery volume. Commissioning activity also accelerated, reaching 454 MW during the quarter. For the first half of FY27, the company reported 723 MW of commissioned capacity, reflecting increased execution across its project portfolio.
Order visibility remained another important feature of the results. Suzlon reported an order book exceeding 6 GW and order intake of more than 1.5 GW during the first half of FY27. DevCo-led orders accounted for over 70% of the half-year order intake, representing more than 1.1 GW. This reflects the company's growing involvement in project development alongside its wind turbine supply and execution activities.
The composition of the order book also indicates a shift towards a larger role in end-to-end project delivery. Engineering, procurement and construction (EPC) contracts accounted for 38% of the order book. Suzlon has set a target of increasing this share to 50% by FY28. Public sector undertaking and commercial and industrial customers together represented 78% of the order book, highlighting demand from institutional and business consumers alongside independent power producers.
Suzlon's manufacturing footprint remains central to its ability to meet this pipeline. The company reported domestic wind turbine manufacturing capacity of 4,500 MW across 15 specialised hubs. Its network includes three smart factories in Gujarat, Karnataka and Tamil Nadu. The company is also expanding its product range across wind turbine platforms, while positioning storage and solar solutions within its broader renewable energy business strategy.
The results also highlight the scale of Suzlon's asset management operations. Its renewable energy asset management business manages more than US$10 billion in assets in India, covering over 16,000 MW of installed capacity, 9,600 wind turbines and more than 110 sites. This service portfolio provides a business stream beyond turbine manufacturing and project execution, based on the long-term operation and maintenance of renewable energy assets.
The quarter's performance presents two different signals for Suzlon. Higher deliveries, rising revenue and a sizeable order pipeline point to stronger execution and demand. At the same time, the near-flat EBITDA and lower margin show that the growth in volumes has not yet produced equivalent improvement in operating profitability. The 69% reported PAT decline should therefore be read alongside the prior-year tax benefit, while the reduction in EBITDA margin and profit before tax remain relevant indicators of the company's operating performance.