Key Metrics of Suzlon Energy
About Suzlon Energy
Part of Suzlon Group.
Sectors
Company details
- Website
- suzlon.com
- Founded
- 1995
- Registered office
- Suzlon 5, Shrimali Society, Near Shri Krishna Complex Navrangpura, Ahmedabad, In-gj, 380009
- Listed
- NSE: SUZLON · ₹37.45
Operational Areas of Suzlon Energy
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Oct 2026 | ICRA | Reaffirmed | A+ | A1 | Positive | ₹2,635 Cr | View |
| 19 May 2026 | ICRA | Other | — | — | — | — | View |
| 12 Mar 2021 | CARE | Other | — | — | — | — | View |
| 27 Mar 2020 | CARE | Reaffirmed | D | — | — | ₹32,371 Cr | View |
| 03 Apr 2019 | CARE | Other | — | — | — | — | View |
| 19 Feb 2019 | CARE | Other | — | — | — | — | View |
| 14 Feb 2019 | CARE | Revised (from BBB-) | BB | A4 | Negative | ₹29,532 Cr | View |
| 23 Nov 2018 | CARE | Revised (from BBB) | BBB- | A3 | Negative | ₹16,476 Cr | View |
| 14 Aug 2018 | CARE | Reaffirmed | BBB | A3+ | Negative | ₹16,476 Cr | View |
| 12 Jan 2018 | CARE | Other | — | — | — | — | View |
| 29 Dec 2017 | CARE | Reaffirmed | A+(SO) | A1+ | Stable | ₹2,600 Cr | View |
| 17 Oct 2017 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹16,476 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Strong balance sheet and coverage metrics, aided by multiple rounds of equity infusion
SEL had a sizeable net cash position (gross debt less unencumbered cash) of Rs. 1,294 crore as on June 30, 2026, in addition to encumbered cash of Rs. 1,028 crore.
+ Strong order book lends medium-term revenue visibility; favourable policy environment expected to support healthy growth prospects
The company has witnessed a sizeable increase in order inflows over the past few years, with order bookings of www.icra.in Sensitivity Label : Public Page |2 3.14 GW in FY2026, 3.65 GW in FY2025 and 2.99 GW in FY2024, compared to the relatively modest annual order additions of ~0.5 GW during FY2021-FY2023.
+ Healthy and improving profitability, driven by scale-up of operations
At a consolidated level, SEL’s revenue increased by 54% on YoY basis in FY2026, supported by strong growth in the WTG segment, driven by a healthy opening order book as well as sizeable order inflows during the year.
+ Leading market share and strong in -house technical capabilities
SEL is a leading player in the domestic WTG industry, with a healthy market share of 30-35 (and not based on its O&M portfolio, which represents ~28% of the total wind installations in India), backed by its established presence of more than three decades in renewable energy.
Credit challenges
− History of debt restructuring a concern
SEL had restructured its debt twice in the past, with the most recent instance being the one that followed its default on obligations in 2019 amid a decline in WTG industry volumes after the transition from the feed-in-tariff mechanism to reverse competitive bidding.
− Working capital-intensive nature of operations
The debtor days increased to 143 days in FY2026 from 131 days in FY2025 and 104 days in FY2024, primarily due to the increasing share of orders from PSUs and large C&I customers, which typically entail longer payment cycles and milestone-based payments.
− Vulnerability to raw material price risk
SEL remains exposed to volatility in raw material prices, particularly steel, which is a key input in the manufacturing of wind turbine generators.
− Low promoter shareholding
SEL’s promoter shareholding stood low at 11.70% as of September 2026 as the promoters had to dilute their stake to raise capital during industry downturns in the past.
Could lead to an upgrade
ICRA may upgrade the ratings if the company is able to maintain a healthy annual execution run-rate on a sustained basis and improve its financial flexibility and working capital intensity, while maintaining healthy operating margins and
Could lead to a downgrade
Pressure on the ratings may arise if any large debt-funded capex or acquisition, or significantly higher working capital intensity, adversely impacts SEL’s capitalisation indicators and
Agency-reported financials (ICRA, 30 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹10,851 Cr | ₹16,679 Cr |
| PAT | ₹2,072 Cr | ₹3,163 Cr |
| OPBDIT/OI | 16.8% | 17.8% |
| PAT/OI | 19.0% | 19.0% |
| Total outside liabilities/Tangible net worth (times) | 1.00× | 0.80× |
| Total debt/OPBDIT (times) | 0.18× | 0.19× |
| Interest coverage (times) | 7.16× | 6.43× |
| Revenue growth (YoY) | — | 53.7% |
| EBITDA (margin × income) | ₹1,823 Cr | ₹2,969 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹328 Cr | ₹564 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹255 Cr | ₹462 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term/Short term – Fund based/Non-fund based-Others to | Non-fund based limits | ₹2,257 Cr | ₹2,587 Cr | 14.6% | A+ / A1 (Positive) | Reaffirmed | ICRA |
| Long term/Short term – Unallocated to | Working capital & bank lines | ₹378 Cr | ₹48.0 Cr | −87.3% | A+ / A1 (Positive) | Reaffirmed | ICRA |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Commercial Paper | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Long Term | — | Withdrawn |
| Working capital facilities | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | Last default 27 Mar 2020, cured 30 Oct 2026 (0 days; investment grade needs 365) |
| Issuer cooperation | Cooperating |
| Credit enhancement | A+(SO) · Structured obligation (internal) (CARE, Dec 2017) |
| Next action stable or better (model) | 82% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 82% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 6.43×
- ₹48 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The return on capital employed (ROCE) also improved to 36% in FY2026 from 33% in FY2025. www.icra.in Sensitivity Label : Public Page |1 The ratings also factor in SEL’s strong balance sheet with a net cash position of Rs. 1,294 crore as on June 30, 2026.
From the report
The company’s financial flexibility has been further strengthened by successful equity infusions in the past – a rights issue of Rs. 1,200 crore in October 2022 and a qualified institutional placement (QIP) of Rs. 2,000 crore in August 2023.
From the report
Key rating drivers and their description Credit strengths Strong balance sheet and coverage metrics, aided by multiple rounds of equity infusion - SEL had a sizeable net cash position (gross debt less unencumbered cash) of Rs. 1,294 crore as on June 30, 2026, in addition to encumbered cash of Rs. 1,028 crore.
From the report
While SEL remains exposed to the aforementioned social risks, it does not materially affect its credit profile as of now. www.icra.in Sensitivity Label : Public Page |4 Liquidity position: Adequate SEL’s liquidity remained adequate with cash and cash equivalents of approximately Rs. 2,600 crore (including encumbered cash and cash equivalents) as on June 30, 2026.
From the report
The company’s unencumbered cash and bank balances and liquid investments have reduced from Rs.486 crore st as on March 31 2018 to Rs.124 crore as on Dec. 31, 2018.The company’s working capital limits remain fully utilized.
From the report
The company’s unencumbered cash and bank balances and liquid investments have reduced from Rs. 486 crores st as on March 31 2018 to Rs. 35.57 crores as on Sep.30, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Suzlon Energy
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
 Adani Green Energy Limited |
Renewable Power · Electricity, Gas and Water companies | adanigreenenergy.com | 2015 | Ahmedabad, Gujarat, India |
 JSW Energy |
Renewable Power · Oil, Gas & Energy | jsw.in/energy | — | Mumbai, India |
| Renewable Power · Oil, Gas & Energy | seci.co.in | — | India | |
| Renewable Power · Oil, Gas & Energy | tatapowerrenewables.com | — | Mumbai, India | |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
| Saatvik Green Energy Limited | · Electricity, Gas and Water companies | — | — | Haryana, India |
 SJVN |
Renewable Power · Oil, Gas & Energy | sjvn.nic.in | — | Shimla, India |
 Inox Wind |
Discovered Companies · Other Industries | inoxwind.com | 2009 | Una, India |
| Renewable Power · Electricity, Gas and Water companies | ngel.in | — | New Delhi, Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Part of Suzlon Group
Business activities and related parties
renewable energy industry
Filings
No filings on record yet.