Suzlon share price today

Suzlon Energy Ltd's share price was ₹33.85 at the close on 30 October 2026. It has been falling for 10 weeks. That is 29.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹34 and ₹59, and at that close it was at the low of that range.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Suzlon Energy Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 18 weeks running.

Over the last 11 years the share price moved +161% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 1 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) and lowest operating margin in 8 quarters.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹4,876 crore, +26% on a year earlier.

   Why: Revenue rose because the company delivered more wind turbines than a year earlier.

   Next results: check whether the company turns more built but not yet commissioned projects into sales.

   From the earnings call on 29 Oct 2026.

2. Lowest operating margin in 8 quarters

   Operating margin was 15% in the September 2026 quarter, against 19% a year earlier.

   Why: Margin fell mainly because turbine supply made less profit as customer and project scope changed.

   Next results: check whether higher volumes lift margin as management expects.

   From the earnings call on 29 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Suzlon reported revenue of ₹4,876 crore, up 26.0% from ₹3,871 crore a year earlier, and a profit of ₹394 crore, down 69.2% from ₹1,279 crore.

Suzlon results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Suzlon's management discussed these results on a call held on 29 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Suzlon closed at ₹33.85 on 30 October 2026, down 42.9% from ₹59.30 a year earlier (31 October 2025) and up 446.0% over five years. Its highest weekly close since March 2016 was ₹83.45 on 20 September 2024.

Suzlon share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

561 weekly closes from 11 March 2016 to 30 October 2026.

30 Oct 2026: Suzlon closed at ₹33.85, down 9.5% on the week and down 13.1% on the month. 29 Oct 2026: Suzlon held its results call for July to September 2026. Management guided: H2 volumes 1.5-1.65 times H1 with close to 100 basis points operating leverage.

Earlier

• Results for July to September 2026: Revenue up 26.0% and profit down 69.2% on a year earlier.
• Our read, 27 Jun 2026: India's dominant wind turbine maker is executing a multi-year volume ramp but margins sit at cycle highs and management has missed two consecutive years of commissioning goals, clouding the earnings quality picture.

Our read of the business

Suzlon delivered 2,456 MW in FY26, India's highest ever, with revenue rising 54% to ₹16,732 crore and operating profit expanding 63% to ₹3,029 crore at 18.1% margin. The 5.9 GW order book and 4.5 GW manufacturing base underpin multi-year volume growth, and the balance sheet has flipped from ₹6,465 crore net debt in FY22 to ₹2,384 crore net cash.

Latest quarter: Record Q4 delivery of 830 MW; profit of ₹1,114 crore includes a ₹283 crore DTA credit; clean profit before tax was ₹833 crore, up 51% year-on-year.

Our read after the latest results, written 27 June 2026.

Suzlon has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

No. Suzlon Energy Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 29 October 2026, Suzlon's management guided: H2 volumes 1.5-1.65 times H1 with close to 100 basis points operating leverage.

Ajay Kapur, on the call for July to September 2026

What management guided

• WTG contribution 20-23% for FY27 on improving mix and cost actions.
• Suzlon 2.0 FY31 framework of 25% yearly growth to 40% India share, 15 GW book and near 10 GW annual sales.
• Export book 3 GW and sales 1 GW by framework end with initial orders starting next year.
• DevCo-booked orders of about 900 MW planned for COD within a year and a half.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 29 October 2026.

EPC order book composition was 28% in FY26, up from 20% in FY25, with management aiming for 50% by FY28.

• FY26 commissioning was 744 MW, well below the 1,500 MW goal; order book contracted from 6.4 GW mid-year to 5.9 GW at year-end. ✓ fact
• Management in Feb 2026 explicitly stated that the closing order book would always be larger than the opening book each quarter. ✓ fact
• C&I and PSU segments account for 66% of Suzlon's order book. ✓ fact

Our read after the latest results, written 27 June 2026.

If operating margin declines below 15% for two consecutive quarters while quarterly delivery volume also misses below 600 MW, signalling that both margin mean-reversion and the volume-growth driver are failing simultaneously, the earnings growth thesis breaks.

Each change stops working if

• : India wind capacity additions stall below 6 GW due to land acquisition or grid connectivity delays, or a large new entrant brings more than 2 GW of domestic manufacturing capacity online in FY27-28.
• : EPC order closures remain below 30% of the order book by end of FY27, or the AP government cancels or materially defers the 1,325 MW PIA pipeline.
• : The DTA pool is consumed faster than operating earnings growth can offset the normalising tax rate, or a regulatory challenge to the DTA recognition arises.
• : Fleet availability falls materially below 95%, triggering contractual penalties, or a large customer brings O&M in-house at scale.

The main risks

• : Management has missed commissioning goals two consecutive years, guided 1,500 MW, delivered 744 MW in FY26; this pattern makes forward volume guidance unreliable. ⚠ estimate
• : Operating cash flow/profit of 0.40x over three years reflects a structural working capital build in the capital-goods EPC model, creating a cash quality gap. ⚠ estimate
• : Promoter stake has declined from 14.5% in June 2023 to 11.73% by March 2026, a 277-basis-point reduction with no concall explanation provided. ⚠ estimate

Our read after the latest results, written 27 June 2026.

When Suzlon reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Third-quarter margin lift from first-half outturn on volume leverage and one-off spend phase-down - per flagged drivers.

Suzlon is on 4 of our India lists: 52 week high & low, Small & mid cap stocks, Penny stocks and Power & green energy stocks.

Suzlon Energy Ltd earned ₹394 Cr of net profit in the Sep 2026 quarter, −69.2% on the same quarter a year earlier. Full-year FY26 profit was ₹3,163 Cr. Over 10 years profit has grown 18.4% a year on average. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹1,279 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹3,163 Cr (+52.7% on the year before).

Why profit moved: revenue changed +26.0% on a year earlier and the margin moved −4.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed −16.5% and revenue +33.9%. Profit is growing slower than sales: rising costs are taking part of the growth.

Suzlon Energy Ltd reported ₹4,876 Cr of revenue in the Sep 2026 quarter, +26.0% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 5.8% a year on average. The last full year, FY26, came in at ₹16,732 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The O&M segment manages a fleet of over 15.7 GW at fleet availability consistently above 95%. As commissioning accelerates, the installed base grows automatically. O&M revenue is largely contractual and less lumpy than WTG deliveries, providing a recurring earnings component that partially backstops earnings in lower-delivery quarters.

The last four reported quarters add to ₹18,434 Cr.

FY26 revenue was ₹16,732 Cr, +53.6% on the year before.

Recent pace: the last four quarters grew +33.9% on average, against 5.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +33.9%, against +52.9% a year over the last 8 quarters (rolling over); profit over the last 12 months grew −28.8%, against +53.4% a year (rolling over).

Suzlon Energy Ltd's operating margin was 15.0% in the Sep 2026 quarter, 4.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between −29.0% and 20.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. EPC contracts grew from 20% of the order book in FY25 to 28% in FY26. Management is aiming for 50% EPC composition by FY28. EPC cycles run 4-6 weeks longer than pure turbine supply but reduce project-readiness risk for customers and improve Suzlon's margin profile. The Andhra Pradesh government extended the PIA by 24 months in April 2026; the 1,325 MW balance is guided to convert to firm EPC contracts over six months beginning June FY27. NTPC's integrated EPC format transition adds 2,540 MW of potential pipeline in the new contracting structure.

Why the margin moved: operating margin changed −3.9 percentage points on the year while gross margin changed −5.8 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 40% of Suzlon Energy Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹1,202 Cr of operating cash against ₹3,163 Cr of profit. After ₹919 Cr of spending on assets, ₹283 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 40% of profit came in as cash: the cash cycle got 149 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 3.1× depreciation over three years. The next section checks what that spending is building.

Suzlon Energy Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 117 days in FY26, down from 266 days in FY21. It spent ₹2,381 Cr on assets over the last 3 years. Customers take 137 days to pay, and stock sits for 152 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. India wind installations reached 6 GW in FY26, the highest ever. Management guided an industry trajectory of 8 GW in FY27, 10 GW by FY28, and 15 GW by FY30-31. Suzlon's 4.5 GW manufacturing capacity is fully operational. The 5.9 GW order book at current run-rate covers approximately 2.4 years of visibility. The C&I and PSU segments, the fastest-growing, account for 66% of the order book. NTPC is transitioning from split contracts to integrated EPC, with a 2,540 MW combined pipeline in the new format.

At FY26 sales of ₹16,732 Cr, each day of that cycle ties up about ₹45.8 Cr, so roughly ₹5,363 Cr is tied up in the business at any time.

FY26: customers took 137 days to pay and stock sat for 152 days, about 5.0 months of sales sitting as stock, for a full cycle of 117 days, shorter than FY21's 266.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 152 days. Customers pay about 137 days after that. Suppliers are paid at 172 days. Together that makes the 117-day cycle.

Spending on assets: ₹2,381 Cr over the last 3 years, against ₹767 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹190 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Suzlon Energy Ltd's P/E is 20.5×, near the low end of its own history: it has been lower only 24% of the time. Its usual P/E (the middle reading) is 43.0×, over 9.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.