Suzlon Energy Ltd
SUZLONSuzlon Energy Ltd is cheap for a reason. The P/E sits at the 19th percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: annual EPS moved +52.3% against a −22.7% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (3 weeks in) while the P/E sits at the 19th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −5.9% year on year, and 40% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Suzlon Energy Ltd trades at ₹44.1, in a downtrend and 3 weeks into that stage. That is −13.8% against its own 200-day average. It sits at 21% of a 52-week range of ₹40 to ₹59. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (11 weeks and counting).
Today the stock is in a downtrend — week 3 of stage 4, confirmed. At ₹44.1 it trades −13.8% versus its 200-day average and sits at 21% of its 52-week range (₹40–₹59).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +241% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 weeks and counting; last ahead the week of 2026-07-01) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Suzlon Energy Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 27 June 2026.
Our read, 27 June 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 targets, clouding the earnings quality picture.
What is proven. 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 targets, clouding the earnings quality picture.
What is not proven yet. If OPM 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. The current normalised PE of 35-44x is only defensible if volume growth sustains PBT even as margins compress; a simultaneous margin contraction plus pipeline disappointment on the AP 1,325 MW EPC conversion would make this multiple unjustifiable.
🚨 What would change our mind. If OPM 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. The current normalised PE of 35-44x is only defensible if volume growth sustains PBT even as margins compress; a simultaneous margin contraction plus pipeline disappointment on the AP 1,325 MW EPC conversion would make this multiple unjustifiable.
Layer 1 read, 27 June 2026 — KEEP. Real wind-volume growth, but a cheap-looking PE that is actually peak-margin earnings padded by a one-time tax credit. Suzlon's revenue genuinely surged 54% to 16,732cr on India's highest-ever wind delivery, so the thesis is not broken. But its reported 3,163cr profit includes 742cr of deferred-tax recognition — true operating earnings were 2,421cr — its margins are at the top of their decade range, and it converts only 40 paise of every reported rupee of profit into cash. With management having missed FY26 commissioning by half and promoters trimming their stake, the 'cheap' 24x multiple is an illusion that ranks this to the bottom of the keep list.
What would change Layer 1’s mind. If OPM holds and quarterly WTG delivery stays above 600 MW AND the AP 1,325 MW EPC conversion closes 200+ MW by Sep 2026 — sustained volume offsetting margin mean-reversion would make the multiple defensible and lift this off the bottom.
Layer 2 read, 27 June 2026 — BENCH. Real wind-volume ramp, but optically-cheap PE is peak-margin/DTA-inflated EPS — extended innings-7, BENCH not ADVANCE. FY26 revenue +54% is real and organic on +58% delivery volume, and the sector demand tailwind is genuine. But reported PAT 3,163cr is inflated by 742cr of deferred-tax-asset recognition and OCF/PAT is only 0.40x, while OPM sits at the 76th historical percentile — so the 24.6x trailing PE is optically cheap on peak-margin EPS. The sector tri-stream verdict independently calls this a PEAK_MARGIN_VALUE_TRAP [sector claim C2/C10], confirming L1's value-trap-on-quality read; with the stock at innings-7 extension this benches.
What would change Layer 2’s mind. Sharpening the Timeline's own falsifier: if OPM holds (does NOT roll down from the 76th percentile toward ~15.5% mid-cycle) AND OCF/PAT recovers above ~0.7x for two consecutive quarters while the AP 1,325 MW EPC pipeline converts — proving the earnings are real cash, not peak-margin + DTA — the peak-margin-trap negative dissolves and this flips to ADVANCE.
🚨 What the surface reading misses. The surface reading is: OPM of 17.6% is near the top of the historical range, indicating margin leadership. The research reads it further: OPM at the 76th historical percentile means this is near-peak margin, not normal. Mid-cycle OPM at 15.5% implies a structural margin headwind ahead as scale normalises pricing and competition intensifies. The cycle-normalised model shows OPM at 76th percentile versus a mid-cycle of 15.5%.
🚨 What the surface reading misses. The surface reading is: PE at 24.6x is below the 10-year median, indicating the stock is cheap. The research reads it further: The trailing PE reflects peak OPM and DTA-boosted PAT. Clean PBT is Rs 2,421 crore; normalised PAT at mid-cycle OPM and 10% effective tax is approximately Rs 1,736 crore. Divided by 1,364 crore shares, normalised EPS is approximately Rs 1.27, yielding a normalised PE of approximately 44.7x at Rs 57. This is at the 49th percentile of history, fairly priced rather than cheap.
Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Suzlon Energy Ltd reported ₹3,829 Cr of revenue in the Jun 26 quarter, +22.3% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 5.8% a year. The last full year, FY26, came in at ₹16,732 Cr. The last four reported quarters add to ₹17,429 Cr.
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.
FY26 revenue came in at ₹16,732 Cr (+53.6% on the year), capping 10 years at 5.8% compound. The latest quarter (Jun 26) printed ₹3,829 Cr, +22.3% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +48.4% growth against the decade's 5.8% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +45.2% over the last 4 quarters against +55.6%/yr over the last 8 — rolling over; TTM profit +50.1% vs +91.1%/yr — rolling over.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Suzlon Energy Ltd's operating margin is 16.0% in the Jun 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −29.0% to 20.0%. The current quarter sits inside that band.
Why this happened. EPC contracts grew from 20% of the order book in FY25 to 28% in FY26. Management is targeting 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.
The latest quarter's operating margin is 16.0%, −3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −29.0%–20.0%.
🚨 Why the margin moved: operating margin went −3.6 pp year on year while gross margin went −4.1 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Suzlon Energy Ltd earned ₹305 Cr of net profit in the Jun 26 quarter, −5.9% year on year. Full-year FY26 profit was ₹3,163 Cr. The 10-year compound rate is 18.4%. That is 8.0% of the quarter's revenue. The same quarter a year earlier earned ₹324 Cr.
Jun 26 profit was ₹305 Cr, −5.9% year on year. On the full year, FY26 printed ₹3,163 Cr (+52.7%), and the 10-year compound rate is 18.4%.
🚨 Why profit moved: revenue contributed +22.3% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +134.8% vs revenue +48.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 40% of Suzlon Energy Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹1,202 Cr of operating cash against ₹3,163 Cr of profit. After ₹919 Cr of capital spending, ₹283 Cr was left as free cash.
FY26: operating cash of ₹1,202 Cr against reported profit of ₹3,163 Cr, leaving free cash of ₹283 Cr after ₹919 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 40% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 40%: the cash cycle tightened 149 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Suzlon Energy Ltd's cash conversion cycle runs 117 days in FY26, down from 266 days in FY21. Capital spending ran ₹2,381 Cr over the last 3 years. At FY26 sales of ₹16,732 Cr each day of that cycle holds about ₹45.8 Cr, so roughly ₹5,363 Cr sits inside the business at any moment.
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.
FY26: debtors at 137 days, inventory at 152 days — roughly 5.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 117 days, tighter than FY21's 266.
The full loop: cash goes out to suppliers and production on day 0; stock waits 152 days to sell; customers pay about 137 days after that; and suppliers themselves are paid at 172 days — netting out to the 117-day cycle.
In money terms: at FY26 sales of ₹16,732 Cr, each day of the cycle holds about ₹45.8 Cr — so the 117-day loop keeps roughly ₹5,363 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,381 Cr over the last 3 fiscal years against ₹767 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹190 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Suzlon Energy Ltd earns a ROCE of 34% in FY26. That is up from a trough of −48% in FY15. Return on invested capital clears the cost of that capital by +20.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 18.9% net margin on 0.89× asset turns.
FY26 ROCE is 34%, recovered from a FY15 trough of −48% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 18.9% net margin × 0.89× asset turns × 1.99× balance-sheet leverage ≈ 33.5% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 32.8% − 12.0% = a +20.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Suzlon Energy Ltd carries total debt of ₹556 Cr against shareholder equity of ₹9,464 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from −1.81 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹556 Cr against shareholder equity of ₹9,464 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from −1.81 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions added 2.6 points of Suzlon Energy Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 24.1% of the company. Domestic institutions moved +2.0 points over the same window, to 11.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +2.6 points over 8 quarters to 24.1%; Domestic institutions: +2.0 points over 8 quarters to 11.1%; Promoters: −1.6 points over 8 quarters to 11.7%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.
Why the register moved: foreign institutions drove it (+2.6 points), alongside domestic institutions (+2.0 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Suzlon Energy Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Suzlon Energy Ltd trades at 19.1× P/E, near the bottom of its own range — cheaper only 19% of the time. Its long-run median P/E is 43.5×, measured across 9.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 19.1× is near the bottom of its own range — cheaper only 19% of the time, against a long-run median of 43.5× measured over 9.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +52.3% against a −22.7% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 3y, of the +22.4%/yr price move, ~+115.8%/yr came from earnings growth and ~−93.4 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Suzlon Energy Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +66.8% at its peak to +45.2% but is still expanding, ROCE holding at 32.5%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +53.6% | +41.0% | +38.0% | +5.8% |
| Profit | +52.7% | +3.1% | +98.0% | +18.4% |
| EPS | +52.3% | +0.7% | +87.7% | +9.5% |
| Share price | −22.7% | +22.4% | +50.4% | +10.4% |
4-Factor Sector Score
65.0/100 — rank 2 of 16 in Capital Goods - Engineering Heavy · 100% evidence confidence
Suzlon Energy Ltd scores 65.0 out of 100 against the 16 companies it is compared with in Capital Goods - Engineering Heavy, ranking 2. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -24.9% and the one-year return is -23.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 23.6 + 18.2 + 19.3 + 3.9 = 65. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Suzlon Energy Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
CAPEX Guidance Increased · 28 July 2026. Management's stated CAPEX plan increased materially from the May 2026 run rate of about INR600-odd plus or minus 50 to around INR700 plus or minus 100 in July 2026, representing roughly a 17% increase in the midpoint and a wider range. The latest call did not explain what changed in the investment requirement, despite the prior call presenting the figure as the forward run rate.
DevCo Capital Guardrail Changed · 28 July 2026. Management's stated DevCo capital framework moved materially between the prior calls and the latest call. February 2026 described the requirement as seed capital, May 2026 cited a current amount of about INR300-350 crores, and July 2026 introduced a INR500 crore revolving investment cap without explaining the change in the financial guardrail.
Working Capital Risk Narrative Shifted · 28 July 2026. May 2026 framed public-sector projects as keeping working-capital requirements high, whereas July 2026 said EPC does not negatively affect the cycle and that receivables had significantly reduced. The latest call did not quantify the change or explain why the previously stated near-term high-working-capital outlook no longer applied, which could materially change working-capital and cash-flow assumptions.
Order Book Growth Promise · 25 May 2026. In the Feb 2026 call, management claimed that their closing order book would always be larger than the opening order book on a quarter-on-quarter basis. However, in the May 2026 call, the company reported closing the year with an order book of 5.9 GW, which represents a contraction compared to the 6.4 GW closing order book reported in the Feb 2026 call.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1JNK India LtdJNKINDIA | 70.0/100Favorable setup83% evidence | FADING | 32.2/35 Revenue 84.4% · PAT 100% · OPM change 5.5 pp 100% evidence | 14.5/25 ROCE 17.4% · OPM 8.8% 100% evidence | 10.9/20 P/E 31.4× · PEG — 15% evidence | 12.4/20 RS sector 15.1% · RS bench 31.2% · 1Y 44.5%10 of 12 weeks ahead 100% evidence |
| Exact sum: 32.2 + 14.5 + 10.9 + 12.4 = 70 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Suzlon Energy Ltdthis pageSUZLON | 65.0/100Favorable setup100% evidence | ASLEEP | 23.6/35 Revenue 45.2% · PAT 50.1% · OPM change -3 pp 100% evidence | 18.2/25 ROCE 34.2% · OPM 16% 100% evidence | 19.3/20 P/E 19.1× · PEG 0.47 100% evidence | 3.9/20 RS sector -24.9% · RS bench -12.3% · 1Y -23.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 23.6 + 18.2 + 19.3 + 3.9 = 65 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -24.9% and the one-year return is -23.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Disa India LtdDISAQ | 62.7/100Mixed-positive evidence81% evidence | TURNING | 17.0/35 Revenue 3.8% · PAT 6.3% · OPM change -1 pp 95% evidence | 20.9/25 ROCE 26.6% · OPM 14% 95% evidence | 12.7/20 P/E 31.7× · PEG — 50% evidence | 12.1/20 RS sector 3% · RS bench -3% · 1Y -12.7%2 of 9 weeks ahead 70% evidence |
| Exact sum: 17 + 20.9 + 12.7 + 12.1 = 62.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Bharat Heavy Electricals LtdBHEL | 60.7/100Mixed-positive evidence67% evidence | TURNING | 25.1/35 Revenue 27% · PAT 100% · OPM change 17 pp 71% evidence | 8.6/25 ROCE 9.1% · OPM 7% 76% evidence | 9.4/20 P/E 61.7× · PEG — 15% evidence | 17.6/20 RS sector 18.4% · RS bench 36.2% · 1Y 103%8 of 12 weeks ahead 100% evidence |
| Exact sum: 25.1 + 8.6 + 9.4 + 17.6 = 60.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Concord Control Systems Ltd543619 | 57.8/100Mixed-positive evidence66% evidence | ASLEEP | 21.5/35 Revenue 100% · PAT 100% · OPM change 10 pp 48% evidence | 21.2/25 ROCE 30.6% · OPM 30% 76% evidence | 9.1/20 P/E 58.9× · PEG — 50% evidence | 6.0/20 RS sector -11.9% · RS bench 2.9% · 1Y 57.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 21.5 + 21.2 + 9.1 + 6 = 57.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6John Cockerill India LtdCOCKERILL | 55.6/100Mixed-positive evidence68% evidence | FADING | 24.0/35 Revenue 55.7% · PAT 10.7% · OPM change 1 pp 74% evidence | 6.3/25 ROCE 6.5% · OPM -9% 100% evidence | 8.9/20 P/E 917.2× · PEG — 15% evidence | 16.4/20 RS sector 28.1% · RS bench 31.8% · 1Y 85.5%8 of 10 weeks ahead 70% evidence |
| Exact sum: 24 + 6.3 + 8.9 + 16.4 = 55.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Eimco Elecon (India) LtdEIMCOELECO | 46.9/100Mixed-negative evidence81% evidence | BREAKING OUT | 11.2/35 Revenue -1.6% · PAT -18.8% · OPM change 0 pp 95% evidence | 13.3/25 ROCE 10.3% · OPM 18% 95% evidence | 9.0/20 P/E 33.9× · PEG — 50% evidence | 13.4/20 RS sector 0.5% · RS bench 36.5% · 1Y 20.5%9 of 10 weeks ahead 70% evidence |
| Exact sum: 11.2 + 13.3 + 9 + 13.4 = 46.9 · Decision use: Price leads the evidence: RS versus the benchmark is 36.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 8Walchandnagar Industries LtdWALCHANNAG | 46.6/100Mixed-negative evidence69% evidence | ASLEEP | 25.3/35 Revenue 38% · PAT 96.7% · OPM change 12.9 pp 71% evidence | 3.4/25 ROCE 4.2% · OPM 8.1% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 7.9/20 RS sector -7.8% · RS bench 6.3% · 1Y 16.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 3.4 + 10 + 7.9 = 46.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Integra Engineering India Ltd505358 | 42.0/100Mixed-negative evidence75% evidence | BASING | 10.0/35 Revenue 1.7% · PAT -16.6% · OPM change -3.5 pp 95% evidence | 17.9/25 ROCE 18.5% · OPM 16.4% 76% evidence | 9.8/20 P/E 40.3× · PEG — 15% evidence | 4.3/20 RS sector -20.2% · RS bench -7% · 1Y -26%3 of 12 weeks ahead 100% evidence |
| Exact sum: 10 + 17.9 + 9.8 + 4.3 = 42 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Inox Wind LtdINOXWIND | 40.9/100Mixed-negative evidence93% evidence | BASING | 13.3/35 Revenue 17.1% · PAT -13.1% · OPM change -3 pp 100% evidence | 9.6/25 ROCE 10.6% · OPM 19% 100% evidence | 12.6/20 P/E 38.4× · PEG 1.22 65% evidence | 5.4/20 RS sector -37.5% · RS bench -26.1% · 1Y -47.5%1 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 9.6 + 12.6 + 5.4 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Kabra Extrusion Technik LtdKABRAEXTRU | 40.5/100Mixed-negative evidence66% evidence | BREAKING OUT | 15.0/35 Revenue 3.1% · PAT -80% · OPM change 8.4 pp 71% evidence | 5.5/25 ROCE 0.1% · OPM 5% 95% evidence | 8.5/20 P/E 3613× · PEG — 15% evidence | 11.5/20 RS sector -6.2% · RS bench 160.1% · 1Y 164.8%10 of 10 weeks ahead 70% evidence |
| Exact sum: 15 + 5.5 + 8.5 + 11.5 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Hercules Investments LtdHERCULES | 39.4/100Thin evidence · provisional55% evidence | 13.8/35 Revenue -80% · PAT -74.3% · OPM change 3.7 pp 45% evidence | 8.7/25 ROCE 5.7% · OPM — 60% evidence | 12.7/20 P/E 8.6× · PEG — 50% evidence | 4.2/20 RS sector -23.6% · RS bench -33% · 1Y -40%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 13.8 + 8.7 + 12.7 + 4.2 = 39.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 13Windsor Machines LtdWINDMACHIN | 37.7/100Mixed-negative evidence68% evidence | ASLEEP | 18.0/35 Revenue 51% · PAT 100% · OPM change -2.8 pp 74% evidence | 1.3/25 ROCE 2.6% · OPM 4.2% 100% evidence | 8.7/20 P/E 1044× · PEG — 15% evidence | 9.7/20 RS sector -10.1% · RS bench 8.3% · 1Y -2.7%3 of 10 weeks ahead 70% evidence |
| Exact sum: 18 + 1.3 + 8.7 + 9.7 = 37.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14The Anup Engineering LtdANUP | 34.1/100Adverse evidence93% evidence | ASLEEP | 8.5/35 Revenue 1.4% · PAT -29.7% · OPM change -15.5 pp 100% evidence | 16.8/25 ROCE 21% · OPM 7.6% 100% evidence | 5.0/20 P/E 38.8× · PEG 5.03 65% evidence | 3.8/20 RS sector -29% · RS bench -17% · 1Y -26.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 8.5 + 16.8 + 5 + 3.8 = 34.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 15Bajaj Steel Industries LtdBAJAJST | 31.8/100Adverse evidence81% evidence | TURNING | 4.8/35 Revenue -2.6% · PAT -48.3% · OPM change -7.7 pp 95% evidence | 13.1/25 ROCE 11.7% · OPM 4.9% 95% evidence | 8.5/20 P/E 26× · PEG — 50% evidence | 5.4/20 RS sector -20% · RS bench -17.4% · 1Y -31.4%0 of 9 weeks ahead 70% evidence |
| Exact sum: 4.8 + 13.1 + 8.5 + 5.4 = 31.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Praj Industries LtdPRAJIND | 25.3/100Adverse evidence94% evidence | BASING | 6.8/35 Revenue 2.4% · PAT -77.9% · OPM change -0.7 pp 100% evidence | 6.8/25 ROCE 6.1% · OPM 4.2% 100% evidence | 0.7/20 P/E 117× · PEG 4.5 100% evidence | 11.0/20 RS sector 1.4% · RS bench -3% · 1Y -20.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 6.8 + 6.8 + 0.7 + 11 = 25.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Suzlon Energy Ltd's share price today?
Suzlon Energy Ltd trades at ₹44.1, −22.7% over the past year. The company is valued at ₹60,159 Cr. The stock sits at 21% of its 52-week range of ₹40–₹59, −13.8% versus its 200-day average. On the tape, the price is in a downtrend, 3 weeks in. — as of 11 September 2026.
What were Suzlon Energy Ltd's latest quarterly results?
Suzlon Energy Ltd reported revenue of ₹3,829 Cr and net profit of ₹305 Cr for the Jun 26 quarter. Revenue rose 22.3% and profit fell 5.9% year on year. Earnings per share were ₹0.22. The operating margin was 16.0%, 3.0 pp lower than a year earlier. — as of 11 September 2026.
What is Suzlon Energy Ltd's revenue?
Suzlon Energy Ltd reported revenue of ₹3,829 Cr in the Jun 26 quarter, +22.3% year on year. For the full FY26 fiscal year, revenue was ₹16,732 Cr (+53.6%). Over the last 10 years revenue compounded at 5.8% a year. — as of 11 September 2026.
What is Suzlon Energy Ltd's profit?
Suzlon Energy Ltd earned ₹305 Cr of net profit in the Jun 26 quarter, −5.9% year on year. Full-year FY26 profit was ₹3,163 Cr. The operating margin ran 16.0% in the latest quarter. — as of 11 September 2026.
What is Suzlon Energy Ltd's market cap?
Suzlon Energy Ltd's market capitalisation is ₹60,159 Cr at a share price of ₹44.1. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Suzlon Energy Ltd's P/E ratio?
Suzlon Energy Ltd trades at a P/E of 19.1×, at the 19th percentile of its own 10-year range, against a long-run median of 43.5×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Suzlon Energy Ltd pay a dividend?
No — Suzlon Energy Ltd has recorded a dividend payout of 0% of profit in each of its last 13 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 11 September 2026.
Is Suzlon Energy Ltd overvalued?
On its own history, Suzlon Energy Ltd looks cheap: its P/E of 19.1× has been cheaper only 19% of the time in 10 years (long-run median 43.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Suzlon Energy Ltd growing?
Not right now — Suzlon Energy Ltd's latest numbers are shrinking: latest-quarter revenue +22.3% year on year, profit −5.9%, and the margin −3.0 pp at 16.0%. The 10-year compound rates are 5.8% (revenue) and 18.4% (profit). The earnings engine currently reads: deteriorating — as of 11 September 2026.
How is Suzlon Energy Ltd performing?
Suzlon Energy Ltd is in a downtrend, 3 weeks in. Its latest quarter's revenue rose 22.3% and profit fell 5.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Suzlon Energy Ltd in?
Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +66.8% at its peak to +45.2% but is still expanding, ROCE holding at 32.5%. The read comes from the last 12 quarters of growth (revenue growth +45.2% latest, profit growth +50.1% latest, eps growth +49.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Suzlon Energy Ltd in an uptrend?
No — the price is in a downtrend (week 3 of stage 4), trading −13.8% versus its 200-day average and at 21% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Suzlon Energy Ltd beating the market?
Not lately — on a trailing-13-week view Suzlon Energy Ltd is currently behind the NIFTY 500 (11 weeks and counting; last ahead the week of 2026-07-01), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +241% against the NIFTY 500's +267% — behind the index over the full window. — as of 11 September 2026.
Will Suzlon Energy Ltd's share price go up?
This page publishes no price forecast for Suzlon Energy Ltd. What it measures instead: the share price is ₹44.1, the price is in a downtrend 3 weeks in. Its P/E of 19.1× sits at the 19th percentile of its own 10-year range. — as of 11 September 2026.
Who owns Suzlon Energy Ltd?
Promoters hold 11.7% of Suzlon Energy Ltd, foreign institutions 24.1%, domestic institutions 11.1% and the public 53.0% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 2.6 points over 8 quarters. — as of 11 September 2026.
Does Suzlon Energy Ltd have too much debt?
No — Suzlon Energy Ltd's debt-to-equity is 0.06, and operating profit covers the interest bill 7×. FY26 borrowings were ₹556 Cr against equity of ₹9,464 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Suzlon Energy Ltd's capex?
Suzlon Energy Ltd spent ₹2,381 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹919 Cr, with ₹190 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Suzlon Energy Ltd's cash flow?
Suzlon Energy Ltd generated ₹1,202 Cr of operating cash flow in FY26 and ₹283 Cr of free cash flow after ₹919 Cr of capital spending. Reported profit that year was ₹3,163 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Suzlon Energy Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 40% of Suzlon Energy Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,202 Cr against reported profit of ₹3,163 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Suzlon Energy Ltd in its business cycle?
Suzlon Energy Ltd's FY26 operating margin was 18.0%, against a 13-year band of −29.0%–20.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Suzlon Energy Ltd story?
The sharpest disagreement: annual EPS moved +52.3% against a −22.7% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Suzlon Energy Ltd a stock worth studying right now?
This is not investment advice. The machine read: Suzlon Energy Ltd is cheap for a reason. The P/E sits at the 19th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!