# Suzlon share price today (Suzlon Energy Ltd, NSE: SUZLON)

> Suzlon share price today: ₹37.45 at the NSE close on 4 November 2026, down 34.7% in a year. Suzlon Energy (NSE: SUZLON) is worth ₹51,068 crore, trades at a P/E of 22.6 and has closed between ₹33.85 and ₹59.27 over the past 52 weeks. > Suzlon Energy Ltd's P/E is near the low end of its own history, higher than only 28% of past readings, and its quarterly results are still getting worse. SUZLON · Capital Goods - Engineering Heavy · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/suzlon-energy-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹37.45 (−34.7% in a year)
- P/E: 22.6× (lower than 72% of the last 9.8 years)
- Revenue (Sep 2026): ₹4,876 Cr (+26.0% on a year ago)
- Profit (Sep 2026): ₹394 Cr (−69.2% on a year ago)
- Operating margin: 15.0% (−4.0 points on a year ago)
- ROCE: 34%, FY26
- ROIC: 30.2%, against a 12.0% cost of capital: +18.2 points

The main question: yearly earnings per share moved +52.3% while the share price moved −34.7%. ## What is the Suzlon share price today? Suzlon Energy Ltd's share price was ₹37.45 at the close on 4 November 2026. It has been falling for 10 weeks. That is 22.0% 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 sat 14% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 19 weeks running. Over the last 11 years the share price moved +189% 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. ## What changed at Suzlon this quarter? 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. ## What are Suzlon's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹4,876 crore | ₹3,871 crore | +26.0% |
| Profit | ₹394 crore | ₹1,279 crore | −69.2% |
| Earnings per share | ₹0.29 | ₹0.94 | −69.1% |
| Operating margin | 15.0% | 19.0% | −4.0 points |

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.)

## What is the Suzlon share price history? Suzlon closed at ₹37.45 on 4 November 2026, down 34.7% from ₹57.38 a year earlier (7 November 2025) and up 474.4% over five years. Its highest weekly close since March 2016 was ₹83.45 on 20 September 2024. ### Suzlon share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹33.85 | +10.6% |
| 1 month ago · 1 Oct 2026 | ₹38.96 | −3.9% |
| 6 months ago · 8 May 2026 | ₹54.97 | −31.9% |
| 1 year ago · 7 Nov 2025 | ₹57.38 | −34.7% |
| 3 years ago · 3 Nov 2023 | ₹34.25 | +9.3% |
| 5 years ago · 4 Nov 2021 | ₹6.52 | +474.4% |
| 10 years ago · 4 Nov 2016 | ₹13.18 | +184.1% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹12.95 | +189.2% |
| Highest weekly close since March 2016 · 20 Sep 2024 | ₹83.45 | −55.1% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹1.70 | +2,102.9% |
| 52-week high (weekly close) · 17 Jun 2026 | ₹59.27 | −36.8% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹33.85 | +10.6% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Suzlon? 4 Nov 2026: Suzlon closed at ₹37.45, up 10.6% on the week and down 3.9% 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.)

## What dividend does Suzlon pay? 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.)

## What did Suzlon management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/4565-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is Suzlon's order book? 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.)

## What could change the Suzlon story? What are the risks? 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.)

## What to watch in Suzlon's next results? 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. - What to check (from the call)
- Third-quarter margin lift from first-half outturn on volume leverage and one-off spend phase-down - per flagged drivers. - Drawdown of erected stock and delivered-pending-install backlog with commissioning pace converging toward deliveries under regionalised execution. - Receivables and cash conversion improvement alongside commissioning-linked collections and clarity on encumbered balances to validate second-half funding. ## Which stock lists is Suzlon on? Suzlon is on 4 of our India lists: 52 week high & low, Small & mid cap stocks, Penny stocks and Power & green energy stocks. - [52 week high & low 52-week position: At 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Small & mid cap stocks Size rank in India: 203](https://www.sectoralpha.in/small-cap-stocks-india)
- [Penny stocks Earnings growth, 12 months (%): -29.06](https://www.sectoralpha.in/penny-stocks-india)
- [Power & green energy stocks Group on the list: Solar and wind equipment makers](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Suzlon profitable? 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. 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. ## How much revenue does Suzlon make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Suzlon keep? 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. 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. ## Is Suzlon's profit turning into cash? 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. 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. ## Where does Suzlon's cash go? 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. 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. ## What is Suzlon's P/E ratio, and how does it compare with its own history? Suzlon Energy Ltd's P/E is 22.6×, near the low end of its own history: it has been lower only 28% 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. Why the multiple is where it is: over the past year earnings per share moved +52.3% while the price moved −34.7%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 10 years the price moved +11.0% a year; about +18.3% a year came from earnings growth and about −7.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Suzlon business getting better or worse? Suzlon Energy Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE falling at 27.6%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Suzlon story, and has it been checked? Suzlon Energy Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. 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 goals, 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 goals, 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. 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. 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. Clean PBT is Rs 2,421 crore; normalised PAT at mid-cycle OPM and 10% effective tax is approximately Rs 1,736 crore. Sources: our stock research file (27 June 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Suzlon management deliver what it promised? What Suzlon Energy Ltd's management promised, against what actually happened: 4 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. FY27 EBITDA Margin Guidance Reset · 29 October 2026. In Jul 2026, management said it expected to maintain the 17%-18% margin range and that WTG margins should not materially decline. although it cited customer mix, Suzlon 2.0 costs, FX and commodities, the magnitude is a material change from the earlier confidence. BESS Partnership Timeline Slipped · 29 October 2026. In Jul 2026, management expected to close BESS partnerships and first arrangements within the next couple of months. In Oct 2026, management still described team-building and the start of negotiations as taking the next couple of quarters before beginning its capex journey, representing a material delay in a stated Suzlon 2.0 adjacency that was not explained. 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. DevCo Capital Guardrail Changed · 28 July 2026. Management's stated DevCo capital framework moved materially between the prior calls and the latest call. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Suzlon earn on its capital? Suzlon Energy Ltd earned a ROCE of 34% in FY26. That is up from a low of −48% in FY15. Its return on capital used (ROIC) is 18.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 18.9% net margin and 0.89× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 18.9% net margin × 0.89× asset turnover × 1.99× leverage (assets divided by equity) ≈ 33.5% on equity. The margin does most of the work; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 30.2% − 12.0% = +18.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 30.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 37.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Suzlon have too much debt? Suzlon Energy Ltd has total debt of ₹673 Cr against shareholder equity of ₹10,277 Cr as of Sep 2026, so its debt is 0.07× its equity, which is very little. Year by year, that ratio went from −1.81 in FY22 to 0.10 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Suzlon shareholding pattern? Promoters cut their stake in Suzlon Energy Ltd by 1.6 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 11.7% of the company. Domestic institutions moved +1.2 points over the same period, to 10.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −1.6 points over 8 quarters, to 11.7%; Domestic institutions: +1.2 points over 8 quarters, to 10.2%; Foreign institutions: −0.1 points over 8 quarters, to 23.6%. Promoters own under 20%, so this is a widely owned company where institutions, not a family, have the most say. Why the owners changed: promoters drove it (−1.6 points), with the other side taken by domestic institutions (+1.2 points). They reduced their stake. ## How far is Suzlon from balance-sheet trouble? For Suzlon Energy Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Suzlon rank in its industry? 56.7 out of 100, rank 6 of 16 in Capital Goods - Engineering Heavy, with 100% of the evidence available. Suzlon Energy Ltd scores 56.7 out of 100 against the 16 companies it is compared with in Capital Goods - Engineering Heavy, ranking 6. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 13.4 + 20.5 + 19 + 3.8 = 56.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Suzlon compared with? Suzlon ranks 6 of 16 Capital Goods - Engineering Heavy companies on the 4-Factor Sector Score, with 56.7 out of 100. 1. [JNK India Ltd](https://www.sectoralpha.in/stocks/jnk-india-ltd) JNKINDIA · quiet · Most evidence points up · 79% evidence 70.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.8/35 · Revenue 84.4% · Profit 100% · Operating margin change 5.5 points · 88% evidence Capital efficiency 14.9/25 · ROCE 17.4% · Operating margin 8.8% · 100% evidence Valuation 10.7/20 · P/E 28× · PEG n/a · 15% evidence Relative strength 13.6/20 · Lead over its industry 14.8% · Lead over NIFTY 500 15.5% · 1 year 28.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 30.8 + 14.9 + 10.7 + 13.6 = 70 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Bharat Heavy Electricals Ltd](https://www.sectoralpha.in/stocks/bharat-heavy-electricals-ltd) BHEL · losing its lead · Evidence leans up · 75% evidence 62.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.9/35 · Revenue 29.1% · Profit 100% · Operating margin change 3 points · 95% evidence Capital efficiency 9.0/25 · ROCE 9.1% · Operating margin 11% · 76% evidence Valuation 9.7/20 · P/E 46.9× · PEG n/a · 15% evidence Relative strength 15.8/20 · Lead over its industry 16.2% · Lead over NIFTY 500 18% · 1 year 46% · 100% evidence · 7 of 12 weeks ahead Exact sum: 27.9 + 9 + 9.7 + 15.8 = 62.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Disa India Ltd](https://www.sectoralpha.in/stocks/disa-india-ltd) DISAQ · quiet · Evidence leans up · 81% evidence 59.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.9/35 · Revenue 3.8% · Profit 6.3% · Operating margin change -1 points · 88% evidence Capital efficiency 21.2/25 · ROCE 26.6% · Operating margin 14% · 100% evidence Valuation 11.6/20 · P/E 30.4× · PEG 1.9 · 100% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.5% · 1 year -18.3% · 25% evidence · 1 of 12 weeks ahead Exact sum: 16.9 + 21.2 + 11.6 + 9.6 = 59.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. Concord Control Systems Ltd turning · Too little evidence to rank firmly · 57% evidence 58.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.6/35 · Revenue 100% · Profit 100% · Operating margin change 10 points · 27% evidence Capital efficiency 17.4/25 · ROCE 31.2% · Operating margin 30% · 71% evidence Valuation 9.0/20 · P/E 58.4× · PEG n/a · 50% evidence Relative strength 12.6/20 · Lead over its industry -1.8% · Lead over NIFTY 500 1.6% · 1 year 22.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 19.6 + 17.4 + 9 + 12.6 = 58.6 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Eimco Elecon (India) Ltd](https://www.sectoralpha.in/stocks/eimco-elecon-indialtd) EIMCOELECO · leader · Evidence leans up · 85% evidence 58.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 25.3% · Profit 2.9% · Operating margin change 3.2 points · 100% evidence Capital efficiency 11.6/25 · ROCE 10.3% · Operating margin 18.9% · 100% evidence Valuation 11.2/20 · P/E 29.3× · PEG 1.12 · 100% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 26.2% · 1 year 14.4% · 25% evidence · 12 of 12 weeks ahead Exact sum: 22.9 + 11.6 + 11.2 + 12.3 = 58 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Suzlon Energy Ltd this page SUZLON · basing · Evidence leans up · 100% evidence 56.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.4/35 · Revenue 33.9% · Profit -28.8% · Operating margin change -4 points · 100% evidence Capital efficiency 20.5/25 · ROCE 34.2% · Operating margin 15% · 100% evidence Valuation 19.0/20 · P/E 20.5× · PEG 0.36 · 100% evidence Relative strength 3.8/20 · Lead over its industry -29.6% · Lead over NIFTY 500 -27% · 1 year -42.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 13.4 + 20.5 + 19 + 3.8 = 56.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Hercules Investments Ltd](https://www.sectoralpha.in/stocks/hercules-investments-ltd) HERCULES · Evidence leans up · 65% evidence 51.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/43.75 · Revenue -80% · Profit -74.3% · Operating margin change -0.4 points · 56% evidence Capital efficiency 11.1/31.25 · ROCE 5.7% · Operating margin 48.7% · 100% evidence Valuation 22.1/25 · P/E 8.6× · PEG 0.28 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 18.2 + 11.1 + 22.1 = 51.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 8. [Integra Engineering India Ltd](https://www.sectoralpha.in/stocks/integra-engineering-india-ltd) basing · Evidence leans down · 76% evidence 48.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.4/35 · Revenue 1.7% · Profit -16.6% · Operating margin change -3.5 points · 83% evidence Capital efficiency 18.2/25 · ROCE 18.5% · Operating margin 16.4% · 95% evidence Valuation 9.9/20 · P/E 34.1× · PEG n/a · 15% evidence Relative strength 9.7/20 · Lead over its industry -16.3% · Lead over NIFTY 500 -13.7% · 1 year -38.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 10.4 + 18.2 + 9.9 + 9.7 = 48.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [John Cockerill India Ltd](https://www.sectoralpha.in/stocks/john-cockerill-india-ltd) COCKERILL · quiet · Evidence leans down · 74% evidence 46.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.0/35 · Revenue 78.6% · Profit 100% · Operating margin change -4.6 points · 88% evidence Capital efficiency 8.8/25 · ROCE 11.1% · Operating margin -2.3% · 100% evidence Valuation 3.9/20 · P/E 155× · PEG 9.45 · 65% evidence Relative strength 11.6/20 · Lead over its industry n/a · Lead over NIFTY 500 7.1% · 1 year 28% · 25% evidence · 3 of 12 weeks ahead Exact sum: 22 + 8.8 + 3.9 + 11.6 = 46.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Walchandnagar Industries Ltd](https://www.sectoralpha.in/stocks/walchandnagar-industries-ltd) WALCHANNAG · quiet · Evidence leans down · 71% evidence 45.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.2/35 · Revenue 38% · Profit 96.7% · Operating margin change 12.9 points · 65% evidence Capital efficiency 5.4/25 · ROCE 4.2% · Operating margin 8.1% · 100% evidence Valuation 9.1/20 · P/E 117.8× · PEG n/a · 15% evidence Relative strength 5.3/20 · Lead over its industry -8.4% · Lead over NIFTY 500 -6.5% · 1 year 1.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.2 + 5.4 + 9.1 + 5.3 = 45 · What this means: Earnings are strong; relative strength in its sector is -8.4% and the one-year return is 1.5%. 11. [Inox Wind Ltd](https://www.sectoralpha.in/stocks/inox-wind-ltd) INOXWIND · quiet · Evidence leans down · 89% evidence 38.8 out of 100 Growth Capital Valuation Relative
12. [The Anup Engineering Ltd](https://www.sectoralpha.in/stocks/the-anup-engineering-ltd) ANUP · quiet · Evidence leans down · 89% evidence 38.7 out of 100 Growth Capital Valuation Relative
13. [Kabra Extrusion Technik Ltd](https://www.sectoralpha.in/stocks/kabra-extrusion-technik-ltd) KABRAEXTRU · leader · Evidence leans down · 78% evidence 37.0 out of 100 Growth Capital Valuation Relative
14. [Windsor Machines Ltd](https://www.sectoralpha.in/stocks/windsor-machines-ltd) WINDMACHIN · turning · Too little evidence to rank firmly · 56% evidence 36.4 out of 100 Growth Capital Valuation Relative
15. [Bajaj Steel Industries Ltd](https://www.sectoralpha.in/stocks/bajaj-steel-industries-ltd) BAJAJST · quiet · Most evidence points down · 81% evidence 29.8 out of 100 Growth Capital Valuation Relative
16. [Praj Industries Ltd](https://www.sectoralpha.in/stocks/praj-industries-ltd) PRAJIND · quiet · Most evidence points down · 85% evidence 25.8 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Capital Goods - Engineering Heavy](https://www.sectoralpha.in/sectors/capital-goods-engineering-heavy), all 16 compared on one page. ## Which companies are close to Suzlon in size? Suzlon is the 2nd largest of 16 Capital Goods - Engineering Heavy companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Bharat Heavy Electricals. Just below it: Inox Wind, Praj Industries, John Cockerill India, Windsor Machines and The Anup Engineering. ### Capital Goods - Engineering Heavy companies close in size

1. [Bharat Heavy Electricals Ltd](https://www.sectoralpha.in/stocks/bharat-heavy-electricals-ltd) ₹1,34,965 crore
2. Suzlon Energy Ltd ₹46,227 crore
3. [Inox Wind Ltd](https://www.sectoralpha.in/stocks/inox-wind-ltd) ₹9,540 crore
4. [Praj Industries Ltd](https://www.sectoralpha.in/stocks/praj-industries-ltd) ₹4,443 crore
5. [John Cockerill India Ltd](https://www.sectoralpha.in/stocks/john-cockerill-india-ltd) ₹3,284 crore
6. [Windsor Machines Ltd](https://www.sectoralpha.in/stocks/windsor-machines-ltd) ₹2,762 crore
7. [The Anup Engineering Ltd](https://www.sectoralpha.in/stocks/the-anup-engineering-ltd) ₹2,630 crore

[All 16 Capital Goods - Engineering Heavy companies, largest first](https://www.sectoralpha.in/sectors/capital-goods-engineering-heavy#all-companies)

### Companies close in size in other industries

1. [Gujarat Fluorochemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-fluorochemicals-ltd) ₹46,666 crore · Chemicals - Flourine
2. [PB Fintech Ltd](https://www.sectoralpha.in/stocks/pb-fintech-ltd) ₹46,280 crore · Insurance - Proxy
3. Suzlon Energy Ltd ₹46,227 crore
4. [L&T Technology Services Ltd](https://www.sectoralpha.in/stocks/l-t-technology-services-ltd) ₹45,411 crore · IT - ER&D
5. [Navin Fluorine International Ltd](https://www.sectoralpha.in/stocks/navin-fluorine-international-ltd) ₹44,541 crore · Chemicals - Flourine

## What else do people ask about Suzlon? ### What is Suzlon's share price today? Suzlon Energy Ltd's share price is ₹37.45, −34.7% over the past year. The whole company is worth ₹51,068 Cr on the market. In the last 52 weeks it traded between ₹34 to ₹59; today it is 14% of the way up from the low, 22.0% below its 200-day average (as of 4 November 2026). ### What were Suzlon's latest quarterly results? Suzlon Energy Ltd reported revenue of ₹4,876 Cr and net profit of ₹394 Cr for the Sep 2026 quarter. Revenue rose 26.0% and profit fell 69.2% compared with a year earlier. Earnings per share were ₹0.29. The operating margin was 15.0%, 4.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Suzlon's market cap? Suzlon Energy Ltd's market capitalisation is ₹51,068 Cr at a share price of ₹37.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Suzlon performing? Suzlon Energy Ltd's share price has been falling for 10 weeks. In its latest quarter, revenue rose 26.0% and profit fell 69.2% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 19 weeks running (as of 4 November 2026). ### Will Suzlon's share price go up? This page does not forecast Suzlon Energy Ltd's share price. What it shows instead: the share price is ₹37.45, and it has been falling for 10 weeks. Its P/E of 22.6× is higher than 28% of its own last 10 years (as of 4 November 2026). ### Who owns Suzlon? Promoters own 11.7% of Suzlon Energy Ltd, foreign institutions 23.6%, domestic institutions 10.2% and the public 54.4% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 1.6 percentage points over 8 quarters (as of 4 November 2026). ### Does Suzlon have too much debt? No, Suzlon Energy Ltd has little debt: its debt is 0.06× its equity, and its operating profit is 7 times its interest bill. FY26 borrowings were ₹556 Cr against equity of ₹9,464 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Suzlon in its business cycle? Suzlon Energy Ltd's FY26 operating margin was 18.0%, against a 13-year range of −29.0% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Suzlon story? The main question: yearly earnings per share moved +52.3% while the share price moved −34.7%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Suzlon a stock worth studying right now? What the numbers show: Suzlon Energy Ltd's P/E is near the low end of its own history, higher than only 28% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Suzlon share price forecast for 2026? What management itself guided: H2 volumes 1.5-1.65 times H1 with close to 100 basis points operating leverage. What would change the story: 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. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

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