Suzlon Energy is scheduled to release its first-quarter results for the financial year 2027 on Tuesday, July 28. Market analysts largely anticipate a robust double-digit increase in revenue for the wind turbine manufacturer. However, profit growth is expected to remain subdued, primarily attributed to persistent execution challenges faced during the quarter. Furthermore, a year-on-year contraction in the company's EBITDA margin is also forecast.
Ahead of the earnings announcement, Suzlon Energy maintains a strong consensus among brokerages, with 10 'Buy' recommendations and two 'Hold' calls.
Analyst Expectations for Q1 FY27
Several leading brokerages have shared their projections for Suzlon's performance:
Anand Rathi
Anand Rathi projects Suzlon to report a 7.3 percent year-on-year (YoY) rise in adjusted net profit, reaching Rs 491.90 crore. Revenue is estimated to climb 13.5 percent YoY to Rs 3,554.80 crore. The brokerage forecasts an EBITDA margin of 18.8 percent, noting that sales might moderate with wind turbine generator (WTG) deliveries of 484 MW due to project-site erection delays caused by equipment and generator availability constraints.
JM Financial
JM Financial anticipates Suzlon's Q1 net profit, adjusted for deferred tax impact, to be Rs 433.90 crore, marking a 5 percent YoY decline. Net sales are expected to increase by 13 percent YoY to Rs 3,524.40 crore. The firm projects an EBITDA margin of 17.8 percent, attributing the YoY decline to an increasing share of Engineering, Procurement, and Construction (EPC) projects. JM Financial also expects dispatches of 510MW, up from 444MW in Q1 FY26, despite continued execution hurdles.
Systematix Institutional Equities
Systematix forecasts consolidated revenue of Rs 3,740 crore for Suzlon, a 19 percent YoY increase, based on 530MW order execution. Consolidated EBITDA is estimated at approximately Rs 700 crore, up 17 percent YoY, with an implied EBITDA margin of 18.7 percent. Systematix highlights Suzlon's lead over competitors in deliveries and noted a recent 105MW domestic order from Sunsure Energy for S175 (5.0MW) WTGs, underscoring the success of its higher-capacity turbine platform. The company secured cumulative orders of 700MW during Q1 FY27, boosting its current order book to around 5,867MW.
Centrum Broking
Centrum Broking expects Suzlon's revenue to rise 38.5 percent YoY, though declining 21.1 percent quarter-on-quarter (QoQ) due to seasonal weakness. They project wind deliveries of 623MW, a 40 percent YoY increase. EBITDA margin is expected to contract by 73 basis points QoQ to 17.3 percent, driven by a higher mix of lower-margin EPC revenue. Centrum believes Suzlon's growth will be sustained by increasing wind installations, robust order inflows from PSU and C&I clients, and a growing contribution from its high-margin Operations & Maintenance (O&M) business.
Nuvama
Nuvama projects Suzlon to achieve 550MW in execution during Q1 FY27, aiming for an annual execution target of 3GW. Q1 margins are expected to be around 18 percent, as more EPC-related work was anticipated before the monsoon season. Nuvama identifies further execution ramp-up and margin fluctuations (due to EPC mix) as key monitorables, along with any deferred tax implications in Q1.
Share Price Targets
Ahead of the earnings, several brokerages have updated their share price targets for Suzlon:
- Axis Capital: Rs 75 (July 24)
- JM Financial: Rs 64 (July 17)
- Ambit Capital: Rs 62 (July 13, 'Buy' rating)
- Investec: Rs 72
- Systematix: Rs 71
- Nuvama: Rs 56
- MOFSL: Rs 70
- Centrum: Rs 75
Investors will closely watch the official Q1 FY27 results for confirmation of these trends and further guidance from Suzlon Energy.