Suzlon Energy Limited (SEL), a key player in India’s renewable energy sector, has reported exceptional financial results for the fourth quarter and the full fiscal year ending March 2025. The numbers showcase a sharp turnaround in profitability and revenue, driven by robust growth in its wind turbine generator (WTG) segment and overall operational efficiency.
For Q4 FY25, Suzlon’s consolidated profit after tax (PAT) stood at ₹1,182.22 crore, marking a staggering 365.22% year-on-year (YoY) increase from ₹254.12 crore in Q4 FY24. On an annual basis, the company reported a PAT of ₹2,071.63 crore in FY25, compared to ₹660.35 crore in FY24, representing a YoY growth of 213.77%.
This article provides a deep dive into Suzlon’s financial results, segment-wise revenue, margin performance, market reaction, and future outlook.
Quarterly Performance: Q4 FY25 Financials (YoY)
Suzlon Energy delivered a strong fourth-quarter performance, posting high double-digit growth across all key parameters.
| Financial Metric | Q4 FY25 | Q4 FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹3,773.54 Cr | ₹2,179.20 Cr | +73.16% |
| Total Income | ₹3,825.19 Cr | ₹2,207.43 Cr | +73.34% |
| Profit Before Tax (PBT) | ₹551.24 Cr | ₹252.87 Cr | +118% |
| Profit After Tax (PAT) | ₹1,182.22 Cr | ₹254.12 Cr | +365.22% |
| EPS (Basic & Diluted) | ₹0.87 | ₹0.19 | +357.89% |
Highlights:
-
The sharp increase in PAT was supported by improved operational efficiency and margin expansion.
-
Suzlon’s PBT doubled while PAT more than quadrupled in the final quarter, indicating effective cost and financial management.
-
EPS improved significantly, signaling better shareholder value and earnings potential.
Annual Performance: FY25 Consolidated Financials
| Financial Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹10,851.32 Cr | ₹6,496.84 Cr | +67.02% |
| Total Income | ₹10,993.13 Cr | ₹6,567.51 Cr | +67.36% |
| Profit Before Tax (PBT) | ₹1,446.63 Cr | ₹659.49 Cr | +119.34% |
| Profit After Tax (PAT) | ₹2,071.63 Cr | ₹660.35 Cr | +213.77% |
| EPS (Basic & Diluted) | ₹1.52 | ₹0.50 | +204% |
Key Observations:
-
Suzlon nearly doubled its revenue and more than tripled its annual net profits in FY25.
-
The PAT margin rose considerably, pointing to better conversion of top-line into profits.
-
The company’s effective tax strategy and reduced finance costs also played a role in boosting PAT.
Segment-Wise Revenue Performance
Suzlon’s wind turbine generator (WTG) segment remains its core revenue contributor, and FY25 proved to be a breakout year for this business unit.
Q4 FY25 Segment Performance:
| Segment | Q4 FY25 Revenue (₹ Cr) | Contribution (%) |
|---|---|---|
| Wind Turbine Generators | ₹3,141.74 | 83.28% |
| Operation & Maintenance | ₹571.63 | 15.15% |
| Others | ₹60.17 | 1.57% |
FY25 Segment Performance:
| Segment | FY25 Revenue (₹ Cr) | FY24 Revenue (₹ Cr) | YoY Growth (%) |
|---|---|---|---|
| Wind Turbine Generators | ₹8,481.00 | ₹4,214.81 | +101.2% |
| Operation & Maintenance | ₹2,080.32 | ₹1,934.52 | +7.54% |
| Others | ₹289.99 | ₹347.51 | -16.57% |
Insights:
-
The WTG segment more than doubled its revenue in FY25, a direct reflection of high project commissioning and order fulfillment.
-
O&M remains stable and provides recurring revenue.
-
The ‘Others’ segment, while small, requires strategic alignment to return to growth.
Margin and Efficiency Metrics
Suzlon Energy demonstrated a clear improvement in operational efficiency through higher margins and returns.
EBITDA and Margins:
-
EBITDA Margin FY24: 15.62%
-
EBITDA Margin FY25: 17.94%
-
Change: +232 basis points
PAT Margin:
-
FY24: 10.16%
-
FY25: 19.09%
This sharp rise in EBITDA and PAT margins highlights a shift toward stronger financial discipline, leaner operations, and enhanced cost control.
Balance Sheet Strength and Debt Profile
Although full balance sheet details are awaited in the annual report, Suzlon has been actively focused on debt reduction since its restructuring began in 2020.
Expected positives:
-
Lower finance costs year-on-year
-
Continued improvement in debt-to-equity ratio
-
Higher interest coverage due to improved profitability
The positive EPS trend and PAT growth suggest improved returns on equity (ROE) and return on capital employed (ROCE), which are key metrics for long-term investors.
Share Price Performance
The strong earnings performance has been mirrored in Suzlon’s share price momentum.
| Period | Return (%) |
|---|---|
| 1 Day (30 May) | +9.52% |
| 1 Month | +27.00% |
| 6 Months | +8.35% |
| Year-to-Date | +9.79% |
| 1 Year | +57.91% |
| 5 Years | +2,688.72% |
As of 11:21 AM on 30th May 2025:
-
Opening Price: ₹71.64
-
Previous Close: ₹65.42
-
Intraday Price: ₹71.70
This explosive five-year return signals a major turnaround and value unlocking since Suzlon’s revival efforts post its debt restructuring.
Industry Context and Positioning
Suzlon operates in the fast-growing renewable energy sector, particularly wind power—a critical component of India’s energy transition strategy.
Key Industry Tailwinds:
-
Government push for 500 GW renewable capacity by 2030
-
Focus on domestic manufacturing under PLI schemes
-
Decline in cost of renewable energy generation
-
Rising global interest in ESG-compliant investments
Suzlon is well-positioned to leverage its domestic manufacturing base and extensive project experience to capture a significant share in future tenders and hybrid project executions.
Management Commentary (Summary of Public Remarks)
While the detailed management commentary will follow in the annual report and investor call, key themes based on preliminary statements include:
-
Renewed focus on project delivery timelines and O&M excellence
-
Strengthening global presence while prioritizing Indian market share
-
Emphasis on innovation and technology-led cost efficiency in turbines
-
Maintaining zero default status and reducing legacy liabilities
Risks and Considerations
Despite strong numbers, investors must assess the following:
-
Execution Risks: Delays in large wind projects due to regulatory or land acquisition hurdles.
-
Commodity Price Impact: Volatile prices of steel and rare earth materials can impact turbine costs.
-
Working Capital Pressure: Increase in receivables due to infrastructure nature of business.
-
Debt Overhang (Residual): Though reduced, historical debt obligations still impact financial flexibility.
Investor Outlook and Valuation
With a sharp PAT expansion, Suzlon’s valuation metrics are expected to normalize at more favorable levels:
-
PE Ratio (TTM): Expected to drop significantly post FY25 earnings
-
Market Cap-to-Sales: Becoming more reasonable amid revenue growth
-
Book Value Improvement: With PAT > ₹2,000 crore, shareholder equity rises substantially
This makes Suzlon a compelling renewable energy stock for both momentum and fundamental investors.
Conclusion
Suzlon Energy’s Q4 and FY25 results mark a significant turnaround in its financial and operational performance. A PAT growth of 365% in Q4 and 214% in FY25 reflects strong order execution, cost optimization, and sectoral tailwinds. With improved EBITDA margins, record-high segment revenues, and a five-year share return nearing 2,700%, Suzlon is regaining its place as a key player in India’s energy transformation journey.
However, investors should weigh macroeconomic factors, execution challenges, and balance sheet recovery when considering long-term positions. Short-term investors may watch for consolidation or profit booking after recent price rallies.
Suzlon’s story remains one of transformation—from a debt-laden turbine manufacturer to a lean, profitable, and growth-oriented renewable energy leader.
