Suzlon Energy Q4 Results: Wind Turbine Deliveries More Than Double, Profit Soars 365%

Suzlon Energy, a dominant force in India's renewable energy sector with 30% market share, has announced its financial results for Q4 and FY25. The company reported a 365% jump in profit and 73% revenue growth in Q4. However, a significant portion (around 50%) of the quarterly profit is attributed to deferred tax asset recognition (from previously overpaid taxes). The growth of the company was largely driven by over 2x jump in its wind turbine segment, which constitutes around 78% of the revenue. Once trading at ₹11 (on June 2, 2023), the company’s stock has grown 547% in the last two years to ₹71, as of May 30, 2025. If someone had invested ₹10,000 two years ago, it would have become ₹64,700, with a gain of ₹54,700.

This article explores Suzlon’s financial performance, operational strengths, future revenue potential, and what investors need to know about the company to make an informed investment decision.

Suzlon Q4 FY25 Snapshot

The fourth quarter of FY25 also demonstrated strong contributions from various segments:

Source: Company filings | Revenue = Revenue from operations

For Q4 FY25, Suzlon's revenue grew by 73% YoY to ₹3,774 crore, while profit after tax surged an impressive 365% to ₹1,181 crore for the quarter. However, the profit also includes deferred tax asset recognition worth ₹600 crore, which means it had already paid taxes previously (overpaid taxes) or had losses that it is recognizing now. When a company recognizes it, its profit looks higher, but it’s mostly an accounting gain, not extra money earned from the business.

Suzlon designs and manufactures wind turbines. The segment was a key driver, with its revenue reaching ₹3,142 crore, marking a substantial 105% year-on-year increase and underscoring the high demand and execution capabilities. The Foundry and Forging division (SE Forge), which includes producing casted and forged components for wind turbines and other industrial uses, also contributed positively, reporting revenue of ₹168 crore, reflecting a steady 6% growth compared to the same quarter last year.

Operations & Maintenance (O&M) Services continued to provide stable income, with revenue of ₹591 crore, showing a 3% year-on-year growth and highlighting the consistent nature of this business line.

FY25 Financial Highlights

Suzlon's financial results for FY25 (ending March 31, 2025) underscore a significant operational and financial turnaround:

Source: Company filings | Revenue = Revenue from operations

The company achieved a 67% YoY increase in total revenue, reaching ₹10,851 crore in FY25 compared to ₹6,497 crore in FY24. This growth was primarily driven by the successful execution of its order book and a substantial increase in wind turbine deliveries, which more than doubled from 710 MW in FY24 to 1,550 MW in FY25.

Profit After Tax (PAT) soared by 214% YoY to ₹2,072 crore in FY25 from ₹660 crore in the previous fiscal year, indicating significantly improved efficiency.

The wind turbine business, which generated revenue of ₹8,481 crore in FY25, saw its EBITDA grow nearly 28-fold. This highlights strong operating leverage.

Understanding Operating Leverage Simply: Imagine you run a bakery. You have fixed costs like rent and oven expenses. Once you sell enough cakes to cover these fixed costs, each additional cake sold contributes much more to your profit. Similarly, as Suzlon increased its turbine deliveries significantly in FY25, its fixed manufacturing costs were spread over more units, leading to a disproportionately larger increase in profits.

A major positive is Suzlon achieving a net cash position of ₹1,943 crore in FY25. This is a complete reversal from its previous net debt status and is a strong indicator of improved financial discipline and health.

Suzlon Share Price went up over 9% today to ₹71.35 with a market cap of ₹96,747 crore. In the past month, the stock has witnessed a 26.5% growth, while in the last 12 months, it jumped 57% to date.

Suzlon Energy: Leading India's Charge in Wind Power

Suzlon Energy has positioned itself as a key leader in the Indian wind energy market, playing a crucial role in the nation's transition to green energy.

• Significant Market Share: With over 15.1 GW of installed wind capacity to its name, Suzlon commands approximately 30% of India's total wind market share. This means that roughly three out of every ten wind turbines installed across India are associated with Suzlon, showcasing its extensive reach.
• Commitment to 'Made-in-India': The company boasts an annual manufacturing capacity of 4,500 MW, supported by a fully localized supply chain. This aligns perfectly with the government's 'Made-in-India' initiative.
• Advanced Turbine Technology (S144 Series): Suzlon's S144 turbine series is a technological highlight, specifically designed for India's varied wind conditions. Its suitability is reflected in the strong demand, with the company holding over 5 GW in orders for this model and having successfully delivered 1.25 GW in FY25 alone.
• Stable Revenue from Operations & Maintenance (OMS): A vital part of Suzlon's business is its OMS division, which manages over 15 GW of wind assets. This segment provides a steady, recurring revenue stream, adding financial stability.

Why Suzlon’s Future Looks Bright And What It Means for You as an Investor?

India’s 2047 Wind Goal Powers Suzlon’s Long-Term Growth Story

India plans to install 400 GW of wind energy by 2047, up from ~50 GW in 2025. Suzlon, as the largest domestic wind energy company with a market share of around 30%, is well-positioned to capture significant growth.

Robust Order Book = Revenue Visibility

Suzlon has a 5.6 GW order book, which translates into 3–4 years of revenue visibility. This record-high order book ensures steady cash flows, better forecasting, and valuation stability. This means more predictable returns and reduced investment risk.

Digital Edge in OMS = Recurring High-Margin Revenue

AI-enabled Operations & Maintenance (OMS) services enhance turbine uptime and efficiency. This drives annuity-like income, boosting margins and investor value over time.

Made-in-India Cost Advantage + Local Supply Chain

Indigenized manufacturing reduces costs and supply risks, improving project economics. Translates into stronger profitability and a competitive moat, key for long-term investor gains.

Suzlon combines massive industry tailwinds, strong execution visibility, and tech-driven service revenues, making it a high-potential, low-volatility clean energy play for the long term.

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