Suzlon Energy Q1 preview: PAT may jump up to 58% YoY, revenue to surge 65% on strong execution

Suzlon Energy will announce its Q1 earnings on Tuesday where the renewable energy company is expected to post a strong year-on-year growth in its June quarter earnings on the back of robust execution and healthy order book, though sequential performance is expected to soften due to seasonality. Brokerages expect 55–58% YoY growth in profit after tax (PAT) and around 60% jump in revenue, supported by 420–450MW wind turbine execution.

However, EBITDA margins are likely to remain in the 17–18% range, with EPC mix fluctuations being a key monitorable.

The brokerage views of Nuvama Institutional Equities, Motilal Oswal Financial Services (MOFSL) and JM Financial have been taken into account.

Here’s what they recommended:

1) PAT
Nuvama: Core PAT at Rs 471 crore, up 56% YoY, down 60% QoQ

Motilal Oswal: Rs 479 crore, up 58%, down 60% QoQM Financial: Rs 469 crore, up 55.3% YoY, down 19.3% QoQ2) Revenue
Nuvama: Rs 3,330 crore, up 65% YoY, down 12% QoQ
Motilal Oswal: Rs 3,238 crore, up 60% YoY, down 15%

JM Financial: Rs 3,244 crore, up 60.5% YoY, down 14.4% QoQ.

MOFSL sees YoY revenue jump riding on expectations of execution of 450MW of wind turbine orders in 1QFY26, up 65% YoY and down 21% QoQ.

3) EBITDA
Nuvama: Rs 579 crore, up 56% YoY, down 17% QoQ.

Motilal Oswal: Rs 607 crore, Up 19% YoY, down 12% QoQ

JM Financial: Rs 593 crore, up 60.3% YoY, down 14.5% QoQ.

Margins are expected to hold steady at 17–18%, in line with FY25 averages. Fluctuations in the EPC mix could influence margins in coming quarters, making it a key area to track.

4) Key monitorables
Execution ramp up and margin (due to fluctuations in EPC mix) remain key monitorables going forward.

Nuvama in its brokerage note said that it expects execution of 420 MW in Q1FY26 due to management guidance of 60% growth in FY26E while anticipating Q1 margins to be 17-18%, similar to FY25.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)