New Delhi: Suzlon Energy Limited reported a strong improvement in profitability in the December quarter of FY26, reflecting higher execution, better operating leverage and sustained demand for wind energy projects. On a consolidated basis, the company posted a net profit of Rs 445.28 crore in Q3 FY26, compared with Rs 387.76 crore in the year-ago quarter. Sequentially, profit declined from Rs 1,279.44 crore in Q2 FY26, largely reflecting a higher tax impact in the December quarter. Profit before tax stood at Rs 566.75 crore, up from Rs 391.33 crore a year earlier and broadly stable compared with Rs 562.50 crore in the previous quarter.
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On a standalone basis, net profit for the quarter came in at Rs 282.47 crore, compared with Rs 438.17 crore in Q3 FY25 and Rs 1,286.60 crore in Q2 FY26. The sequential decline was driven by higher tax and exceptional item impacts, even as core operating performance remained firm.
Consolidated revenue from operations rose to Rs 4,228.18 crore in Q3 FY26, marking a sharp increase from Rs 2,968.81 crore in the corresponding quarter last year. Revenue also grew sequentially from Rs 3,865.54 crore in Q2 FY26, reflecting improved execution and higher turbine deliveries during the quarter.
Standalone revenue from operations followed a similar trend, rising to Rs 3,788.79 crore in Q3 FY26 from Rs 2,762.60 crore a year earlier and Rs 3,476.41 crore in the September quarter. The data shows that revenue growth was driven by higher project activity rather than one-off income items.
While revenue and execution improved sequentially, consolidated net profit declined quarter-on-quarter due to a combination of higher deferred tax expense and changes in exceptional items. Total expenses rose to Rs 3,691.86 crore in Q3 FY26 from Rs 3,334.83 crore in Q2 FY26, tracking higher raw material consumption, employee costs and other operating expenses linked to increased activity.
On a year-on-year basis, however, the cost structure improved meaningfully. Total expenses were significantly higher than Q3 FY25 in absolute terms, but grew at a slower pace than revenue, enabling operating leverage to translate into higher profits.
Segment-wise, the wind turbine generator business remained the primary driver of performance. On a consolidated basis, revenue from the wind turbine generator segment stood at Rs 3,563.35 crore in Q3 FY26, compared with Rs 2,335.65 crore in the year-ago quarter and Rs 3,240.56 crore in Q2 FY26. Segment results from this business rose to Rs 442.61 crore, up sharply from Rs 226.10 crore a year earlier, although marginally lower than Rs 478.21 crore in the previous quarter.
The foundry and forging segment reported revenue of Rs 161.42 crore in Q3 FY26, up from Rs 146.22 crore a year earlier and Rs 120.80 crore in Q2 FY26, with segment profit improving to Rs 25.17 crore. Operation and maintenance services generated revenue of Rs 629.22 crore, compared with Rs 580.48 crore in Q3 FY25 and Rs 575.01 crore in the preceding quarter. Segment profit from O&M stood at Rs 188.88 crore, lower than the September quarter but broadly stable year-on-year.
The data shows that growth in turbine deliveries was the dominant contributor to revenue and profit expansion, while services provided a stable annuity-style earnings base.
Suzlon delivered 617 MW during the quarter, its highest-ever quarterly deliveries, compared with 447 MW in Q3 FY25 and 565 MW in Q2 FY26. The company said execution of 2.4 GW of projects was underway during the period.
The closing order book stood at 6.4 GW as of December 31, 2025, higher than the opening order book for the quarter, indicating sustained demand despite record deliveries. The company also reported a net cash position of Rs 1,556 crore at the end of December 2025, underscoring balance-sheet improvement alongside operating growth.
The gap between consolidated and standalone results reflects contributions from subsidiaries, particularly in project execution and services. While consolidated revenue and profits were higher than standalone figures, both sets of results showed the same underlying trend of strong year-on-year growth supported by higher deliveries and scale.
For the nine months ended December 31, 2025, consolidated revenue rose to Rs 11,211.05 crore from Rs 7,077.78 crore in the year-ago period, while net profit increased to Rs 2,049.04 crore from Rs 890.65 crore, highlighting the consistency of performance through FY26 so far.
Suzlon’s Q3 FY26 results underline a sustained operating turnaround, driven by strong domestic demand for wind projects, record turbine deliveries and improving execution capabilities. While sequential profit was impacted by tax and exceptional items, the year-on-year expansion in revenue, margins and profits points to a structurally stronger business compared with the previous year.
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The performance also reinforces the central role of the wind turbine generator segment in Suzlon’s earnings profile, with services providing stability and balance as the company scales up execution against a growing order book.