After posting its highest-ever annual revenue and turbine deliveries in FY26, Suzlon Energy is now looking beyond India, with plans to re-enter Europe and expand its export business, while simultaneously scaling up its EPC and renewable project development model in India.
The company reported a record revenue of Rs 16,679 crore in FY26, up 54 per cent year-on-year, driven primarily by strong growth in wind turbine generator (WTG) deliveries. Suzlon delivered 2,456 MW during the year — its highest-ever annual delivery in India — including a record 830 MW in the March quarter alone.
Firm Achieves Its FY26 Target
Speaking during the company’s Q4 FY26 earnings call, Group Executive Council member J.P. Chalasani said the company had broadly delivered on the commitments it made through the year. “At the beginning of the financial year, we said that in FY26 we will have a 60 per cent growth. Our overall EBITDA went up by 63 per cent, profit before tax consolidated went up by 63 per cent and our revenue went up by 65 per cent. So therefore, the commitment what we made is what we fulfilled,” Chalasani said.
The company now sees exports and Europe as a major future growth engine. Suzlon recently launched its ‘BlueSky’ platform in Spain, marking its re-entry into European and other international markets with its S144 and S163 turbine platforms. The company said it is targeting both repowering opportunities and new wind installations globally.
Group CEO Ajay Kapoor said Suzlon received strong interest from global developers and utilities during the WindEurope conference in Madrid. “Most of them were very excited to work with us, surprisingly on our 2 MW and 3 MW series and also the newer ones,” Kapoor said. “We feel in the next couple of years, this will become another big revenue driver and a bottom-line driver.”
Legacy Fleet
Kapoor added that Suzlon’s legacy fleet and existing offices across several international markets provide the company with a strong foundation for expansion. Domestically, Suzlon ended FY26 with an order book of nearly 5.9 GW, while cumulative orders for its S144 turbine platform alone have approached 9 GW.
Management indicated that order inflows may increasingly shift toward larger EPC-led contracts, which typically take longer to close due to land, transmission and development-related agreements. “As we are moving now from equipment to most of the EPC contracts, EPC contracts take a little longer time to close,” Chalasani said, adding that the company expects several EPC announcements to start materialising from June onwards.
Suzlon has been aggressively building a renewable project development pipeline under its DevCo strategy. The company currently has around 22-25 GW of identified sites across India, with nearly 8-10 GW already in advanced stages of development.
Reliance On Domestic Market Too
The company is also betting heavily on the long-term growth of the Indian wind sector, driven by rising peak power demand, firm and dispatchable renewable energy (FDRE) requirements, hybrid projects and increasing C&I demand. Kapoor said India’s annual wind installations, which crossed 6 GW in FY26 — the highest since 2017 — could rise to around 8 GW in FY27, 10 GW in FY28 and potentially 15 GW annually by 2030-31.
“There is a very strong demand coming from wind as the industry moves towards FDRE,” Kapoor said. “If you see the evening peak, solar is zero and wind contribution is over 20 per cent. So wind contribution is increasing.”
The company is simultaneously scaling up its EPC business, which management sees as a major strategic shift. Suzlon said EPC contribution has already increased from around 20 per cent earlier to 28 per cent currently, and the company aims to take this to nearly 50 per cent by FY28.
The company believes the EPC-led model will help address one of the sector’s biggest bottlenecks — execution delays. “This is clearly going to be our engine for growth in the coming years,” Chalasani said. “Not just for us, I think this is going to be the engine for the sector because execution is becoming a major challenge.”
Suzlon also highlighted a major opportunity emerging in Andhra Pradesh, where it recently received an extension for development rights covering 2.1 GW of projects. The company expects a large part of this capacity to be converted into EPC contracts over the next six months.