Slides
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4th November 2025 Investor Presentation Q2 FY26 Suzlon Wind Farm, Mahidad, Gujarat, India
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2 Disclaimer This presentation and the accompanying slides (the “Presentation”), has been prepared by Suzlon Energy Limited (the “Company”), solely for information purposes and DOES not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis of or be relied on in connection with any contract or binding commitment whatsoever in any jurisdiction. The Presentation is not intended to form the basis of or to be relied upon as advise to any investor or any investment decision by a prospective investor. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, including information derived from public sources that has not been independently verified. no representation or warranty, express or implied, whatsoever, is being made in relation to the correctness, accuracy, reliability, completeness, or fairness of the information, conclusion or opinions expressed herein. The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. No representation or warranty whatsoever is given in relation to the reasonableness or achievability of any projections contained in the Presentation or in relation to the bases and assumptions underlying such projections and you must satisfy yourself in relation to the reasonableness, achievability and accuracy thereof. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are, individually or collectively, forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the wind power industry in India and world-wide, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update or revise any forward-looking information contained in this Presentation to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this Presentation and any and all responsibility and liability is expressly disclaimed by the Management, the Shareholders and the Company or any of them or any of their respective directors, officers, affiliates, employees, advisers or agents. No offering of the Company’s securities will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Accordingly, unless an exemption from registration under the Securities Act is available, the Company’s securities may not be offered, sold, resold, delivered or distributed, directly or indirectly, into the United States or to, or for the account or benefit of, any U.S. Person (as defined in regulation S under the Securities Act). The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction.
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3 Suzlon Strengths Industry Outlook Financial Performance
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4 India energy transition to boost wind & solar installations By 2030 777 GW By 2047 2,100 GW Hydro 78 (10%) Fossil Fuel 277 (35%) Wind 100 (13%) Others 30 (4%) Solar 293 (38%) Wind 400 (19%) Fossil, Hydro and Others 500 (24%) Solar, 1,200 (57%) Sep’25 501 GW Hydro 55(11%) Fossil Fuel 245 (49%) Wind 53 (11%) Others 20(4%) Solar 127 (25%) Wind run-rate: 7-10 GWPA Wind run-rate: 20-50 GWPA Panchamrit 500 GW of non-fossil fuel energy capacity by 2030 1 bn tonnes reduction in carbon emissions by 2030 Committed to achieve Net zero emissions by 2070 45% reduction in emissions intensity by 2030 50% renewables in the energy mix by 2030 Indian energy is in transition towards renewables, with wind to play a major role in future capacity additions Sources: 1) CEA All India Installed Capacity as on 30.09.2025 2) CEA’s Report On Optimal Generation Capacity Mix for 2029-30 3) EY Energy transition for Vikshit Bharat Dec’24
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5 Industry in an upcycle with long term structural tailwinds Strong domestic demand outlook Key demand drivers for wind Projected capacity additions India aims for 122 GW of wind by 2031-32 Accelerated C&I demand 100 GW of RE capacity implying a CAGR of ~30%. Energy demand growth Projected CAGR of 7% from FY24 to FY30, surpassing the historical 5%. Electricity demand to hit 708 GW by 2047 India’s $10 trillion vision by 2032 Urbanization, data centers, and electric vehicle adoption are driving demand. 1 India to scale its power capacity to 2,100 GW by 2047, including 400 GW from wind 2 GST reduction on wind equipment’s from 12% to 5% to further optimise LCOE 3 Tariff edge, clean energy drive to push 100 GW RE capacity in C&I segment by 2030 4 Onshore wind potential: 695 GW (120m HH) and 1,164 GW (150m HH) 5 Potential as export hub for wind components for global markets 6 Repowering potential estimated by NIWE: ~25.4 GW 7 MNRE’s sourcing regulation is driving large-scale manufacturing for exports 8 SECI’s auction for Green-Hydrogen and electrolyser manufacturing 9 India to launch its own carbon market by 2026 10 VGF scheme with INR ~7,500 Cr outlay for 1 GW of offshore wind Sources: GWEC Global Wind Report 2024 Nomura report on Power utilities ICRA Indian Renewable Energy Sector – June 2025 India RE Navigator (https://www.india-re-navigator.com/wind) https://www.green.earth/news/india-to-launch-its-own-carbon-market-by-2026 Strong bidding pipeline 40+ GW wind pipeline by Central , State Utilities and C&I Grid Stability More wind installations lead to lower LCOE and greater grid stability
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6 -5 5 15 25 35 45 1 3 5 7 9 11 13 15 17 19 21 23 Wind Solar 160 170 180 190 200 210 - 10 20 30 40 50 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CUF Wind (%) CUF Solar (%) Demand (GW) 5.35 5.14 5.01 Intra-day pattern Wind & Solar : Complementary in nature across the day and during seasons During the monsoon months, wind energy generation rises, while solar energy production declines Wind power complements solar by peaking in the evening, aligning with peak demand when solar is unavailable Seasonal pattern 124 160 269 149 167 173 86 82 70 50% RTC 60% RTC 80% RTC Wind Solar PSP Sources: GWEC India ‘Wind at the Core’ Report Aug 2025 Evening Peak RE-RTC solution and prices (Rs/kWh) Prioritizing wind in RTC energy boosts resource efficiency and delivers lower per-unit costs Battery Storage: Bridging Renewable Intermittency 1. Battery storage is not a generation source — it merely shifts energy across time 2. Estimated delivered cost of storage energy is ~₹6.5–7.5/kWh, factoring in generation cost, round-trip efficiency losses, degradation, and other factors 3. With Wind integration, two charging cycles of BESS can be achieved to further optimises blended LCoE 4. Wind has a strong domestic supply chain — India is a net exporter of wind turbine components and has a competitive manufacturing base 5. Solar and BESS are heavily import-dependent — Majority of India’s solar supply chain and nearly all lithium-ion cells are imported Monsoon
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7 Suzlon Strengths Industry Outlook Financial Performance
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8 Suzlon strengths Competitive edge 21+ GW Global installed Wind energy capacity 29% Cumulative market share in India 8,300+ Experienced workforce Well established product portfolio No. 1 OEM in Indian wind sector 30+ years track record Strong customer relationship Best-in-class service capabilities Technology Leadership with In-House R&D Pan India presence with 15.4+ GW of installations End-to-end service provider
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9 Key clientele among marquee customers globally And many more customers…..
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10 Footprint across India: Augmented manufacturing capabilities Rajasthan Maharashtra Gujarat Madhya Pradesh Andhra Pradesh Tamil Nadu Manufacturing locations Blade Tower SE Forge ElectricNacelle & Hub Nacelle and Hub Blade Mould Foundry Tubular Tower Control Panel Forging Transformer Domestic manufacturing capacity 4,500 MWMap not to scale Scalable manufacturing to cater future market growth India’s windy states Other Indian states Note: Nacelle plants in Daman and Pudducherry
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11 S144: Made in India, made for India Major updates Product designed for domestic terrain and well suited to Indian wind conditions Over 2.3 GW of deliveries and 5+ GW of firm orders, making it dominant product for India market Supply chain augmented to support production of S144 to cater to large order book and pipeline India's First Lowest Carbon Footprint Wind Turbine Solution Tailored to Indian meteorological site conditions Compatibility with hybrid/FDRE projects and grid requirements Effective operations and maintenance service Economical supply chain environment High performance and light weight design A Technological Edge S144 complies with the latest MNRE regulation for component sourcing
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12 Overview of India OMS Capabilities Key Metrics Strengths Presence in all windy states in India: 15.4+ GW Installed base 10,000+ Turbines 1,900+ Customers 3,900+ Team USD 10 Bn Assets under management 99 Sites Yearly O&M fee escalation of 4-5% India’s No 1 Wind Service Company Stable annuity cash flow business model Impressive contract retention rate Note: Information on this slide pertains solely to Suzlon make turbines. Renom information is on next slide Rajasthan 2.3 GW Maharashtra 2.2 GW Gujarat 4.4 GW Kerala 0.03 GW Karnataka 1.4 GW Madhya Pradesh 0.5 GW Andhra Pradesh 1.6 GW Tamil Nadu 2.8 GW Telangana 0.1 GW Installed base as on 30th Sep 2025 of 15.4+ GW Map not to scale India’s windy states Other Indian states
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13 Renom: The ultimate multi-brand O&M solution 344 MW Rajasthan 244 MW Maharashtra 865 MW Gujarat 344 MW Karnataka Assets spread across states Competence of handling multi-technology under one roof 2,182 MW Wind 148 MW Solar 3,293 MW Asset Under Management 963 MW BOP 37 Models being serviced` 900+ Manpower 15 Different OEM Make 200+ Satisfied Customers Revenue (₹ Cr.)Asset under Management (GW) 168 213 220 118 FY23 FY24 FY25 H1 FY26 1.7 2.5 3.0 3.3 FY23 FY24 FY25 H1FY26 178 MW Madhya Pradesh 486 MW Andhra Pradesh 832 MW Tamil Nadu Map not to scale Diverse MBOMS Fleet Proven track record Resources & Technology Lean & Agile Focused Multi-brand
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14 Order Book Strength continues… Wind order book (in MW) WTG model mix Project segment mix Scope mix State mix 2,929 5,025 5,361 6,222 Mar'24 Mar'25 Jun'25 Sep'25 S144 90% S120 10% Central & State Auctions 34% PSU 14% Captive/ C&I/Retail 51% Non-EPC 80% EPC 20% KA 29% GJ 21%MP 7% TN 11% MH 11% RJ 7% AP 13% Order book as on 30th Sep 2025 | EPC scope may differ from contract to contract I Note: Mix based on 6,222 MW Highest ever domestic Order Book of 6.2 GW and strong pipeline provide clear revenue outlook
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15 Pioneering the Future: Leaders at the Helm Tulsi Tanti Founder, Late Chairman and Managing Director Girish Tanti Vice Chairman Vinod Tanti Chairman & Managing Director JP Chalasani Group CEO Rajendra Mehta Group CHRO Vivek Srivastava CEO WTG Business Gurpratap Boparai CEO Manufacturing Bernhard Telgmann Group CTO Sairam Prasad CEO India OMS Sandeep Chowdhury Group General Counsel Kamlesh Bhadani MD SE Forge Note: Detailed profile of the management team and the board of directors is available on website/Annual Report | Rahul Join has been appointed as the Chief Financial Officer effective 15th December 2025 Professional senior management team backing the rich experience of the Board
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16 Awards & Recognition Suzlon Energy Australia has won the Asian Experience Awards 2025, recognized for its outstanding service excellence and continuous improvement initiatives aimed at delivering the best possible client experience. Received the Greentech CSR India Award 2025 from the Greentech Foundation under the Rural Development category. Champion of Green Business Practices by ET Edge Global Sustainability Alliance under the 'Sustainable Organisation 2025' category for its ESG excellence. Suzlon becomes the 3rd fastest-growing brand in 2025, as per Brand Finance’s India 100 report on the most valuable and strongest Indian brands Our Vice Chairman, Girish Tanti, has also been recognised as 'Wind Energy Leader of the Year' for his relentless endeavours in shaping India's wind energy sector and steadfast commitment to clean energy.
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17 ESG Landscape: Making meaningful impact & earning recognition Ratings Awards ESG Rating upgraded by 22 points Upgraded from 79 to 87 – reaffirmed as “High” Awarded Prime Status – surpassed industry threshold with top decile rank (1) Inclusion of Suzlon under Emerging ESG Index Core ESG rating improved from 64 to 67 – reaffirmed as “Very Good” Awards Global Award (Gold Category) Climate Change Mitigation Prithvi ESG Award for Sustainability Excellence Organisation with Excellence in Sustainable Supply Chain Indian Green Steel Coalition (IGSC) Member of United Nations Global Compact Member of RE 100 & EV 100 under Climate Group Membership Suzlon rated higher than Industry average in all ESG pillars by S&P Global
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18 Suzlon Strengths Industry Outlook Financial Performance Suzlon Wind Farm, Gondal, Gujarat, India
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19 Key Highlights Q2 FY26 Highest ever Q2 India deliveries of 565 MW , with consolidated revenue soaring to ₹3,866 Cr up 85% YoY EBITDA surged to ₹721 Cr, posting a growth of 145% YoY driven by robust deliveries WTG business maintained healthy contribution margin with favourable scope mix and customer mix Unmatched in the industry, highest-ever firm and well diversified order book of 6.2 GW PBT increased to ₹562 Cr, reflecting a robust 179% YoY growth. Net cash at ₹1,480 Cr as of Sep’25, provides strong financial flexibility Adequate working capital lines (non-fund) available to support faster execution ramp-up Strong execution focus resulting in robust financial performance on all parameters
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20 Q2 FY26 marked by stellar growth and solid financial performance 2,093 3,117 3,866 Q2FY25 Q1FY26 Q2FY26 256 444 565 Q2FY25 Q1FY26 Q2FY26 201 324 1,279 Q2FY25 Q1FY26 Q2FY26* 294 599 721 Q2FY25 Q1FY26 Q2FY26 Deliveries (MW) 121% YoY EBITDA (₹ Cr.) PAT (₹ Cr.) Revenue (₹ Cr.) Note: Based on Consolidated Financials | *PAT included deferred tax asset recognitions of 718 Cr in Q2FY26 27% QoQ 85% YoY24% QoQ 145% YoY20% QoQ 538% YoY294% QoQ
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21 H1 FY26 marked consistent outperformance on all key parameters Note: Based on Consolidated Financials | *PAT includes Deferred Tax Asset recongnistion (Net) of 584 Cr in H1FY26 Rs 1,320 Cr 99% Rs 1,604 Cr* Rs 503 Cr 219% Rs 6,983 Cr Rs 4,109 Cr 70% 1,009 MW 530 MW 90% Rs 664 Cr Volume Revenue EBITDA PAT
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22 WTG Business: Robust growth with operating leverage Wind capacity additions in India (in GW) Achieved 90%+ YoY growth in H1 deliveries, driven by strong demand Deliveries & Installations by Suzlon (in MW) Revenue & EBITDA *Includes 568 MWs of erected turbines |Robust execution pipeline of 1,865 MW provides strong visibility for FY26 installations. Refer next slide for details. 2.3 3.3 4.2 3.1 FY23 FY24 FY25 H1 FY26 Source: MNRE Website Note: The revenue numbers are from statutory segment reporting 664 710 1,550 530 1,009 495 882 336 201 270 FY23 FY24 FY25 H1 FY25 H1 FY26 Deliveries (MW) Installation (MW) Revenue (₹ Cr.) EBITDA (₹ Cr.) Driven by strong commercials fundamentals, robust C&I demand and FDRE tenders Wind tariffs at sweet spot for all key stakeholders e.g. customers, vendors, OEMs, Financial Institutions, etc Fortified balance sheet with adequate working capital helped delivery growth of 90% on YoY basis WTG Contribution margin stands at 26.5% for H1 FY26 1 2 3 4 3,781 4,215 8,481 3,004 5,740 85 196 965 237 893 FY23 FY24 FY25 H1 FY25 H1 FY26 Accelerated execution ramp-up drives strong financial performance and reinforces growth momentum *838
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23 286 815 196 568 1,865 Foundation - In Progress Foundation - Completed Erection - In Progress Erection - Completed Execution Pipeline Execution Rampup – Key Snapshots Execution Progress (MW) Project Development – Land Unlocking 23+ GW of renewable potential identified – a strong foundation for long-term growth 7+ GW land development underway – enabling rapid deployment readiness Only seed capital is required for development activity and churning of resources Execution velocity set to accelerate – unlocking faster value realization 29 Projects in 7 States: Strong Groundwork for Rapid Scale-Up
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24 India OMS: Consistent and profitable growth continues Revenue & EBITDA trend (₹ Cr.) Key Strengths Installed Capacity Base (GW) EBITDA (₹ Cr.) 13.9 14.7 15.1 15.4 FY23 FY24 FY25 H1 FY26 Note 1: The above numbers are for OMS India division derived from statutory segment reporting without Renom Over 2 decades of best-in-class practices High margins and stable cashflows Strong customer base across all segments Diversified supplier network Highly experienced management team Legacy positioning and sizeable presence in all eight windy states 1 2 3 4 5 6 1,668 1,798 1,928 931 953 FY23 FY24 FY25 H1 FY25 H1 FY26 Revenue (₹ Cr.) EBITDA Margin (%) 715 721 771 379 352 42.9% 40.1% 40.0% 40.7% 36.9% FY23 FY24 FY25 H1 FY25 H1 FY26 OMS India division is a resilient business model generating consistent cash
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25 SE Forge: Capacity unlocking plans underway Operating Revenue & EBITDA trend (₹ Cr.) 53%+ YoY growth in H1 revenues with 243% jump in EBITDA Revenue mix (₹ Cr.) Capacity Utilization (%) 472 483 489 175 267 41 76 74 15 52 8.8% 15.7% 15.1% 8.6% 19.5% FY23 FY24 FY25 H1 FY25 H1 FY26 Independently operating business with diversified customer base Annual manufacturing capacity of 120,000 MT Favorable wind energy market conditions Lower level of capacity utilization provides headroom for growth Availability of skilled manpower & working capital Robust & lean manufacturing systems 22% 25% 21% 30% FY23 FY24 FY25 H1 FY26 Note: The revenue numbers are from statutory segment reporting Op. Revenue EBITDA EBITDA % 386 307 249 103 126 86 175 241 72 141 18% 36% 49% 41% 53% FY23 FY24 FY25 H1 FY25 H1 FY26 Suzlon Others Suzlon Share (%) 1 2 3 4 5 6 SE Forge (Foundry & Forging) is well poised for capacity expansion with strong demand for wind sector
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26 Consolidated income statement Particulars Q2 FY26 Unaudited Q1 FY26 Unaudited Q2 FY25 Unaudited H1 FY25 Unaudited (₹ Cr.) H1 FY26 Unaudited FY25 Audited Net Deliveries (MW) 565 444 256 1,009 530 1,550 Net Revenue 3,866 3,117 2,093 6,983 4,109 10,851 Contribution 1,316 1,094 734 2,410 1,446 3,656 Contribution Margin 34.1% 35.1% 35.1% 34.5% 35.2% 33.7% Employee Expenses 291 254 242 545 438 942 Other Expenses (net) 304 241 198 545 344 857 EBITDA 721 599 294 1,320 664 1,857 EBITDA Margin 18.6% 19.2% 14.1% 18.9% 16.2% 17.1% Depreciation 75 70 54 145 100 259 Net Finance Cost 83 70 38 153 60 151 Profit before Tax 562 459 202 1,022 504 1,447 Taxes* Charge / (Credit) -717 135 1 -582 1 -625 Net Profit 1,279 324 201 1,604 503 2,072 *Primarily on account of Deferred Tax Asset recognition/charge, which is non-cash in nature
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27 Consolidated balance sheet Particulars Sep-25 Unaudited Mar-25 Audited Mar-24 Audited *including Non-Current Bank balances & mutual fund investments| ^Includes both current and non-current trade receivables | Net Worth represents Total Equity (₹ Cr.) Equity & Liabilities Net Worth 7,860 6,106 3,920 Borrowings (non-current and current) 320 283 110 Non-current Liabilities 850 810 200 Current Liabilities 6,826 5,761 2,948 Total equity and liabilities 15,856 12,960 7,179 Assets Non-current Assets 3,462 2,637 1,061 Inventories 4,226 3,234 2,292 Trade Receivables^ 5,046 3,866 1,830 Other current assets 1,322 996 739 Cash and cash equivalents* 1,800 2,227 1,258 Total assets 15,856 12,960 7,179 Net Cash 1,480 1,943 1,148
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28 Glossary 1. AEP – Annual Energy Production 2. BOP – Balance of Plant 3. BESS – Battery Energy Storage System 4. C&I – Commercial and Industrial 5. CEA - Central Electricity Authority 6. COD – Commercial Operations Date 7. EBITDA – Earnings before Interest, Tax, Depreciation and Amortizations 8. GoI – Government of India 9. GH2 – Green Hydrogen 10. GW – Gigawatt 11. GWEC – Global Wind Energy Council 12. HH – Hub Height 13. IRIM – International Research Institute for Manufacturing 14. ISTS – Inter-State Transmission System 15. IWTMA – Indian Wind Turbine Manufacturers Association 16. KPI – Key Performance Indicators 17. LCoE – Levelized Cost of Energy 18. MNRE – Ministry of New And Renewable Energy 19. MT – Metric Ton 20. MW – Megawatt 21. NIWE – National Institute of Wind Energy 22. OEM - Original Equipment Manufacturer 23. OMS – Operations and Maintenance Services 24. PLF – Plant Load Factor 25. PSA – Power Sale Agreement 26. RE – Renewable Energy 27. RGO -- Renewable Generation Obligation 28. RPO – Renewable Purchase Obligation 29. RTC – Round The Clock 30. SCoD – Scheduled Commissioning Date 31. WTG – Wind Turbine Generator 32. Y-o-Y – Year on Year
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29 References https://www.seci.co.in/ • https://www.seci.co.in/ • https://cea.nic.in/ https://mnre.gov.in/ • https://mnre.gov.in/ • https://niwe.res.in/ https://powermin.gov.in/ • https://powermin.gov.in/ https://www.mercomindia.com/ • https://www.mercomindia.com/ http://www.cercind.gov.in/ • http://www.cercind.gov.in/ https://gwec.net/globalwindreport2023/ • https://gwec.net/globalwindreport2023/ • https://gwec.net/india-wind-energy-market-outlook-2023-2027-report/ https://www.crisil.com/en/home/sectors-we-cover/energy.html • https://www.crisil.com/en/home/sectors-we-cover/energy.html
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30 Thank You Email contact for queries investorrelations@suzlon.com