Suzlon poised for 58% revenue growth in Q3 as wind turbine volumes climb

Indian renewable energy company, Suzlon Energy (NSE: SUZLON) is expected to extend its strong growth run in the third quarter of fiscal 2026, supported by surging installation volumes and favorable policy shifts in the domestic wind market.

The company is scheduled to report results on Thursday, February 5. Visible Alpha consensus estimates point to revenue of INR46.9 billion for the quarter, representing growth of 58% year-on-year and 21% sequentially, as execution intensity remains high across key projects.

Wind turbine generators, which contribute about 84% of Suzlon’s revenue, are expected to remain the primary growth engine. Segment revenue is forecast at INR40.2 billion, up 72% from a year earlier, driven by a sharp increase in volume and price. Analysts expect turbine volumes to rise to 703 units in the quarter, compared with 565 units in the previous quarter and 447 units a year ago, highlighting sustained demand momentum.

Average realizations are expected to hold steady at around INR57 million, broadly flat sequentially. Even so, higher volumes are expected to more than compensate at the revenue level.

Suzlon’s growth outlook has been reinforced by a policy shift in July 2025, when the Indian government mandated domestic sourcing of key wind components under its ‘Make in India’ initiative. The move is expected to erode the cost advantage previously enjoyed by Chinese suppliers and alter competitive dynamics in the Indian wind market. As one of the most vertically integrated domestic manufacturers, Suzlon is widely viewed as a key beneficiary of the localization policy.

Beyond turbines, analysts expect a recovery in the foundry and forging segment, which has seen sequential declines since the first quarter of fiscal 2026. Revenue from the segment is forecast at INR1.5 billion. Operations and maintenance services, a more stable and recurring revenue stream, are expected to grow 9% year-on-year to INR6.3 billion.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.