Get access to more insightful information

By signing up to Upstox today
Shareholding Info
  • Promoters
    13.29 %
  • Foreign institutions-FII
    10.88 %
  • Other domestic institutions
    5.13 %
  • Retail and other
    66 %
  • Mutual Funds
    4.7 %

Company Overview

Suzlon Energy Limited (SEL) is a renewable energy solution provider in India. It was founded in 1995.
The company has a significant presence throughout the whole value chain for wind energy. SEL offers a wide range of services for the construction and maintenance of projects. SEL’s services include design, supply, installation, commissioning, and a specialised life cycle asset management.
SEL is among the world's top ten fully integrated wind power companies and the fastest growing in Asia.

Company Journey

Some of the significant events and milestones in Suzlon's journey are as follows:
  • 1988: The enterprise establishes Suzlon Developers Pvt Ltd and Suzlon Wind Farm Services Pvt. Ltd. They received a debut order for installing a wind turbine for Ghodawat Pan Masala Products in Maharashtra.
  • 2012: A global strategic cooperation agreement is inked between the company and CGN Wind Energy Co Ltd in March. Using the most recent S9X product series, SEL began commissioning its Amherst Project in Nova Scotia, Canada.
  • 2015: The 10000th WTG by SEL at the Uruguayan wind farm Artilleros is commissioned. In order to expedite growth, Suzlon Energy inks binding contracts with Dilip Shanghvi Family and Associates for equity investments of ₹1,800 crore in Suzlon Energy Limited.
  • 2016: SEL opens a brand-new, cutting-edge plant in Badnawar, Madhya Pradesh, on 20th October, to produce rotor blades using aerodynamic technology.
  • 2018: The largest wind turbine generator (WTG) in India, S128, is installed and put into service by SEL on March 13.
  • 2018-2019: SEL completes a second 8.4 MW captive wind power project in Bagalkot, Karnataka, for Hindustan Aeronautics Ltd. (HAL).
  • 2020: The first S129-140m prototype with a 2.6 MW capacity is installed and put into service by the company at Sanganeri in Tamil Nadu. 2.8 MW S133, the biggest wind turbine generator (WTG) in India, is also put into operation.
  • 2021: The company introduces the S133 turbine, which is available in two sizes- a 140 m hybrid tubular–lattice tower and a 160 m hybrid tubular–lattice tower.
  • 2022: Suzlon Energy Limited's IPO is listed with an offering size of ₹1,496 crore at ₹510 per share on 7 November.

Business Highlights

SEL currently has a presence in 11 countries including India, Denmark, Spain, Portugal, Turkey, China, Romania, South Africa, and Nicaragua. The company employs more than 13,000 individuals across 14 nations.

The following are a few of the services offered by the company worldwide:

  • Development, production and marketing of wind turbine generators.
  • EPC project execution, and the operation and maintenance of wind turbine generators.
Suzlon's current product line includes wind turbine generators with capacities ranging from 350 kW to 2.1 MW. This is the most significant example of an Asian-made and exported wind turbine. The S52 - 600 kW and S82 - 1.50 MW wind turbines are Suzlon's two product lines.

Suzlon's operating income increased 96.7% on an annual basis during the fiscal year that ended in March 2022. The operating profit for the fiscal year that ended in March 2022 stood at ₹900 crore.

During the same fiscal year, the company's operating profit fell by 32% from the previous year. Operating profit margins decreased and were 13.8% in FY22 compared to 40.0% in FY21.

Depreciation costs went up 0.6% during the same fiscal year, while finance costs went down 26.3%. Other income increased by 319.5% on an annualised basis. Moreover, the net profit margins decreased from 3% in FY21 to 2.5% in FY22 throughout the year.

Performance Highlights

Revenue for SEL decreased from ₹8,242.4 crore in FY18 to ₹6,665.1 crore in FY22. In comparison to the ₹3,365.6 crore reported in FY21, Suzlon Energy's revenues in FY22 totalled ₹6,665.1 crore, an increase of 98.0%. Suzlon Energy's revenue increased at a CAGR (Compounded Annual Growth Rate) of -5.2% between 2017-2022.

The company is listed on indices such as Nifty 500, NIFTY 500, Nifty Alpha 50, S&P BSE 250 SmallCap Index, S&P BSE 400 MidSmallCap, etc.

Promoters decreased holdings in the company from 14.92% to 14.50% in the September 2022 quarter. Mutual Funds have increased their holdings in the company from 0.06% to 0.07% in the September 2022 quarter. Some mutual funds that hold SEL stock are:

  • Motilal Oswal Nifty Smallcap 250 Index Fund Regular Growth
  • ICICI Prudential Nifty Smallcap 250 Index Fund Regular Growth
  • ICICI Prudential S&P BSE 500 ETF
  • Kotak Nifty Alpha 50 ETF

In comparison to the ₹0.1003 crore recorded in FY21, Suzlon Energy Limited's net loss for FY22 was ₹ -166.2 crore. This contrasts with net losses of ₹ -1,531.1 crore in FY19 and ₹ -2,691.4 crore in FY20. Suzlon Energy Limited's net profit increased at a CAGR of -19.2% between 2017 and 2022.

SEL has a current market cap of ₹10,538 crore. SEL announced a combined EBITDA (earnings before interest, taxes, depreciation and amortisation) for the fiscal year 2021 of ₹530 crore. During FY22, Suzlon's ROE (Return On Equity) increased and reached 4.4%. Their ROCE (Return On Capital Expenditure) decreased and dropped to 40.1% in FY22 from 45.1% in FY21.


The executive management of SEL at present has the following members:
  • Managing Director: Tulsi Tanti
  • Chief Executive Officer (CEO): Ashwani Kumar (Suzlon Group)
  • Chief Financial Officer (CFO): Himanshu Mody (Suzlon Group)
  • Investor Relations:
  • Investor Relations Office
  • Address: Suzlon Energy Limited, 1207, 12th Floor,
  • Raheja Centre, Free Press Journal Marg,
  • Nariman Point, Mumbai 400021
  • Suzlon Energy Ltd
  • Investor Relations, Mumbai
  • Phone: +91-22-66393200
  • Email:

Industry Overview

Suzlon Energy faces competition from other key players in the renewable energy sector in India, along with their market caps as listed below:

Inox Wind Ltd: ₹3,936 crore
Orient Green Power Limited: ₹660 crore
Indowind Energy Limited: ₹140 crore

ICRA anticipates that demand prospects for renewable energy capacity expansion, including wind energy, by the commercial and industrial (C&I) segment will remain high. This will be due to the increased tariff competitiveness and the C&I players' strong aspirations to meet their future energy needs through renewable sources.

The C&I segment accounts for the energy demand in India as a whole to the tune of 40–45%. Even if the C&I segment uses renewable energy to meet 20% of its energy needs, the need for additional renewable energy capacity is expected to be significant by 2030, at roughly 75 G.W. Additionally, the Government of India (GoI) continues to place a high priority on renewable energy policy, with a net zero energy transition objective of 2070.

Risks and Concerns

The risks involved in the renewable energy sector are as follows:
  • Financial risks: Renewable energy projects are always large scale and need funding from the very start to the maturation of the project. Plus, the capital has to be huge to fully fund the project. The risk of projects failing also increases the risk of investment in the renewable energy sector.
  • Risks in planning and construction: In the phases of project development, before construction, there are chances of delays in the process of site selection, land acquisition, permission, barriers, environmental factors, etc., all of which can pose a threat to the overall project and people’s investment in it.
  • Inefficient risk analysis: Companies that do not have enough resources or the adequate knowledge to conduct an accurate risk assessment will fail to foresee hurdles in the development of the project.
  • Risks of weather conditions: Changing weather conditions are a huge risk to renewable energy project operations. When the weather conditions are uncertain, they can stop or even damage the components of the system. For example, solar panels fail to generate energy in rain-like conditions.


Address: Karvy House, 46 Avenue 4 Street No. 1, Banjara HillsHyderabad 500 034, India
Contact Person: Murali Krishna
Phone Number: (+91 40) 2332 3031
Fax Number: (+91 40) 2330 4703

Download Icon Download the Upstox App Today

Download Upstox Mobile App