SUZLON IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| TATAPOWERTata Power Co. Ltd. | CONTRACT | 15,059 | 15,059–15,059 | 90.0% | CAPEX | FY27 | EST | 80% |
| “Sub.: Suzlon crosses 1 GW partnership with Tata Power following a DevCo led new 400 MW EPC order.” ORDER p.1 · 25-JUN-26 DOC | ||||||||
| AMBUJACEMAmbuja Cements Ltd. | UNSTATED | 15,059 | 15,059–15,059 | 90.0% | CAPEX | 2026-06 | EST | 65% |
| “I bring over 3 decades of leadership experience across infrastructure, power, construction and heavy industries and most recently served as Managing Director o…” CONCALL DOC | ||||||||
| Business | REV SHARE | 9,801 | 9,801–9,801 | 90.0% | CAPEX | FY25 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Company Description of Main Activity Description of Business Activity % of Turnover…” AR DOC | ||||||||
| TATAPOWERTata Power Co. Ltd. | UNSTATED | 5,453 | 606–5,453 | 32.6% | — | 2026-02 | EST | 65% |
| “That also is gone up I explained in the last quarter because we had a huge order from Tata Power.” CONCALL DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 2,964 | 329–2,964 | 17.7% | — | FY25 | EST | 70% |
| “As of May 2025, the Group has secured a record- high order book of 5.6 GW, including a landmark 1.5 GW award from NTPC, affirming Suzlon’s market leadership an…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 1,960 | 1,960–1,960 | 11.7% | CAPEX | 2026-06 | EST | 60% |
| “J.P. Chalasani: So NTPC, Mohit, till now experimented with having separate contracts for redevelopment in BOP and then 3 WTG is turbine supplies.” CONCALL DOC | ||||||||
| AMBUJACEMAmbuja Cements Ltd. | UNSTATED | 709 | 709–709 | 4.2% | — | FY26 | EST | 75% |
| “Prior to this role, he served as Managing Director of Ambuja Cements Limited (an Adani Group company) and has been actively involved with industry forums such …” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Most recently, he served as the Chief Executive Officer of Skeiron Renewable Energy, a company founded by him that invested in and managed a portfolio of nearl…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “b. On September 5, 2024, the Company sold its non-core asset being its Corporate Office named “One Earth” for a net consideration of ₹411.21 Crore to OE Busine…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “b. On September 5, 2024, the Company sold its non-core asset being its Corporate Office named “One Earth” for a net consideration of ₹411.21 Crore to OE Busine…” AR · +1 DOC | ||||||||
| Ayana Renewable Power. | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “Sub.: Suzlon wins its maiden 200 MW wind energy order from Ayana Renewable Power.” ORDER p.1 · 08-SEP-26 DOC | ||||||||
| Torrent Green Energy | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “25 th August 2026, Pune, India: Building on strong business momentum, Suzlon has secured 1 .1 GW of new orders in FY27, including a new 250 MW win d from Torre…” ORDER p.3 · 25-AUG-26 DOC | ||||||||
| Torrent | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “This sixth order from Torrent takes the cumulative partnership between the two companies to over 1.” ORDER p.3 · 25-AUG-26 DOC | ||||||||
| Waaree Forever Energies Private Limited | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “For immediate Release 23 Ju ly 2026 Pune, India: Suzlon is powering Waaree Group 's maiden wind project in Andhra Pradesh through a 201.6 MW order from Waaree …” ORDER p.3 · 23-JUL-26 DOC | ||||||||
| Sunsure Energy. | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “Sub.: Suzlon's S175 (5.0 MW) marks a strong commercial debut with a 105 MW order from Sunsure Energy.” ORDER p.1 · 30-JUN-26 DOC | ||||||||
| Sunsure Energy First | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “For immediate Release 30 th June 2026 Suzlon's S175 (5.0 MW) marks a strong commercial debut with a 105 MW order from Sunsure Energy First order for India's ta…” ORDER p.2 · 30-JUN-26 DOC | ||||||||
| Karnataka | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “We are proud to support their growth as our partnership deepens across geographies - from Karnataka to n ow two orders in Maharashtra and technology - from our…” ORDER p.3 · 30-JUN-26 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “RENOM: INDIA’S LARGEST MULTI-BRAND RENEWABLE ENERGY O&M SERVICE PROVIDER Through Renom Energy Services, Suzlon offers multi-brand, multi-technology Operations …” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Assets Spread Across States Rajasthan 343 MW Gujarat 815 MW Maharashtra 326 MW Karnataka 439 MW Tamil Nadu 1,042 MW Andhra Pradesh 335 MW Madhya Pradesh 286 MW…” AR DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Assets Spread Across States Rajasthan 343 MW Gujarat 815 MW Maharashtra 326 MW Karnataka 439 MW Tamil Nadu 1,042 MW Andhra Pradesh 335 MW Madhya Pradesh 286 MW…” AR DOC | ||||||||
| Appointed Date | CONTRACT | CT 11,000 | — | — | — | FY26 | EST | 70% |
| “Capital and debt structure 5.1 Authorised share capital During the year under review, the Authorised Share Capital of the Company has increased from ₹ 11,000.0…” AR · +2 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with…” AR · +1 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Responsible Business Conduct: Stakeholder group from whom complaint is received Grievance Redressal Mechanism in Place (Yes/ No) (If yes, then provide web-link…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “41.1 Geographical information: Particulars India Europe USA Others Total Revenue from operations Year ended March 31, 2025 10,527.76 66.53 136.14 120.89 10,851…” AR · +1 DOC | ||||||||
| NTPCGREENNTPC Green Energy Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “2024 NTPC Green Energy Order Largest wind energy order of 1,166 MW placed, a win for clean air, green growth, and the children who will inherit tomorrow.” AR DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “With focused and strategic execution, disciplined financials, and the steadfast support of our stakeholders, we secured India’s largest C&I wind energy order a…” AR DOC | ||||||||
| Tatas | CONTRACT | — | — | — | — | 2026-11 | EST | 70% |
| “in India, we have already got first repowering order, as I mentioned, with Tatas, which we are working at a project site.” CONCALL p.10 · 30-NOV-26 DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 60% |
| “Bid momentum is also gaining traction, with almost 8-9 gigawatts of wind RTC, FDRE, wind- dominated tenders being awarded in H1 FY27.” CONCALL p.3 · 30-NOV-26 · +1 DOC | ||||||||
| PSUs | UNSTATED | — | — | — | — | 2026-11 | EST | 60% |
| “Ajay Kapur: If you look at our overall order book, I think almost 78% is between C&I and PSUs utility scale.” CONCALL p.15 · 30-NOV-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| MARUTIMaruti Suzuki India Ltd. | UNSTATED | 13,707 | 7,539–13,707 | 100.0% | — | FY26 | EST | 70% |
| “5.77 5.49 The Company has identified micro and small enterprises, as defined under the MSMED Act, 2006 by requesting confirmation from the vendors through the …” AR · +1 DOC | ||||||||
| APLAPOLLOAPL Apollo Tubes Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He also served as Nominee Director on the boards of companies including Suzlon Energy Limited, SE Forge and SKS Power, contributing to corporate governance and…” AR DOC | ||||||||
| Maharashtra State Electricity Distribution Co. Limited | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “How many Green Credits have been generated or procured: a. By the listed entity b. By the top ten (in terms of value of purchases and sales, respectively) valu…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers: Business Unit FY 2024-25 FY 2023-24 Directly sourced from MSMEs/ small p…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “BRSR Requirements Essential Indicators Leadership Indicators Training and awareness on NGBRC principles Anti-Bribery and Anti-Corruption Policy Details of fine…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Assessments for the year: % of your plants and offices that were assessed (by entity or statutory authorities or third parties) Child labour 72.41 % (based on …” AR · +1 DOC | ||||||||
| Australia | UNSTATED | — | — | — | CAPEX | 2026-08 | EST | 65% |
| “So, it's -- I think we are also picking up our markets where, for example, smaller turbines, 2-megawatt series for repowering is something an order we believe …” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 12/12 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 10-NOV-26 |
| ORDERS | 10/10 | 100% | 08-NOV-26 |
| RATINGS | 1/2 | 50% | 11-NOV-26 |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.673 | 15-NOV-26 | Tata Power Co. Ltd. share 80% · Ambuja Cements Ltd. share 4% · NTPC Ltd. share 16% |
| CUST MOM 1M | -1.3% | 15-NOV-26 | from 16-OCT-26 · Tata Power Co. Ltd. -1.7% w 1 · Ambuja Cements Ltd. +6.0% w 0 · NTPC Green Energy Ltd. -7.6% w 0 |
| SUPP MOM 1M | +11.9% | 15-NOV-26 | from 16-OCT-26 · APL Apollo Tubes Ltd. +4.6% w 0 · Maruti Suzuki India Ltd. +11.9% w 1 |