Operating as a stand-alone vertical under the "Suzlon 2.0" framework, DevCo identifies potential wind sites over a 5-year horizon using Suzlon's extensive wind data capabilities—the largest in India. The model acquires land and establishes connectivity before project execution begins, securing necessary local authority approvals and preparing sites with infrastructure ready for implementation. Transcripts +1
This approach creates a seamless transition to EPC (Engineering, Procurement, and Construction) execution. Once 25% of land is acquired and a client is secured, the customer takes over and begins paying for land costs. The EPC Notice to Proceed is issued at appropriate completion levels (50%, 60%, or 70% based on mutual comfort), substantially reducing Interest During Construction (IDC) for customers and enabling faster project execution. Transcripts
This minimal balance sheet commitment is recovered through customer advances and project conversion, creating a win-win financial structure. Transcripts +2
Tata Power Renewable Energy Limited (TPREL) awarded Suzlon a 400 MW wind energy project EPC contract in June 2026, marking a repeat order within less than 12 months. This fourth order from TPREL brought their cumulative partnership across Karnataka, Maharashtra, Tamil Nadu, and Andhra Pradesh to over 1 GW. Others +1
The partnership spans over two decades, demonstrating consistent performance and reliability. Girish Tanti, Vice Chairman of Suzlon Group, emphasized that enduring partnerships are built through consistent performance. The comprehensive EPC scope includes land acquisition, turbine supply, Balance of Plant (BoP), pooling substation (PSS), Extra High Voltage (EHV) line, commissioning, and operations & maintenance services. Others +1
Suzlon's integrated execution capabilities enable customers to de-risk projects and scale with confidence. The EPC model is emerging as preferred for renewable energy deployment as customers seek execution certainty. With this order, Suzlon's orderbook in Andhra Pradesh crossed 1 GW milestone, with an installed base of 1.8 GW contributing to 28.44% of Suzlon's installed base in South India. Others +1
Ayana Renewable Power Limited selected Suzlon for its maiden 200 MW wind project in Madhya Pradesh based on three key criteria: proven technology, strong execution capabilities, and integrated project delivery approach. This order, announced in September 2026, marked Suzlon's third DevCo-led wind order across Madhya Pradesh and Andhra Pradesh. Others +1
The project involves installing 64 units of Suzlon's flagship S144 wind turbines, each with a rated capacity of 3.15 MW, at Limbawas in Madhya Pradesh. Power generated will be connected to the MPPCL state grid. This order also marked a significant milestone—Suzlon's flagship 3.x MW platform, S144, crossed the 10 GW milestone in cumulative orders. Others +1
Waaree Group, primarily a solar-focused entity, made its strategic entry into wind power generation with a 201.6 MW order from Suzlon in July 2026. This maiden wind project, executed under the integrated DevCo model in Andhra Pradesh, involved installing 64 S144 turbine generators, each rated at 3.15 MW.
Pawan Agrawal, CEO of Waaree Forever Energies Private Limited, stated that the company is expanding its renewable energy portfolio beyond solar through its IPP business to meet India's growing energy demand. The 201.6 MW wind project with Suzlon in Andhra Pradesh represents a key milestone and the beginning of a long-term partnership to support the country's clean energy transition.
The platform's progression shows a clear trajectory of increasing market confidence: 1,542 MW cumulative orders in FY23, 5+ GW order book by FY25, over 2.4 GW of orders secured in FY26 alone, and finally crossing 10 GW with the Ayana order in September 2026. Transcripts +3
The S144 is Suzlon's flagship 3 MW class wind turbine designed specifically for Indian conditions. Key technical parameters include a rotor diameter of 144 meters, power rating of 3.15-3.30 MW, and hub height of 105-160 meters. It's positioned as the "go-to turbine for India" with 90% of Suzlon's recent turbine mix being S144 models. InvestorPresentations +1
The platform offers significant cost advantages through reduced project-level expenses. When increasing turbine capacity from 2 MW to 3.15 MW, Balance of Plant (BoP) costs are significantly reduced due to fewer turbine footprints. Land requirements are substantially lower, and evacuation infrastructure requirements are reduced, improving developer Internal Rate of Return. Transcripts +2
For Ayana's 200 MW project using 64 S144 turbines, customers benefit from 36% fewer turbine footprints compared to 2 MW alternatives, significantly lower BoP and land costs, reduced O&M expenses through fewer maintained units, and improved Levelized Cost of Electricity (LCOE) compared to larger 5 MW alternatives in Indian conditions. Transcripts +1
Madhya Pradesh has emerged as a key market for Suzlon's DevCo-led projects due to several comparative advantages. The state possesses 55.4 GW of wind potential at 150 metres, positioning it as a key state for India's next phase of wind energy growth. Others
The state offers significantly better land availability compared to Karnataka, which has become extremely congested with wind projects. Karnataka's land acquisition process is described as "very cumbersome" because it still requires conversion to non-agricultural status for renewable projects. In contrast, Madhya Pradesh appears to offer similar advantages in terms of available land and pathways. Transcripts +1
The introduction of tariff pooling has fundamentally changed the economic dynamics. Tariffs are pooled across different states, which "reduces the average cost of procurement of power" and simultaneously "improves economic feasibility of new wind projects across different sites in India." This makes development in states with potentially lower wind speeds economically viable for the first time. Transcripts +1
The Madhya Pradesh Renewable Energy Policy 2025 has created a favorable environment for wind energy investments. Key policy provisions include investment targets of INR 15,000 Crore by 2024 and INR 50,000 Crore by 2027 in RE generation, RE mix targets of 20% by FY 2024, 30% by FY 2027, and 50% by FY 2030, and 10,000 MW renewable energy technology-based park development by FY 2027.
Suzlon has demonstrated exceptional revenue growth, with FY26 marking a record year of performance. Consolidated revenue reached ₹16,679 crores (~$2.0 billion), representing 54% YoY growth from ₹10,851 crores in FY25. EBITDA grew 63% to ₹3,022 crores with an 18.1% margin, while PBT grew 67% to ₹2,422 crores. InvestorPresentations
The company achieved its commitment of 60% growth made at the beginning of FY26, with EBITDA growing 63% and WTG revenue growing 65%. The company maintains a net cash position of ₹2,384 crores, providing strong financial flexibility. Transcripts +1
The recent orders contribute significantly to Suzlon's growth trajectory. The current order book stands at 6.1+ GW with 84% orders from PSU and C&I sectors. Approximately 1 GW of orders were announced YTD FY27. The EPC share increased from 22% to 32%, enhancing competitiveness and revenue per MW. InvestorPresentations +3
Suzlon delivers comprehensive EPC services through integrated operational capabilities that encompass the complete project lifecycle. The company operates a 4.5 GW manufacturing capacity with fully operational facilities, including nacelle plants in Daman and Pondicherry, and expanded blade manufacturing footprint with new plants in Madhya Pradesh and Rajasthan. Transcripts +1
The company has identified 23+ GW of renewable potential sites, with 7+ GW of land development currently underway. This strategic land banking approach ensures rapid deployment readiness and execution velocity. Suzlon's industry-leading service platform manages 16+ GW installed base, 10,000+ turbines under management, 1,900+ customers, and USD 10+ billion in assets under management across 110+ sites with a 3,600+ strong team. Transcripts +2
Project execution timelines vary based on project type. Standard projects range from 18-27 months depending on project size, PPA timeline, and evacuation facilities. C&I projects typically have 12-18 months delivery timelines, while PSU projects generally have longer delivery timelines of 18-24 months. The DevCo model advantage reduces the traditional 2-3 year project execution cycle to 15-18 months by pre-developing sites with land and connectivity. Transcripts +3
Suzlon's integrated business model, backed by robust supply chain and strong execution capabilities, creates sustainable competitive advantage. The company's end-to-end capabilities enable efficient wind project development and execution while creating new business opportunities. Transcripts +1
Management has provided strong forward guidance. The industry market is expected to be 8-9 GW in FY27, potentially reaching 10 GW by FY28 and 15 GW by FY30-31. Suzlon is targeting 10 GW renewable energy sales by FY31, with a 75-25 split between wind and other renewables. The DevCo model continues to gain traction, with 60% of new orders in FY27 coming from DevCo-led business model. Transcripts +2
The combination of strong order book momentum, improving realizations, expanding EPC contribution, and robust execution capabilities positions Suzlon well for sustained growth. As India pursues its 100 GW wind capacity target by 2030, Suzlon's DevCo model and comprehensive EPC capabilities position it as a critical player in the country's renewable energy transition.
