By Chaitanya
BBA Finance Graduate with over 6 years of experience in the stock market and finance.
Suzlon Energy, a key player in India’s renewable energy sector, recently announced its financial performance for the first quarter of fiscal year 2026 (Q1 FY26), ending June 30, 2025. The company delivered a robust set of numbers, showcasing significant growth in its core operations. However, the positive momentum was unexpectedly overshadowed by the news of its Chief Financial Officer (CFO), Himanshu Mody’s resignation. This dual development led to a notable reaction in the stock market, with Suzlon Energy shares witnessing a sharp decline despite the strong Suzlon Energy Q1 FY26 Results.
For Q1 FY26, Suzlon Energy reported impressive operational revenue of ₹3,117.33 crore. This figure represents a substantial 54.64% increase compared to ₹2,015.98 crore in Q1 FY25. While there was a sequential decrease of 17.39% from the ₹3,773.54 crore recorded in Q4 FY25, the year-on-year growth clearly highlights the company’s expanding business. Wind turbine deliveries, a crucial metric, surged to 444 MW in Q1 FY26, up from 274 MW in the same quarter last year, reflecting strong execution.
The company’s Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) also saw a significant boost, rising by 61.89% year-on-year to ₹599 crore, compared to ₹370 crore in Q1 FY25. The EBITDA margin improved to 19.2%, up from 18.4% in both Q4 FY25 and Q1 FY25, indicating enhanced operational efficiency. Profit Before Tax (PBT) recorded a healthy 52% year-on-year growth, reaching ₹459 crore.
Despite the strong top-line and operational performance, the Net Profit After Tax (PAT) showed a modest 7.29% year-on-year increase, settling at ₹324.32 crore against ₹302.29 crore in Q1 FY25. A significant factor impacting the PAT was a higher tax expense of ₹134.91 crore in Q1 FY26, a stark contrast to a tax recovery of ₹1.25 crore in the previous quarter. On a sequential basis, the PAT saw a 72.54% decline from Q4 FY25’s ₹1,180.98 crore, primarily due to this tax adjustment and other one-off items in the previous quarter. Earnings Per Share (EPS) remained stable quarter-on-quarter at ₹0.20.
Q1 FY26 Financial Snapshot (Rs Crore)
| Particulars | Q1 FY26 | Q1 FY25 | Q4 FY25 | FY25 (Audited) |
|---|---|---|---|---|
| Net Volumes (MW) | 444 | 274 | 573 | 1,550 |
| Revenue from Operations | 3,117 | 2,016 | 3,774 | 10,851 |
| EBITDA | 599 | 370 | 693 | 1,857 |
| EBITDA Margin | 19.2% | 18.4% | 18.4% | 17.1% |
| Net Finance Cost | 70 | 22 | 49 | 151 |
| Profit Before Tax (PBT) | 459 | 302 | 551 | 1,447 |
| Net Profit After Tax (PAT) | 324 | 302 | 1,181 | 2,072 |
A Pivotal Departure: Himanshu Mody’s Legacy
The news that sent ripples through the market was the resignation of Suzlon Energy’s Chief Financial Officer, Himanshu Mody, effective August 31, 2025. Mr. Mody, who joined the company in August 2021, has been a central figure in Suzlon’s remarkable financial turnaround. His tenure saw the successful execution of critical debt restructuring initiatives, the raising of ₹3,000 crore in funds, and ultimately, the transformation of Suzlon into a net debt-free entity with a positive net worth. His efforts were widely recognised, earning him the ‘Turnaround CFO of the Year 2024’ award.
Mr. Mody cited pursuing a “challenging assignment” as his reason for leaving and is reportedly set to join Samman Capital (formerly Indiabulls Housing Finance) in a leadership capacity. Suzlon Energy has confirmed that it is in advanced stages of appointing a successor, aiming for a smooth transition during this crucial period. This unexpected change in leadership prompted a near 5% dip in Suzlon’s share price, as reported by leading financial news outlets, despite the otherwise positive Suzlon Energy Q1 FY26 Results.
Despite the leadership transition, Suzlon Energy’s management remains optimistic about its future trajectory. They highlighted strong demand from both Commercial & Industrial (C&I) and Public Sector Undertaking (PSU) customers, contributing to a robust order book. This strong order inflow provides clear revenue visibility for the company. Suzlon has also significantly improved its financial health, evidenced by five-notch credit rating upgrades over the past two years, reflecting increased confidence from credit agencies and the market alike. The company’s focus on its core wind energy business in India’s expanding renewable sector continues to yield positive results.
Recent Developments (August 2025)
- On August 14, 2025, Suzlon shares experienced a drop of over 4% following the CFO’s resignation announcement, even as the company confirmed its highest-ever Q1 wind turbine deliveries and strong Q1 financials, with revenue at ₹3,117 crore and PAT at ₹324 crore, according to market reports.
- News broke on August 12, 2025, that CFO Himanshu Mody would resign effective August 31, 2025. It was widely reported he is poised to take on a leadership role at Samman Capital, with Suzlon actively searching for his replacement.
- By August 13, 2025, Suzlon’s management had reiterated its strong order book and improved credit ratings, reinforcing a positive growth outlook for the renewable sector, following the company posting a 62% rise in EBITDA to ₹599 crore.
In essence, Suzlon Energy’s Q1 FY26 performance paints a picture of a company on a strong growth path, buoyed by increased operational efficiency and a healthy demand environment. The departure of Himanshu Mody, while an immediate concern for investors, is viewed by many as a transition rather than a setback, given the robust financial foundation he helped build. As Suzlon continues to cement its position in India’s renewable energy landscape, all eyes will be on the appointment of the new CFO and how the company navigates this leadership change while sustaining its growth momentum following these impressive Suzlon Energy Q1 FY26 Results.
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