Suzlon Energy Ltd (NSE: SUZLON) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
JP Chalasani — Chief Executive Officer
Rahul Jain — Chief Financial Officer
Analysts:
Sumit Kishore — Analyst
Deepesh Agarwal — Analyst
Shiva Kalani — Analyst
Mahesh Patel — Analyst
Sudhanshu Bansal — Analyst
Harish Singh — Analyst
Nikhil Poptani — Analyst
Akash Mehta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Suzukan Energy Limited Q3FY26 earnings conference call. During this call, the company management may make certain statements that reflect the outlook of the future which could be construed as forward looking statements. These statements are based on management’s current expectations and are associated with uncertainties and risk as detailed in the annual report. Actual results may differ so these statements should be reviewed in conjunction with the risk the company faces. As a reminder, all participants line will be in listen only mode and if you need assistance during this conference call please signal an operator by pressing Star and zero on your Touchstone mode.
Please note that this conference is being recorded. We will begin with the opening remarks followed by a Q and a session. To be fair to others, we kindly request each participants to ask no more than two or three questions from the management. We have with us Mr. JP Chalsani Group CEO, Mr. Rahul Jain, Group CFO and senior members of a finance team. I now hand over the conference to Mr. J.P. chelsani. Sir, thank you. And over to you sir.
JP Chalasani — Chief Executive Officer
Thank you so much. Good afternoon everyone and thank you for joining us for suzerain quarter three FY26 earnings conference call. For the first time I’m joined by Rahul Jain, our group CFO. Of course some of you have met and more of you meeting him. Unfortunately my throat is in pretty bad condition, continually coughing this morning I want to preserve my energy for Q and A so I would ask. I would request Rahul to take you through our opening comments but I’m here for subsequent Q and A. Sorry for about that.
Rahul Jain — Chief Financial Officer
Thank you sir. Good afternoon ladies and gentlemen. Many of you may know me from previous and earlier associations but for the benefit of the larger group, please allow me to introduce myself. I am Rahul Jain and I recently joined Suzbon Energy Limited as group cfo. It is truly my privilege to be a part of this forum today. Prior to Suzlon, I have been associated with SRF Limited and Jubilant Organosys Limited I’ll now take you through talking about the industry, certain business highlights and continue on the financial piece as well. We recently celebrated an important milestone.
30 years of Suzlon’s journey and TRT’s birthday on on the 2nd of February. It reinforces the vision, resilience and forward looking spirit that Tulsi Bhai instilled in Suzlon. Values that continue to guide us and inspire us even today. Talking about the Industry India’s wind sector is witnessing its strongest growth phase. The year 2025 has been a landmark with wind installations touching a record 6.34 gigawatt surpassing the previous peak and clearly reaffirming the vast demand potential of wind energy in the country. Industry is well positioned to move to higher installation year after year with a clear trajectory to surpass 10 gigawatt over the next two years.
With 54 gigawatt already installed and a strong pipeline with STU and PSU bids as well as C and I demand, India is set to achieve the near term target of 100 gigawatt by 2030. Repowering also started gaining traction and there is rising customer interest. With visibility of several opportunities ramping up in the next one to two years, the market opportunity for Indian wind industry is even larger as it is gearing up to become a global sourcing hub for for wind turbines and components with adequate and low cost domestic manufacturing capacity. India is emerging as a credible supplier for nearly 10% of global wind demand.
Suzlon is also focusing for strong export driven volume growth powered by competitive make in India manufacturing base long standing global operating experience. To accelerate this we have strengthened our global leadership with the appointment of Paulo Suarez as President Europe ensuring deeper engagement and faster market scaling across key geographies. With the EU trade agreement already in place and a US Trade deal getting finalized, Suzlon is well positioned to tap significant export opportunities both for WTG components and for SE4J’s customs coming to Business Highlights we are pleased to report yet another record breaking quarter as Suzlon has set a new benchmark in execution by delivering a record breaking 617 megawatt in Q3 FY26, the highest ever quarterly deliveries in India since inception.
Yet again highest ever order book of 6.4 gigawatt Reaffirming our market leadership powered by over 3 gigawatt New order wins in this financial year itself resulting in book to bill ratio of 1.9x. The focus now is on expanding our EPC offering which has grown from 20% to 27% in Q3 which enhances our competitive edge and further help to accelerate order book growth. The S144 order book has exceeded 5.4 gigawatt, a strong endorsement of of its advanced technology and customer trust. On the manufacturing front, our 4.5 gigawatt manufacturing capacity is fully operational and scaled to support the current order book.
We are also establishing three new AI enabled smart blade factories further expanding our footprint. Suzlon commissioned 442megawatt in nine months and further to that another 2,354 megawatt is in active execution in various stages. Further, we are also working to develop a strong development pipeline of 25 plus gigawatt. We have included these details as a part of our investor presentation. Kindly refer to slide 23. Our OMS business remains strong with 15.5 gigawatt plus under management in India and machine availability consistently above 95%. Renorms in AUM is consistently growing on the back of steady fleet additions and healthy pipeline.
Our forging and foundry business is unlocking its potential delivering 33% YoY revenue growth in nine months to 429 crore with EBITDA to 88 crore. We expect this growth momentum to continue with stronger domestic demand and export opportunities. Switlon has been ranked among the top 10 most sustainable companies globally for 2026 by global 100 most sustainable corporation List by Corporate Diets. We are deeply honored by this recognition, especially as Suzlon is the only Indian company featured in the list with strong performance in the first nine months. We are firmly on track to achieve our FY26 guidance of 60% YoY growth across key KPIs.
I would be using slides 18 to 27 of our investor presentation which has been uploaded on our website as the reference point for my discussion during the presentation. In Q3FY26 Suzlon continues its exponential growth trajectory delivering 670 megawatt highest ever India deliveries for any quarter with all financial parameters showing strong uptrend. Suzlon reported a revenue of 4,228 crore in Q3FY26 with an EBITDA reaching rupees 739 crore. A robust 48% year on year growth with PVT of 567 crore and a PAT of 445 crore. In nine months FY26 deliveries grew 66% to 1,625 megawatt surpassing the full year FY25 level of 1,540 megawatt.
In FY25 strong execution momentum drove revenues to 11,211 crore up 58%. Y o y consolidated EBITDA increased to 2058 crores reflecting a strong turnaround with 77% yoy growth. PBT rose 77% to 1,589 crore with reported path improving to 2049 crore. We are pleased to report that our balance sheet as of December 25 reflects a position of exceptional strength, strong consolidated network of 8,332 crore. Our net cash position is at 1,556 crore. Further enhancing our financial flexibility and resilience. Adequate working capital limits tied up for execution of the current order book. Our end to end wind energy model supported by an integrated supply chain, strong execution and industry leading service provides a competitive edge that is unique and difficult for others to match.
Thank you. And I now request the operator to open the line for Q and A.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the queue, you can press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the Question view assembles. The first question is from the line of Sumit Kishore from Access Capital. Please go ahead sir.
Sumit Kishore
Good evening JPC sir and welcome Mr. Rahul Jain. My first question is. Out of the 2,354 megawatt execution pipeline how many megawatts aging wise are pre FY25. Similarly in your trade receivables of rupees 5745 crores. How much receivable is due beyond one year? So on both counts can you cover the risk of further delays for both your customer and for system? That’s my first question.
JP Chalasani
See effectively if you take out the quarters three supplies. I hope I’m audible. So if we take out quarter three supplies which is 617 megawatts the balance is what we’re talking about 2354 which is what is under execution. The current supplies, what happened in Q3 are the ones which are not in the different states of execution. Phenomenally there could be 50 megawatts and this is done. 50 megawatt of let’s say Q2 is done. But the otherwise the directionally that is what is, you can take it. Okay, out of 3000 megawatts what is there supplied and uncommissioned? 2990.
Whatever it is, take out Q3. That’s a balance. The second one is on diffusers.
Sumit Kishore
Yeah. So the first question was also that how much of this 2354 has been sitting under execution? You know even pre FY25 how much is sitting in 2354 which has been under execution for the last seven plus quarters?
JP Chalasani
There would be. Let me pull out that number. I don’t have it right away.
Sumit Kishore
Sure.
JP Chalasani
325, I think would be somewhere around about 50 to 60 megawatts. They’re talking about TFI 25.
Sumit Kishore
Yeah, yeah.
JP Chalasani
So that is what it is that the predominantly one project in Karnataka which is because of the land invaders. Otherwise there’s nothing beyond that. Okay.
Sumit Kishore
On receivables.
Rahul Jain
Okay. So to answer on the receivable side, our total receivables are roughly about 5,700 crores. Those that are not due in terms of saying that certain milestones are still to be completed are roughly about 2100 crores. So therefore the balance number is 2,600 crore. 3,600. Yeah. So that’s the number.
Sumit Kishore
2,600 crores. Less than one year.
Rahul Jain
Yeah. Largely I would say there are no big overdue receivables. I would say some obviously are there, but not big ones.
Sumit Kishore
Got it. The second question is on WTG EBITDA margin in Q3 which is 13.7% versus 15.6% in H1 and 16% in Q2. So why is the dip in Q3 happening? Is it going to higher EPC in the mix or are there other reasons as well?
Rahul Jain
And again Sameet, sorry.
Sumit Kishore
So the WTG EBITDA margin in Q3 is 13.7% versus 15.6% in the first half of the fiscal. Why is the dip in Q3, is it higher etc in the mix?
JP Chalasani
What happens is that it depends upon a couple of things. One is the average sales price during the quarter depending upon who is the customer is supplying. So the impact of one large customer not being there this quarter impact is almost about 1.9%. And then the another it is roughly because the project revenues have gone up. Project margin is being lower than the margin. So therefore you see these two are basically causing fair basis points.
Sumit Kishore
So basically EPC share is higher rather than product delivery. When you say project.
JP Chalasani
No, no, not EPC share. I am saying average sales price of turbine has come down in this quarter. Because it depends on whom are we supplying. Because contract to contract realization changes. Okay.
The previous two quarters we had a customer where the realization was very high. The impact of change in the mix of customers because it will keep changing quarter to quarter change in the mix of customers to whom we supplied and the average sales price coming down impact of that is Almost close to 200 basis points. 180 basis points. Not second is the project revenue. That is where you can say EPC or SIA projects revenue has gone up this quarter. So projects revenue margin being very low compared to the supply margins. The proportion of projectivity keeps increasing Your margins fall like for example, we always keep saying in the overall group level and WTZ revenues goes up and you know, OMS being the higher margin, but that proportion comes down.
Our overall margins also come down similar way here. Average sales price and the project revenue is what would decide quarter to quarter for the market. But if you see very nine months level, we are still healthy.
Sumit Kishore
Got it. My last question sir, on the key. You know, in the press Release for Susan 2.0 it is mentioned that your plan includes launching Devcoming as a standalone FTRE project development vertical. What is the implication on balance sheet commitment for Suslon and what does it mean for Roce and leverage levels for Suslon targeted going forward?
JP Chalasani
No, this is nothing. But what we have been talking from I think last few quarters of our taking the development route to increase our EPC share.
Sumit Kishore
Okay. It does not mean committing balance sheet. Okay.
JP Chalasani
We said that we keep some seed capital and start doing it what this development company. Because we wanted a more focused approach not getting concerned with the day to day project execution and the land concerns in the projects. This business, we call it a separate company subsidiary. But this business unit would concentrate on two things because it first thing is identifies which are the potential sites over next five years based on the green data what we have. Okay. Then therefore it identifies what are the sites for year three, four and five from now and we start acting on that.
And that is where we will have a more strategic field deals with the large customers for work in the renewable energy business through a long term basis mostly if you want to do year 3, 4 and 5. So let’s now tie up for 3, 4, 5 for the purpose of land and everything. And by the time we start in year three, the most of the land is acquired. Your connectivity is there, everything is there. So when you start your work, your IDC will be the shortest. Plus you have a clear visibility of your 3, 4, 5 targets.
That’s one segment what development company does see. So we will start having that strategic sales for year 345. Second one, what it does is what I explained earlier that we start acquiring the land and before we reach 25% we get a client and they take over the 25% and start paying us for the land thereafter. But EPC and people will come little later and let’s say 50%, 60%, 70%. What is the comfort for both levels, both of us to do so that their IDC would come down substantially and the project gets executed much faster. And once it enters into a project phase let’s say there is 25, 30% of the land still to be acquired.
That’s the only portion the projects division will take over because project activities already started. EPC activities started and the team which is working on the land from the development on the ground team will get subsumed into that project division. Basically this is an advanced action. And what it does is after identifying sites we need to get local authorities approvals. Whether it is meda, it is credible or it is netcap in AP or wherever it is get those approvals requiring if it’s an stu, we will also start getting connectivity. We will also plan in future what distribute on the cdu depending upon how the business unpops the ctu.
So keep everything ready so that the execution is faster and we will get more and more EPC contracts. It’s good for us and good for the clients. It does business in a very very focused way. There is no significant change in business model. But we are creating a business unit which is more focused only in that. And here it is not to do with any balance sheet putting. We just put the seed capital.
Sumit Kishore
Thanks. Yes. Yes. Thanks for the detailed reply sir. You all the best.
JP Chalasani
Thank you.
operator
Thank you. The next question is the line of Dipesh Agarwal from UTI amc. Please go ahead.
Deepesh Agarwal
Yeah. Good evening sir. My first question is. Over past one years renewable tenders have been quite weak in the country. How confident are you of growing your order book? Especially when the execution phase goes up from here.
JP Chalasani
Let me start with our other books. Mix the. The first one is that the current order book is initially 51%. Okay. No involvement. 36% is completing
Rahul Jain
Dipesh. If you could put yourself on mute, I think there is background noise so we could control that.
JP Chalasani
And about 13% is from PSO segment. So our involvement in the bidding is to the extent of 36%. That also has gone up exploit in the last quarter because we had a use order from Tata Power. While what you say in terms of bidding activity at the central level has taken a pause. I don’t say stopped taking a pause because you want to resolve that issues of outstanding PPAs and various things state level bidding is now picking up. Okay, you’re seeing in guidance. Come in. MP has come in now other states are talking about it.
That will keep going up even in the central level. If you see that the. I’m sure that all of you have followed Yesterday was the Sikhi 19 or something. The reverse auction happened and till date most of the bits for Sikhi were under subscribed this is a pure wind bit for thousand megawatts it was over scrubside by three times. So there were offers for 3,000 megawatts and the tariff is 2.67 to 3.2.69 depending upon the people who won after that. So therefore for the wind, wherever there is a standalone wind bid, there is still there is a significant amount of demand happening.
Well, I see that there is a pause, but I think with what was going to happen in terms of state bidding and more importantly with the significant amount of data centers now planned to be commissioned by 2030, all these data centers are supposed to be the green data centers that’s going to push significant growth in the renewable energy and the strength is in that area which comes under C and I. So I will accept your point, but I don’t see that it’s going to have a significant impact for our business.
Deepesh Agarwal
Sure. Can you also add some color on exports now given EUFC has been signed, US trade deal has happened. I think you have also appointed someone as head of your European business. So some more color on how is. Our export pipeline shifting up
JP Chalasani
on the US Dipesh, I actually everyday morning I check whether we have a potential or not. But it depends upon what comes on the truth social, the wind will happen or wind will not happen, you know, at 9 o’. Clock. So it is nothing to do with the trade deal because right now from the current government point of view wind is not favored and they don’t want to do wind. Well, that is a significant potential for us because we that was our largest market in the previous time. But we will continue to wait and watch when that market opens up. That’s why we moved our focus to Europe. That’s where you’ve seen Paulo’s announcement. In fact he was with us earlier when he stopped international business. He went out but came back to us. We are exploring Europe, we’re exploring Australia, South Africa, Middle east and Portugal.
Few other countries. As I said earlier, you will see some traction. Some types of orders getting announced in the next financial year but the supply starting and the revenue flowing in will be in FY28 and the US. We need to wait and watch when that gets opened up.
Deepesh Agarwal
Sure. And lastly sir, I think some of our Chinese peers have introduced 5 megawatt platform and it seems that selling features basically it is 8 to 10% cheaper in LCOE over 3 megawatt platform. Want to understand how far is Suzlon from launching that 5 megawatt platform?
JP Chalasani
Let me define how far is actually a Very subjective question if you ask me. We are very near. Okay, but that very near could be little far for you. But anyway. But, but what I want to assure you is that our 5 megawatt turbine is now getting into the proto stage and that will come at time. But the. But the thing let me tell you is that the. In spite of the fact There is a 5 megawatt turbine launched, our 3.15 megawatt is growing significantly. And now we also introduced started selling 3.3 megawatts with the revised power curve which has a lower cost to flow tower compared to 3.15.
And my feedback, I’m sure that some of you got the feedback of 5 megawatt when they started actually implementing. Because original feeling was that you need less number of footprints is actually land equation is becoming a big headache. Because a 5 megawatt footprint actually needs multiple farmers to sign because you need a larger land area compared to a 3 megawatt. So you know, making each farmer to agree for one footprint because you have multiple farmers is creating an issue. In fact, I was talking to a few of the developers. I think they’re actually saying that it is the right strategy for us to go because we fell into it.
Because you need less number of footprints. Less number of footprints doesn’t mean that it’s a faster execution. Even that is happening. But still we’re coming with 5 megawatts. So therefore I’m not against 5 megawatt. Okay. So the alpha megawatt will come at the appropriate time and we will ensure that the that subhan delay will not impact our intake of orders.
Deepesh Agarwal
Sure. Thank you. And so please take care of your head.
JP Chalasani
Thank you.
operator
Thank you. The next question is from the line of Shiva from Purnatha Investment Advisors. Please go ahead.
Shiva Kalani
Hello. Am I audible?
JP Chalasani
Yeah, yeah you are.
Shiva Kalani
Good evening team. So my first question is with respect to forging, obviously the last time when we said we are planning to increase the revenue but the nine months others that is the revenue that we get from the other north Suzlon that hasn’t improved much. It’s more or less flat. So could you just throw. What was the issue over there? And going ahead, how do you look at it?
JP Chalasani
Yeah, the SV4 as we said in our opening comments is the one which is now unfolding its potential. As we said that the overall between 14 the capacity relation is gone up from 21 to 31. 31 is small but fine. But relatively we improved by 10 percentage points the last one quarter and the profitability has improved. EBITDA has gone up from doubled from particles and our margins have gone up from 12% to 20%. I have a specific question of non wind and other things. Work has started in terms of your injection mold machines and various other things.
But what happens in case of castings is it take before order start getting implemented the process of preparing a casting prototype and getting it approved, the long run process they’re going through that process. You would clearly see in FY27 the revenues coming from non means substantially going up compared to what it is now. So that’s clearly on the path of increasing non means. And the second is that because of the US trade deal till now whatever the tariff was there. So we had an impact on US exports. We export big way to us, especially to ge.
But now with the whatever the trade deal announced and that will again come back the ges again will be back in that. So both ways in the windows it will increase and the non windows it will increase. And I’m especially personally quite excited on SE Forge as we move forward number of things we are doing there especially in the forging.
Shiva Kalani
The second with respect to installations just slightly slow. But if you take a seven quarter data also and ratio of deliveries to installations we’re at 36% odd. So whatever we’ve delivered roughly 2 gigawatts more has to be installed. So and just wanted to understand what are the main pain points or which are the regions where we are struggling or in this specific 3 or 3 gigawatts that have already been installed are delivered and compared to other players how are we placed in those regions?
JP Chalasani
Definitely Shiva, I’m not going to say that we are great doing an execution. Execution obviously remains a challenge challenge for us as a sector. In fact maybe for us more because the numbers, because others numbers we don’t know fully. We only know the total numbers the segment wise we don’t know and how old it is also we don’t know. So therefore I’m not really concerned about what others are doing and why we can’t do it. I know that we are only at 10% market share as of today. We gave a guidance, we reached 25% by end of this year taking 6 gigawatts as a pop.
And we are still working towards that. The reason why the execution is getting delayed is the first of all this is till now it is 8020, 20 is EPC and 80 is non EPC. So we have a limited control on land and BOP in those projects. So that’s. That’s one Reason even it doesn’t mean that where we are doing EPC everything is. I don’t want to claim that even we are having issues with respect to execution, but slightly better compared to them. The challenges are the same. You are ROW and first of all land coming in time because the acquiring each land negotiating farmers becoming a major major issue.
And then thereafter ROW issues keep cropping up every single day. And the ROW not just for the turbine, including for your teddy system and then the main evacuation system to be done. For example, this quarter we have a 253 megawatts of turbines. Pre commissioned means they can generate today provided they get connected to the grid. So some places grid is not there, which is the client is supposed to provide. Some places the system of the client is not there. So therefore these are the delays. In fact there is 80 megawatts sitting out there. Could have been easily commissioned but for the issue of temperature which confusion between MNRE and MOP which they’re trying to resolve.
So while there are there is definitely a need and scope for us to improve on the execution, there is no second doubt about it. But there are these issues which we know what are the issues? That’s the reason we gave that breakup of how much is under implementation. We are reasonably confident that by end of this year, especially in the quarter four, you will see a significant jump in terms of our execution and it will pick up. And once we start getting into more and more EPC through development, this will change. Question is whether somebody else is able to do better than us.
I’m not too sure. I will not be able to comment, but one can obviously ask that you’re only 10%. If somebody else has done 90%. That’s a legitimate question to say that, you know, there are people who are the 90% but aging and those things I really don’t know. I’m only looking at myself, not looking at the market. There is a significant scope for us to improve this and we are working at it and we will improve it. There is no second opinion about it. We got to do it and we will do it.
Shiva Kalani
Okay, thank you sir. Helpful. And the last one is with respect to battery storage, obviously it is not a source of generation. But if the battery costs go down and the quantity of batteries goes up, factor of solar and wind will go up indirectly. Right. So. So the amount of gigawatts that in a long time, just trying to understand in a very long term might not be that much. It invariably decreases the amount of gigawatts that need to be set up. Right. So it. Is it not highly dependent on the cost of batteries?
JP Chalasani
No, battery doesn’t add any generation battery.
Shiva Kalani
I think the plant load factors will increase. Right. Because it will store energy. So the 1 gigawatt which are 20.
JP Chalasani
But, but you asked to store energy, it has to be produced. So whatever is the solar or wind connected to the battery that still generate. So if you need, let’s say a billion units, you still need billion units to be generated. What battery does is actually tries to match your load curve and the generation curve. That’s all it does. Okay. It has no impact on your pls.
Shiva Kalani
No, I’m saying if earlier 1 gigawatt of wind used to produce like X amount. Now because of the battery, 1 gigawatt of wind and 1 gigabyte of solar used to give X amount. Now when we put in battery, because the unused hours you can store that and you can indirectly increase the energy the electricity consumed at the night. So you don’t need that much amount of gigawatts to set up. Right. If the battery becomes efficient.
JP Chalasani
Little more complex. Your point is? Answer is S and no. If you are, if you have a generation curve, let’s say, I mean the load load demand curve, you have a peak demand, fine. You are creating your generating capacity to meet peak demand and which remains not utilized during the off peak period, special period, PLF will be low, definitely low. Okay. Because you’re not utilizing it. So therefore the moment you put the battery, the amount of generating capacity what is to be put to meet the same load curve will come down. You’re fine from that point of it. Okay, so will come down. So therefore that’s the reason I said that this only matches between the demand curve and the load curve. But today people. That is not what people are doing it. People are. That is how we went ahead in solar. So what’s happening now is for getting, you know, the backing down is happening in solar.
So directionally point is valid means like theoretically. Yes, you’re right. So if you’re setting up a capacity to meet peak demand now if you put the battery the capacity what is to be created the solar or wind would come down. Because you’re trying to flatten the generation curve to match the load curve. That I agree with you. So what it does is the cost per kilowatt hour would come down.
Shiva Kalani
So if the batteries become very cheap in like 10 years, then this projections might get a hit rate. I mean we don’t know what happens, but it’s highly dependent on how Efficient the batteries are and what is the manufacturing cost of the battery?
JP Chalasani
Battery, we really don’t know anything. Sure. Today and then single source, okay, single source today and one single source can actually not turn the key and then actually scrolls up. So therefore what happens to the battery? What is going to happen? You’re seeing what is happening the module. Suddenly you see the prices going up, prices coming down. So I think the what is important for the country as a whole. Storage is mandatory. There is no secondary want to increase renewable energy consumption. Storage is mandatory. Otherwise only alternative is more and more faucet fuel, whether it is battery or the php.
And how it happens is what we need to wait and see. But storage is mandatory. Without storage, renewable energy will not grow. Earlier also we said clearly the standalone solar will not grow unless solar and wind is there. This is our stated stand for the five years when people ridiculed us by the Today I’m again saying that without storage, renewable energy will not grow. And at the same time your answer to your question is that for a given demand, the capacity required for wind and solar will come down. But the moment you put storage, you’re flattening the generation curve or maximum generation with demand curve, overall demand for renewables go up.
You get my point?
JP Chalasani
Yeah. Thank you for your time and hope you get this. Thank you.
operator
Thank you. The next question is from the line of Mahesh Patel from ICIC Security.
Mahesh Patel
Yeah, hi sir. First of all, congrats on a good set of results. So my question is since we have, you know, completed nine months and regarding our guidance, right. 60% growth across all parameters and around 2.5 gigahertz of deliveries. So 1.6 gigahertz we have already done. I’m not expecting any numbers, but directionally how do you see is there any change in guidance or how do you see Q4 panning out?
JP Chalasani
Come forward ourselves and say that. Pretty confident to meet what we did on annual basis. The.
Mahesh Patel
So this is the voice.
JP Chalasani
I said 100. We are committed to 60%. We will achieve that. If there was any downward revision, we would have come forward on our own to say that. But there is no downward reason. Pretty confident to get to that 3% growth. There is absolutely no doubt about it.
Mahesh Patel
Okay, thanks. Thank you.
JP Chalasani
You might back calculate, you might say this is, you know, you’re not done it. Capacity dispatch. Maybe, you know, year back. If I told you that we will dispatch 600 megawatt in one year, you will. So okay, so therefore I can only say at this point of time, not Commenting on individual image.
I can reassure everyone that 16% guidance what we gave is completely online and we will achieve that.
Mahesh Patel
Okay, thank you so much. Thank you.
operator
The next question is from the line of Sudanshu from GM Financial. Please go ahead.
Sudhanshu Bansal
Yeah, sir, thanks for taking up my question. So I have the two queries. One is can you please share the order pipeline if possible and second, why our working capital requirement is increasing.
JP Chalasani
Yeah, I was sure that I always treat you as a professor. I look forward to your statements every weekend because Sunday come Sunday evening I look at various launches made. So you are asking me a question. I treat you as a professor. Anyway, I do answer your question. The other pipeline is strong as we speak today. We are now clearly talking about 3-4 GW non bidding route of discussions are happening. So and C and I don’t know how it keeps opening up.
I still maintain while people might say that, you know, your order intake is what the 800 megawatt last meeting to this meeting and things like that. I still maintain the statement which I’ve been making. Sudanjo Every single quarter order is not an issue for us. The issue is execution. If we improve the execution as a sector we can supply more. We did 617 last quarter. It pains me to stop at 617. We could have easily done 750 megawatts easily without any problem. But then you know, your projects have got to ready to offtake. That’s the issue.
Issue is not that how much can we supply in a quarter. We can actually supply 1100 megawatt in a quarter if there is a consistent uptake from the projects. Problem is execution is killing us ours as well as others. Because you know that you know 30%, 80% is controlled by someone else and. And you know it better than anyone else in the sector. Okay, that’s the problem on the working capital you’re spot on. So obviously that the. I explained earlier that one of the contract which we built in the provisions to the last contract because of the delayed payments and everything we’re taking separate line of credit for that particular contract.
But still the payments there the processes are taken much longer time than what it is. That’s what made us to get stuck and working capital requirements today. As long as we keep doing this public sector projects would continue to be at. It may not significantly increase but will remain at this level unless we start seeing the results of our development company which is what I said that will start maybe giving us results from the let’s say end of next year second half of next year to FY28 for example. Like we’re taking latest contract faster than that’s a typical of what we have been talking.
So there we have the land contract machine advance. By the time we sign this contract we already have 50% of the land. But still we are not taking the NTP for epc. So we said that let’s acquire more land, you know, get all the pathways, everything. Then we will take an NTP and we can do a quick execution. Good for them, good for us. You know, their IDC comes down, our working capital comes down. I think we got to move to that stage. We are moving it consciously in that direction. But it will take some more time.
We need some patience to move there any fine Siranshu.
Sudhanshu Bansal
Okay. Thank you so much sir. And boss wishes
JP Chalasani
satisfying professor is not an easy. That’s why I’m asking.
operator
Thank you. The next question is from the line of Harish Singh from Shubhlab Research Private Limited. Please go ahead.
Harish Singh
Hello. I hope I’m audible.
operator
Yes, we are audible.
Harish Singh
Hi. Hi Mr. Chelsani. Greetings Mr. Chelsani. I just wanted some granular details on this slow offtake which you have been mentioning in this call so far. Because you know, for the past four or five quarters, probably this issue has come for the first time in our conference call. You know, so far the deliveries were good and we were executing well. But probably this quarter the deliveries has gone down and this slow offtake issue has come up. So if you can, you know, help. Us understand a bit more about what is declared.
JP Chalasani
It is not the first time. Each of those quarters compared to what we supplied, we could have supplied at least 15 to 20% more each of the quarter. Whether it’s quarter one, quarter two or quarter three. Okay? And it is not. Our supplies have come down. Maybe it has come down with respect to the expectations what people had building up to 2.5 gigawatt. But otherwise this is as we said in our opening comments, this is the highest delivery we ever did in a single quarter. But the expectation was different, okay? Because everybody is doing automatic calculation of saying that 60% 2.5 Karna so TKAM 700 megawatts current this quarter May 78617.
You know, some people felt that, you know, we’re not met the expectations. That’s the issue. Not that when you’re dealing with respect to 60% in C, obviously the growth is big. Okay? So I don’t think that’s an issue. The issue of offtake which we have been saying is there Every single quarter. Even last year we had 3 gigawatts of manufacturing capacity which up at 1550. Now we have 4.2 gigawatt capacity and we’re talking about 2.2 gigawatts of supply. But why so therefore offtake not just for us. Every single OEM has offtake issue in India. Every single oem. So as all the volumes put together supply can be much more than what today the absorption is happening on the project side. So it is nothing new. So because this quarter it is less than what you have been expecting while we are seeing that we had done the highest but still highest is not meeting your expectation.
You are saying this coming the first time it’s not. We didn’t speak because this time there is I sense a bit of a disappointment or bit of a different things because we expected so therefore I’m answering the question nobody asked earlier. Also my answer would have been same. We could have actually done 10 to 15% more than what we supply.
Harish Singh
Understood Mr. Chelsea. Just a follow up on this Mr. Chelsani. So how are you seeing the ground situation now? Because we have been reading about probably 3035 gigawatt of solar capacities lying unutterable utilized. So is it the same with the wind capacities as well the ppa the the absence of PPA etc is hurting your end customers Also.
JP Chalasani
Let me tell you two things. One is
Harish Singh
yes
JP Chalasani
we don’t have any contract which is awarded to us where the PPA is not signed. That 36% bit route was what we have out of 36% is bid. So there is nothing where the PPA is not signed. That’s number one. So therefore orders, intake, whatever you already taken there is no risk of non sign the PPA. Second that the 43, 45 gigawatts whatever we are talking about to my knowledge the standalone wind doesn’t exist in that there is some wind capacity which is part of hybrid because the states are now started saying that you know you increase your wind capacity in that compared to the solar we want more wind which obviously you can’t do after the BD star and because tariff is soft that capacity if we take it.
I was told about out of this 43 or 44, 11 gigawatts is wind which is part of hybrid capacity where the PPS are held up not the standalone. So and in fact some of the. I was. I was also telling earlier that if you look at yesterday’s response to the reverse option if there is any problem of standalone wind getting PPS you wouldn’t see three times response to a thousand megawatt bit completely subscribed over subscribed. So I don’t think there’s any problem with respect to PPA for standalone wind.
Harish Singh
Understood Mr. Chelsani, understood. So you. So another question Mr. Chelsea, related to this only. Probably you mentioned about you know this row and you know a little bit of PP is also getting resolved probably because of coordination between MNRE and MOP. If you can throw some more light on that Mr. Tasani, I probably missed that point.
JP Chalasani
See. Finally with our efforts the two to three weeks back they formally announced a task force by MNRE giving a thumbs up reference which includes seminary, includes MOP and includes every state nodal agency and other people basically to resolve issues with respect to land and row and the connectivity. So therefore it is now picking up the importance of it. But will this get resolved overnight? I don’t think so. Because locally people are becoming more and more active in terms of creating trouble for projects because it has become a political issue that makes it’s more easy because project is underway halfway through they will burn the pressure if you create some trouble.
Those things are happening but the. But the government is trying its best. So therefore that’s the reason we expect some things. But that’s why best way is that you know, you get your land and pathways including the rotor clearly signed up beforehand before you start the project. Because the rest what we are seeing is a response of people there when they see a turbine. After that you talk about land acquisition versus when there is no turbine, no construction happening. When you look at the land because we do both in development there is nothing, no project activity happening and we do land in where the projects already started.
So completely different response where there are no project activities much more smoother. The the problem hovers increase multifold.
Harish Singh
Got it. Got just one follow up then I’ll move back into the queue. This task force was done like recently and in your opinion how much time might be required to at least roll the ball in the direction of resolution?
JP Chalasani
You know the government better than me. You guys interact with government officials much more than me. This is a step one and the decision to create a task force was taken six months back.
Harish Singh
Six months back.
JP Chalasani
Yeah. And now that’s what is found. Oh, I only look as deposit. It is moving in the positive direction. May not be on the timeline wise.
Harish Singh
Now. Very helpful Mr. Chelsea. Thanks a lot. Please take care. And Rahul, welcome. Welcome to Surva. Thank you.
Rahul Jain
Thank you. Thank you Harish.
operator
Thank you. The next question is from the line of Nikhil from Kizuna. Well, please go ahead.
Nikhil Poptani
Yes, thank you for giving me the opportunity and congratulations. A good set of numbers. So my first question is like we said that we have a pipeline of 3-4 GW. So how much of the win rate are we expecting on these orders? And so with the headwinds, so many headwinds in the order flow. But we are saying that we are able to win the orders. So can we assume that you are going to surpass or even meet effort verifies order inflow or even higher than that.
JP Chalasani
Hey, I given a guidance earlier and which I will maintain that each quarter my closing our closing order book will be larger than the working order book and each quarter of supplies are increasing. In spite of that our closing order could be more which you can see for the last six to seven quarters and this will continue and I would like to maintain at that guidance because at any point of time 6.2, 6.4, 6.6 it’s happening. And after supplying then that means there is a steady inflow of orders. Plus between the last meeting of board and this meeting of the board we added 803megawatts.
So. So therefore the. Again I just want to reassure that because that’s what I believe in not trying to you know sidetrack the issue. I firmly believe in the versus learn order intake is not the issue at all. Yeah the. The. Our book to bill ratio is 1.9x but I can tell you that earlier also I said I. I keep repeating that it is not out of any arrogance. I’m saying that order intake is not an issue. And especially with this development activity what we started now it’s all the more important. You’re seeing our EPC share has gone from 20 to 27% in one quarter.
Two largest orders what we announced in the last one month are off EPC both Brightnet and Asin Mittal. That’s not an issue for us. And especially that our more of a concentration on the CNS segment which is our 51% of the share. So I don’t see this is going to be an issue. I know people 6.4 gigawatt, you know maybe they just have up to FA28. So what is going to happen to Sulan if they get a single order in the next 24 months? You know every quarter we will keep getting orders more than. You’ll constantly have a good healthy order book at the end of the quarter.
Nikhil Poptani
Listen, that’s quite reassuring on our tax rate like we have created a DTA and I do understand that we will not be getting any kind of cash outflow and we do have a 14,000 crores of losses. I would like to understand like what would be the face of the CNN like how much effective tax rate would be shown in the pn. I would like to understand that sir.
Rahul Jain
The way to look at it also Nikhil is that once all of these effort taxes assets that we have are fully recognized your effective tax rate cash or non cash should come to 25% because that’s the regime that you’re in.
Nikhil Poptani
Sir I do understand that but currently because we have the accumulated losses that in the coming years too and currently.
Rahul Jain
Okay, so the way it works is that the accountants will actually do an assessment sometimes on an annual basis and sometimes on a semiannual basis where based on your future projection to be looked at it will consider whether there is detail losses that were earlier not let’s say allowed to be set up will now be set off and based on that an assessment is done annually. So again I would say that there are, there are certain other which are not on the book as of now an assessment will happen at the march and also so there would be something that, that comes through again like a.
JP Chalasani
Simple way, non complicated, non finance person. What I understand is simple. Even as in today we still have 11 crores more deferred tax assets sitting in our bank. Even if you don’t recognize anything further up to 4400 crores of cumulative profit. From now on what we get we will pay single rupee of. We will not pay single r of tax. Okay. That’s one part of it. Even after whatever happened in quarter three we still have that much sitting, you know back. I can keep drawing that. Okay. That’s what I, I, I only ask my c. I only understand what I can draw. Okay now my Kitna Kama Sak is my second question. Even after this we still have about six and a half thousand crores of carry forward losses at different points of time. The auditors will look at it, they look at three years ahead and they’ll keep adding to my bank account. Okay so therefore this what I have 700. I’m assuming that will keep increasing and they did last quarter and my expectation is that they will do again in the coming quarter towards the March ending quarter.
So I’m assuming that this 1100 kitty what I have in my bank in my simple language would further go up. My bank balance will increase. That’s my understanding of all these complicated DTA rules. Okay.
Nikhil Poptani
Yes.
JP Chalasani
This is what matters to me. I’ll leave.
Nikhil Poptani
Yes sir. So thank you sir. That’s it for my side and all the very best sir. Thank you.
operator
Thank you. Ladies and gentlemen, we will only take last two questions for today. The next question is from the line of Akash Mehta from Kanara HSBC live.
Akash Mehta
Hi sir, thanks for the opportunity. Just one question in terms of I think in the call you had mentioned some AI, I mean enabling in wind turbines going ahead. So can you just help us understand what you all are kind of trying to do and what are the developments in that space that you all, you all are looking at?
JP Chalasani
Yeah, this is again you know, layman explanation previously was finance, this is technology. So my only understanding of EA what we’re going to use is that my entire OMS system is going to get digital. Okay. So therefore the our predictive maintenance, the wind to maintenance and everything can be tracked and which turbine when and how long it’s there done popping up. So therefore it actually improves our uptime because of this the data because constantly we keep getting data analyzing and it’s throwing up this. It improves our. It reduces the cost because it is throwing up telling me the predictive maintenance much before actually the system fails. Therefore we can act in that. So I think significantly that is what we’re looking at it. If today we are at 96.1% of availability how do we go towards 97? 97.5, 98 is 1.
Second thing is today I’m at 40% EBITDA margin first how do I not just sustain can I increase this margin? This is what AI would help me, you know otherwise my CMO will say end result is this.
Akash Mehta
So I think that’s very helpful. Thanks a lot and all the best.
operator
Thank you very much ladies and gentlemen. That was the last question for today. I now hand over the conference to management for closing comments. Over to you sir.
JP Chalasani
I think having having coughed all along anyway let me say that thank you very much for bearing with my cough and you know not able to give that opening comment. I’m sorry but I didn’t want to miss this call. It’s extremely important for me I just go back home the moment this call is done. The I feel I not as a CEO I personally feel that it was a great set of father for us in the constraints what we know. As I said that half take of turbines and various things and I standing here pretty confident I reiterate that the guidance what we gave stands absolutely no change.
In fact last quarter some of you asked me that are we going to revise upwards? I said no and some of you are asking now would you revise it downwards? I’m again saying no. We will maintain the 60% guidance completely and the third take is that the orders is not an issue and this issue of DTA and people not understanding share price impacting up and down will still continue to be there Next quarter we will have a huge amount of DTA coming in our net profit suddenly jump and people will say 3% profit improved. Okay so I think and these things would keep happening but you people understand that what is the meaning of all this? But having said that we are open at any point of time my colleagues or me to discuss on any industry level issue or as well as anything specific.
Thank you very much.
Rahul Jain
Thank you everyone.
operator
Thank you on behalf of Suzlon Energy Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.