Suzlon Energy, one of the most widely held stocks among retail investors, has had a challenging ride in 2026, hitting multi-year lows as the Street grew concerned about the company’s execution, despite its solid order book.
The stock has remained on a downward trajectory, closing each of the past three months in the red, with selling pressure intensifying further in October and taking its cumulative losses to 36%. Persistent selling has widened its year-to-date losses to 29%, putting the stock on track for its steepest annual decline since 2019, when it plunged 66%.
While part of the decline can be attributed to the broader market sell-off, a key concern among investors is whether the company can convert its strong order book of more than 6 GW into actual revenue. Similar concerns were evident in 2025, when a slowdown in installations meant that execution lagged behind deliveries in recent quarters.
Gaurav Garg, Head of Research at Lemonn, said Suzlon is still growing fast, but Suzlon the quality of its earnings is now the question. In Q1 FY27, revenue rose 22% year-on-year to ₹3,829 crore. EBITDA stayed flat at ₹595 crore because margin slipped to around 16% from 19%. Interest rose 30% and depreciation rose 51%, which pulled pre-tax profit down 15%.
He said the 6,135 MW order book gives multi-year revenue visibility. The weak spot is cash: FY26 operating cash flow was only about 40% of EBITDA. Institutions are buying the fall anyway. Combined FII and DII holding rose to 35.3% in June 2026, up from 20.7% three years earlier. He said the test is H2 FY27 and whether margins will climb back to the 17–18% guidance.