Q2 FY27 Earning Conference Call

AI summary - Q2 FY27 revenue grew 27% Q-o-Q to INR4,869 Cr; EBITDA up 21% to INR720 Cr; PAT up 29% to INR394 Cr - H1 FY27 deliveries rose 21% Y-o-Y to 1,217 MW; commissioning jumped 168% to 723 MW - EBITDA margin impacted by lower WTG contribution (21.2%), FX/commodity volatility, and non-recurring Suzlon 2.0 expenses - Order book at 6 GW with 18 months coverage; strong pipeline supports 25% CAGR to FY31 - Suzlon 2.0 includes new high-capacity turbines, AI-enabled blade factories, and DevCo model with 900 MW orders - Net cash position INR2,048 Cr; CRISIL rating upgraded to AA-/Stable and A1+ - Export and repowering opportunities progressing; certification underway for 5 MW+ turbines - Margin guidance revised to ~15% for FY27 with potential upside; operating leverage expected in H2 - Working capital elevated due to seasonality and build-up for H2 volumes; receivables higher but linked to commissioning - Competition from Adani, JSW acknowledged; Suzlon maintains ~28-29% market share with growth plans to 40% by FY31