SUZLON ENERGY Q2 FY27 CONCALL: FY27 MARGIN OUTLOOK LOWERED; TARGETS 40% MARKET SHARE, 15 GW ORDER BOOK & 25% CAGR BY FY31

• FY27 EBITDA Margin Guidance: Management expects approximately 16.1% margin (H1 margin of 15.1% plus around 100 bps operating leverage), compared with its earlier outlook of around 17%. • Normalized Margins: EBITDA margin could recover to 16.5–17% after adjusting for non-recurring expenses and commodity/forex pressures, subject to external conditions improving. • WTG Contribution Margin: Expected to remain around 22–23% in FY27, compared with 21.2% in Q2 FY27. Cost optimization initiatives are underway. • H2 FY27 Deliveries: Management expects H2 deliveries to be 1.5–1.65 times H1 deliveries of 1,217 MW, implying approximately 1,826–2,008 MW in H2. • Commissioning Outlook: H1 commissioning reached 723 MW, with approximately 1,250–1,300 MW of turbines already erected. Management expects a sharper improvement in commissioning over the next 12–18 months. • Order Book: Current order book stands at approximately 6 GW, providing 18 months of execution visibility. Company secured 1.5 GW of fresh orders during H1 FY27. • FY31 Growth Targets: Management targets 40% domestic market share from approximately 28–29% currently, with a 15 GW order book and nearly 10 GW of annual sales by FY31. • Growth CAGR: Suzlon reiterated its approximately 25% CAGR growth trajectory under the Suzlon 2.0 strategy through FY31. • Export Guidance: Targets 3 GW export order book and 1 GW annual export sales by FY31. Management expects to start reporting export orders next year as turbine certifications progress. • DevCo Business: Approximately 900 MW of orders secured through the DevCo model, with commissioning targeted within the next 18 months. Total capital allocation remains around ₹500 Cr, against current net deployment of ₹125–130 Cr. • Manufacturing Capacity: Existing 4.5 GW manufacturing capacity is fully operational. Higher-capacity turbine platforms and additional blade facilities are expected to support future expansion. • Solar & BESS Expansion: Management plans an asset-light entry into solar, battery storage and integrated renewable energy offerings. No capex has been incurred yet; partnerships and business development are progressing. • O&M Business: Suzlon's Indian service business maintains an installed base exceeding 16.5 GW, with EBITDA margins above 40%. RENOM is expected to scale into a multi-GW business over time. • Working Capital: Higher inventory and receivables reflect preparations for stronger H2 execution. Management expects commissioning-linked receivables to convert into cash as project completion improves. • Balance Sheet: Consolidated net worth reached ₹10,277 Cr, with reported net cash of ₹2,048 Cr. Management highlighted sufficient working capital facilities for executing the existing order book. • Key Margin Risks: Commodity and forex volatility contributed approximately 50 bps of margin pressure, while customer/scope mix and non-recurring expenses also affected profitability. Management expects temporary Suzlon 2.0-related costs to decline in subsequent quarters. • Industry Outlook: Management expects annual Indian wind installations to exceed 10 GW in the near term and reach approximately 15 GW by FY31, supporting multi-year demand growth.

SUZLON ENERGY LIMITED

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