Slides
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Investor Presentation Q2 FY27 29th October 2026 1
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© SUZLON, GOOD ENERGIES THAT WORK Disclaimer This presentation and the accompanying slides (the “Presentation”), has been prepared by Suzlon Energy Limited (the “Company”), solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis of or be relied on in connection with any contract or binding commitment whatsoever in any jurisdiction. The Presentation is not intended to form the basis of or to be relied upon as advice to any investor or any investment decision by a prospective investor. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, including information derived from public sources that has not been independently verified. no representation or warranty, express or implied, whatsoever, is being made in relation to the correctness, accuracy, reliability, completeness, or fairness of the information, conclusion or opinions expressed herein. The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. No representation or warranty whatsoever is given in relation to the reasonableness or achievability of any projections contained in the Presentation or in relation to the bases and assumptions underlying such projections and you must satisfy yourself in relation to the reasonableness, achievability and accuracy thereof. Certain matters discussed in this Presentation may contain statements regarding theCompany’s market opportunity and business prospects that are, individually or collectively, forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the wind power industry in India and world-wide, theCompany’s ability to successfully implement its strategy, theCompany’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, theCompany’s market preferences and its exposure to market risks, as well as other risks. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. TheCompany’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update or revise any forward-looking information contained in this Presentation to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Any forward- looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this Presentation and any and all responsibility and liability is expressly disclaimed by the Management, the Shareholders and the Company or any of them or any of their respective directors, officers, affiliates, employees, advisers or agents. No offering of theCompany’s securities will be registered under the U.S. Securities Act of 1933, as amended (the“SecuritiesAct”). Accordingly, unless an exemption from registration under the Securities Act is available, theCompany’s securities may not be offered, sold, resold, delivered or distributed, directly or indirectly, into the United States or to, or for the account or benefit of, any U.S. Person (as defined in regulation S under the Securities Act). The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction. 2
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Industry Outlook 3
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© SUZLON, GOOD ENERGIES THAT WORK Renewables to Power India’s Energy Transition; Suzlon poised for Leadership Power Renewables Wind India’s Power Demand Set to Nearly Triple by 2047 Renewable Energy Capacity to Grow Multi-Fold by 2047 Wind growth to outpace power; Strong 10% CAGR projected against 5% growth in power India Power Demand (in TWh) 230 400 615 1,600 2026* 2030 2035 2047 10% RE^ capacity (in GW) Wind capacity (in GW) Sources: CEA, International Energy Agency, World Bank, MERCOMreport, JMK report, CII report- Energy transitionfor Viksit Bharat 2047, National ElectricityPlan Vol. II, CEA ( Base Case Scenario), Niti Aayog Notes: ^ RE includes Solar and Wind | *Installations as on 30th Sep 2026 1,600 2,128 2,820 4,490 2025 2030 2035 2047 59 100 160 400 2026* 2030 2035 2047 4
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© SUZLON, GOOD ENERGIES THAT WORK Industry upcycle with structural tailwinds Key drivers 3 8Structural power demand driven through urbanisation, data centres, EV adoption, and green hydrogen. Onshore wind potential of 1,164 GW, at 150m HH representing a significant untapped wind resource of ~95% 4 9Global wind installations are set to average 194 GW annually over the next five years Wind delivers ~45% during peak demand, underscoring its contribution to improving system dispatchability. 1 6Energy security now cited as #1 transition driver across US, EU, China, and India policy frameworks Wind exports 12,000+ Cr in FY26, Export opportunity amplifies, with augmented domestic supply chain 2 7Global electricity generation has entered a structural super-cycle, with India destined to have fastest growth Repowering potential estimated by NIWE: ~25.4 GW, a significant opportunity 105 Rising C&I Adoption | ~100 GW Capacity Potential by 2030 Cabinet clears Green Energy Corridor phase III for central and state pool funds for evacuation infrastructure Sources: GWEC Global Wind Report 2024 |ICRA Indian Renewable Energy Sector – June 2025 | National Institute of Wind Energy (NIWE),| IWTMA 5
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© SUZLON, GOOD ENERGIES THAT WORK 678 803 525 720 522 100 121 131 142 164 CEA Base case IEA India Vision Case NREL Base case LBNL Least cost Teri scenario Wind Others Wind on track to become 100-164 GW by 2030 All scenarios require 100–164 GW wind → 100 GW is the minimum target Sources: LBNL; NREL; IEA; CEA – Apr 2023; Teri; MEC+ analysis | Others include all other modes of Power generating sources 6
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Suzlon Strengths 7
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© SUZLON, GOOD ENERGIES THAT WORK India’s No 1 wind OEM: 30+years of leadership, build to scale Competitive edge Strong In-House R&D Capabilities Across Germany, Denmark, the Netherlands & India Industry’s largest customer base with enduring relationships Pan-India presence with sizeable fleet across all windy states Best-in-Class Multi-Brand Renewable Energy Service Capabilities India’s Wind Energy Pioneer with 30+ years of existence Dev-Co: Maintains a portfolio of shovel- ready projects No. 1 OEM in the Indian wind sector 28% Cumulative market share in India 22+ GW Global installed Wind energy capacity 8,750+ Experienced workforce Across the Value Chain 6+ GW Order book from Marquee customers 8
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© SUZLON, GOOD ENERGIES THAT WORK Turbine Portfolio: Proven Technology for Future- Ready Growth 9 Our new Low-wind sites flagship Our new Mid – High Wind sites flagship The current go-to turbine for India We repower smaller turbines to this version First Turbine installation in H1 2027 5.X First Turbine installed in May 2026 Our established products in 2-3 MW class Hub Height MW Rating S120 120 m 2.10 MW 105-140 m 144 m S144 3.15 – 3.30 MW 105-160 m S175 5.x MW 120-160 m 163 m S163 6.x MW 119-149 m Our next generation product in 5-6 MW class 175 m Blue Sky Platform
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© SUZLON, GOOD ENERGIES THAT WORK World Class Technology- Made in India High- performance rotor blades High lift profile blade with flat back carbon girder & advanced aerodynamics. Optimal for India’s dust-heavy conditions Local sourcing and a robust supply chain >80% local sourcing from Indian Tier-1 suppliers for our S120 and S144 turbines. Making us less dependent on global supply chain disruptions. Engineered to minimize CO₂ emissions The S144’s 140 m lattice towers use 100 tons less steel than a competitor’s tubular tower. 2.5 less emissions due to use of scrap-based, low- carbon steel. Designed for a 25-year extended service life. Energy management solution developed by tech team to integrate various sources of energy Engineered for grid compliance Extensive expertise in grid compliance and grid integration. Advanced testing against site-specific grid requirements, including voltage, frequency, and fault scenarios . Trusted by Indian and international grid authorities. Rotor design is based on high-efficiency drive trains. High efficiency balanced with competitive costs Developed in Europe – Detailed, and manufactured in India We have R&D centres in Denmark, Netherlands and Germany. We optimize and manufacture in India. 10
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© SUZLON, GOOD ENERGIES THAT WORK Key clientele among marquee customers globally 11
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© SUZLON, GOOD ENERGIES THAT WORK Footprint across India: Augmented manufacturing capabilities Domestic manufacturing capacity 4,500 MW Three new smart blade factories being constructed — further expanding manufacturing footprint Nacelle and Hub Nacelle Cover Blade Foundry Tubular Tower Forging Control Panel Transformer Scalable manufacturing to cater future market growth Rajasthan Madhya Pradesh Maharashtra Gujarat Andhra Pradesh Tamil Nadu Blade Tower SE Forge Electric Nacelle & Hub Notes: Nacelle plants in Daman and Puducherry | Map not to scale Other Indian states India’s windy states 12
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© SUZLON, GOOD ENERGIES THAT WORK 16.5+ GW Installed base 10,000+ Turbines 1,900+ Customers USD 10+ Bn Assets under management 3,700+ Team 110+ Sites Overview: RE AMS (India) Capabilities Other Indian states India’s windy states Rajasthan Madhya Pradesh Maharashtra Gujarat Andhra Pradesh Tamil Nadu Karnataka Telangana 2.8 GW 4.6 GW 2.2 GW 1.7 GW Kerala 0.03 GW 0.6 GW 0.1 GW 1.6 GW 2.8 GW Key Metrics Presence in all windy states in India Strengths Yearly O&M fee escalation of 4-5% India’s No 1 Wind Service Company Stable annuity cash flow business model Impressive contract retention rate Notes: Map not to scale 13
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© SUZLON, GOOD ENERGIES THAT WORK Renom: Growing Multi-brand AUM Capability to manage multiple technologies under a single platform 3,626 MW Asset Under Management 2,360 MW Wind 147 MW Solar 1,119 MW BOP 15 Different OEM Make 37 Models being serviced 900+ Team 200+ Satisfied Customers Focused Multi-brandLean & AgileResources & TechnologyDiverse MBOMS Fleet Proven track record 14
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© SUZLON, GOOD ENERGIES THAT WORK Strong order book momentum continues…. WTG model mix S144, 89% S175, 2% S120, 9% Captive/ C&I/Retail, 64% Central & State Auctions, 22% PSU, 14% Scope mix Non-EPC, 62% EPC, 38% KA, 29% GJ, 20% MP, 14% TN, 5% MH, 8% RJ, 5% AP, 19% Project segment mix State mix 2,929 5,025 5,697 6,009 Mar'24 Mar'25 Mar'26 Sep'26^ Notes: ^Mix based on 6,009 MW | EPC scope may differ from contract to contract 15
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© SUZLON, GOOD ENERGIES THAT WORK Awards & Recognition Suzlon ranked among the top five gainers in ET500 2025, rising 81 positions on the back of strong execution and growth India’s fastest-growing brand – Brand Finance India 100 for a 114% growth in brand value, from USD 195 million to USD 418 million between 2025 and 2026 Recognised among India's Best Workplaces in Renewable Energy 2026 by GPTW®, reaffirming Suzlon's strong people culture and employer brand Vice Chairman Girish Tanti named Wind Energy Leader of the Year for transforming India’s wind sector and driving energy growth Iconic Brands of India 2026 – ET Edge (The Times Group) for evolving beyond commercial success to become an institution of influence 16
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© SUZLON, GOOD ENERGIES THAT WORK ESG Landscape: Making meaningful impact & earning recognition Ratings Sustainability Yearbook, 2025 (Top 15% in Sustainability Performance globally) Rating upgraded to “Low Risk”; in Top 7th Percentile of the Electrical Equipment Industry Rating upgraded to “Strong” Awarded Prime Status – surpassed industry threshold with top decile rank (1) Inclusion of Suzlon under Emerging ESG Index & FTSE Emerging ESG Low Carbon Select Index ESG Rating upgraded to 80, Excellent category under ESG Risk Ai Benchmark in energy and power sector Awards 10th amongst top 100 Global organizations in Sustainability (only Indian Company) Global Award (Gold Category) Climate Change Mitigation ET Pioneers of Energy Transformation (2026) Member of United Nations Global Compact Indian Green Steel Coalition (IGSC) Climate Group’s EV100 and 24/7 Carbon-Free Implementation Panel Membership Suzlon rated higher than Industry average in all ESG pillars by S&P Global 17
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Financial Performance 18
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© SUZLON, GOOD ENERGIES THAT WORK Strong Sequential Growth in Q2 FY27 710 MW 506 MW 40% Deliveries 454 MW 269 MW 69% Commissioning ₹ 4,869 Cr 27% ₹ 3,819 Cr Revenue ₹ 720 Cr ₹ 595 Cr 21% EBITDA ₹ 394 Cr ₹ 305 Cr 29% PAT Note: Based on QoQ comparison of Q2FY27 vs Q1FY27 Consolidated Financials
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© SUZLON, GOOD ENERGIES THAT WORK Commissioned 454 MW during the quarter (up by 69% QoQ, 196% YoY) with over 1.25 GW of erected turbines in pipeline CRISIL elevates long-term credit rating to AA-/Stable; short-term rating upgraded to A1+ Robust performance despite global headwinds Record Q2 India deliveries of 710 MW up 40% QoQ, 26% YoY, with H1 FY27 deliveries at 1,217 MW up by 21% YoY Consolidated Revenue of ₹4,869 Cr in Q2 FY27, delivering 27% QoQ and 26% YoY growth Strong 6+ GW order book, with 78% contribution from PSU and C&I segments; ~1.5 GW order intake in H1FY27 EPC share increased from 22% (Q1FY26) to 38% in line with market strategy Consolidated Net worth crosses 10K mark to ₹ 10,277 Cr; Net Cash position stands at ₹ 2,048 Cr 20 Key Highlights
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© SUZLON, GOOD ENERGIES THAT WORK 664 1,320 1,315 H1 FY25 H1 FY26 H1 FY27 H1 FY27 – Performance Deliveries (MW) Commissioning (MW) Revenue (₹ Cr.) EBITDA (₹ Cr.) 530 1,009 1,217 H1 FY25 H1 FY26 H1 FY27 4,109 6,983 8,688 H1 FY25 H1 FY26 H1 FY27 21 201 270 723 H1 FY25 H1 FY26 H1 FY27 Note: Based on Consolidated Financials
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© SUZLON, GOOD ENERGIES THAT WORK 3.3 4.2 6.1 3.1 3.1 FY24 FY25 FY26 H1 FY26 H1 FY27 RE Solutions: Suzlon Commissioning Momentum Accelerates Wind capacity additions in India (GW) Deliveries & Installations by Suzlon (MW) 710 1,550 2,456 1,009 1,217 882 336 744 270 723 FY24 FY25 FY26 H1 FY26 H1 FY27 Deliveries Installation Strong H1 India deliveries with robust installations 4,215 8,481 14,040 5,740 7,386 196 965 2,033 893 782 FY24 FY25 FY26 H1 FY26 H1 FY27 Revenue EBITDADriven by strong commercial fundamentals, robust C&I demand and FDRE tenders Wind tariffs at an attractive level for all stakeholders e.g. customers, vendors, OEMs, Financial Institutions Fortified balance sheet with adequate working capital Limits to cater to large order book WTG Contribution margin at 22.1% for H1FY27; impacted due to customer /scope mix and FX/commodity volatility Revenue & EBITDA (₹ Cr.) Sources: MNRE Website Notes: The revenue numbers are from statutory segment reporting | 1,295 MW turbines erected; commissioning pending 22
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© SUZLON, GOOD ENERGIES THAT WORK 721 771 839 352 455 40.1% 40.0% 40.5% 36.9% 43.4% FY24 FY25 FY26 H1 FY26 H1 FY27 1,798 1,928 2,073 953 1,049 FY24 FY25 FY26 H1 FY26 H1 FY27 14.7 15.1 15.7 16.5 FY24 FY25 FY26 H1 FY27 RE AMS (India): Consistent and profitable growth continues Installed Capacity Base (GW) Revenue (₹ Cr.) Key Strengths Over 3 decades of best-in-class practices Diversified supplier network High margins and stable cashflows Experienced management team EBITDA (₹ Cr.) Notes: The revenue numbers are from statutory segment reporting Strong customer base across all segments Legacy positioning and sizeable presence in all windy states 23
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© SUZLON, GOOD ENERGIES THAT WORK 25% 21% 33% 36% FY24 FY25 FY26 H1 FY27 307 249 232 126 82 175 241 365 141 211 36% 49% 61% 53% 72% FY24 FY25 FY26 H1 FY26 H1 FY27 483 489 597 267 293 76 74 119 52 50 FY24 FY25 FY26 H1 FY26 H1 FY27 Foundry & Forging: Capacity unlocking plans underway Operating Revenue & EBITDA trend (₹ Cr.) Revenue mix (₹ Cr.) Consistently delivering robust performance Independently operating business with diversified customer base Lower level of capacity utilization provides headroom for growth Annual manufacturing capacity of 120,000 MT Availability of skilled manpower & working capital Capacity Utilization (%) Notes: The revenue numbers are from statutory segment reporting Favourable wind energy market conditions Robust & lean manufacturing systems 24 Suzlon Others Suzlon Share (%)
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© SUZLON, GOOD ENERGIES THAT WORK Particulars Q2 FY27 Unaudited Q1 FY27 Unaudited Q2 FY26 Unaudited H1 FY27 Unaudited H1 FY26 Unaudited FY26 Audited Net Deliveries (MW) 710 506 565 1,217 1,009 2,456 Net Revenue 4,869 3,819 3,866 8,688 6,983 16,679 Contribution 1,397 1,225 1,316 2,622 2,410 5,378 ContributionMargin 28.7% 32.1% 34.1% 30.2% 34.5% 32.2% Employee Expenses 290 268 291 558 545 1,100 Other Expenses (net) 388 362 304 749 545 1,255 EBITDA 720 595 721 1,315 1,320 3,022 EBITDA Margin 14.8% 15.6% 18.6% 15.1% 18.9% 18.1% Depreciation 111 106 75 217 145 318 Net Finance Cost 90 100 83 190 153 352 Exceptional (Gain)/Loss - - - - - (70) Profit before Tax 518 390 562 908 1,022 2,422 Taxes* 124 84 173 208 309 721 Profit after Tax (Excl. DTA creation) 394 305 389 699 713 1,701 Deferred Tax Asset Creation* - - (891) - (891) (1,463) Net Profit 394 305 1,279 699 1,604 3,163 o Consolidated Income Statement (₹ Cr.) 25 Notes: *Primarily on account of Deferred Tax Asset recognition/charge, which is non -cash in nature
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© SUZLON, GOOD ENERGIES THAT WORK Consolidated Balance Sheet (₹ Cr.) Equity & Liabilities Sep-26 Unaudited Mar-26 Audited Mar-25 Audited Equity & Liabilities Net Worth 10,277 9,464 6,106 Borrowings (non-current and current) 327 264 283 Non-current Liabilities 1,182 1,115 810 Current Liabilities 8,220 8,026 5,761 Total equity and liabilities 20,006 18,869 12,960 Assets Non-current Assets 3,820 3,965 2,637 Inventories 5,461 4,512 3,234 Trade Receivables^ 7,004 6,487 3,866 Other current assets 1,346 1,257 996 Cash and cash equivalents* 2,375 2,648 2,227 Total assets 20,006 18,869 12,960 Net Cash 2,048 2,384 1,943 26 Notes: *including Non-Current Bank balances & mutual fund investments| ^Includes both current and non -current trade receivables | Net Worth represents Total Equity
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© SUZLON, GOOD ENERGIES THAT WORK Glossary AEP Annual Energy Production AMS Asset Management Services BESS Battery Energy Storage System C&I Commercial and Industrial CEA Central Electricity Authority COD Commercial Operations Date CUF Capacity Utilization Factor EBITDA Earnings before Interest, Tax, Depreciation and Amortizations ESG Environmental, Social, and Governance GoI Government of India GH2 Green Hydrogen GW Gigawatt GWEC Global Wind Energy Council HH Hub Height IRIM International Research Institute for Manufacturing ISTS Inter-State Transmission System IWTMA Indian Wind Turbine Manufacturers Association 27
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© SUZLON, GOOD ENERGIES THAT WORK Glossary KPI Key Performance Indicators LCoE Levelized Cost of Energy MNRE Ministry of New And Renewable Energy MT Metric Ton MW Megawatt NIWE National Institute of Wind Energy OEM Original Equipment Manufacturer OMS Operations and Maintenance Services PLF Plant Load Factor PSA Power Sale Agreement RE Renewable Energy RGO Renewable Generation Obligation RPO Renewable Purchase Obligation RTC Round The Clock SCoD Scheduled Commissioning Date WTG Wind Turbine Generator Y-o-Y Year on Year 28
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© SUZLON, GOOD ENERGIES THAT WORK References https://www.seci.co.in/ https://cea.nic.in/ https://www.mercomindia.com/ https://powermin.gov.in/ https://niwe.res.in/ https://mnre.gov.in/ https://gwec.net/globalwindreport2023/ http://www.cercind.gov.in/ https://gwec.net/india-wind-energy-market-outlook-2023-2027-report/ https://www.crisil.com/en/home/sectors-we-cover/energy.html 29
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Thank you © SUZLON Email contact for queries investorrelations@suzlon.com