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Suzlon’s ‘Decoupling’ Strategy Boosts Wind Sector Growth

Suzlon Energy Ltd (SUEL) has reported strong momentum in 2025-26, with net profits for the first three quarters nearly matching the full-year earnings of 2024-25—Rs 2,048 crore vs Rs 2,072 crore. Behind this performance lies a strategic shift: the creation of a wholly-owned subsidiary, DevCo, to separate project development from project execution.

In the Indian wind industry, only a few players provide full-suite, end-to-end services for developers. Most companies handle segmented roles—turbine supply, land acquisition, or turnkey construction—whereas full-service providers like Suzlon, Inox, and Pune-based Powercon manage projects from development to operation. Suzlon’s decoupling strategy allows the company to acquire land, secure permits, conduct micro-siting, and perform pre-construction surveys independently through DevCo, while execution remains separate.

A key advantage for Suzlon is its vast data repository: over 10,000 operating wind turbines in India generate operational insights, enriching the company’s knowledge on wind patterns, terrain, and site optimization. This data-driven approach, combined with development expertise, has enabled Suzlon to deliver swift execution—a factor that won ArcelorMittal’s 248.5 MW turbine order in January.

The company plans to scale project development to 25 GW, aiming for EPC (Engineering, Procurement, Construction) to contribute 50% of revenues by 2028, nearly double current levels. This strategy echoes the old industry principle: “Jiska jameen, uska machine”—land ownership drives project wins.

Record Order Book and Industry Revival

Suzlon has achieved record quarterly deliveries of 617 MW and now holds a 6.4 GW order book, surpassing the opening quarter’s backlog. India’s wind sector, after years of stagnation, is reviving—installations reached 4.1 GW in 2024-25 and 4.6 GW in the first nine months of 2025-26, likely setting a new annual record beyond 5.5 GW in 2016-17.

A key driver is the rise of Firm Dispatchable Renewable Energy (FDRE) bids, which require developers to supply renewable power on demand across peak and non-peak hours. FDRE mandates balanced wind, solar, and battery storage capacities, fueling industry growth.

Equity research firm Motilal Oswal Financial Services notes that 15–17 GW of wind projects are currently in bidding or award stages, providing strong near-term visibility for Suzlon. Their superior execution track record and the limited presence of Chinese OEMs in EPC positions Suzlon favorably for capturing large, complex projects.

Suzlon’s decoupling gambit—separating development from execution while leveraging data and full-suite capabilities—appears to be paying dividends, positioning the company as a dominant force in India’s expanding wind market.