Suzlon Energy Ltd. share price target

Management expects limited impact on near-term order flows from the slowdown in central renewables bidding (~40 GW projects lacking PPAs), highlighting that ~15 GW of wind orders remain in the pipeline (bidding/award stage).

Suzlon has delivered a robust H1FY26 performance. Its wind turbine deliveries in H1 were ~2x YoY at ~1GW. This spurred its revenue to ~1.7x YoY in H1, while its EBITDA doubled YoY on a low base (non-recurring expenses in H1FY25).

Suzlon Energy's (SUEL) consolidated revenue came in at INR38.7b, exceeding our estimates by 39% (higher than expected deliveries), while EBITDA was 71% above our estimates at INR7.2b.

We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.

Suzlon began FY26 on a strong note, with higher capacity utilization driving improved margins in the wind turbine segment. Backed by a robust 5.7 GW order book, we project a 42% CAGR in revenue over FY2527E, supported by management's guidance and strong delivery momentum. Enhanced utilization is expected to unlock volume leverage, leading to a 117 bps margin expansion, primarily from the WTG and forging businesses. With...

Suzlon has been delivering strong performance over the last few quarters. It had a very good FY25, wherein it: bagged wind turbine orders worth ~3.6GW – its order book (OB) swelled to >5GW; entered PSU orders, potentially opening the door for further penetration in the fast-growing PSU segment.

We recommend a BUY rating on the stock with a target price of Rs 72.0/share, implying an upside of 10% from the CMP.

As of May 2025, Suzlon has a strong order book of over 5.5 GW. Keeping inline with the strong guidance by the management, we forecast Suzlon's WTG deliveries to grow at 41% CAGR in FY25-27E period, prompting us to upgrade FY27E revenue estimates. We upgrade our FY27E EBITDA estimates on account of higher contributions coupled with improving profitability in the WTG segment. Despite execution risks, Suzlon's earnings are...

Suzlon ended FY25 on a high with a strong set of result; in Q4FY25, it reported revenue of INR 38bn (+73% YoY), EBITDA of INR 7bn (+94% YoY) and adjusted profit of INR 5.8bn (~2x YoY) - adjusted for deferred tax of INR 6bn. The strong performance was led by execution of 573MW of wind turbines (2.1x YoY).

Suzlon Energy (Suzlon) delivered a strong set of results, with deliveries and EBITDA coming in ~15%/38% ahead of our expectations.

We initiate coverage on Suzlon Energy (SUEL) with a BUY rating and a target price of INR70/share, implying 21% upside. SUEL is a global leader in wind energy with an installed capacity of ~20.9GW across 17 countries.

Great business but not at a great price

The Indian power grid needs more wind in its mix. The need to enhance wind capacity addition (post subdued activity in the recent past) has finally dawned upon the stakeholders. Grids are looking for a solution to meet demand effectively while containing carbon emissions.

We recently interacted with the management of Suzlon Energy (SUEL) to gauge the business prospects.

Suzlon Energy Ltd Q2FY18 results comment Revenue fell by 71.58% to Rs. 637.81 Cr in Q2FY18 when compared to the previous quarter. Also, it decreased by 67.12% when compared with Q2FY17.

Revenue fell by 46.62% to Rs. 2665.26 Cr in Q1FY18 when compared to the previous quarter Revenue fell by 46.62% to Rs. 2665.26 Cr in Q1FY18 when compared to the previous quarter

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