Synopsis: Motilal Oswal has recommended a “Buy” rating on Suzlon Energy Limited with a target price of ₹74, indicating an upside potential of around 42.88 percent.
This Green energy stock, engaged in designing, manufacturing, installing, and maintaining wind and solar energy solutions for renewable power generation worldwide, jumped 1.85 percent after Motilal Oswal gave a target of Rs. 74, which has an upside potential of 42.88 percent.
With a market capitalization of Rs. 72,082.36 crores, the share of Suzlon Energy Limited has reached an intraday high of Rs. 52.75 per equity share, rising nearly 1.85 percent from its previous day’s close price of Rs. 51.79. Since then, the stock has retreated and closed at Rs. 52.57 per equity share.
What is the News?
Motilal Oswal, a prominent brokerage firm, has recommended a “Buy” call on Suzlon Energy Limited with a target price of Rs. 74 per share, indicating an upside potential of 42.88 percent from its previous day’s close price of Rs. 51.79.
Rationale for the target
Motilal Oswal’s positive view on Suzlon is driven by strong order visibility, accelerating wind sector growth, expanding manufacturing capacity, and rising export opportunities.
- Strong order book visibility: Suzlon has a robust 6.2 GW order book supported by 4.5 GW of annual manufacturing capacity, providing strong earnings visibility for the next few years.
- Healthy industry demand pipeline: India’s installed wind capacity stands at 52 GW, with total pending orders of 24.4 GW, of which Suzlon holds about 6.2 GW, giving it a strong ~25 percent market share.
- Wind growth in India is accelerating: Annual wind installations in India are expected to cross 10 GW by FY28, significantly boosting demand for Suzlon’s turbines and EPC services.
- Capacity expansion to support growth: Suzlon is setting up three new smart blade factories, which will enhance production capacity, improve delivery timelines, and strengthen operational efficiency.
- Export opportunity is emerging: Suzlon’s turbine platforms are already 90-95 percent export-ready, positioning the company well to tap into fast-growing global wind markets.
- Strong long-term wind potential: India has used only ~4 percent of its total wind potential, creating a massive long-term growth opportunity. According to the Global Wind Energy Council (GWEC), India could account for 10 percent of the global wind supply chain by 2030, and management expects this to rise to 20 percent by 2035.
- Strong EPC and land bank advantage: Suzlon has identified 23 GW of wind sites, with land acquisition underway for 7-8 GW, and plans to raise its EPC share from 20 percent to 50 percent by 2028, supporting future revenue and margin growth.
Company Overview
Suzlon Energy Limited was established in 1995 by Tulsi Tanti in Pune, India. The company engages in providing complete wind energy solutions, covering design, manufacturing, installation, commissioning, and maintenance of wind turbine generators (WTGs).
The company operates across the entire wind value chain, including wind farm development and lifecycle asset management services. Suzlon has also expanded into solar power and wind-solar hybrid solutions in recent years.
Order Book
Suzlon Energy Limited’s wind order book has shown strong and steady growth over time. It stood at 2.93 GW in March 2024, rose to 5.03 GW by March 2025, increased further to 5.36 GW in June 2025, and reached a healthy 6.22 GW by September 2025, reflecting improving demand and execution momentum.
The company’s order book is well diversified across key wind-rich states. Karnataka leads with 29 percent share, followed by Gujarat at 21 percent and Andhra Pradesh at 13 percent. Maharashtra and Tamil Nadu contribute 11 percent each, while Rajasthan and Madhya Pradesh account for 7 percent each, highlighting a balanced geographic presence.
Client Base
Suzlon Energy Limited has a strong and diverse client base across industries, including ACC, Adani Group, Aditya Birla Group, Ampin Energy, Apraava Energy, Bajaj, Brookfield, Clearway, Enel Green Power, EDF Renewables, Greenco, Hero Future Energies, Jindal Group, ReNew Power, NTPC Renewables, Tata Group, Torrent Power, Vedanta, Sembcorp, and Serentica Renewables, reflecting its wide global presence.
Recent quarter results
Coming into financial highlights, Suzlon Energy Limited’s revenue has increased from Rs. 2,103 crore in Q2 FY25 to Rs. 3,871 crore in Q2 FY26, which has grown by 84.07 percent. The net profit has also grown by 536.32 percent from Rs. 201 crore in Q2 FY25 to Rs. 1,279 crore in Q2 FY26. Suzlon Energy Limited’s revenue and net profit have grown at a CAGR of 34.32 percent and 111.27 percent, respectively, over the last four years.
In terms of return ratios, the company’s ROCE and ROE stand at 32.5 percent and 41.4 percent, respectively. Suzlon Energy Limited has an earnings per share (EPS) of Rs. 2.34, and its debt-to-equity ratio is 0.05x.
Written By – Nikhil Naik
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