New Delhi, Jan 23, 2026, 01:16 IST
- Systematix has kicked off coverage on Suzlon Energy, assigning a buy rating and setting a target price of ₹67.
- Motilal Oswal maintains a buy rating with a ₹74 target, pointing to an improved “risk-reward” following a dip expected in FY26.
- Brokers are banking on Suzlon’s order book and growing demand for hybrid wind-plus-storage, though execution still holds the key.
Suzlon Energy’s shares closed Thursday, Jan. 22, at 46.99 rupees, rising 3.2%, following Systematix’s launch of coverage on the wind turbine maker with a buy rating and a 67-rupee target price. Over the past year, the stock has swung between 45.37 and 74.30 rupees, with a market cap near 64,400 crore rupees, according to data from Economic Times. 1
The fresh call comes as the stock has been volatile, dropping 15% so far in FY26, the fiscal year ending March 2026, Motilal Oswal Financial Services noted in a report shared by Moneycontrol. The firm pointed to investor worries that solar-plus-battery energy storage systems (BESS) bids might cut into wind’s share in certain tenders, along with slower installations and intensifying competition. Still, they argued the current price presents a better “risk-reward” balance. 2
Systematix kicked off coverage on Suzlon Energy Limited with a BUY rating and set a target price of Rs 67, according to analysts Shweta Dikshit and Alisha Sayed in a note dated Jan. 21. They highlighted Suzlon’s commanding position, holding about 35% of India’s wind installation market, with a domestic installed capacity close to 17 gigawatts (GW) and an order book standing at 6.5 GW—projects signed but pending delivery. Execution is projected at 2.48 GW for FY26 and 3.22 GW for FY27. The analysts noted a shift in tendering toward “firm and dispatchable” renewable power, promising more consistent output. Suzlon was compared to peers like Inox Wind and global turbine players including Vestas and Goldwind. 3
Economic Times noted this marks the second upbeat brokerage call on Suzlon in just a week. Motilal Oswal upped its price target to 74 rupees on Tuesday, highlighting a 15% FY26 correction that improved the risk-reward profile. The firm projects that data centres, commercial and industrial users, along with state-owned companies, could push incremental wind demand by 20–24 GW by 2030, beyond India’s goal of 100 GW of wind capacity by FY30. 4
Live Hindustan reported Suzlon ended Thursday at 47.19 rupees, highlighting broker notes that FY25 revenue surged 67%, while profit after tax (PAT) soared 190%. Management is aiming for at least 60% growth across key metrics in FY26. The report also mentioned an 84% rise in FY25 EBITDA (earnings before interest, taxes, depreciation and amortisation). 5
Suzlon isn’t just banking on turbine sales. The company is also focusing on EPC work — engineering, procurement, and construction — handling projects from start to finish. Plus, it’s counting on O&M contracts, which cover operations and maintenance, to keep turbines running and generate steady fees.
That mix is more crucial now as buyers favor contracts that reward actual availability rather than just nominal capacity. It raises the bar for delivery and service.
Execution remains the sticking point. Delays in site preparation, hold-ups in transporting heavy gear, and limited grid capacity can push back deliveries and slow down cash flow. Brokers also warn that solar-plus-storage bids could undercut wind in certain auctions.
The targets — 67 rupees and 74 rupees — are projections, not guarantees. Their achievement depends on Suzlon turning its order book into actual installations without squeezing margins too much.
Traders are set to eye tender announcements closely, along with the upcoming quarterly commentary, searching for new clues on deliveries, pricing, and order intake.
