Suzlon Energy: 'Hold' stock, target price at Rs 53, says Ventura Securities
Suzlon Energy ended the December quarter with a net cash position of Rs 1,556 crore, strengthening balance sheet flexibility.
- Feb 11, 2026,
- Updated Feb 11, 2026 11:48 AM IST
Ventura Securities in its latest note suggested a 'Hold' rating on Suzlon Energy with a target price of Rs 53 apiece, which suggests 10 per cent potential upside over the next two years. The domestic brokerage cited project execution delays, policy or regulatory changes in the renewable energy sector, supply-chain and commodity cost volatility, and customer payment delays, which could impact Suzlon's revenue visibility and margins going ahead.
Suzlon Energy Ltd is a wind energy solutions provider with end-to-end capabilities spanning turbine manufacturing, project execution, and operations & maintenance. Ventura expect Suzlon's revenue, Ebitda , and net earnings to grow at a CAGR of 33 per cent, 36 per cent, and 28 per cent, reaching Rs 24,782 crore, Rs 4,555 crore, and Rs 4,318 crore, respectively, over FY25–28. Ebitda margins are expected to decline by 110 basis points to 17.6 per cent.
"However, net margins are projected to contract by 230 bps to 16.7 per cent, as the tax rate is expected to normalize," Ventura said.
The domestic brokerage said Suzlon Energy ended the December quarter with a net cash position of Rs 1,556 crore, strengthening balance sheet flexibility. Supported by favourable policies, rising renewable demand, and a focused EPC scaling strategy, Suzlon is well-placed to benefit from India’s accelerating wind energy expansion, it said.
"We recommend a HOLD with a price target of Rs 53 (16.8 times FY28 EPS) from the CMP of Rs 48, representing an upside of 10 per cent over next 24 months," it said.
Suzlon Energy reported revenue of Rs 4,236 crore in Q3 FY26, registering a 42.4 per cent YoY and 9.4 per cent QoQ growth, driven by its highest-ever quarterly deliveries of 617 MW. The performance was supported by faster project execution and strong domestic demand.
Ebitda rose 47.8 per cent YoY and 2.4 per cent QoQ to Rs 738 crore, with Ebitda margins at 17.4 per cent, reflecting operating leverage, improved scale and a higher contribution from the wind turbine generator segment.
Profit before tax increased 45 per cent YoY to Rs 567 crore, aided by higher volumes and controlled finance costs. Net profit stood at Rs 445 crore, up 14.8 per cent YoY, but declined 65 per cent quarter-on-quarter.
Ventura said the management addressed execution delays and receivables in its Q3 conference call. Of 2.354 GW under execution, only a small portion was older projects, with one key project impacted by land issues.
Total receivables for the quarter stood at Rs 5,700 crore.The management downplayed large overdue risk. It said the WTG margin volatility was due to customer mix (lower average turbine realisations) and higher share of lower-margin project revenues.
Ventura Securities in its latest note suggested a 'Hold' rating on Suzlon Energy with a target price of Rs 53 apiece, which suggests 10 per cent potential upside over the next two years. The domestic brokerage cited project execution delays, policy or regulatory changes in the renewable energy sector, supply-chain and commodity cost volatility, and customer payment delays, which could impact Suzlon's revenue visibility and margins going ahead.
Suzlon Energy Ltd is a wind energy solutions provider with end-to-end capabilities spanning turbine manufacturing, project execution, and operations & maintenance. Ventura expect Suzlon's revenue, Ebitda , and net earnings to grow at a CAGR of 33 per cent, 36 per cent, and 28 per cent, reaching Rs 24,782 crore, Rs 4,555 crore, and Rs 4,318 crore, respectively, over FY25–28. Ebitda margins are expected to decline by 110 basis points to 17.6 per cent.
"However, net margins are projected to contract by 230 bps to 16.7 per cent, as the tax rate is expected to normalize," Ventura said.
The domestic brokerage said Suzlon Energy ended the December quarter with a net cash position of Rs 1,556 crore, strengthening balance sheet flexibility. Supported by favourable policies, rising renewable demand, and a focused EPC scaling strategy, Suzlon is well-placed to benefit from India’s accelerating wind energy expansion, it said.
"We recommend a HOLD with a price target of Rs 53 (16.8 times FY28 EPS) from the CMP of Rs 48, representing an upside of 10 per cent over next 24 months," it said.
Suzlon Energy reported revenue of Rs 4,236 crore in Q3 FY26, registering a 42.4 per cent YoY and 9.4 per cent QoQ growth, driven by its highest-ever quarterly deliveries of 617 MW. The performance was supported by faster project execution and strong domestic demand.
Ebitda rose 47.8 per cent YoY and 2.4 per cent QoQ to Rs 738 crore, with Ebitda margins at 17.4 per cent, reflecting operating leverage, improved scale and a higher contribution from the wind turbine generator segment.
Profit before tax increased 45 per cent YoY to Rs 567 crore, aided by higher volumes and controlled finance costs. Net profit stood at Rs 445 crore, up 14.8 per cent YoY, but declined 65 per cent quarter-on-quarter.
Ventura said the management addressed execution delays and receivables in its Q3 conference call. Of 2.354 GW under execution, only a small portion was older projects, with one key project impacted by land issues.
Total receivables for the quarter stood at Rs 5,700 crore.The management downplayed large overdue risk. It said the WTG margin volatility was due to customer mix (lower average turbine realisations) and higher share of lower-margin project revenues.