Suzlon Energy shares down 36% from May 2025 high; buy, hold or sell? Target prices
Suzlon Energy share price: Nuvama noted that the client offtake has been constrained by site and RoW issues, leading to deliveries 15-20 per cent below management expectations with peak rate at 1.1GW per quarter.
- Feb 10, 2026,
- Updated Feb 10, 2026 9:46 AM IST
Suzlon Energy Ltd shares have fallen 36 per cent from their May 2025 high of Rs 74.30 apiece amid concerns related to the cannibalisation of wind’s share in tenders from the solar + BESS segment, a slow pace of wind installation, and rising competitive intensity. Analysts, however, believe the risk–reward appears favourable for Suzlon Energy after the recent weakness. Over the past one week, they set target prices in the range of Rs 55-74 apiece, compared with Tuesday’s intraday low of Rs 47.82 so far.
Anand Rathi said with an estimated 29 per cent share of domestic WTG market, high entry-barriers and a limited competitive landscape, Suzlon Energy is well-placed to benefit from the ongoing recovery in the wind sector. Strengthening execution visibility and a healthier balance sheet further support the potential for a valuation premium relative to peers.
"After the recent consolidation in the stock, the risk–reward appears favourable. Thus, we maintain BUY rating on the stock with a 12-month revised target of Rs 60, valuing it at 15.6x FY28e Ebitda," it said.
ICICI Securities said Suzlon Energy has seen a strong growth in order inflow (OI) in last two years, which led to its orderbook (OB) more than doubling to 6.4GW as of January 2026. With strong OB and 4.5GW operational capacity, it has also been able to ramp up execution, delivering 1.6GW (up 66 per cent YoY) worth of wind turbines in the first nine months of FY26.
"We expect the order outlook for wind turbines to remain healthy for next 2–3 years. Suzlon acknowledged wind project execution delays limiting its own execution potential and is targeting higher share of EPC in its OB to get better control over project execution. It is also evaluating export opportunities," it said last week while cutting its target price to Rs 65 from Rs 76.
Suzlon Energy's Q3 execution came in at 617MW against an estimate of 740MW, with 17.4 per cent Ebitda margin against an estimate of 18.4 per cent, driving 7 per cent profit miss on Street estimate.
Nuvama noted that the client offtake has been constrained by site and RoW issues, leading to deliveries 15-20 per cent below management expectations with peak rate at 1.1GW per quarter. Suzlon Energy has retained its FY26 guidance of 60 per cent YoY growth across sales, Ebitda and PAT, implying 850MW execution in Q4.
"We are revising lower our FY26E/27 EPS estimates by 6-11 per cent, as we are cutting execution to 2.5/3GW (from 2.75/3.2GW). Retain ‘Buy’ with a target of Rs 55 (earlier Rs 60)," it said.
MOFSL noted that out of the 43GW of pending renewable energy PPA, 11GW relates to wind under hybrid tenders, with MNRE and the Ministry of Power recently constituting a task force involving state nodal agencies to address land, RoW, and connectivity issues.
"We arrive at our target of Rs 74 by applying a target P/E of 30 times to FY28E EPS, which is slightly above its historical average two-year forward P/E of 27 times," it said.
Suzlon Energy Ltd shares have fallen 36 per cent from their May 2025 high of Rs 74.30 apiece amid concerns related to the cannibalisation of wind’s share in tenders from the solar + BESS segment, a slow pace of wind installation, and rising competitive intensity. Analysts, however, believe the risk–reward appears favourable for Suzlon Energy after the recent weakness. Over the past one week, they set target prices in the range of Rs 55-74 apiece, compared with Tuesday’s intraday low of Rs 47.82 so far.
Anand Rathi said with an estimated 29 per cent share of domestic WTG market, high entry-barriers and a limited competitive landscape, Suzlon Energy is well-placed to benefit from the ongoing recovery in the wind sector. Strengthening execution visibility and a healthier balance sheet further support the potential for a valuation premium relative to peers.
"After the recent consolidation in the stock, the risk–reward appears favourable. Thus, we maintain BUY rating on the stock with a 12-month revised target of Rs 60, valuing it at 15.6x FY28e Ebitda," it said.
ICICI Securities said Suzlon Energy has seen a strong growth in order inflow (OI) in last two years, which led to its orderbook (OB) more than doubling to 6.4GW as of January 2026. With strong OB and 4.5GW operational capacity, it has also been able to ramp up execution, delivering 1.6GW (up 66 per cent YoY) worth of wind turbines in the first nine months of FY26.
"We expect the order outlook for wind turbines to remain healthy for next 2–3 years. Suzlon acknowledged wind project execution delays limiting its own execution potential and is targeting higher share of EPC in its OB to get better control over project execution. It is also evaluating export opportunities," it said last week while cutting its target price to Rs 65 from Rs 76.
Suzlon Energy's Q3 execution came in at 617MW against an estimate of 740MW, with 17.4 per cent Ebitda margin against an estimate of 18.4 per cent, driving 7 per cent profit miss on Street estimate.
Nuvama noted that the client offtake has been constrained by site and RoW issues, leading to deliveries 15-20 per cent below management expectations with peak rate at 1.1GW per quarter. Suzlon Energy has retained its FY26 guidance of 60 per cent YoY growth across sales, Ebitda and PAT, implying 850MW execution in Q4.
"We are revising lower our FY26E/27 EPS estimates by 6-11 per cent, as we are cutting execution to 2.5/3GW (from 2.75/3.2GW). Retain ‘Buy’ with a target of Rs 55 (earlier Rs 60)," it said.
MOFSL noted that out of the 43GW of pending renewable energy PPA, 11GW relates to wind under hybrid tenders, with MNRE and the Ministry of Power recently constituting a task force involving state nodal agencies to address land, RoW, and connectivity issues.
"We arrive at our target of Rs 74 by applying a target P/E of 30 times to FY28E EPS, which is slightly above its historical average two-year forward P/E of 27 times," it said.