Suzlon Energy shares remain a 'buy'; why analysts cut target price
Brokerage firms continue to remain positive on Suzlon Energy shares post its December 2025 quarter on Thursday but select names have trimmed their targets.
- Feb 6, 2026,
- Updated Feb 6, 2026 10:06 AM IST
Suzlon Energy shares price: Brokerage firms continue to remain positive on Suzlon Energy Ltd shares post its December 2025 quarter on Thursday. However, select brokerage firms have trimmed their price targets on the counter post its soft quarterly earnings and multiple challenges.
Suzlon reported 3QFY26 revenue was driven by higher deliveries of 617MW and ebitda margin expanded to 17.4 per cent due to better order mix, said JM Financial.
"Like all other utilities, Suzlon too is facing challenges in scaling up commissioning due to land, RoW and grid connectivity issues. Over the past seven quarters, out of 3,175MW delivered, only 778MW of equipment has been commissioned. With an order book of 6.4GW, management reiterated confidence in achieving at least 60 per cent growth across key performance parameters."
"While maintaining FY26 deliveries at 2.5GW, we moderate FY27/FY28 deliveries from the earlier estimate of 3.1/3.5GW to 3.0/3.2GW considering headwinds as discussed in Tailwinds to soon become winds. We maintain 'buy' with a target of Rs 64 (from Rs 70 earlier) based on 25 times FY28 EPS," JM added.
Suzlon Energy reported a 14.8 per cent year-on-year (YoY) jump in the net profit at Rs 445.2 crore, while its revenue increased 42.4 per cent YoY to Rs 4,228.1 crore for the December 2025 quarter. Its ebitda increased 48 per cent YoY to Rs 730.5 crore, while ebitda margins improved 70 basis points YoY to 17.3 per cent for the reported period.
Suzlon Energy had a net cash position of Rs 1,556 crore at the end of the December quarter. The company's order book of 6.4 GW stood higher than the opening orderbook for the quarter, despite the highest-ever deliveries in 30 years. The company has a 3-4GW non-bidding pipeline under active discussion and the order book is expected to increase QoQ even after deliveries.
Suzlon's Q3 execution was 617MW with 17.4 per cent Ebitda margin, driving 7 per cent PAT miss on Street estimate. Client offtake has been constrained by site and RoW issues, leading to deliveries 15–20% below management expectations with peak rate at 1.1GW/quarter, said Nuvama Institutional Equities.
"Suzlon retained its FY26 guidance of 60% YoY growth across sales/EBITDA/PAT, implying 850MW execution in Q4. Management expects additional DTA creation on past losses in Q4. We are revising FY26E/27E EPS by -6 per cent/-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) based on 30 times FY28E," it added.
Shares of Suzlon Energy declined 1.2 per cent to Rs 47.28 on Friday, with its market capitalization slipping to Rs 65,000 crore. The stock is down 10 per cent in the last one month. The stock has dropped more than 36 per cent from its 52-week high at Rs 74.30, hit in May 2025.
Suzlon Energy shares price: Brokerage firms continue to remain positive on Suzlon Energy Ltd shares post its December 2025 quarter on Thursday. However, select brokerage firms have trimmed their price targets on the counter post its soft quarterly earnings and multiple challenges.
Suzlon reported 3QFY26 revenue was driven by higher deliveries of 617MW and ebitda margin expanded to 17.4 per cent due to better order mix, said JM Financial.
"Like all other utilities, Suzlon too is facing challenges in scaling up commissioning due to land, RoW and grid connectivity issues. Over the past seven quarters, out of 3,175MW delivered, only 778MW of equipment has been commissioned. With an order book of 6.4GW, management reiterated confidence in achieving at least 60 per cent growth across key performance parameters."
"While maintaining FY26 deliveries at 2.5GW, we moderate FY27/FY28 deliveries from the earlier estimate of 3.1/3.5GW to 3.0/3.2GW considering headwinds as discussed in Tailwinds to soon become winds. We maintain 'buy' with a target of Rs 64 (from Rs 70 earlier) based on 25 times FY28 EPS," JM added.
Suzlon Energy reported a 14.8 per cent year-on-year (YoY) jump in the net profit at Rs 445.2 crore, while its revenue increased 42.4 per cent YoY to Rs 4,228.1 crore for the December 2025 quarter. Its ebitda increased 48 per cent YoY to Rs 730.5 crore, while ebitda margins improved 70 basis points YoY to 17.3 per cent for the reported period.
Suzlon Energy had a net cash position of Rs 1,556 crore at the end of the December quarter. The company's order book of 6.4 GW stood higher than the opening orderbook for the quarter, despite the highest-ever deliveries in 30 years. The company has a 3-4GW non-bidding pipeline under active discussion and the order book is expected to increase QoQ even after deliveries.
Suzlon's Q3 execution was 617MW with 17.4 per cent Ebitda margin, driving 7 per cent PAT miss on Street estimate. Client offtake has been constrained by site and RoW issues, leading to deliveries 15–20% below management expectations with peak rate at 1.1GW/quarter, said Nuvama Institutional Equities.
"Suzlon retained its FY26 guidance of 60% YoY growth across sales/EBITDA/PAT, implying 850MW execution in Q4. Management expects additional DTA creation on past losses in Q4. We are revising FY26E/27E EPS by -6 per cent/-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) based on 30 times FY28E," it added.
Shares of Suzlon Energy declined 1.2 per cent to Rs 47.28 on Friday, with its market capitalization slipping to Rs 65,000 crore. The stock is down 10 per cent in the last one month. The stock has dropped more than 36 per cent from its 52-week high at Rs 74.30, hit in May 2025.