Suzlon Energy, Waaree, Siemens shares: What B&K Securities says on renewable energy theme
Tariff discovery in recent Green Ammonia, Hydrogen, and BESS auctions causes concern, with B&K Securities noting aggressive bidding could lead to losses.
- Feb 4, 2026,
- Updated Feb 4, 2026 3:47 PM IST
At India Energy Week on 28 January 2026, B&K Securities engaged with companies in the clean energy sector, highlighting concerns over the economic viability of recent tariff outcomes. Aggressive bidding by smaller players in Green Ammonia, Hydrogen, and Battery Energy Storage System (BESS) auctions has led to prices considered unsustainable for profitable execution.
Discussions with Advait Energy and JSW Energy indicated that several government tenders, including the latest, are unlikely to be feasible for bidders under current conditions. On the BESS front, standalone tariffs have dropped sharply from about Rs 280,000 per MW per month in early 2025 to around Rs 150,000 per MW per month recently. This rapid decline may cause delays as power purchasers reconsider previously contracted prices in light of lower tariffs.
B&K Securities noted the risk of a 'winner’s curse' and cautioned that these aggressive tariff levels could ultimately result in losses for developers unable to deliver profitably.
Another issue raised is the backlog of around 42 GW of solar Power Purchase Agreements (PPAs) that remain unsigned, largely due to last-mile evacuation delays. The figure represents a cumulative build-up over years, mainly caused by delays in commissioning central transmission utility substations needed to connect projects to the main grid.
Tenders for renewable generation and grid substations are often awarded separately, and any delay in substation commissioning leads to cost overruns. Developers may have to rely on higher-cost state transmission networks, costs that distribution companies are unwilling to bear. Despite these challenges, B&K Securities emphasised that structural demand for renewables remains strong, though grid bottlenecks and aggressive pricing continue to pose hurdles.
Several industry participants have reinforced that recent tariff discoveries in BESS and Green ammonia/hydrogen auctions should not be mistaken for the economic feasibility of these technologies until execution commences, as many of these auctions are experiencing aggressive bidding by participants, the brokerage noted.
"Clean energy continues to be the talk of the town, with many companies keen on reducing their carbon emissions and decarbonising their processes. Grid stability and resilience will become an important theme in the coming decade This should be positive for Siemens Energy, GEV T&D and Hitachi Energy," B&K Securities adds.
Suzlon Energy Suzlon Energy is India’s largest wind turbine OEM and is positioned to benefit from the country’s accelerating wind energy deployment. The company reiterated that renewable energy is essential for India’s long-term self-sufficiency, and wind remains a structurally important pillar given India’s resource abundance.
The S144 turbine platform has been designed specifically to generate electricity efficiently even in low-wind zones, expanding the addressable market. The company expects installations to reach ~1,500 units in FY27, implying a strong growth ramp-up. Suzlon believes that larger MW turbines will drive further technological improvement by enhancing efficiency and addressing land-scarcity constraints.
Waaree Clean Energy Solutions Waaree is expanding into the green hydrogen ecosystem through electrolyser manufacturing, positioning itself early in an emerging decarbonization value chain. It believes green hydrogen adoption is still at a nascent stage, although hydrogen remains a fundamental input across industrial processes.
The company expects green hydrogen economics to converge toward parity with grey hydrogen over the next few years, enabling broader adoption. Waaree has entered into a technology tie-up with a Chinese partner and is currently focused on manufacturing alkaline electrolysers, given their inherent cost advantage over PEM systems.
Siemens Energy India Siemens Energy India is a critical supplier of FACTS systems and grid-stabilisation technologies that will become increasingly essential as renewable penetration rises. STATCOM demand is currently concentrated in the Gujarat-Rajasthan renewable corridor. Management estimates that every 1 GW of renewable addition requires roughly 300 MVAr of STATCOM capacity to stabilise grid operations.
Praj Industries Praj Industries is expanding from ethanol into renewable chemicals, bioplastics and SAF technology licencing. It demonstrated Poly-lactic acid (PLA) technology through a 100 tpa lactic acid plant and is offering this as a licensable solution. Balrampur Chini Mills is the first large-scale customer, licencing Praj’s technology for ~55 tpa lactic acid production.
Torrent Electricals Torrent Electricals is scaling rapidly in the HV/EHV cable segment, supported by structural transmission capex tailwinds. The company is venturing aggressively into HV and EHV cables and is already gaining market share in these categories. Cables remain a scale-driven business, where margins are largely determined by raw material procurement discipline and operating leverage.
ReNew Energy Global ReNew is among India’s largest renewable IPPs with a diversified operating portfolio across solar, wind and hydro. It is increasingly scaling its upstream manufacturing presence to strengthen integration and reduce import dependence. It currently operates 11 GW of renewable capacity and has another 8-9 GW under-construction, providing strong multi-year growth visibility.
Thyssenkrupp Industries India Thyssenkrupp is a leading provider of industrial boiler systems in India, offering full EPC solutions across large-scale thermal and process applications. It primarily focuses on industrial boilers ranging from 50 TPH to 1,000 TPH, with demand coming largely from industrial processes and chemical industries.
Solar Turbines Solar Turbines is a global leader in mid-sized industrial gas turbines, with strong relevance in distributed energy and industrial captive power applications. It manufactures gas turbines in the 1-35 MW range and holds a leading global market position in this segment. Management indicated that the US remains the primary market for Solar Turbines.
Advait Energy Advait Energy is participating in early-stage green hydrogen tenders, though economics remain immature and pricing highly competitive. It has executed a 300-kW electrolyser plant for PGCIL with limited margin buffer – highlighting challenging project economics in the green hydrogen ecosystem.
At India Energy Week on 28 January 2026, B&K Securities engaged with companies in the clean energy sector, highlighting concerns over the economic viability of recent tariff outcomes. Aggressive bidding by smaller players in Green Ammonia, Hydrogen, and Battery Energy Storage System (BESS) auctions has led to prices considered unsustainable for profitable execution.
Discussions with Advait Energy and JSW Energy indicated that several government tenders, including the latest, are unlikely to be feasible for bidders under current conditions. On the BESS front, standalone tariffs have dropped sharply from about Rs 280,000 per MW per month in early 2025 to around Rs 150,000 per MW per month recently. This rapid decline may cause delays as power purchasers reconsider previously contracted prices in light of lower tariffs.
B&K Securities noted the risk of a 'winner’s curse' and cautioned that these aggressive tariff levels could ultimately result in losses for developers unable to deliver profitably.
Another issue raised is the backlog of around 42 GW of solar Power Purchase Agreements (PPAs) that remain unsigned, largely due to last-mile evacuation delays. The figure represents a cumulative build-up over years, mainly caused by delays in commissioning central transmission utility substations needed to connect projects to the main grid.
Tenders for renewable generation and grid substations are often awarded separately, and any delay in substation commissioning leads to cost overruns. Developers may have to rely on higher-cost state transmission networks, costs that distribution companies are unwilling to bear. Despite these challenges, B&K Securities emphasised that structural demand for renewables remains strong, though grid bottlenecks and aggressive pricing continue to pose hurdles.
Several industry participants have reinforced that recent tariff discoveries in BESS and Green ammonia/hydrogen auctions should not be mistaken for the economic feasibility of these technologies until execution commences, as many of these auctions are experiencing aggressive bidding by participants, the brokerage noted.
"Clean energy continues to be the talk of the town, with many companies keen on reducing their carbon emissions and decarbonising their processes. Grid stability and resilience will become an important theme in the coming decade This should be positive for Siemens Energy, GEV T&D and Hitachi Energy," B&K Securities adds.
Suzlon Energy Suzlon Energy is India’s largest wind turbine OEM and is positioned to benefit from the country’s accelerating wind energy deployment. The company reiterated that renewable energy is essential for India’s long-term self-sufficiency, and wind remains a structurally important pillar given India’s resource abundance.
The S144 turbine platform has been designed specifically to generate electricity efficiently even in low-wind zones, expanding the addressable market. The company expects installations to reach ~1,500 units in FY27, implying a strong growth ramp-up. Suzlon believes that larger MW turbines will drive further technological improvement by enhancing efficiency and addressing land-scarcity constraints.
Waaree Clean Energy Solutions Waaree is expanding into the green hydrogen ecosystem through electrolyser manufacturing, positioning itself early in an emerging decarbonization value chain. It believes green hydrogen adoption is still at a nascent stage, although hydrogen remains a fundamental input across industrial processes.
The company expects green hydrogen economics to converge toward parity with grey hydrogen over the next few years, enabling broader adoption. Waaree has entered into a technology tie-up with a Chinese partner and is currently focused on manufacturing alkaline electrolysers, given their inherent cost advantage over PEM systems.
Siemens Energy India Siemens Energy India is a critical supplier of FACTS systems and grid-stabilisation technologies that will become increasingly essential as renewable penetration rises. STATCOM demand is currently concentrated in the Gujarat-Rajasthan renewable corridor. Management estimates that every 1 GW of renewable addition requires roughly 300 MVAr of STATCOM capacity to stabilise grid operations.
Praj Industries Praj Industries is expanding from ethanol into renewable chemicals, bioplastics and SAF technology licencing. It demonstrated Poly-lactic acid (PLA) technology through a 100 tpa lactic acid plant and is offering this as a licensable solution. Balrampur Chini Mills is the first large-scale customer, licencing Praj’s technology for ~55 tpa lactic acid production.
Torrent Electricals Torrent Electricals is scaling rapidly in the HV/EHV cable segment, supported by structural transmission capex tailwinds. The company is venturing aggressively into HV and EHV cables and is already gaining market share in these categories. Cables remain a scale-driven business, where margins are largely determined by raw material procurement discipline and operating leverage.
ReNew Energy Global ReNew is among India’s largest renewable IPPs with a diversified operating portfolio across solar, wind and hydro. It is increasingly scaling its upstream manufacturing presence to strengthen integration and reduce import dependence. It currently operates 11 GW of renewable capacity and has another 8-9 GW under-construction, providing strong multi-year growth visibility.
Thyssenkrupp Industries India Thyssenkrupp is a leading provider of industrial boiler systems in India, offering full EPC solutions across large-scale thermal and process applications. It primarily focuses on industrial boilers ranging from 50 TPH to 1,000 TPH, with demand coming largely from industrial processes and chemical industries.
Solar Turbines Solar Turbines is a global leader in mid-sized industrial gas turbines, with strong relevance in distributed energy and industrial captive power applications. It manufactures gas turbines in the 1-35 MW range and holds a leading global market position in this segment. Management indicated that the US remains the primary market for Solar Turbines.
Advait Energy Advait Energy is participating in early-stage green hydrogen tenders, though economics remain immature and pricing highly competitive. It has executed a 300-kW electrolyser plant for PGCIL with limited margin buffer – highlighting challenging project economics in the green hydrogen ecosystem.