Suzlon shares in bear grip: down 20% in July so far; analysts still see up to 60% upside
Suzlon shares have fallen over 20% in July after Q1 earnings. Here's why analysts remain bullish, latest target prices, order book outlook and key growth drivers.
- Jul 30, 2026,
- Updated Jul 30, 2026 12:54 PM IST
Domestic brokerage firms continue to remain positive on Suzlon Energy shares even as the stock has been on a free-fall post its quarterly earnings. The stock has got into bear grip, falling more than 20 per cent in the last this month so far, but its all latest price target suggest an up to 60 per cent upside potential in the counter.
Shares of Suzlon Energy lost another 3 per cent to Rs 46.24 on Thursday, but managed a mild recovery. The stock has plunged nearly 14 per cent from its Q1 results announcement. The stock has plunged nearly 22 per cent in July 2026 so far from Rs 58.9 levels, while it has corrected more than 30 per cent from its 52-week high of Rs 66.80.
For the quarter ended on June 30, 2026, Suzlon Energy clocked a net profit of Rs 305.22 crore, a 5.9 per cent fall on a year-on-year (YoY) basis, despite a 22.5 per cent YoY jump in its revenue at Rs 3,819.36 crore. The company reported a flat EBITDA at Rs 596 crore, while margins contracted sharply to 15.96 per cent for the reported quarter.
Suzlon recorded highest-ever Q1 deliveries at 506 MW, up 14 per cent YoY and commissioning of 269 MW, showing a 2.3 times scale-up. It also recorded new order additions of around 1 GW during the quarter. The company's EPC order share in the order book increased to 32 per cent, rising 10 per cent from a year ago period.
Suzlon’s earnings were below estimate due to temporary supply chain disruptions and strategic investments in current ongoing businesses. EBITDA margin for the quarter came in at 15.5 per cent. Deliveries during the quarter were 506MW versus 830MW/444MW in 4QFY26/1QFY26, said Systematix Institutional Equities, which has maintained its 'buy' rating on the stock.
"Suzlon's current order book stands at 6,093MW, including the recent orders from Tata Power, Sunsure Energy and Waaree Group, net of 1QFY27 deliveries. Around 84 per cent of the current order book is constituted by PSU and C&I customers. Net cash remained strong at the end of the quarter at Rs 2,322 crore, providing flexibility to support future growth," it added with a target price of Rs 63.
Suzlon 2.0 strategy transforming the company from a wind turbine manufacturer into a full-stack renewable energy solutions provider through four strategic growth engines. Management expects revenue to grow at 25 per cent over next 5 years and EBITDA margins of 17–18 per cent for FY27, aided by operating leverage and improved execution in the second half of the year, said DR Choksey.
"We expect the company to deliver a 25 per cent, 24 per cent and 27 per cent CAGR in revenue, EBITDA and PBT over FY26–FY28E, supported by robust execution, a healthy order book, and favourable industry tailwinds. We value Suzlon Energy at 30 times FY28E EPS of Rs 2.13 to arrive at a revised target price of Rs 64," it added.
Suzlon Energy reported robust WTG deliveries, driving revenue growth ahead of expectations through higher realisation. However, profitability missed estimates due to richer EPC mix and upfront investments for Suzlon 2.0, which resulted in margin compression. Looking ahead, its operating leverage improvement is expected, as execution accelerates through H2, said Anand Rathi Research.
"We believe S175 platform, DevCo model and selective international expansion should support growth over the medium-term. Trimming our EBITDA estimate for FY27/28, we maintain BUY rating on the stock with revised target of Rs 56, valuing it at 15 times FY28e EBITDA," it added.
Among other brokerage firms, ICICI Securities, Motilal Oswal, JM Financial and Centrum Broking have maintained their 'buy' ratings on Suzlon as the former two have a target price of Rs 65 on Suzlon, while JM has given it a target price of Rs 62 (Rs 64 earlier). Centrum also has trimmed its target to Rs 74 from Rs 75 earlier, suggesting a more than 60 per cent upside.
Among foreign brokerages, UBS and Investec also have a 'buy' rating on it but trimmed their targets to Rs 66 and Rs 67 earlier. Other domestic brokerages, Nuvama has maintained its hold rating on the stock with a slashed target price of 51, while Ambit also cut its target to Rs 59 (Rs 62 earlier) and Axis Capital maintained a 'Buy' but with a lower target of Rs 63 (Rs 75 earlier).
Domestic brokerage firms continue to remain positive on Suzlon Energy shares even as the stock has been on a free-fall post its quarterly earnings. The stock has got into bear grip, falling more than 20 per cent in the last this month so far, but its all latest price target suggest an up to 60 per cent upside potential in the counter.
Shares of Suzlon Energy lost another 3 per cent to Rs 46.24 on Thursday, but managed a mild recovery. The stock has plunged nearly 14 per cent from its Q1 results announcement. The stock has plunged nearly 22 per cent in July 2026 so far from Rs 58.9 levels, while it has corrected more than 30 per cent from its 52-week high of Rs 66.80.
For the quarter ended on June 30, 2026, Suzlon Energy clocked a net profit of Rs 305.22 crore, a 5.9 per cent fall on a year-on-year (YoY) basis, despite a 22.5 per cent YoY jump in its revenue at Rs 3,819.36 crore. The company reported a flat EBITDA at Rs 596 crore, while margins contracted sharply to 15.96 per cent for the reported quarter.
Suzlon recorded highest-ever Q1 deliveries at 506 MW, up 14 per cent YoY and commissioning of 269 MW, showing a 2.3 times scale-up. It also recorded new order additions of around 1 GW during the quarter. The company's EPC order share in the order book increased to 32 per cent, rising 10 per cent from a year ago period.
Suzlon’s earnings were below estimate due to temporary supply chain disruptions and strategic investments in current ongoing businesses. EBITDA margin for the quarter came in at 15.5 per cent. Deliveries during the quarter were 506MW versus 830MW/444MW in 4QFY26/1QFY26, said Systematix Institutional Equities, which has maintained its 'buy' rating on the stock.
"Suzlon's current order book stands at 6,093MW, including the recent orders from Tata Power, Sunsure Energy and Waaree Group, net of 1QFY27 deliveries. Around 84 per cent of the current order book is constituted by PSU and C&I customers. Net cash remained strong at the end of the quarter at Rs 2,322 crore, providing flexibility to support future growth," it added with a target price of Rs 63.
Suzlon 2.0 strategy transforming the company from a wind turbine manufacturer into a full-stack renewable energy solutions provider through four strategic growth engines. Management expects revenue to grow at 25 per cent over next 5 years and EBITDA margins of 17–18 per cent for FY27, aided by operating leverage and improved execution in the second half of the year, said DR Choksey.
"We expect the company to deliver a 25 per cent, 24 per cent and 27 per cent CAGR in revenue, EBITDA and PBT over FY26–FY28E, supported by robust execution, a healthy order book, and favourable industry tailwinds. We value Suzlon Energy at 30 times FY28E EPS of Rs 2.13 to arrive at a revised target price of Rs 64," it added.
Suzlon Energy reported robust WTG deliveries, driving revenue growth ahead of expectations through higher realisation. However, profitability missed estimates due to richer EPC mix and upfront investments for Suzlon 2.0, which resulted in margin compression. Looking ahead, its operating leverage improvement is expected, as execution accelerates through H2, said Anand Rathi Research.
"We believe S175 platform, DevCo model and selective international expansion should support growth over the medium-term. Trimming our EBITDA estimate for FY27/28, we maintain BUY rating on the stock with revised target of Rs 56, valuing it at 15 times FY28e EBITDA," it added.
Among other brokerage firms, ICICI Securities, Motilal Oswal, JM Financial and Centrum Broking have maintained their 'buy' ratings on Suzlon as the former two have a target price of Rs 65 on Suzlon, while JM has given it a target price of Rs 62 (Rs 64 earlier). Centrum also has trimmed its target to Rs 74 from Rs 75 earlier, suggesting a more than 60 per cent upside.
Among foreign brokerages, UBS and Investec also have a 'buy' rating on it but trimmed their targets to Rs 66 and Rs 67 earlier. Other domestic brokerages, Nuvama has maintained its hold rating on the stock with a slashed target price of 51, while Ambit also cut its target to Rs 59 (Rs 62 earlier) and Axis Capital maintained a 'Buy' but with a lower target of Rs 63 (Rs 75 earlier).