Suzlon, Waaree Energies, ACME Solar, NTPC Green: Share price targets, Q1 results preview
Centrum Broking has maintained its 'Buy' rating on Suzlon Energy Ltd, NTPC Green, Waaree and ACME Solar Holdings, with unchanged target prices. ACME Solar and Waaree Energies are its preferred picks.
- Jul 6, 2026,
- Updated Jul 6, 2026 8:03 AM IST
Ahead of Q1 results season, Centrum Broking said ACME Solar Holdings Ltd and Waaree Energies are its preferred renewable energy picks in the power sector. The brokerage has maintained its 'Buy' rating on Suzlon Energy Ltd, NTPC Green, Waaree Energies and ACME Solar Holdings, with unchanged target prices, saying healthy Q1 performance is likely, led by growing power demand, despite the quarter being seasonally weak quarter for renewable energy OEMs.
"While, IPPs are expected to sustain growth trend seen over last few quarters. For the first two months of FY27, India added 6.8GW of solar and 712 MW of wind capacity, on track to add 45-50 GW of renewable energy capacity addition for FY27. Overall, power demand is expected to grow at 6 per cent pa as we expect renewable capacity additions to continue in the range 45-50 GW per year over next 4-5 years," Centrum Broking said.
Noting that solar manufacturers continued to benefit from increasing domestic demand and import substitution opportunities, Centrum said renewable IPPs have scaled operational portfolios through accelerated commissioning and growing participation in hybrid, FDRE and energy storage projects.
Industry growth, it said, remained underpinned by India's target of achieving 500 GW of non-fossil fuel capacity by 2030, rising power demand, favourable regulatory support, and increasing adoption of BESS solutions.
"Power demand continues to see strong growth as India achieved peak power demand of 271 GW in May 2026 vs 242 GW for FY26. Rising corporate decarbonisation commitments, growing demand for RTC renewable power and rapid deployment of battery energy storage systems are further expected to accelerate investment and capacity addition momentum over the medium term," it said.
Here's what the domestic brokerage said in its Q1 results preview on Suzlon Energy, Waaree Energies, ACME solar and NTPC Green:
Suzlon Energy Ltd | Target price: Rs 75 Suzlon Energy is expected to report revenue decline of 21.1 per cent quarter-on-quarter (QoQ), up 38.5 per cent year-on-year (YoY), with the sequential decline largely led by seasonally weak quarter. Centrum Broking expects wind deliveries of 623MW, up 40 per cent YoY. Ebitda margin is expected to decline 73 bps QoQ to 17.3 per cent, with sequential decline led by higher mix of low margin EPC revenue. Centrum said Suzlon's growth continued will be supported by rising wind installations, healthy order inflows from PSU and C&I customers, and increasing contribution from the high-margin O&M business.
"Suzlon remains one of the key beneficiaries of India’s accelerating wind energy and hybrid renewable build-out," it said while suggesting a target price of Rs 75 on the stock.
Also read: Suzlon share price: Multibagger returns ahead? Kranthi Bathini shares his expectation
Waaree Energies Ltd | Target price: Rs 4,311 Waaree Energies is expected to report revenue growth of 0.9 per cent QoQ (up 93.3 per cent YoY) with flattish sequential revenue, as Q1 is a seasonally weak quarter. Centrum expects module production of 4.0GW in Q1 against 2.3GW in Q1FY26 and cell production of 0.9GW in Q1 against 0.2GW in Q1FY26. The average realisation is expected to hold broadly steady at Rs 19/Wp.
"Ebitda margin is expected to stay flattish, up 11 bps QoQ (down 382 bps YoY) as supply chain was impacted in Q1FY27 due to Middle East war, though management expects margin improvement through cell capacity ramp-up and backward integration. The company remains well positioned to benefit from rising domestic solar demand, export opportunities and the shift toward integrated solar manufacturing," Centrum said.
ACME Solar | Target price: Rs 335
Centrum expects ACME Solar to log a revenue growth of 36.5 per cent QoQ and 46.4 per cent YoY, with revenue growth led by increasing contribution from around 2.5GWh of BESS, which are being operated as standalone system.
Total operational capacity is seen broadly flattish QoQ at 2990MW. Q1 being seasonally strong quarter due to more sunny days for solar IPPs would support performance, Centrum said while expecting Ebitda margin to decline 391 bps QoQ to 83.5 per cent led by increasing mix of BESS revenue as installed BESS capacity.
"With increasing exposure to hybrid, FDRE and storage projects, ACME Solar is well placed to benefit from the growing demand for firm and dispatchable renewable power solutions," it said.
NTPC Green Energy Ltd | Target: Rs 127
NTPC Green Energy is expected to clock revenue growth of 30.8 per cent QoQ or 75.5 per cent YoY, led by growing capacity addition and Q1 being seasonally strong quarter in terms of capacity utilization. It is expected to report capacity addition of 0.6GW in Q1FY27 to reach total operational capacity of 10.7GW as of June 30, 2016. Ebitda margin is expected to improve 172bps QoQ, down 212 bps YoY, as margins revert to normalised range.
"Looking ahead, NTPC Green plans to add nearly 8GW of renewable capacity annually over FY27-FY29, supported by a robust project pipeline and favourable policy support, positioning it strongly to capitalise on India’s renewable energy expansion," Centrum said.
Ahead of Q1 results season, Centrum Broking said ACME Solar Holdings Ltd and Waaree Energies are its preferred renewable energy picks in the power sector. The brokerage has maintained its 'Buy' rating on Suzlon Energy Ltd, NTPC Green, Waaree Energies and ACME Solar Holdings, with unchanged target prices, saying healthy Q1 performance is likely, led by growing power demand, despite the quarter being seasonally weak quarter for renewable energy OEMs.
"While, IPPs are expected to sustain growth trend seen over last few quarters. For the first two months of FY27, India added 6.8GW of solar and 712 MW of wind capacity, on track to add 45-50 GW of renewable energy capacity addition for FY27. Overall, power demand is expected to grow at 6 per cent pa as we expect renewable capacity additions to continue in the range 45-50 GW per year over next 4-5 years," Centrum Broking said.
Noting that solar manufacturers continued to benefit from increasing domestic demand and import substitution opportunities, Centrum said renewable IPPs have scaled operational portfolios through accelerated commissioning and growing participation in hybrid, FDRE and energy storage projects.
Industry growth, it said, remained underpinned by India's target of achieving 500 GW of non-fossil fuel capacity by 2030, rising power demand, favourable regulatory support, and increasing adoption of BESS solutions.
"Power demand continues to see strong growth as India achieved peak power demand of 271 GW in May 2026 vs 242 GW for FY26. Rising corporate decarbonisation commitments, growing demand for RTC renewable power and rapid deployment of battery energy storage systems are further expected to accelerate investment and capacity addition momentum over the medium term," it said.
Here's what the domestic brokerage said in its Q1 results preview on Suzlon Energy, Waaree Energies, ACME solar and NTPC Green:
Suzlon Energy Ltd | Target price: Rs 75 Suzlon Energy is expected to report revenue decline of 21.1 per cent quarter-on-quarter (QoQ), up 38.5 per cent year-on-year (YoY), with the sequential decline largely led by seasonally weak quarter. Centrum Broking expects wind deliveries of 623MW, up 40 per cent YoY. Ebitda margin is expected to decline 73 bps QoQ to 17.3 per cent, with sequential decline led by higher mix of low margin EPC revenue. Centrum said Suzlon's growth continued will be supported by rising wind installations, healthy order inflows from PSU and C&I customers, and increasing contribution from the high-margin O&M business.
"Suzlon remains one of the key beneficiaries of India’s accelerating wind energy and hybrid renewable build-out," it said while suggesting a target price of Rs 75 on the stock.
Also read: Suzlon share price: Multibagger returns ahead? Kranthi Bathini shares his expectation
Waaree Energies Ltd | Target price: Rs 4,311 Waaree Energies is expected to report revenue growth of 0.9 per cent QoQ (up 93.3 per cent YoY) with flattish sequential revenue, as Q1 is a seasonally weak quarter. Centrum expects module production of 4.0GW in Q1 against 2.3GW in Q1FY26 and cell production of 0.9GW in Q1 against 0.2GW in Q1FY26. The average realisation is expected to hold broadly steady at Rs 19/Wp.
"Ebitda margin is expected to stay flattish, up 11 bps QoQ (down 382 bps YoY) as supply chain was impacted in Q1FY27 due to Middle East war, though management expects margin improvement through cell capacity ramp-up and backward integration. The company remains well positioned to benefit from rising domestic solar demand, export opportunities and the shift toward integrated solar manufacturing," Centrum said.
ACME Solar | Target price: Rs 335
Centrum expects ACME Solar to log a revenue growth of 36.5 per cent QoQ and 46.4 per cent YoY, with revenue growth led by increasing contribution from around 2.5GWh of BESS, which are being operated as standalone system.
Total operational capacity is seen broadly flattish QoQ at 2990MW. Q1 being seasonally strong quarter due to more sunny days for solar IPPs would support performance, Centrum said while expecting Ebitda margin to decline 391 bps QoQ to 83.5 per cent led by increasing mix of BESS revenue as installed BESS capacity.
"With increasing exposure to hybrid, FDRE and storage projects, ACME Solar is well placed to benefit from the growing demand for firm and dispatchable renewable power solutions," it said.
NTPC Green Energy Ltd | Target: Rs 127
NTPC Green Energy is expected to clock revenue growth of 30.8 per cent QoQ or 75.5 per cent YoY, led by growing capacity addition and Q1 being seasonally strong quarter in terms of capacity utilization. It is expected to report capacity addition of 0.6GW in Q1FY27 to reach total operational capacity of 10.7GW as of June 30, 2016. Ebitda margin is expected to improve 172bps QoQ, down 212 bps YoY, as margins revert to normalised range.
"Looking ahead, NTPC Green plans to add nearly 8GW of renewable capacity annually over FY27-FY29, supported by a robust project pipeline and favourable policy support, positioning it strongly to capitalise on India’s renewable energy expansion," Centrum said.