Suzlon, Waaree, NTPC Green, ACME Solar share price targets; rising power demand may drive Q2

Centrum Broking has given ‘Buy’ ratings on Suzlon Energy Ltd, Waaree Energies Ltd, NTPC Green Energy Ltd and ACME Solar Holdings Ltd ahead of their second-quarter results, saying the four renewable energy companies are likely to report healthy performance in the September quarter. The brokerage said rising power demand is expected to support earnings even though the second quarter is seasonally weak for solar power generation companies because of lower capacity utilisation.

Centrum has set target prices of Rs 74 for Suzlon Energy, Rs 124 for NTPC Green, Rs 3,876 for Waaree Energies and Rs 458 for ACME Solar. “We remain positive on the sector, driven by capacity expansion, backward integration and growing project pipelines. 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.

Suzlon Energy share price target: Rs 74

For Suzlon, Centrum expects revenue growth of 17.9 per cent quarter-on-quarter (QoQ) and 16.6 per cent year-on-year (YoY) in the September quarter, led by higher deliveries of wind turbines. It expects wind deliveries of 630MW, up 12 per cent year-on-year. EBITDA margin is seen declining 17 basis points quarter-on-quarter to 15.6 per cent, with the sequential decline attributed to a higher mix of low-margin EPC revenue. The brokerage said growth continues to 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. It said Suzlon remains one of the key beneficiaries of India’s wind energy and hybrid renewable build-out.

Waaree Energies share price target: Rs 3,876

Waaree Energies is expected to report revenue growth of 2.9 per cent quarter-on-quarter and 34.5 per cent year-on-year. Centrum expects module production of 4.0GW in Q2FY27 against 2.6GW in Q2FY26, and cell production of 1.1GW against 0.6GW. Average realisation is expected to remain broadly steady at Rs 19-20/Wp. EBITDA margin is seen declining 19 basis points quarter-on-quarter to 18.0 per cent as the supply chain remains impacted, though the company expects margin improvement through cell capacity ramp-up and backward integration. The brokerage said the company remains well positioned to benefit from rising domestic solar demand, export opportunities and the shift towards integrated solar manufacturing.

ACME Solar share price target: Rs 458

For ACME Solar, Centrum expects revenue growth of 1.7 per cent quarter-on-quarter and 86.4 per cent year-on-year, with growth led by increasing contribution from around 4GWh of BESS being operated on a merchant basis. Total operational capacity is expected to rise by 67MW quarter-on-quarter to 3,057MW. It said the seasonally weak second quarter, due to fewer sunny days for solar IPPs, would affect performance. EBITDA margin is expected to decline 309 basis points quarter-on-quarter to 82.5 per cent because of the increasing mix of comparatively lower-margin BESS revenue. Centrum said ACME is well placed to benefit from growing demand for firm and dispatchable renewable power solutions as its exposure to hybrid, FDRE and storage projects increases.

NTPC Green share price target: Rs 124

NTPC Green is expected to report revenue growth of 18.9 per cent quarter-on-quarter and 115.0 per cent year-on-year, led by capacity addition and strong power demand. Centrum expects the company to add 0.6GW in Q2FY27, taking total operational capacity to 11.3GW as of September 30, 2026. EBITDA margin is expected to remain largely flat, rising 8 basis points quarter-on-quarter to 89.4 per cent. Looking ahead, the brokerage said NTPC Green plans to add nearly 7-8GW of renewable capacity in FY27, supported by a robust project pipeline and favourable policy support, positioning it to capitalise on India’s renewable energy expansion.

Centrum’s view on the sector remains positive, with its second-quarter expectations for Suzlon, Waaree Energies, ACME Solar and NTPC Green anchored in rising power demand, capacity expansion, backward integration and project pipeline growth, even as seasonal weakness is expected to weigh on parts of the renewable energy space.