Buy Suzlon Energy, Inox Wind shares: Up to 62% upside targets; Q4 preview

Systematix in its latest note suggested 'Buy' on both Suzlon Energy Ltd and Inox Wind Ltd ahead of March quarter results, thanks to expectations of a strong performance, supported by higher execution. The two renewable energy solution providers together are estimated to report 37 per cent year-on-year (YoY) growth in sales and 47 per cent YoY growth in Ebitda, owing to steady  operational efficiency and increased project activity during the quarter. Consolidated  Ebitda and PAT margin are estimated to average around 20 per cent and 13 per cent, respectively. 

Suzlon Energy Ltd shares were trading 1.06 per cent higher at Rs 45.89. Inox Wind shares were up 2.19 per cent at Rs 88.78. Both the companies were yet to announce schedule for their Q4 results. Systematix targets suggest 62 per cent potential upside for Inox Wind and 46 per cent upside for Suzlon Energy. 

Suzlon Energy Q4 results preview | Target price: Rs 67
Systematix sees Suzlon Energy positing Q4 consolidated revenue of Rs 5,250 crore, up 38 per cent YoY or 24 per cent sequentially, based on 820MW order execution during the quarter.

"Consolidated EBITDA is expected to be around Rs 1,060 crore in the quarter, up 53 per cent YoY or 43 per cent QoQ. Our estimates imply an Ebitda margin of approximately 20.2 per cent this quarter. Additionally, SUEL bagged 2,522MW orders in FY26, including 100MW bagged in 4QFY26, taking the current order book to approximately 6,011MW, net of our estimated supplies for the quarter," it said.

Inox Wind Q4 results preview | Target price: Rs 144
On Inox Wind, Systematix anticipated 4QFY26 consolidated revenue of Rs 1,680 crore, up 32 per cent YoY or 39 per cent QoQ, based on  300MW order execution during the quarter. 

"Consolidated Ebitda (excluding other income) is expected to come in at Rs 340 crore this  quarter, up 32 per cent YoY and 19 per cent QoQ. Our estimates imply an Ebitda margin of  approximately 20 per cent this quarter," Systematix said.

Inox Wind, it noted, bagged 302MW orders in the FY26 while there were no notable order inflows during 4QFY26. Its current order book stands at around 2,656MW, net of Systematix's equipment supplies estimates for the quarter.  

Industry overview 
According to the latest data released by the Ministry of New and  Renewable Energy (MNRE), India commissioned 6.1GW of new wind capacity during  FY26, up 45 per cent YoY over 4.2GW installed in FY25. India’s 56.1GW of installed wind  capacity represents 10 per cent share of the total installed grid capacity, including  274.7GW RE and 283.5GW non-fossil capacity as on FY26. 

As per International Renewable Energy Agency (IRENA) India currently ranks third  globally in total renewable energy installation with ~250.52GW installed capacity as  of December 2025. Major capacity additions were led by Gujarat, Karnataka, and  Maharashtra, largely driven by wind-solar hybrid projects and C&I (Commercial & Industrial) sector demand.