Suzlon Energy shares fall for 5th day; JM Financial sees 48% upside

Suzlon Energy Ltd shares are on a losing run, extending their downtrend for the fifth consecutive session in Wednesday’s trade. Suzlon Energy shares touched a 52-week low of Rs 43.23 today.

At 12:43 pm, the Suzlon stock was trading 2.04% lower at Rs 43.24 on the BSE, down from its previous close of Rs 44.14 apiece. The stock has declined nearly 10% in the last 12 sessions.

Despite this backdrop, brokerage firm JM Financial has painted a optimistic picture for the renewable energy player's valuation. The brokerage has maintained its ‘Buy’ rating on the stock, with a target price of Rs 64.

This target implies a massive 48% upside from its current levels, "based on 25x FY28E EPS considering 2.5GW/3GW/3.2 GW deliveries during FY26E/27E/28E.," it said.

“Over the past seven quarters, out of 3,175MW delivered, only 778MW of the equipment has been commissioned by Suzlon. This points to sluggish execution as the overriding challenge, which calls for more ground-level work to secure land clearances and policy advocacy,” JM Financial added.

The company recently announced the appointment of Ajay Kapur, a former managing director at Ambuja Cements, as its new group CEO. Meanwhile, the former group CEO, JP Chalasani, has been elevated to a newly formed Group Executive Council (GEC). 

Suzlon said that this new leadership architecture is designed to drive its Suzlon 2.0 vision.

The brokerage noted that this leadership churn is unlikely to bring immediate cheer. According to JM Financial, packing a single wind-turbine manufacturing business with a slew of high-profile CXOs with non-core expertise actively risks sparking unfavourable group dynamics. 

The brokerage also pointed to the recent December 2025 resignation of Vivek Srivastava, who had only joined as CEO of the WTG division in February 2024.