Suzlon Energy shares: Mcap revisits Rs 1 lakh crore; JM, ICICI Sec lift price targets

Domestic brokerage firms including JM Financial and ICICI Securities continue to remain positive on Suzlon Energy Ltd after the company reported a stellar performance, beating the analysts' estimates. Both the brokerages have pushed their target price higher in double digits, suggesting up to 24 per cent gains in the stock from its previous close.

With a manufacturing capacity of 4.5 GW and an order book of 5.5 GW, the company is confident of 60% growth in key performance parameters like deliveries. India's wind energy momentum, which was once perceived as constrained, is now on an accelerated path driven by the demand for hybrid renewable projects, ensuing control on imports from China, and improved visibility on execution, said JM Financial.

Suzlon commissioned 95MW of projects in 4QFY25 and 371 MW of WTGs are erected on sites which are ready for commissioning. With these deliveries/ installations during FY25 stood at 1,550MW/336MW. Lower installations during FY25 are due to connectivity and land related challenges, it said.

"The management has guided for 60 per cent growth on all parameters including deliveries, revenue, Ebitda in FY26. It expects India to add 6 GW and 7-8 GW of wind energy capacity during FY26 and FY27," said JM Financial with a 'buy' rating. The brokerage has increased its target price to Rs 81 from Rs 71 earlier.

Shares of Suzlon Energy surged more than 13.6 per cent to Rs 74.30 on Friday, commanding a total market capitalization of Rs 1.01 lakh crore. The stock had settled at Rs 65.42 on Thursday. The stock has gained nearly 32 per cent in the last one month. However, it's up 10 per cent in 2025 so far.

Suzlon Energy's strong performance was led by execution of 573MW of wind turbines (2.1 times YoY) and its Ebitda margin also improved to 18.3 per cent in Q4, up 200bps YoY, while margin for FY25 rose 130 bps YoY to 17.1 per cent and the company guided for similar margin in FY26, said ICICI Securities in its note.

"Order inflow in Q4/FY25 was 0.6GW/3.65GW. As a result, the order book swelled to 5.6GW at the end-May 2025. Outlook for the near to medium-term remains strong and Suzlon is poised well to cash-in on the opportunity with its 4.5GW capacity. Given the strong outlook and execution growth in the medium term, we retain 'buy' with a revised target price of Rs 76 (earlier Rs 68)," it said.

Suzlon Energy reported a 365 per cent YoY surge in its consolidated net profit for Q4FY25 to Rs 1,181 crore. The renewables energy player's revenue from operations jumped 73 per cent YoY to Rs 3,773 crore. It ended the March quarter with its highest ever order book of 5.6 GW, while Ebitda margins improved more than 200 basis points to 17.94 per cent.