Suzlon Energy shares: Systematix says company ‘aptly placed’ for growth; check target

Shares of renewable energy major Suzlon Energy were trading in the green on Thursday.  Brokerage firm Systematix Institutional Equities sees substantial headroom for further gains, projecting an upside of about 46 per cent from current levels.

At last check on Thursday, shares of Suzlon Energy were up 0.64% at Rs 45.84 on BSE.

Systematix believes the company has successfully navigated its tumultuous journey of the past and is now standing on a stable financial footing. 

The brokerage highlighted that India’s green energy landscape is evolving. The focus is shifting from simple capacity addition to availability-focused procurement, essentially, the need for firm, dispatchable power that is available round-the-clock (RTC).

It noted that when paired with battery storage, wind lowers the overall storage requirement per unit of energy compared to solar-heavy setups. This makes wind energy fundamentally more relevant for the country’s new hybrid and RTC tenders.

Suzlon currently commands a market share of approximately 35% in India’s wind turbine installations. With a pan-India presence and a domestic installed base of nearly 17 GW, it said. The brokerage believes the company is ‘aptly placed’ to capitalise on the country's wind capacity targets.

Suzlon position is backed by a robust order book of 6.5GW, which provides strong revenue visibility for the medium term, the brokerage said.

Through sustained deleveraging and capital restructuring, Suzlon has transitioned to a net cash balance sheet, which Systematix estimates at roughly Rs 700 crore as of the first half of FY26.

Systematix expects Suzlon to deliver a revenue CAGR of 30% over FY25-FY28E, with EBITDA and PAT growing at 39% and 18% respectively. The brokerage projects that execution will ramp up significantly, with deliveries expected to touch 3,224 MW by FY27.

"We value SUEL at 30x 1HFY28E EPS... recognizing improving earnings quality, cash conversion, and balance sheet strength," it added.

Systematix has initiated coverage with a ‘Buy’ rating on Suzlon Energy stock and a target price of Rs 67, implying a potential upside of 46% from current levels.