Suzlon shares: From Rs 1.58 to Rs 58 — A must-have energy stock for your portfolio? Experts decode

Suzlon shares target price: Shares of wind energy major Suzlon have been among the top retail favourite stocks. Once considered as a punter-favourite penny stock, Suzlon has delivered multibagger returns to investors, since turning debt free in March 2024, scripting a turnaround story.

Suzlon Energy has been hogging the spotlight after delivering a record operational performance in FY26, aided by robust wind turbine deliveries, a strong order pipeline and rising opportunities in India’s renewable energy space. The company delivered nearly 2.5GW of wind turbines during FY26 — its highest-ever annual installation in India — while maintaining a healthy order book of nearly 5.7GW and a net cash balance.

Suzlon Energy reported a 6 per cent fall in the net profit on a year-on-year (YoY) basis to Rs 1,114 crore, while revenue surged 45 per cent YoY to Rs 5,494 crore for the quarter ended on March 31, 2026. Ebitda grew 67 per cent YoY to Rs 965 crore, while margins expanded to 17.6 per cent for the reported period. It also reported its highest quarter and annual delivery volumes.

Shares of Suzlon Energy settled at Rs 57.75 on Friday on NSE, commanding a total market capitalization of more than 79,200 crore. The stock has soared nearly 37 times from its covid-19 lows around Rs 1.58 per share. The stock has soared more than 1,000 per cent in the last five years, while it has gained more than 10 per cent on a year-to-date (YTD) basis in 2026 so far.

Brokerages remain broadly constructive on Suzlon, betting on improving wind sector demand, growing EPC opportunities, stronger execution visibility and the company’s push into firm and dispatchable renewable energy (FDRE) solutions. The revival of Andhra Pradesh development rights and Suzlon’s return to overseas markets through its Blue Sky platform have also emerged as key long-term triggers.

However, concerns around execution, commissioning pace, margin sustainability and working capital remain key monitorables as Suzlon scales operations. Across the six brokerages, all maintained ‘buy’ ratings on Suzlon, with target prices ranging between Rs 60 and Rs 75, implying continued confidence in the company’s growth trajectory despite execution-related challenges.
 

Anand Rathi Share & Stock Brokers | Rating: Buy | Target Price: Rs 60
Anand Rathi Share & Stock Brokers Ltd sees Suzlon as a key beneficiary of India’s improving domestic wind cycle, supported by rising FDRE opportunities and stronger sector demand. The brokerage highlighted record wind turbine deliveries, improving balance sheet strength and higher EPC contribution as key positives supporting earnings visibility. It also highlighted the profitability of Suzlon’s operations and maintenance business and improving utilisation in foundry and forging operations. 
 

Motilal Oswal Financial Services | Rating: Buy | Target Price: Rs 65
Motilal Oswal Financial Services Ltd highlighted Suzlon’s ability to meet FY26 growth guidance despite softer-than-expected quarterly margins. The brokerage sees NTPC’s increasing shift toward turnkey EPC contracts as a meaningful opportunity, expecting additional order visibility over the medium term. It also flagged the extension of Suzlon’s Andhra Pradesh agreement as an important catalyst, with monetisation opportunities expected to unfold through EPC projects and FDRE-linked contracts. 

JM Financial | Rating: Buy | Target Price: Rs 65
JM Financial Ltd struck a relatively cautious tone despite maintaining a positive stance on the stock, identifying execution as Suzlon’s biggest challenge. The brokerage noted the significant gap between turbine deliveries and project commissioning over recent quarters, suggesting execution efficiency remains critical for sustaining growth. At the same time, it highlighted Suzlon’s improving working capital cycle, sizeable order book and strategic re-entry into Europe as long-term positives. 

ICICI Securities | Rating: Buy | Target Price: Rs 65
ICICI Securities focused on Suzlon’s transformation into an integrated renewable solutions provider under its ‘Suzlon 2.0’ strategy. The brokerage highlighted the rising share of EPC in Suzlon’s order book, believing it can improve execution control and margin quality over time. It also pointed to Andhra Pradesh development rights, a large execution pipeline and turbines already erected but awaiting commissioning as potential growth drivers.

Systematix Institutional Equities | Rating: Buy | Target Price: Rs 71
Systematix Institutional Equities remained positive on Suzlon’s long-term strategy, highlighting stronger-than-expected revenue growth driven by better per MW realisations. It underscored Suzlon’s healthy net cash position and sustained capital expenditure plans to support future expansion. It also highlighted the company’s growing focus on EPC and FDRE solutions under its DevCo strategy, alongside Suzlon’s re-entry into European markets through its Blue Sky platform in Spain. 

Centrum Broking | Rating: Buy | Target Price: Rs 75
Centrum Broking highlighted Suzlon’s improving earnings visibility and profitability trajectory, arguing that the company is transitioning from a turnaround play to a long-term structural growth story. It remains positive on Suzlon’s ability to benefit from India’s accelerating renewable energy transition, supported by rising wind installations, hybrid renewable demand and favourable policy tailwinds. Centrum also underscored Suzlon’s improving execution momentum, stronger manufacturing scale and expanding high-margin operations and maintenance (O&M) annuity business, which it believes can support sustained cash-flow generation over the medium term. 

Risks and concerns
Despite the positive outlook, risks remain. Execution delays between turbine deliveries and project commissioning continue to be a key concern. A rising EPC mix could increase working capital requirements and execution complexity, while slower order closures, margin pressures and delays in approvals or project monetisation may impact near-term growth visibility.