Suzlon shares headed for 50% upside? What analysts, charts suggest; check price targets

Amid the rising selling pressure in the broader markets, Suzlon Energy managed to defy the gravity and crept higher on Monday on the back of positive brokerage action. However, technical experts, on the other hand, believe that the stock is headed for more downside before any pullback in the counter.

Shares of Suzlon Energy gained nearly 2.5 per cent to Rs 53 on Monday, before giving up some gains, to trade around to Rs 51.8 with a total market capitalization of more than Rs 71,000 crore in the final trading hours. However, the stock had settled at Rs 51.75 on Friday. Brokerage firms see up to 50 per cent upside in the stock.

India’s wind additions are expected to reach 6GW in FY26, 8-9 GW In FY27 & 12GW in FY28. The company is likely to exceed the 2030 target of 100 GW and there is a further 20-30 GW upside from the C&I Segment, said Morgan Stanley in its recent note.

A large under-construction pipeline, increase in intra-state bids and growing demand from the C&I segment are among the key drivers for the company. Of the 40GW projects under execution, around 25GW has yet to be ordered to OEMs and intra-state bids should increase as ISTS waivers reduce, it said with an 'overweight' rating and a target price of Rs 78.

According to the brokerage firms tracking the stock, strong pipeline and export readiness support long-term value creation for Suzlon Energy investors. They believe that Suzlon is driving India’s wind ambition, with 4.5GW manufacturing capacity and 6.2GW order book and India is moving on the path to have a 10-20 per cent market share in the global wind supply chain.

Suzlon's EPC strategy of securing limited land parcels across 23 GW of wind sites nationwide provides a strategic edge versus domestic/Chinese peers, strengthening its role in the long-term development plans of major generators, said Motilal Oswal Financial Services. Exports are set to become a key growth driver, with current platforms close to export-ready, it said.

"Management remains confident that India can reach 10 GW of annual wind installations by FY28. Growing demand from AI/data centers and rising C&I load represent an upside potential to India’s 100 GW wind target by 2030. We reiterate our 'buy' rating with a target price of Rs 74," Motilal Oswal adds.

Shares of Suzlon Energy has dropped more than 30 per cent from its 52-week high at Rs 74.30, while the stock is down 10 per cent in the last one month. It has cracked 23 per cent in the last six months period and technical analysts believe that the stock is likely to remain under selling pressure.

Suzlon continues to face selling pressure on the daily and weekly charts and the next key support zone lies between Rs 45-47, said Ganesh Dongre, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers. However, on the monthly chart, the broader trend still appears slightly bullish, indicating potential strength in the longer term, he said.

"Therefore, it is advisable to wait for the price to approach the support zone before considering fresh entries. We recommend a buy-on-dip strategy near the Rs 45–47 support range, with a stop-loss placed at Rs 43 to manage downside risk," Dogre adds.

On the other hand, Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets said that prices of Suzlon have faced resistance at the 200-day SMA on the daily charts and are showing a lower low formation.

"This suggests that momentum on the downside is likely to continue. Traders can consider holding their existing short positions at the current prices, with a strict stop-loss at Rs 55, the stock has potential to test Rs 43-38over the coming weeks to months," he adds.