Suzlon shares rally 55% in 3 months: Why brokerages see more upside ahead — Targets

Shares of Suzlon Energy Ltd surged nearly 7 per cent on Tuesday as the stock hit its 8-month highs on during the session. The wind turbine manufacturer soared 6.62 per cent to Rs 59.25 during the day, against its previous close at Rs 55.57, with its market capitalization hitting Rs 80,000 crore. However, analysts remain positive on the stock, suggesting more upside in the counter.

Brokerage firms have outlined Suzlon Energy’s next phase of growth around its 'Suzlon 2.0' strategy, under which it plans to expand from a wind turbine supplier into a broader renewable energy solutions provider. The believe that the shift comes as India requires 10 GW of annual wind power additions by 2030 and as demand preferences move towards firm and dispatchable renewable energy. 

The strategy was presented at Suzlon’s recent analyst and investor interactions, with brokerages highlighting its push across wind, solar, storage, engineering, procurement and construction, operations and maintenance, and site development.

JM Financial Ltd said, Suzlon has held about one-third market share in wind, supported by technology, manufacturing and lifetime product support. The new focus is on expanding beyond turbine deliveries into integrated renewable energy development and asset management, which the brokerage said could improve revenue visibility, margins and valuation if executed well.

Shares of Suzlon Energy surged more than 55 per cent in the three months from its 52-week low at Rs 38.17, hit in March 2026. The stock has gained more than 12 per cent in the last one month. However, the stock is down 13 per cent from its 52-week high at Rs 68.30, hit in July 2025. 

ICICI Securities said Suzlon has spent the past three years strengthening its balance sheet and is now repositioning itself as a wind-first, full-stack renewable energy solutions company. It said Suzlon aims to offer site development, equipment, turnkey projects and asset management across wind, solar and storage

According to the brokerage, the company plans to use bottlenecks such as land acquisition, right of way and grid connectivity as a competitive advantage. ICICI Securities said the framework is backed by a 5.5 GW order book, though order conversion and initial execution remain key monitorables.

PL Capital said Suzlon is targeting around 25 per cent compound annual revenue growth over the next five years, driven by wind, solar, storage, energy management systems and operations and maintenance services. A key pillar is the newly established renewable energy development platform, it said.

Management has outlined FY31 goals of a 15 GW order book from 5.5 GW currently, renewable energy sales of 10 GW, more than 3 GW of export orders and around 15 per cent of revenue from exports, while raising domestic wind market share to about 40 per cent, PL Capital said, adding Suzlon’s target of expanding its asset management and operations platform to over 70 GW.

For the quarter ended on March 31, 2026, Suzlon Energy reported a 5.7 per cent year-on-year (YoY) fall in the net profit at Rs 1,114.35 crore, with revenue increased 45 per cent YoY to Rs 5,468 crore. Ebitda increased 39 per cent YoY to Rs 964 crore, with margins nearly 80 basis points to 17.6 per cent for the quarter.

JM Financial said this annuity stream as the highest-quality earnings segment in the mix and retained its 'buy' rating with an unchanged target price of Rs 65, as did ICICI Securities, which has same rating and target price. PL Capital said the stock is trading at a price-to-earnings multiple of 27.4 times and 24.2 times on FY27E and FY28E consensus estimates but kept the stock unrated for now.