Suzlon Energy shares jump 3%: Why brokers see up to 36% upside for ‘most investible Indian wind player’

Shares of the company jumped to Rs 56.78 apiece on NSE. The stock has gained more than 7% in 2026 so far and 289% in three years.

Analysts from Motilal Oswal Financial Services attended Suzlon Energy’s Investor Day, where management outlined an ambitious FY31 vision focused on scaling the company beyond its core wind business into a broader renewable energy platform. The domestic brokerage highlighted that the company is aiming for a revenue growth of over 25% CAGR, expansion of its Indian wind market share to over 40% (from 33% currently), achieving a 15% market share in the solar and BESS segments, scaling its renewable energy (RE) order book from 5.5 GW now to 15 GW, increasing annual RE sales from 2.5 GW now to 10 GW, expanding its RE Operations & Maintenance Services (OMS) assets under management (AUM) to over 70 GW from 18 GW currently and strengthening international presence, with over 3 GW of export volumes contributing 15% of revenue.

“We believe Suzlon Energy’s Investor Day addressed key medium to long-term growth concerns by outlining a clear roadmap for expansion and diversification into adjacent renewable energy verticals, which enhance earnings resilience. While the strategic direction is encouraging, investors are likely to remain focused on execution, capital allocation discipline, and the trajectory of working capital and leverage metrics. We believe Suzlon Energy continues to stand out as the most credible and investible player in the Indian wind space, supported by its strong market position and consistent track record of meeting execution and operational guidance,” it added.

Motilal reiterated its ‘Buy’ call on the shares of Suzlon Energy, with a target price of Rs 65 per share. This implies an upside potential of more than 18% from the stock’s previous closing price.

JM Financial highlighted that India requires 10 GW of annual wind power additions by 2030. Historically, Suzlon commands a one-third market share, driven by its technological leadership, manufacturing excellence, and robust lifetime product support, it further said, adding that the new variable is Suzlon 2.0, a meaningful pivot from being a turbine supplier to an integrated RE developer spanning all technologies, and AMS through an RE project development company (DevCo), which can significantly expand addressable revenue/MW.

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“The AMS annuity target of 70GW versus 18GW presently is the highest-quality earnings stream in the mix. If executed well, the most important earnings driver over the next 3- 5 years may not be turbine deliveries alone, but the expansion of the 70GW+ AMS and integrated RE solutions business, which could materially improve revenue visibility, margins and valuation multiples,” it said.

The domestic brokerage maintained its ‘Buy’ call on the stock, with a target price of Rs 65 per share, same as Motilal Oswal.

Systematix Institutional Equities also has a ‘Buy’ call on the stock with a target price of Rs 71 per share, implying an upside potential of nearly 29%. Centrum meanwhile has a ‘Buy’ call with a target price of Rs 75, implying an upside potential of 36%.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)