Suzlon Energy Gets Buy Call, 53% Upside Seen

Suzlon Energy Stock in Focus: ICICI Securities Reiterates ‘Buy’, Sees 53% Upside.

Suzlon Energy shares are back in the spotlight after ICICI Securities reaffirmed its ‘Buy’ rating on the renewable energy major, citing strong sector tailwinds and the company’s improving fundamentals.

The domestic brokerage has set a target price of ₹65 per share, valuing Suzlon at 32x FY28E EPS. Compared to the previous closing price of ₹42.65, the target implies a potential upside of ₹22.35, or approximately 53%.

Renewables Tailwinds to Continue

According to ICICI Securities, the renewable energy sector has witnessed strong structural momentum over the past few years — and this growth trajectory is expected to sustain over the next five years.

India’s policy push toward clean energy, hybrid projects, and firm dispatchable renewable energy (FDRE) is creating long-term visibility for wind power developers and turbine manufacturers. Suzlon, which had earlier faced challenges related to debt and execution, is now emerging with a cleaner balance sheet and stronger execution capabilities.

Wind Energy Revival Strengthens Outlook

Wind energy is regaining traction as the government plans to tender at least 10 GW of wind capacity annually. This move is aimed at accelerating India’s renewable energy transition and meeting climate commitments.

As a market leader in the wind turbine segment, Suzlon is expected to be a natural beneficiary of this expansion cycle.

The brokerage highlighted that Suzlon’s vertically integrated business model — combined with highly localised manufacturing — positions it well to capitalise on rising domestic demand. Historically, the company’s growth has closely tracked India’s wind power expansion.

Strong Order Book and Industry Positioning

Suzlon’s robust order book provides earnings visibility over the medium term. With increased focus on hybrid renewable projects and grid stability solutions, wind power is once again becoming central to India’s energy strategy.

The company’s transformation from a debt-heavy player to a financially disciplined renewable energy solutions provider has further strengthened investor confidence.

Investment Rationale

Key factors supporting ICICI Securities’ positive stance include:

• Market leadership in wind turbine manufacturing

• Policy support for annual 10 GW wind tenders

• Improving balance sheet and operational efficiency

• Strong renewable energy demand outlook

With sector tailwinds expected to persist and Suzlon well-positioned within the wind energy value chain, the brokerage believes the stock offers significant upside potential from current levels.