Suzlon Energy shares: 5 brokerage see up to 45% upside; check target prices & more

Suzlon Energy has been able to manage positive outlook from as many as five domestic brokerage firms after its quarterly earnings for the September 2025 period. Barring one of them, all other have a ‘buy’ rating on the stock and see upside potential in the range of 15-45 per cent

Suzlon’s net profit zoomed over 6x on a year-on-year (YoY) basis to Rs 1,278 crore for the September 2025 quarter, while revenue from operations soared 85 per cent YoY to 3,870 crore. Ebitda surged 145 per cent YoY to Rs 720 crore, while Ebitda margins expanded 460 bps to 18.6 per cent for the reported quarter.

Shares of Suzlon dropped more than 1.5 per cent to Rs 57.59 on Thursday, with its market capitalization slipping below Rs 80,000 crore. The stock has dropped nearly 6 per cent since announcement of its results, while the stock has tumbled 23 per cent from its 52-week low. Here’s what brokerage firms say about Suzlon Energy results:
 

ICICI Securities

ICICI Securities reaffirmed its positive stance, highlighting Suzlon’s strong H1FY26. The brokerage noted, “Suzlon maintains its guidance of 60% YoY growth in FY26 across all key parameters, including wind turbine deliveries and key financial metrics. Retain BUY with an unchanged target price of Rs 76.”
 

Anand Rathi Share & Stock Brokers

Anand Rathi expressed optimism about Suzlon’s prospects amid India’s wind-energy expansion. The firm cited the company’s record 6.2GW order book, strong execution, and policy support. “Suzlon is well-placed to benefit from India’s accelerating wind-energy buildout, aided by a record 6.2GW order book, strong EPC integration and clear policy support. Execution has gained pace with 565MW delivered in Q2 FY26 and >1,865MW under execution. Management reiterates ~60% y/y growth guidance for FY26… Given consistent execution and strong sector tailwinds, we maintain a ‘buy’ rating on the stock with a higher 12-mth target of Rs 82 (from Rs 81 earlier), valuing it at 40x Sep’27 EPS.”
 

JM Financial 

JM Financial highlighted Suzlon’s robust revenue and EBITDA growth in Q2FY26, driven by higher deliveries and margin improvements. The brokerage stated, “Suzlon Energy Ltd (Suzlon) reported robust 2QFY26 consol. revenue of INR 38.7bn (84% YoY/ 31% JMFe/ 25% Cons.) driven by higher deliveries (565 MW in 2QFY26 vs. 256MW in 2QFY25). EBITDA came in at INR 7.2bn (2.5x YoY/ 42% JMFe/ 49% Cons.) with improvement in margins to 19% vs. 14% in 2QFY25 as operating leverage kicks in… But execution bottlenecks (connectivity, land, RoW) remain critical constraints in scale-up of wind energy… Considering execution of 2.5GW / 3.1GW / 3.5GW during FY26/FY27/FY28, we maintain BUY with target price of Rs 70 based on 25xFY28.”
 

Motilal Oswal Financial Services

Motilal Oswal maintained a Buy rating, observing that Suzlon’s Q2FY26 revenue exceeded estimates and deliveries were strong. The brokerage commented, “Suzlon Energy’s (SUEL) consolidated revenue came in at INR38.7b, exceeding our estimates by 39%… Key positives for us from the conference call were: 1) management reiterated its confidence in a strong new order outlook… 2) SUEL now has a tax shield for PBT up to INR50b… and 3) SUEL outlined an execution pipeline of 1.8GW for FY26, which reaffirms its confidence in delivery guidance of 2.5 GW for FY26. We lower the valuation multiple to 30x (35x earlier), but reiterate BUY with a revised target price of Rs 74 (based on FY28 EPS).”
 

Nuvama Institutional Equities

Nuvama retained a ‘Hold’ rating, citing tax-related factors and future earnings. The brokerage said, “Suzlon posted a stellar 565MW in Q2FY26 with 18.6 per cent OPM, driven by a higher WTG mix. This higher execution coupled with operating leverage lifted EBITDA by 145 percent YoY to Rs 702 crore. Q2 PAT shot up 539 per cent YoY to Rs 1,280 crore, led by a Rs 720 crore deferred tax asset (DTA) creation, which cuts FY26 tax to near-zero, but raises FY27E tax liability. Management expect additional Rs 2,000 crore DTA creation (due to past losses) post-FY28. We are revising FY26E/27E EPS by 49 per cent/-16 per cent to reflect the new DTA creation and gave a target price of Rs 66 (earlier INR67) based on 40 times FY28E.”