Suzlon Energy’s share price rose 3% in intraday trade on Tuesday, 26 May, a day after reporting its March quarter earnings. Suzlon Energy shares opened at ₹53.75 against their previous close of ₹53.88 and rose to an intraday high of ₹55.49, looking set to extend gains for the fourth consecutive session.
The power stock jumped over 40% in April, snapping its five-month losing streak. For May so far, it is flat.
Suzlon’s Q4 results were mixed. While profit fell year-on-year, revenue saw a solid growth of 45%. EBITDA also clocked a healthy gain, but the margin remained weak.
On Monday, 25 May, it reported a 5.74% year-on-year (YoY) decline in its consolidated profit to ₹1,114.35 crore for Q4FY26. However, on a quarter-on-quarter (QoQ) basis, Suzlon’s profit jumped 150% QoQ. Revenue from operations for the March quarter jumped 45% YoY and 29.3% QoQ to ₹5,468.06 crore. EBITDA jumped 39% YoY and 31% QoQ to ₹964 crore. EBITDA margin stood at 17.6% compared to 17.5% QoQ and 18.4% YoY.
Should you buy Suzlon shares?
Despite mixed Q4 results, experts remain positive about the stock in the long term.
Brokerage firm Motilal Oswal, which has a buy call on the stock with a target price of ₹65, underscored that Suzlon’s consolidated revenue missed its estimate by 7%, EBITDA came in 5% below its estimate, while adjusted PAT beat its estimate by 20% due to lower-than-expected tax liability.
However, Motilal added that Suzlon achieved FY26 guidance of nearly 60% YoY growth across key KPIs. Moreover, the brokerage firm said EPC share in the orderbook increased to 28% versus 22% at Q2FY26-end, with management targeting 50% by FY28, which should support execution and deliveries.
“We arrive at our target price of ₹65 by applying a target PE of 27 times to FY28E EPS, in line with its historical average two-year forward PE of 27 times,” said Motilal.
JM Financial also has a buy call on the stock. It slightly raised the target price to ₹ 65 from ₹64 earlier, based on 25 times FY28E EPS.
The brokerage firm pointed out that “Suzlon’s order book stands at 5,892MW as of May 2026 (5,025MW as of March 2025) with a diversified mix (88% 3 times MW series; 51% C&I customers; 15% PSU customers; 72% non-EPC).”
Focus is shifting to EPC contracts, which are likely to increase from 28% in FY26 to 50% in FY28, the brokerage firm noted.
JM highlighted that Suzlon has revived the project implementation contract it had earlier signed as the development company for the implementation of 2.1GW of wind projects in Andhra Pradesh. This was a key competitive edge for it in the earlier cycle.
While the fundamental factors appear positive about the stock, technical charts are also reflecting bullish signals.
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, Suzlon is sustaining above its 200 DEMA and is currently trading above the important consolidation zone of ₹52–54.5. This breakout indicates improving price strength and a positive undertone in the stock.
Patel said the RSI is sustaining above the 50 mark, reflecting bullish momentum, while the MACD is gradually losing downside momentum, indicating that selling pressure is easing.
“As long as the stock holds above the ₹52 support zone, the overall structure remains positive. Hence, we expect the bullish momentum to continue, with a possible upside target towards ₹58 in the near term,” said Patel.
Vipin Kumar, AVP- Equity Research and PMS at Globe Capital Market, highlighted that following a price correction from ₹86 to ₹38 levels over an 18-month span, Suzlon has started moving higher in a higher-high and higher-low formation.
Kumar added that the stock has also formed a fresh buying pivot on the daily charts, alongside its 2-month exponential moving average crossing above the 6-month exponential moving average.
“Given this current chart structure, we suggest that short- and medium-term traders accumulate this stock with a closing stop loss below ₹50 for a price target of ₹62 to ₹66,” said Kumar.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
