Brokerages have reaffirmed their positive stance on Suzlon Energy after attending the company’s Investor Meet 2026, where the management unveiled its long-term growth roadmap under the “Suzlon 2.0” strategy.
The company outlined plans to transform itself from a wind turbine manufacturer into a full-stack renewable energy (RE) solutions provider, targeting significant expansion across project development, operations and maintenance services, solar, battery energy storage systems (BESS), and international markets.
Management highlighted a structural upcycle in global electricity demand and laid out ambitious FY31 targets, including over 25% revenue CAGR, expansion of its renewable energy order book to 15 GW, growth in annual RE sales to 10 GW, and increasing assets under management (AUM) to more than 70 GW.
Systematrix Institutional Equities
“We return positive from the Suzlon Energy Investor Meet 2026, which focused on SUEL’s next growth leg, which will transition the company into being a full-stack renewable energy (RE) solutions provider over the coming years.”
The brokerage said the discussion primarily focused on Suzlon’s evolution into “Suzlon 2.0” through technological advancements and market-share expansion targets through FY31.
Management pointed to a structural upcycle in global electricity demand, which is expected to nearly double by 2050.
With this structural tailwind in place, the brokerage noted that the company’s strategy is centred on 4 pillars, including dispatchability as the key value driver; faster execution; supportive policies for domestic manufacturers like the approved list of models and manufacturers (ALMM) framework; and export opportunities.
Suzlon is targeting more than 25% consolidated revenue CAGR through FY31, increasing DevCo’s market share to over 60%, raising its share in India’s wind OEM market to around 40%, and building an export order book exceeding 3 GW.
“We remain positive on Suzlon based on the company’s long-term strategy to resolve execution bottlenecks, increasing strategic focus on integrated full-stack RE solutions, and entry into global markets.”
The brokerage expects Suzlon to deliver 21%, 28%, and 34% revenue, EBITDA, and PBT CAGR over FY26-FY28E and has maintained a ‘Buy’ rating with a target price of ₹71 per share.
JM Financial
JM Financial said India’s renewable energy ambitions provide a large growth opportunity for Suzlon.
“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.”
The brokerage highlighted that Suzlon 2.0 represents a strategic shift from being primarily a turbine supplier to becoming an integrated renewable energy developer across multiple technologies through its Renewable Energy Project Development Company (DevCo).
“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.”
While remaining optimistic, JM Financial emphasised the importance of execution.
For now, the brokerage maintains a ‘Buy’ rating with an unchanged target price of ₹65, considering the company’s healthy order book and ambitions beyond wind turbines.
“We would prefer to wait for evidence of execution rather than the strategy itself. History shows execution complexity – and not demand per se – is usually what determines the success of such transformations,” it stated.
Motilal Oswal Financial Services
Motilal Oswal said the Investor Day provided greater clarity on Suzlon’s medium- and long-term growth plans.
The brokerage highlighted management’s FY31 targets, including revenue growth of over 25% CAGR, increasing Indian wind market share to over 40%, achieving a 15% market share in solar and BESS, expanding the renewable energy order book to 15 GW, increasing annual RE sales to 10 GW, growing OMS assets under management beyond 70 GW, and building export volumes exceeding 3 GW.
“We believe Suzlon’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.”
However, the brokerage said investors will continue to monitor execution and capital allocation. “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.”
Motilal believes that Suzlon 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.
The brokerage also reiterated its ‘Buy’ rating on the stock with a target price of ₹65 per share, which is similar to price target of JM Financial.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
