Axis Securities projects Suzlon Energy share price could climb 10% to ₹72 apiece over the next 3–6 months, citing the company’s strong positioning to leverage favorable trends in India’s renewable energy sector, supported by improved execution capabilities and a robust order book.
The brokerage underscores the company’s growing order book, which, at the end of May, stood at 5.5 GW—its highest ever—providing revenue visibility for the next 2–3 years.
Between FY20 and FY25, the company’s revenue grew at a CAGR of 70% to ₹10,851 crore, driven by improved execution. The brokerage expects revenue to grow at a 40% CAGR from FY25 to FY27 to ₹21,275 crore, while Suzlon has guided for 60% growth in FY26.
The company revamped its Puducherry and Daman nacelle facilities in Q3FY25, increasing its total manufacturing capacity from 3.2 GW to 4.5 GW, which has boosted execution capabilities. In FY25, the company’s deliveries were 1,550 MW, up 118% YoY.
The brokerage further highlighted the company’s plans to add more production lines at its Ratlam and Jaisalmer facilities to scale operations.
Meanwhile, Axis also noted growth in the company’s assets under management in its O&M business, which increased from 2.5 GW in FY24 to 3.0 GW in FY25. Revenue from this segment was ₹220 crore in FY25, up 3% YoY. According to the brokerage, this segment has stable annuity-like cash flows with an annual escalation of 4–5%.
Positive macro-outlook
The CEA forecasts India’s total wind energy capacity to increase to 73 GW by FY27 and 122 GW by FY32. As of June 2025, India’s wind capacity stood at 52 GW. The CEA targets require annual wind capacity additions of 10 GW, aligning with the MNRE’s target of 10 GW of wind capacity tenders through FY28.
MNRE has recently announced the implementation of ALMM for wind, making it mandatory to use major wind turbine components from the ‘Approved List of Models and Manufacturers (Wind Turbine Components).’ Axis said this implementation is positive for local WTG manufacturers like Suzlon.
India targets 500 GW of renewable energy capacity by 2030, making it one of the world’s most ambitious clean energy programs.
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