The losses in Suzlon Energy share price further intensified in Monday’s trade, March 2, with the stock falling another 8.3%, slipping below the ₹40 level for the first time since May 2024 and reaching the day’s low of ₹39.13 apiece.
The stock, which is largely owned by retail shareholders, began its downward run in June 2025, which later turned into a prolonged correction, making the once high-flying stock in the Indian stock market now struggle to find a floor.
Even though the wind energy company’s December quarter numbers came in line with Street estimates, analysts said that, like other utilities, the company is facing challenges in scaling up commissioning due to land acquisition, RoW, and grid connectivity issues.
Last week, the company made a major management change to drive the business transformation from a wind energy solutions provider to a full-stack renewable energy solutions conglomerate.
The company’s board of directors, on February 24, appointed Ajay Kapur as the Chief Executive Officer (CEO) and key managerial personnel of the company. The company also elevated the current group CEO, JP Chalasani, to a member of the group executive council.
However, domestic brokerage firm JM Financial said that the leadership churn is unlikely to bring cheer for Suzlon Energy
“We believe that bringing in a slew of high-profile CXOs with non-core expertise under a single business (WTG manufacturing) risks setting in unfavourable group dynamics (for instance, Srivastava resigning in December 2025) and unrelated diversification. Critically, such a reshuffle is unlikely to relieve the pain of the widening gap between deliveries and commissioning,” said the brokerage.
The brokerage believes that such a reshuffle is unlikely to relieve the pain of the widening gap between deliveries and commissioning.
What’s the real challenge for Suzlon Energy?
The renewable sector in India has been struggling with multitudinous challenges, including unsigned PPAs, increasing costs, grid connectivity issues, and a slowing tender pipeline in recent months, impacting execution momentum.
The wind energy sector faces additional challenges related to land acquisition and RoW, despite its critical role in supplying firm and dispatchable renewable power.
According to JM Financial, over the past seven quarters, out of 3,175 MW delivered, only 778 MW of the equipment has been commissioned by Suzlon Energy. This points to sluggish execution as the overriding challenge, which calls for more ground-level work to secure land clearances and stronger policy advocacy.
Accordingly, the brokerage lowered its FY27 and FY28 delivery estimates from 3.1 GW and 3.5 GW to 3.0 GW and 3.2 GW, respectively. However, JM Financial maintained its ‘Buy’ rating with a target price of ₹64, based on 25x FY28 EPS.
Meanwhile, Nuvama Institutional Equities also retained its ‘Buy’ rating following the Suzlon Energy’s December quarter performance but lowered its price target to ₹55 from ₹60 apiece.
Suzlon Energy share price trend
The shares have remained under severe selling pressure since June 2025, closing lower in eight of the following nine months and losing a cumulative 40%. This has also ₹86″>led to a 50.40% drop from the September 2024 peak of ₹86.
The stock ended CY25 with a decline of 15.35%, marking its first annual fall in five years. While the stock has remained volatile, domestic brokerage firm Motilal Oswal, in its recent note, reiterated its ‘Buy’ call on Suzlon Energy, with a target price of ₹74 per share.
Disclaimer: This story is for educational purposes only. 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.
