The sell-off in Suzlon Energy share price has further deepened in today’s session, February 20, with the stock falling another 1.6% to the day’s low of ₹44.55 apiece. The stock was last seen around these levels in May2024, indicating cautious investor sentiment toward the counter, which witnessed an unbroken rally between 2020 and 2024.
The stock, which is largely owned by retail shareholders, began its downward run in September, which later turned into a prolonged correction, resulting in it losing nearly 50% of its value from the recent peak of ₹86 apiece.
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.
Over the past seven quarters, out of 3,175 MW delivered, only 778 MW of equipment has been commissioned, according to domestic brokerage firm JM Financial. The brokerage also 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, while Nuvama Institutional Equities also retained its ‘Buy’ rating on Suzlon Energy but lowered its price target to ₹55 from ₹60 apiece.
Nuvama sees Suzlon Energy as a key beneficiary of the rising share of FDRE, RTC, and hybrid tenders, along with PSU-led projects, backed by its strong C&I exposure (51% of the order book). It expects the wind industry to plateau at 8–10 GW over the next 2–3 years as competition from solar plus BESS projects intensifies.
For the September-ending quarter, the company reported revenue of ₹4,228 crore, compared with ₹2,969 crore in the same period last year, driven by higher deliveries of 617 MW. Its net profit rose 15% year-on-year to ₹445 crore, though it was impacted by a deferred tax charge of ₹119.17 crore.
Suzlon Energy share price likely to drop to ₹41, says expert
Anshul Jain, Head of Research at Lakshmishree, said that Suzlon Energy has decisively breached and closed below its major weekly support near 46, confirming a structural breakdown rather than a temporary dip.
The violation on a weekly closing basis carries higher conviction, signaling loss of demand at a key inflection point. Daily and weekly 10, 20, and 50 moving averages are now aggressively sloping downward, reinforcing strong bearish alignment across timeframes.
He observed that momentum indicators continue to deteriorate, with rallies failing to attract sustained buying interest. Volume behavior suggests active liquidation rather than accumulation.
“With support broken, the path of least resistance remains lower. An immediate move toward the 41 zone now appears highly likely, where interim demand may attempt to emerge. Until the stock reclaims and sustains above the 46 level with strong volume confirmation, risk–reward remains firmly skewed to the downside,” Anshul Jain further noted.
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