Suzlon Energy shares surged 3.40% in intraday deals on Tuesday, March 24, reaching a day’s high of ₹41.30 apiece after the company announced its sixth wind energy project of 100 MW from Gas Authority of India Limited (GAIL).
In its exchange filing today, the company said this is the fourth PSU order it has won in the ongoing fiscal year. Previously, it had secured orders from NTPC, BPCL, and AMC.
The company will install 47 state-of-the-art S120 wind turbine generators (WTGs), each rated at a capacity of 2.1 MW for this project. It will supply wind turbines, oversee equipment installation, and execute the project, including erection and commissioning, while also providing comprehensive operations and maintenance services post-commissioning, as per the regulatory filing.
The power generated from this project will support the decarbonisation of GAIL’s upcoming petrochemical plant in Nandurbar, Maharashtra, as per the regulatory filing. Suzlon Energy has over 2.2 GW of installed capacity and a 38% market share in Maharashtra.
The company re-entered the PSU segment two years ago, starting with a 1.1 GW order from NTPC Limited, which has now expanded to 64% of its order book. The company said it is working with all the leading PSUs and C&Is in the country.
Ajay Kapur, Chief Executive Officer, Suzlon Group, stated, “We are happy to continue our strong relationship with GAIL, a valued partner for over 15 years, and to sign our sixth order together. We have worked over the years in Gujarat, Tamil Nadu, and Karnataka, and are now extending this partnership with a maiden order in Maharashtra.”
Suzlon Energy share price trend
Suzlon Energy shares have been struggling to gain momentum in recent months, as they have been falling to multi-year lows, ₹40 mark”>slipping below the ₹40 mark for the first time in two years earlier this month.
The stock, which is largely owned by retail shareholders, began its downward trend in June 2025, which later turned into a prolonged correction, making the once high-flying stock in the Indian stock market struggle to sustain an uptrend.
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.
The shares have closed eight out of the last nine months in the red, losing a cumulative 40.3%, which also led to a 50.40% drop from the September 2024 peak of ₹86.
In terms of yearly performance, Suzlon Energy 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.
Meanwhile, Nuvama Institutional Equities also retained its ‘Buy’ rating following Suzlon Energy’s December quarter performance but lowered its price target to ₹55 from ₹60 apiece. JM Financial, too, has a ‘Buy’ rating with a target price of ₹64, based on 25x FY28 EPS.
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