Stock to buy: Suzlon Energy share price have struggled over the past year, falling more than 30% from their peak and slipping 21% on a 1-year basis, placing the stock squarely in bear-market territory. Yet, despite the weak price action, leading domestic brokerages have turned upbeat, projecting as much as 55% upside from current levels.
The renewable energy stock has rebounded 14% from its 52-week low of ₹46, but remains under pressure—down 24% in the past six months, 10% over the last three months and 9% in the past month. Even so, Suzlon retains a powerful long-term track record, delivering over 1,400% returns in five years, making it one of the market’s standout multibaggers.
Here’s what’s fuelling their bullish outlook.
Major domestic brokerages are seeing the stock not only reclaim past highs but decisively surpassing them. Their confidence stems from expanding capacity, strong execution, rising wind demand and a multi-year clean energy upcycle.
Anand Rathi: Highest Target at ₹82
Anand Rathi has taken the most bullish stance, valuing Suzlon at ₹82, implying a 55% upside from its current level of ₹52. The brokerage believes Suzlon is strategically poised to benefit from India’s accelerating wind energy cycle, supported by a 12-month view on the stock. A key catalyst is the scale leverage at its Puducherry facility, currently at 30% utilisation but capable of ramping from 3 to 8 nacelles per day with minimal capex.
Additionally, three forthcoming AI-enabled blade facilities are expected to materially improve logistics efficiency and execution capabilities. As Anand Rathi noted, “As a fully integrated domestic OEM with a leading service footprint, the company stands out as the key beneficiary of this transition, reinforcing a positive long-term outlook for growth.”
ICICI Securities: Target ₹76
ICICI Securities has reaffirmed its Buy rating with a target of ₹76, indicating a 46% upside. The firm cited Suzlon’s strong H1FY26 execution and constructive management commentary, particularly regarding concerns over muted renewable capacity addition. With equipment still pending awards for nearly 18 GW of under-development projects, order inflows are expected to gain momentum.
The brokerage highlighted Suzlon’s readiness to re-enter export markets and its capex commitment of ₹500–550 crore annually over the next three years, including plans to add three new blade plants. Suzlon’s order book has now swelled to 6.2 GW, four times its FY25 deliveries, with H1FY26 deliveries doubling year-on-year to nearly 1 GW.
In its assessment, ICICI Securities stated, “Suzlon’s strong order book, improving inflow visibility and export readiness position it well for the next leg of India’s wind energy expansion.”
Motilal Oswal: ₹74 Target
Motilal Oswal Financial Services has also reiterated its Buy rating with a target price of ₹74, implying a 43% upside. The brokerage emphasised management’s growing confidence in exports, calling it a major emerging growth driver. With Suzlon’s platforms close to export-ready status, clarity on overseas opportunities is expected to improve.
Motilal Oswal also pointed to three new smart-blade facilities planned across Gujarat, Karnataka and another location under finalisation, aimed at strengthening logistics, reducing turnaround time, and enhancing customer proximity. It believes India is entering a structural energy upcycle, with total renewable capacity projected to surge from ~180 GW in FY25 to nearly 1,600 GW by 2047. Wind energy alone could rise eightfold from 53 GW today to ~400 GW, still tapping only a portion of India’s potential.
Motilal Oswal highlighted, “With over 95% of Suzlon’s turbines performing in line with lifecycle assumptions, the company is well positioned to capitalise on a long-term growth runway driven by structural demand.”
Technical View
From a technical viewpoint, Aakash Shah, Technical Research Analyst at Choice Equity Broking, said Suzlon continues to face selling pressure, trading near ₹52 and staying below key moving averages after months of decline. “The broader structure has weakened significantly, with the stock forming consistent lower highs and lower lows—clearly signalling sustained bearish momentum,” he noted. A brief rebound from the ₹48–49 support zone faded quickly as sellers regained control.
Suzlon remains below all major EMAs, which are sloping downward and acting as dynamic resistance—especially the 20-day and 50-day EMAs. Volumes also reflect ongoing weakness, with heavier participation on down days. The stock now sits just above the crucial ₹48–49 support. A breakdown could pull it toward ₹45, while the ₹55–57 zone remains the immediate resistance.
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.
