Suzlon Energy Can Rally 21%, Projects Motilal Oswal, As It Initiates Coverage With Buy Rating

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Motilal Oswal Report

We initiate coverage on Suzlon Energy Ltd. with a Buy rating and a target price of Rs 70/share, implying 21% upside (34x to Dec’26E EPS; slight premium to historical average two-year fwd P/E of 27x).

Suzlon is a global leader in wind energy with an installed capacity of ~20.9GW across 17 countries. Suzlon Energy's operations span wind turbine generator sales, project execution, foundry and forging components and operations and maintenance services.

Suzlon Energy projects India’s new wind energy installations to reach ~4GW in FY25, 6GW in FY26, and 7-8GW annually from FY27 onward and we estimate Suzlon Energy’s order book execution to be 3.2GW in FY27. We estimate a CAGR of 51%/52%/63% in revenue/Ebitda/adjusted PAT over FY24-27 with consolidated Ebitda margins at ~14-16% in FY25/FY26/FY27.

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