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DRChoksey Report
Domestic brokerage firm DRChoksey has initiated coverage on Suzlon Energy Ltd. with a 'Buy' rating, and has set a target price of Rs 74, implying a potential upside of 27%, from the current levels, citing company's strong execution track record, robust order book visibility, expanding EPC mix, and favourable industry tailwinds driven by India's renewable energy transition.
Investment Rationale
The brokerage remains positive on Suzlon's long-term growth outlook, supported by a robust order book of 5.8 GW, strong execution momentum, and a healthy balance sheet. The company delivered 58% YoY growth in turbine installations during FY26 while maintaining an order backlog that provides more than 2.4 years of revenue visibility at the current execution run rate.
Furthermore, consistent free cash flow generation provides financial flexibility to support capacity expansion, technology upgrades, and new growth initiatives under the Suzlon 2.0 strategy.
The brokerge expects wind turbine realisations to remain broadly stable at Rs 5.5–6.0 crore per MW over the medium term. Although competition from Chinese and European OEMs is likely to increase, particularly in utility-scale projects, demand fundamentals remain favorable.
Independent power producers are increasingly integrating wind capacity into their renewable portfolios to improve generation profiles, enhance grid stability, and reduce dependence on battery energy storage systems, thereby supporting sustained demand for wind installations.
Key monitorables include execution of the Suzlon 2.0 roadmap, successful scaling of the RE DevCo model, order book conversion, and the company's ability to sustain its competitive positioning amid a rapidly evolving industry landscape.
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