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ICICI Securities Report
Domestic brokerage firm ICICI Securities has maintained its ‘Buy' rating on Suzlon Energy with an unchanged target price of Rs 65, implying a potential upside of around 18% from current levels, as the company pivots to its next phase of growth under its ‘Suzlon 2.0' strategy.
India is ramping up its renewable capacity and the brokerage believes that Suzlon Energy is a key player in the wind turbines and operations and maintenance services business.
Renewable capacity additions have picked up in the last couple of years, with wind installations crossing 6GW in FY26. The outlook for the wind industry is positive over the medium to long term, given India's RE and wind capacity targets.
Furthermore, given the increasing complexity of RE power projects (from plain vanilla solar or wind to hybrid, RTC and FDRE), the brokerage believes wind may play a crucial role in RE generation going ahead.
Suzlon, being the market leader in the wind turbine industry, is a natural beneficiary of this uptrend. The company's order book, as of Mar'26, stood at ~5.7GW, which is 2.3x its FY26 wind turbine delivery volume.
The company is now focusing on the next leg of its growth. ‘Suzlon 2.0' reframes the company from primarily a turbine manufacturer into a wind-first, fullstack RE solutions platform—owning development, equipment, EPC and asset management across wind, solar and storage.
ICICI Securities believes this could enhance order book and growth visibility beyond FY28.
The brokerage maintains Buy with an unchanged target price of Rs 65, valuing the business at 32x FY28E EPS.
Key risks: Any surprises in order inflow; material delays in execution.
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