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Motilal Oswal Report
Motilal Oswal Financial Services has highlighted Suzlon Energy Ltd.'s latest organisational and strategic developments, noting that these measures reinforce the company's positioning for its next phase of growth across wind, solar, and emerging clean‑tech verticals.
Suzlon has introduced a revamped management structure with the formation of a Group Executive Council, aimed at supporting the company's diversification into solar and battery energy storage systems (BESS) while safeguarding its leadership in the wind energy segment.
As part of this transition,
- Mr. J. P. Chalasani has moved from the role of Group CEO to become a member of the newly established GEC.
- Mr. Ajay Kapur has been appointed as the new Group CEO, bringing renewed strategic direction.
- Mr. Rahul Jain continues in his role as CFO, ensuring continuity on the financial front.
According to Motilal Oswal, the restructured leadership model is expected to enhance execution agility and enable the company to scale up across adjacencies in the renewable energy ecosystem.
Suzlon Energy has also launched DevCo, a dedicated project development vertical, to decouple earlystage development from EPC execution. Motilal Oswal believes this move will strengthens pipeline visibility, enhance readiness for large long-term mandates, and positions the company as a full-stack renewable energy solutions provider.
Suzlon's current order book stands at ~6.5GW, which, as per Motilal Oswal's estimates, fully covers expected wind turbine generator (WTG) deliveries for Q4 FY26 (0.9GW) and FY27 (3.4GW). Additionally, it provides over 50% coverage for the brokerage's estimated 4GW delivery pipeline for FY28.
This strong backlog, Motilal Oswal notes, provides solid medium‑term growth visibility and underpins confidence in Suzlon's operational outlook.
Motilal Oswal has reiterated its Buy rating on Suzlon with a target price of Rs 66. However, the brokerage has revised its valuation multiple from 30x to 27x, aligning it with the company's historical two‑year forward P/E average.
The adjustment, according to the report, reflects a combination of broader market sentiment and sector‑specific weakness within the power and renewables space, rather than company‑specific concerns.
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