Suzlon Energy Receives New ‘Buy’ Target From ICICI Securities; Check the Upside Potential

Synopsis:  A renewable energy stock has delivered a 69 percent CAGR over three years and carries a brokerage target of Rs 65, implying 62 percent upside from CMP, driven by expanding clean-energy offerings and strong execution visibility.

An Indian small-cap renewable stock that operates as a vertically integrated wind solutions provider is currently expanding into project developments across BESS. ICICI Securities has a BUY call with a target of Rs 65, implying about 62 percent upside, backed by strong order inflows, an improving balance sheet, and sector tailwinds driving sustained growth.

With a market cap of more than Rs 54,000 Cr, Suzlon Energy Ltd is the stock in context, this company saw its stock has given a compounded return of 69 percent in the last three years.

Brokerage View

ICICI Securities states that Suzlon has solidified its position as India’s leading vertically integrated wind energy provider, benefiting from significant sectoral tailwinds. With a massive order book of 6.4GW providing execution visibility for more than two years, the company is capitalizing on the growing demand for hybrid and round-the-clock renewable energy solutions.

The “Suzlon 2.0” vision marks a strategic pivot toward becoming a full-stack renewable energy player. By diversifying into solar and battery energy storage systems (BESS), Suzlon aims to de-risk execution for customers while expanding its reach into new, high-growth frontiers across the global market.

Leadership restructuring supports this transformation, with the formation of a Group Executive Council to lead strategic initiatives. The appointment of Ajay Kapur as CEO brings extensive infrastructure experience to drive operational excellence. 

Financially, Suzlon has staged a remarkable turnaround, moving from heavy debt to a net cash positive position. Revenues are projected to grow significantly, with the brokerage estimating it to be more than Rs 23,700 Cr by FY28, while also maintaining high ROCE of 24 percent and stable EBITDA margins of 18.5 percent.

The Analysts at ICICI securities have maintained a BUY rating with a target price of Rs. 65, which makes it a 62 percent upside from the current price. While execution risks regarding land acquisition and infrastructure persist, the government’s commitment to tendering 10GW of wind capacity annually provides a robust long-term outlook for shareholders.

Business & Financial Overview

Suzlon Energy Ltd is a one of the leading Indian renewable energy companies, that specializes in the wind turbine manufacturing, installation, and maintenance space. Founded in 1995 and headquartered in Pune, it provides end-to-end wind power solutions, including project development, operations, and services, supporting India’s clean energy transition.

In the latest quarter Suzlon Energy Ltd. saw a YoY revenue growth of 42 percent, going from Rs 2,975 Cr in Q3FY25 to Rs 4,236 Cr in Q3FY26, while the QoQ went up by 9 percent from Rs 3,871 Cr in Q2FY26. The YoY Net Profits growth is at 15 percent, going from Rs 388 Cr in Q3FY25 to Rs 445 Cr in Q3FY26, while the QoQ fell by 65 percent from Rs 1,279 Cr in Q2FY26.

The company has a 3 year sales CAGR of 18 percent, while the TTM is at 62 percent. The company’s 3 year profit CAGR is at 195 percent, while the TTM number is at 176 percent. The company also has an ROCE of 32 percent and an ROE of 41 percent.

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