Suzlon Energy: Strong Growth Trajectory Continues

Key Highlights

• Suzlon Energy has established itself as a leading vertically integrated wind energy solutions provider in India, with a 6.4GW order book as of January 2026.
• The company's growth is closely tied to India's wind power growth, with wind energy playing a crucial role in the country's renewable energy capacity addition plans.

Business Overview

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Suzlon Energy has experienced significant growth over the past three years, driven by its localized manufacturing capabilities and strong presence in India's wind power market. The company's order book, which stands at 6.4GW, reflects the sector's tailwinds, particularly in the context of India's focus on hybrid and fixed-duration renewable energy (FDRE) capacity.

Transformation into a Full-Stack Renewable Energy Provider

As part of its 'Suzlon 2.0' vision, the company is undergoing a major leadership restructuring to expand into project development across wind, solar, and battery energy storage systems (BESS). This strategic shift is designed to position Suzlon as a full-stack, diversified renewable energy solutions provider, while maintaining its stronghold in the existing wind business.

Investment Recommendation

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We reiterate a BUY recommendation for Suzlon Energy, with an unchanged target price of INR 65, which values the business at 32x FY28E earnings per share (EPS).