Suzlon Energy price target at Rs 76. Here’s what ICICI Securities, Motilal Oswal say

Shares of Suzlon Energy rose as much as 2.5% to their day’s high of Rs 53 on December 8, after ICICI Securities and Motilal Oswal reiterated their bullish calls on the stock, citing positive levers for growth in the coming quarters. According to analysts, the stock could rise as much as 46% from current market levels, thanks to strong operating momentum, a growing order pipeline and a rapidly improving demand environment for wind energy.

ICICI Securities maintained its Buy rating with a target price of Rs 76, implying an upside of 46% from current levels, citing Suzlon’s strong performance in H1FY26 and management commentary that sought to allay recent concerns over modest renewable capacity expansion. The brokerage highlighted the company’s key strengths, including a robust order book and improved order intake prospects, with equipment yet to be awarded for nearly 18 GW of underdeveloped projects. Suzlon also reiterated its willingness to tap export markets and outlined an investment plan of Rs 500-550 crore per annum over the next three years, besides plans to add three new blade factories.

The brokerage noted that Suzlon’s order book rose to 6.2 GW, four times FY25 deliveries, after order inflows outperformed execution for four quarters. Deliveries in H1FY26 doubled year-on-year to around 1 GW, and ICICI Securities expects Suzlon to reach 2.5 GW in FY26. With wind capacity expansion in India on an upward trend and expected to reach 7-7.5 GW in FY27, the company believes Suzlon is well positioned as a key beneficiary, especially as policies around imports are tightened. It values ​​the stock at 40x FY27 earnings, while identifying delayed execution due to transmission restrictions as a key risk.

Motilal Oswal, which also reaffirmed its buy rating, has set a target price at Rs 74, indicating an upside of 43%. The brokerage’s confidence comes from insights shared during Suzlon’s Manufacturing Day on December 4 and 5, where management highlighted exports as a key emerging growth driver. With current platforms almost ready for export, clarity on overseas opportunities is expected to improve in the coming quarters.

The broker said Suzlon’s planned capacity expansion through three new smart blade factories in Gujarat, Karnataka and a soon-to-be completed third site is aimed at reducing lead time and strengthening logistics and customer proximity. It sees India’s broader energy landscape entering a structural expansion phase, with renewable capacity expected to rise from around 180 GW in FY25 to almost 1,600 GW by 2047. Wind capacity alone is expected to rise from 53 GW to around 400 GW, still tapping just a third of the country’s resource potential.

Motilal Oswal noted that rising electricity demand, driven by AI data centers, electric vehicles, green hydrogen and a rapidly growing commercial and industrial tax base, could push wind installations significantly higher. Management remains confident that India can scale to 10 GW of annual wind power installations by FY28, up from the expected 6.5-7 GW in FY26. Suzlon’s strong turbine performance (more than 95% of units meeting life cycle assumptions) contributes to the broker’s belief that the company is well positioned to capture a multi-decade growth opportunity. Suzlon shares are down 20% this year.

(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)