Suzlon Energy shares declined 0.55% to ₹59.66 on Thursday morning despite reporting robust second-quarter results. | Photo Credit: AMIT DAVE
Suzlon Energy shares declined 0.55 per cent to ₹59.66 on Thursday morning despite reporting robust second-quarter results, with heavy selling pressure evident as sell quantity exceeded buy quantity by nearly three times at 2.42 crore versus 81.9 lakh shares.
JM Financial maintained a ‘Buy’ rating with a target price of ₹70 but flagged growth sustainability concerns beyond FY28. The brokerage warned that execution bottlenecks including connectivity issues, land acquisition and right-of-way constraints will likely cap annual wind installations at 7-8 GW. “Suzlon is likely to struggle in maintaining growth momentum from FY28 in the absence of scalable diversification,” JM Financial noted, projecting EBITDA growth to moderate sharply to 17 per cent in FY28 from 61 per cent in FY26.
Motilal Oswal also retained its ‘Buy’ rating with a revised target of ₹74, though it lowered the valuation multiple to 30x from 35x previously. The firm raised FY26 estimates by 8 per cent primarily due to lower tax rates following deferred tax asset creation of ₹720 crore.
The company reported Q2 revenue of ₹3,870 crore, up 84 per cent year-on-year, with EBITDA surging 145 per cent to ₹720 crore. Record deliveries of 565 MW—the highest quarterly volume in India’s 30-year wind industry history—drove the performance. The order book now stands at 6.2 GW with management reiterating 60 per cent growth guidance for FY26.
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Published on November 6, 2025
