Suzlon Energy Q4FY26: 3% jump, ₹65 targets after results

Stock reacts a day after Q4 earnings

Suzlon Energy shares rose 3% in intraday trade on Tuesday, 26 May, a day after the company reported its March quarter (Q4FY26) earnings. The stock opened at ₹53.75 versus the previous close of ₹53.88 and climbed to an intraday high of ₹55.49. The move put the stock on course to extend gains for the fourth consecutive session.

The latest rise comes after a sharp rally in April, when the power stock jumped over 40% and snapped a five-month losing streak. In May so far, the stock is flat, indicating that the post-April momentum has cooled even as traders react to quarterly numbers and fresh brokerage notes.

Q4FY26 results: profit down YoY, revenue up sharply

Suzlon’s Q4FY26 performance was described as mixed, with a divergence between profit and topline growth. Consolidated profit declined 5.74% year-on-year to ₹1,114.35 crore. However, on a quarter-on-quarter basis, profit surged 150%.

Revenue from operations rose 45% YoY and 29.3% QoQ to ₹5,468.06 crore. Operating performance improved in absolute terms as well, with EBITDA rising 39% YoY and 31% QoQ to ₹964 crore. Despite the EBITDA growth, the margin remained soft at 17.6%, broadly steady versus 17.5% QoQ but lower than 18.4% YoY.

Key reported numbers at a glance

Motilal Oswal: Buy call with ₹65 target

Motilal Oswal maintained a buy call on Suzlon Energy with a target price of ₹65. The brokerage highlighted that the company’s consolidated revenue missed its estimate by 7% and EBITDA came in 5% below its estimate.

At the same time, Motilal said adjusted PAT beat its estimate by 20%, attributing the outperformance to a lower-than-expected tax liability. For valuation, the brokerage said it arrived at the ₹65 target by applying a target P/E of 27 times to FY28E EPS, in line with the stock’s historical average two-year forward P/E of 27 times.

JM Financial: Target raised to ₹65 from ₹64

JM Financial also reiterated a buy call on Suzlon Energy and marginally raised its target price to ₹65 from ₹64 earlier. The revision was based on a 25 times FY28E EPS multiple.

Beyond the quarterly numbers, JM Financial noted an operational shift in focus. It said the mix is expected to tilt towards EPC contracts, which are likely to increase from 28% in FY26 to 50% in FY28.

Project implementation contract revival in Andhra Pradesh

JM Financial also highlighted that Suzlon has revived a project implementation contract it had earlier signed as the development company for implementing 2.1 GW of wind projects in Andhra Pradesh. The brokerage described this as a key competitive edge for the company in the earlier cycle.

The detail matters for investors tracking how Suzlon positions itself in execution-heavy parts of the wind value chain. Any move towards a larger EPC contribution and implementation-led engagement can alter the quality and visibility of earnings, though the article’s data points focus on broker expectations rather than company guidance.

Technical picture: support at ₹52, near-term target ₹58

Alongside brokerage commentary, technical analysts pointed to bullish signals on the charts. Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, said Suzlon is sustaining above its 200 DEMA and is trading above an important consolidation zone of ₹52 to ₹54.5.

Patel said the RSI is sustaining above 50, reflecting bullish momentum, while the MACD is gradually losing downside momentum, suggesting selling pressure is easing. He added that as long as the stock holds above the ₹52 support zone, the broader structure remains positive, with a possible upside target towards ₹58 in the near term.

Trading view: ₹50 stop loss, ₹62 to ₹66 target range

Vipin Kumar, AVP Equity Research and PMS at Globe Capital Market, flagged a broader trend change after a long correction. He noted that after the stock corrected from ₹86 to ₹38 over an 18-month period, Suzlon has started moving higher in a higher-high and higher-low formation.

Kumar added that the stock has formed a fresh buying pivot on daily charts, alongside its 2-month exponential moving average crossing above the 6-month exponential moving average. Based on this setup, he suggested short- and medium-term traders accumulate the stock with a closing stop loss below ₹50, for a price target of ₹62 to ₹66.

What the market is weighing now

The market response combines three threads visible in the reported data: a strong revenue and EBITDA growth print, a YoY decline in profit, and multiple buy calls with similar targets around ₹65. The stock’s April surge and the current attempt to extend a four-session run also shape positioning, especially with May performance described as flat so far.

In practical terms, investors are likely focusing on whether the post-results move sustains above key technical levels cited by analysts, particularly the ₹52 support zone and the ₹52 to ₹54.5 consolidation band. On fundamentals, broker commentary highlighted estimate misses on revenue and EBITDA, but also noted a better-than-expected adjusted PAT outcome due to tax.

Summary table: broker targets and key levels mentioned

Conclusion

Suzlon Energy’s 3% intraday rise after Q4FY26 results reflects a market balancing mixed headline profit growth against strong revenue and EBITDA expansion. Brokerages cited valuation-based targets of ₹65, while technical analysts highlighted support near ₹52 and trading risk levels below ₹50.

The next datapoints investors are likely to track include whether the stock holds above the cited support and consolidation zones, and how the company’s execution focus, including the revived 2.1 GW Andhra Pradesh implementation contract and the expected EPC mix shift, plays out over time.

Disclaimer: This content is for educational purposes only and does not constitute investment advice. Views cited are those of individual analysts or broking firms.